IMMODAN: what changed
What changed
IMMODAN
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
€657,605
2024 · €7.1m-€6.5m
Equity
€29.2m
2024 · €9.4m+€19.8m
Cash
€518,157
2024 · €448,252+€69,905
Balance sheet total
€33.1m
2024 · €14.6m+€18.5m
Largest movements
Assets
- Tangible fixed assets +€19.0m
up €19.0m (+680%), from €2.8m to €21.8m
- Receivables within one year -€6.4m
down €6.4m (-56.4%), from €11.4m to €5.0m
of which Other amounts receivable: -€6.5m
- Current investments +€4.3m
new in 2025: €4.3m
- Financial fixed assets +€1.5m
new in 2025: €1.5m
Equity and liabilities
- Revaluation surpluses +€19.1m
up €19.1m (+10,415%), from €183,384 to €19.3m
- Accrued charges and deferred income -€1.1m
down €1.1m (-63.2%), from €1.7m to €630,359
- Reserves +€657,605
up €657,605 (+7.6%), from €8.7m to €9.3m
of which Distributable reserves: +€670,088
Income statement
- Services and other goods +€333,029
up €333,029 (+116%), from €287,959 to €620,987
- Other operating income +€276,846
up €276,846 (+399%), from €69,453 to €346,299
- Taxes +€118,617
up €118,617 (+104%), from €114,181 to €232,799
- Financial income +€88,227
up €88,227 (+394%), from €22,417 to €110,644
- Turnover -€72,749
down €72,749 (-13.9%), from €522,713 to €449,963
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€7.1m
Turnover
-€72,749
Other operating income
+€276,846
Services and other goods
-€333,029
Depreciation
-€305
Other operating charges
-€39,730
Other operating items
-€8.6m
Financial income
+€88,227
Financial charges
+€4,612
Taxes
-€118,617
Deferred taxes and other
+€2.3m
Result 2025
€657,605
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€6.1m
Investment
-€24.9m
Financing
+€18.9m
Cash 2024
€448,252
From operations (derived)
+€6.1m
Net result for the year
+€657,605
Depreciation
+€89,251
Receivables within one year
+€6.4m
Smaller working-capital items
+€44,109
Tax, wage and social debts
-€64,630
Accrued charges and deferred income
-€1.1m
Investment (derived)
-€24.9m
Investment in fixed assets (net)
-€20.6m
Current investments
-€4.3m
Financing
+€18.9m
Debts after one year
-€152,829
Current portion of long-term debt
+€885
Contributions, distributions and other
+€19.1m
Cash 2025
€518,157
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,642,446 | €33,142,643 | +€18.5m | +126% |
| Fixed assets | 21/28 | €2,795,353 | €23,342,869 | +€20.5m | +735% |
| Tangible fixed assets | 22/27 | €2,795,353 | €21,805,653 | +€19.0m | +680% |
| Land and buildings | 22 | €2,795,353 | €21,805,653 | +€19.0m | +680% |
| Financial fixed assets | 28 | - | €1,537,216 | +€1.5m | |
| Affiliated companies | 280/1 | - | €1,537,216 | +€1.5m | |
| Participating interests | 280 | - | €100 | +€100 | |
| Amounts receivable | 281 | - | €1,537,116 | +€1.5m | |
| Current assets | 29/58 | €11,847,093 | €9,799,774 | -€2.0m | -17.3% |
| Amounts receivable within one year | 40/41 | €11,398,348 | €4,970,579 | -€6.4m | -56.4% |
| Trade receivables | 40 | €7,690 | €102,920 | +€95,230 | +1,238% |
| Other amounts receivable | 41 | €11,390,658 | €4,867,659 | -€6.5m | -57.3% |
| Current investments | 50/53 | - | €4,311,038 | +€4.3m | |
| Other investments | 51/53 | - | €4,311,038 | +€4.3m | |
| Cash at bank and in hand | 54/58 | €448,252 | €518,157 | +€69,905 | +15.6% |
| Deferred charges and accrued income | 490/1 | €494 | - | -€494 | |
| Total equity and liabilities | 10/49 | €14,642,446 | €33,142,643 | +€18.5m | +126% |
| Equity | 10/15 | €9,420,331 | €29,177,487 | +€19.8m | +210% |
| Contributions | 10/11 | €556,000 | €556,000 | = | 0.0% |
