IMMODALTON: 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.
IMMODALTON
Largest movements
- Cash -€18,303
down €18,303 (-71.9%), from €25,455 to €7,152
mainly Debts after one year (-€90,974) and Accrued charges and deferred income (-€35,488)
- Tangible fixed assets -€11,938
down €11,938 (-1.2%), from €1.0m to €991,860
of which Land and buildings: -€24,437
- Debts after one year -€90,974
down €90,974 (-14.3%), from €636,168 to €545,194
of which Financial debts: -€89,674
- Current portion of long-term debt +€56,118
up €56,118 (+192.8%), from €29,103 to €85,221
- Reserves +€37,380
up €37,380 (+39.9%), from €93,629 to €131,009
of which Distributable reserves: +€37,380
- Accrued charges and deferred income -€35,488
down €35,488 (-63.9%), from €55,555 to €20,067
- Gross operating margin +€9,460
up €9,460 (+8.7%), from €108,968 to €118,428
- Depreciation +€6,625
up €6,625 (+16.7%), from €39,706 to €46,331
- Taxes +€4,680
up €4,680 (+34.7%), from €13,472 to €18,152
- Other operating charges +€1,638
up €1,638 (+12.2%), from €13,456 to €15,093
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 | €1,043,019 | €1,011,717 | -€31,302 | -3.0% |
| Fixed assets | 21/28 | €1,003,798 | €991,860 | -€11,938 | -1.2% |
| Tangible fixed assets | 22/27 | €1,003,798 | €991,860 | -€11,938 | -1.2% |
| Land and buildings | 22 | €1,002,207 | €977,770 | -€24,437 | -2.4% |
| Furniture and vehicles | 24 | €1,591 | €14,090 | +€12,499 | +785.4% |
| Current assets | 29/58 | €39,221 | €19,857 | -€19,364 | -49.4% |
| Amounts receivable within one year | 40/41 | €12,940 | €11,705 | -€1,235 | -9.5% |
| Trade receivables | 40 | €12,662 | €11,705 | -€957 | -7.6% |
| Other amounts receivable | 41 | €278 | - | -€278 | |
| Cash at bank and in hand | 54/58 | €25,455 | €7,152 | -€18,303 | -71.9% |
| Deferred charges and accrued income | 490/1 | €826 | €1,000 | +€175 | +21.1% |
| Total equity and liabilities | 10/49 | €1,043,019 | €1,011,717 | -€31,302 | -3.0% |
| Equity | 10/15 | €275,607 | €310,523 | +€34,916 | +12.7% |
| Contributions | 10/11 | €108,600 | €108,600 | = | 0.0% |
| Reserves | 13 | €93,629 | €131,009 | +€37,380 | +39.9% |
| Non-distributable reserves | 130/1 | €1,350 | €1,350 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,350 | €1,350 | = | 0.0% |
| Distributable reserves | 133 | €92,279 | €129,659 | +€37,380 | +40.5% |
| Investment grants | 15 | €73,378 | €70,914 | -€2,464 | -3.4% |
| Provisions and deferred taxes | 16 | €24,459 | €23,638 | -€821 | -3.4% |
| Deferred taxes | 168 | €24,459 | €23,638 | -€821 | -3.4% |
| Amounts payable | 17/49 | €742,952 | €677,556 | -€65,396 | -8.8% |
| Amounts payable after more than one year | 17 | €636,168 | €545,194 | -€90,974 | -14.3% |
| Financial debts | 170/4 | €256,995 | €167,321 | -€89,674 | -34.9% |
| Other amounts payable | 178/9 | €379,173 | €377,873 | -€1,300 | -0.3% |
| Amounts payable within one year | 42/48 | €51,229 | €112,295 | +€61,066 | +119.2% |
| Current portion of amounts payable after more than one year | 42 | €29,103 | €85,221 | +€56,118 | +192.8% |
| Trade debts | 44 | €1,678 | €1,112 | -€566 | -33.7% |
| Suppliers | 440/4 | €1,678 | €1,112 | -€566 | -33.7% |
| Taxes, remuneration and social security | 45 | - | €1,152 | +€1,152 | |
| Taxes | 450/3 | - | €1,152 | +€1,152 | |
| Other amounts payable | 47/48 | €20,449 | €24,811 | +€4,362 | +21.3% |
| Accrued charges and deferred income | 492/3 | €55,555 | €20,067 | -€35,488 | -63.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,706 | €46,331 | +€6,625 | +16.7% |
| Other operating charges | 640/8 | €13,456 | €15,093 | +€1,638 | +12.2% |
| Gross operating margin | 9900 | €108,968 | €118,428 | +€9,460 | +8.7% |
| Operating profit (loss) | 9901 | €55,805 | €57,003 | +€1,198 | +2.1% |
| Financial income | 75/76B | €2,464 | €2,564 | +€100 | +4.1% |
| Recurring financial income | 75 | €2,464 | €2,564 | +€100 | +4.1% |
| Financial charges | 65/66B | €5,205 | €4,858 | -€348 | -6.7% |
| Recurring financial charges | 65 | €5,205 | €4,858 | -€348 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €53,065 | €54,710 | +€1,645 | +3.1% |
| Transfer from deferred taxes | 780 | €821 | €821 | = | 0.0% |
| Income taxes | 67/77 | €13,472 | €18,152 | +€4,680 | +34.7% |
| Profit (loss) for the period | 9904 | €40,415 | €37,380 | -€3,035 | -7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €40,415 | €37,380 | -€3,035 | -7.5% |
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 4 October 2026 via checked.be.