Immodath: 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.
What changed
Immodath
NACE 68.110, Buying and selling of own real estate
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
€325,537
2025 · €205,872+€119,666
Equity
€3.6m
2025 · €3.7m-€89,337
Cash
€106,331
2025 · €37,609+€68,722
Balance sheet total
€5.7m
2025 · €5.7m+€33,460
Largest movements
Assets
- Current investments -€224,324
down €224,324 (-52.8%), from €425,000 to €200,676
- Tangible fixed assets +€211,338
up €211,338 (+4.1%), from €5.2m to €5.4m
of which Assets under construction and advance payments: +€233,324
- Cash +€68,722
up €68,722 (+182.7%), from €37,609 to €106,331
mainly Net result for the year (+€325,537) and Current investments (+€224,324)
Equity and liabilities
- Other debts +€135,063
up €135,063 (+14.7%), from €921,659 to €1.1m
- Contributions -€75,409
down €75,409 (-6.9%), from €1.1m to €1.0m
Income statement
- Gross operating margin +€176,705
up €176,705 (+35.1%), from €503,507 to €680,212
- Financial charges +€23,701
up €23,701 (+51.5%), from €46,002 to €69,704
- Depreciation -€18,081
down €18,081 (-10.5%), from €172,982 to €154,901
From the 2025 result to the 2026 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.
Result 2025
€205,872
Gross operating margin
+€176,705
Depreciation
+€18,081
Write-downs
-€6,010
Other operating charges
+€149
Financial income
-€2,604
Financial charges
-€23,701
Taxes
-€901
Deferred taxes and other
-€42,052
Result 2026
€325,537
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€651,984
Investment
-€141,915
Financing
-€441,347
Cash 2025
€37,609
From operations (derived)
+€651,984
Net result for the year
+€325,537
Depreciation
+€154,901
Receivables within one year
+€22,277
Provisions
+€46,490
Trade debts
-€14,470
Tax, wage and social debts
-€17,814
Other debts
+€135,063
Investment (derived)
-€141,915
Investment in fixed assets (net)
-€366,239
Current investments
+€224,324
Financing
-€441,347
Debts after one year
-€27,145
Current portion of long-term debt
+€673
Contributions, distributions and other
-€414,875
Cash 2026
€106,331
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,674,329 | €5,707,788 | +€33,460 | +0.6% |
| Fixed assets | 21/28 | €5,182,465 | €5,393,804 | +€211,338 | +4.1% |
| Tangible fixed assets | 22/27 | €5,182,266 | €5,393,605 | +€211,338 | +4.1% |
| Land and buildings | 22 | €4,433,692 | €4,419,384 | -€14,307 | -0.3% |
| Plant, machinery and equipment | 23 | €8,136 | €9,760 | +€1,625 | +20.0% |
| Furniture and vehicles | 24 | €73,895 | €64,592 | -€9,303 | -12.6% |
| Assets under construction and advance payments | 27 | €666,544 | €899,868 | +€233,324 | +35.0% |
| Financial fixed assets | 28 | €199 | €199 | = | 0.0% |
| Current assets | 29/58 | €491,863 | €313,985 | -€177,879 | -36.2% |
| Amounts receivable within one year | 40/41 | €29,255 | €6,977 | -€22,277 | -76.2% |
| Trade receivables | 40 | €10,306 | €6,977 | -€3,329 | -32.3% |
| Other amounts receivable | 41 | €18,949 | €0 | -€18,949 | -100.0% |
| Current investments | 50/53 | €425,000 | €200,676 | -€224,324 | -52.8% |
| Cash at bank and in hand | 54/58 | €37,609 | €106,331 | +€68,722 | +182.7% |
| Total equity and liabilities | 10/49 | €5,674,329 | €5,707,788 | +€33,460 | +0.6% |
| Equity | 10/15 | €3,709,177 | €3,619,840 | -€89,337 | -2.4% |
| Contributions | 10/11 | €1,100,000 | €1,024,591 | -€75,409 | -6.9% |
| Reserves | 13 | €2,548,042 | €2,537,237 | -€10,805 | -0.4% |
| Tax-exempt reserves | 132 | €1,627,819 | €1,615,099 | -€12,720 | -0.8% |
| Distributable reserves | 133 | €920,223 | €922,138 | +€1,915 | +0.2% |
| Profit (loss) carried forward | 14 | €61,136 | €58,013 | -€3,123 | -5.1% |
| Provisions and deferred taxes | 16 | €592,169 | €638,659 | +€46,490 | +7.9% |
| Deferred taxes | 168 | €592,169 | €638,659 | +€46,490 | +7.9% |
| Amounts payable | 17/49 | €1,372,982 | €1,449,289 | +€76,307 | +5.6% |
| Amounts payable after more than one year | 17 | €366,332 | €339,186 | -€27,145 | -7.4% |
| Financial debts | 170/4 | €366,332 | €339,186 | -€27,145 | -7.4% |
| Amounts payable within one year | 42/48 | €1,006,650 | €1,110,103 | +€103,452 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €26,472 | €27,145 | +€673 | +2.5% |
| Trade debts | 44 | €18,107 | €3,638 | -€14,470 | -79.9% |
| Suppliers | 440/4 | €18,107 | €3,638 | -€14,470 | -79.9% |
| Taxes, remuneration and social security | 45 | €40,412 | €22,598 | -€17,814 | -44.1% |
| Taxes | 450/3 | €40,412 | €22,598 | -€17,814 | -44.1% |
| Other amounts payable | 47/48 | €921,659 | €1,056,722 | +€135,063 | +14.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €2,763 | +€2,763 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €172,982 | €154,901 | -€18,081 | -10.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,010 | +€6,010 | |
| Other operating charges | 640/8 | €383 | €234 | -€149 | -38.9% |
| Gross operating margin | 9900 | €503,507 | €680,212 | +€176,705 | +35.1% |
| Operating profit (loss) | 9901 | €330,142 | €519,067 | +€188,925 | +57.2% |
| Financial income | 75/76B | €8,015 | €5,411 | -€2,604 | -32.5% |
| Recurring financial income | 75 | €8,015 | €5,411 | -€2,604 | -32.5% |
| Financial charges | 65/66B | €46,002 | €69,704 | +€23,701 | +51.5% |
| Recurring financial charges | 65 | €46,002 | €69,704 | +€23,701 | +51.5% |
| Profit (loss) for the period before taxes | 9903 | €292,155 | €454,774 | +€162,619 | +55.7% |
| Transfer from deferred taxes | 780 | €37,142 | €40,696 | +€3,554 | +9.6% |
| Transfer to deferred taxes | 680 | €41,579 | €87,186 | +€45,607 | +109.7% |
| Income taxes | 67/77 | €81,846 | €82,747 | +€901 | +1.1% |
| Profit (loss) for the period | 9904 | €205,872 | €325,537 | +€119,666 | +58.1% |
| Transfer from tax-exempt reserves | 789 | €87,208 | €122,088 | +€34,880 | +40.0% |
| Transfer to tax-exempt reserves | 689 | €124,736 | €261,557 | +€136,821 | +109.7% |
| Profit (loss) for the period to be appropriated | 9905 | €168,344 | €186,068 | +€17,725 | +10.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.