| Capital | 10 | €556,000 | €556,000 | = | 0.0% |
| Issued capital | 100 | €556,000 | €556,000 | = | 0.0% |
| Revaluation surpluses | 12 | €183,384 | €19,282,935 | +€19.1m | +10,415% |
| Reserves | 13 | €8,680,947 | €9,338,552 | +€657,605 | +7.6% |
| Non-distributable reserves | 130/1 | €55,600 | €55,600 | = | 0.0% |
| Legal reserve | 130 | €55,600 | €55,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,861,495 | €6,849,012 | -€12,482 | -0.2% |
| Distributable reserves | 133 | €1,763,852 | €2,433,940 | +€670,088 | +38.0% |
| Provisions and deferred taxes | 16 | €2,287,165 | €2,283,004 | -€4,161 | -0.2% |
| Deferred taxes | 168 | €2,287,165 | €2,283,004 | -€4,161 | -0.2% |
| Amounts payable | 17/49 | €2,934,951 | €1,682,152 | -€1.3m | -42.7% |
| Amounts payable after more than one year | 17 | €819,439 | €666,609 | -€152,829 | -18.7% |
| Financial debts | 170/4 | €819,439 | €666,609 | -€152,829 | -18.7% |
| Credit institutions | 173 | €819,439 | €666,609 | -€152,829 | -18.7% |
| Amounts payable within one year | 42/48 | €401,151 | €385,184 | -€15,968 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | €151,944 | €152,829 | +€885 | +0.6% |
| Trade debts | 44 | €132,906 | €180,683 | +€47,777 | +35.9% |
| Suppliers | 440/4 | €132,906 | €180,683 | +€47,777 | +35.9% |
| Taxes, remuneration and social security | 45 | €116,301 | €51,672 | -€64,630 | -55.6% |
| Taxes | 450/3 | €116,301 | €51,672 | -€64,630 | -55.6% |
| Accrued charges and deferred income | 492/3 | €1,714,361 | €630,359 | -€1.1m | -63.2% |
| Operating income | 70/76A | €10,080,638 | €1,636,262 | -€8.4m | -83.8% |
| Turnover | 70 | €522,713 | €449,963 | -€72,749 | -13.9% |
| Other operating income | 74 | €69,453 | €346,299 | +€276,846 | +399% |
| Non-recurring operating income | 76A | €9,488,472 | €840,000 | -€8.6m | -91.1% |
| Operating charges | 60/66A | €548,884 | €840,915 | +€292,031 | +53.2% |
| Services and other goods | 61 | €287,959 | €620,987 | +€333,029 | +116% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,946 | €89,251 | +€305 | +0.3% |
| Other operating charges | 640/8 | €90,947 | €130,677 | +€39,730 | +43.7% |
| Non-recurring operating charges | 66A | €81,033 | - | -€81,033 | |
| Operating profit (loss) | 9901 | €9,531,753 | €795,347 | -€8.7m | -91.7% |
| Financial income | 75/76B | €22,417 | €110,644 | +€88,227 | +394% |
| Recurring financial income | 75 | €22,417 | €110,644 | +€88,227 | +394% |
| Income from financial fixed assets | 750 | €22,417 | €110,644 | +€88,227 | +394% |
| Financial charges | 65/66B | €24,360 | €19,747 | -€4,612 | -18.9% |
| Recurring financial charges | 65 | €24,360 | €19,747 | -€4,612 | -18.9% |
| Debt charges | 650 | €23,556 | €18,311 | -€5,245 | -22.3% |
| Other financial charges | 652/9 | €803 | €1,436 | +€633 | +78.8% |
| Profit (loss) for the period before taxes | 9903 | €9,529,810 | €886,243 | -€8.6m | -90.7% |
| Transfer from deferred taxes | 780 | €4,161 | €4,161 | = | 0.0% |
| Transfer to deferred taxes | 680 | €2,281,860 | - | -€2.3m | |
| Income taxes | 67/77 | €114,181 | €232,799 | +€118,617 | +104% |
| Taxes | 670/3 | €114,181 | €232,799 | +€118,617 | +104% |
| Profit (loss) for the period | 9904 | €7,137,930 | €657,605 | -€6.5m | -90.8% |
| Transfer from tax-exempt reserves | 789 | €12,482 | €12,482 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €6,845,579 | - | -€6.8m | |
| Profit (loss) for the period to be appropriated | 9905 | €304,833 | €670,088 | +€365,255 | +120% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.