IMMODAAL: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
IMMODAAL
Largest movements
- Receivables within one year +€23,934
up €23,934 (+1497.4%), from €1,598 to €25,532
of which Trade receivables: +€23,750
- Cash +€16,965
up €16,965 (+20.1%), from €84,335 to €101,300
mainly Net result for the year (+€45,648) and Depreciation (+€11,880)
- Tangible fixed assets -€11,880
down €11,880 (-6.7%), from €177,729 to €165,849
- Reserves +€45,648
up €45,648 (+31.2%), from €146,418 to €192,067
of which Distributable reserves: +€49,686
- Debts after one year -€10,441
down €10,441 (-56.9%), from €18,352 to €7,911
- Other debts -€3,796
down €3,796 (-96.8%), from €3,920 to €124
No income-statement line moved by more than 1% of the activity.
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €263,662 | €292,680 | +€29,019 | +11.0% |
| Fixed assets | 21/28 | €177,729 | €165,849 | -€11,880 | -6.7% |
| Tangible fixed assets | 22/27 | €177,729 | €165,849 | -€11,880 | -6.7% |
| Land and buildings | 22 | €177,729 | €165,849 | -€11,880 | -6.7% |
| Current assets | 29/58 | €85,933 | €126,832 | +€40,899 | +47.6% |
| Amounts receivable within one year | 40/41 | €1,598 | €25,532 | +€23,934 | +1497.4% |
| Trade receivables | 40 | - | €23,750 | +€23,750 | |
| Other amounts receivable | 41 | €1,598 | €1,782 | +€184 | +11.5% |
| Cash at bank and in hand | 54/58 | €84,335 | €101,300 | +€16,965 | +20.1% |
| Total equity and liabilities | 10/49 | €263,662 | €292,680 | +€29,019 | +11.0% |
| Equity | 10/15 | €207,934 | €253,583 | +€45,648 | +22.0% |
| Contributions | 10/11 | €61,516 | €61,516 | = | 0.0% |
| Capital | 10 | €61,516 | €61,516 | = | 0.0% |
| Issued capital | 100 | €61,516 | €61,516 | = | 0.0% |
| Reserves | 13 | €146,418 | €192,067 | +€45,648 | +31.2% |
| Non-distributable reserves | 130/1 | €6,152 | €6,152 | = | 0.0% |
| Legal reserve | 130 | €6,152 | €6,152 | = | 0.0% |
| Tax-exempt reserves | 132 | €48,450 | €44,413 | -€4,038 | -8.3% |
| Distributable reserves | 133 | €91,816 | €141,502 | +€49,686 | +54.1% |
| Provisions and deferred taxes | 16 | €16,150 | €14,804 | -€1,346 | -8.3% |
| Deferred taxes | 168 | €16,150 | €14,804 | -€1,346 | -8.3% |
| Amounts payable | 17/49 | €39,577 | €24,293 | -€15,284 | -38.6% |
| Amounts payable after more than one year | 17 | €18,352 | €7,911 | -€10,441 | -56.9% |
| Financial debts | 170/4 | €18,352 | €7,911 | -€10,441 | -56.9% |
| Amounts payable within one year | 42/48 | €21,226 | €16,383 | -€4,843 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €11,170 | €11,290 | +€121 | +1.1% |
| Trade debts | 44 | €1,117 | €0 | -€1,117 | -100.0% |
| Suppliers | 440/4 | €1,117 | €0 | -€1,117 | -100.0% |
| Taxes, remuneration and social security | 45 | €5,019 | €4,969 | -€50 | -1.0% |
| Taxes | 450/3 | €5,019 | €4,969 | -€50 | -1.0% |
| Other amounts payable | 47/48 | €3,920 | €124 | -€3,796 | -96.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,880 | €11,880 | = | 0.0% |
| Other operating charges | 640/8 | €8,383 | €8,644 | +€262 | +3.1% |
| Gross operating margin | 9900 | €89,181 | €88,625 | -€556 | -0.6% |
| Operating profit (loss) | 9901 | €68,919 | €68,101 | -€818 | -1.2% |
| Financial charges | 65/66B | €695 | €611 | -€84 | -12.1% |
| Recurring financial charges | 65 | €695 | €611 | -€84 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €68,223 | €67,489 | -€734 | -1.1% |
| Transfer from deferred taxes | 780 | €1,346 | €1,346 | = | 0.0% |
| Income taxes | 67/77 | €23,420 | €23,187 | -€234 | -1.0% |
| Profit (loss) for the period | 9904 | €46,149 | €45,648 | -€500 | -1.1% |
| Transfer from tax-exempt reserves | 789 | €4,038 | €4,038 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,186 | €49,686 | -€500 | -1.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.