IMMODEC: what changed
Two financial 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.
IMMODEC
Largest movements
- Tangible fixed assets +€136,609
up €136,609 (+7.7%), from €1.8m to €1.9m
of which Land and buildings: +€140,951
- Current investments +€76,017
up €76,017 (+25.9%), from €293,671 to €369,688
- Cash -€47,971
down €47,971 (-5.3%), from €909,940 to €861,969
mainly Other debts (-€386,794) and Investment in fixed assets (net) (-€204,252)
- Reserves +€562,694
up €562,694 (+24.7%), from €2.3m to €2.8m
of which Distributable reserves: +€564,755
- Other debts -€386,794
down €386,794 (-59.1%), from €654,307 to €267,513
- Gross operating margin +€173,754
up €173,754 (+27.5%), from €630,774 to €804,528
- Depreciation -€76,146
down €76,146 (-53.0%), from €143,789 to €67,643
- Financial charges -€48,614
down €48,614 (-94.5%), from €51,453 to €2,839
- Financial income +€26,218
up €26,218 (+428.9%), from €6,113 to €32,331
- Taxes +€22,966
up €22,966 (+13.1%), from €175,975 to €198,941
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 | €3,193,998 | €3,330,176 | +€136,178 | +4.3% |
| Fixed assets | 21/28 | €1,777,305 | €1,913,915 | +€136,609 | +7.7% |
| Tangible fixed assets | 22/27 | €1,777,305 | €1,913,915 | +€136,609 | +7.7% |
| Land and buildings | 22 | €1,733,984 | €1,874,934 | +€140,951 | +8.1% |
| Plant, machinery and equipment | 23 | €1,318 | €1,698 | +€380 | +28.8% |
| Furniture and vehicles | 24 | €42,004 | €37,282 | -€4,721 | -11.2% |
| Current assets | 29/58 | €1,416,693 | €1,416,262 | -€431 | 0.0% |
| Amounts receivable within one year | 40/41 | €204,347 | €176,077 | -€28,270 | -13.8% |
| Trade receivables | 40 | €204,016 | €175,661 | -€28,355 | -13.9% |
| Other amounts receivable | 41 | €331 | €416 | +€85 | +25.7% |
| Current investments | 50/53 | €293,671 | €369,688 | +€76,017 | +25.9% |
| Cash at bank and in hand | 54/58 | €909,940 | €861,969 | -€47,971 | -5.3% |
| Deferred charges and accrued income | 490/1 | €8,736 | €8,528 | -€207 | -2.4% |
| Total equity and liabilities | 10/49 | €3,193,998 | €3,330,176 | +€136,178 | +4.3% |
| Equity | 10/15 | €2,338,752 | €2,901,446 | +€562,694 | +24.1% |
| Contributions | 10/11 | €61,550 | €61,550 | = | 0.0% |
| Capital | 10 | €61,550 | €61,550 | = | 0.0% |
| Issued capital | 100 | €61,550 | €61,550 | = | 0.0% |
| Reserves | 13 | €2,277,202 | €2,839,896 | +€562,694 | +24.7% |
| Non-distributable reserves | 130/1 | €9,000 | €9,000 | = | 0.0% |
| Legal reserve | 130 | €9,000 | €9,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €54,853 | €52,792 | -€2,061 | -3.8% |
| Distributable reserves | 133 | €2,213,349 | €2,778,104 | +€564,755 | +25.5% |
| Provisions and deferred taxes | 16 | €13,390 | €12,703 | -€687 | -5.1% |
| Deferred taxes | 168 | €13,390 | €12,703 | -€687 | -5.1% |
| Amounts payable | 17/49 | €841,857 | €416,028 | -€425,829 | -50.6% |
| Amounts payable within one year | 42/48 | €841,857 | €416,028 | -€425,829 | -50.6% |
| Trade debts | 44 | €11,392 | €4,789 | -€6,602 | -58.0% |
| Suppliers | 440/4 | €11,392 | €4,789 | -€6,602 | -58.0% |
| Taxes, remuneration and social security | 45 | €176,158 | €143,725 | -€32,433 | -18.4% |
| Taxes | 450/3 | €176,158 | €143,725 | -€32,433 | -18.4% |
| Other amounts payable | 47/48 | €654,307 | €267,513 | -€386,794 | -59.1% |
| Non-recurring operating income | 76A | - | €143,182 | +€143,182 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,789 | €67,643 | -€76,146 | -53.0% |
| Other operating charges | 640/8 | €5,100 | €5,429 | +€329 | +6.4% |
| Gross operating margin | 9900 | €630,774 | €804,528 | +€173,754 | +27.5% |
| Operating profit (loss) | 9901 | €481,885 | €731,456 | +€249,571 | +51.8% |
| Financial income | 75/76B | €6,113 | €32,331 | +€26,218 | +428.9% |
| Recurring financial income | 75 | €6,113 | €32,331 | +€26,218 | +428.9% |
| Financial charges | 65/66B | €51,453 | €2,839 | -€48,614 | -94.5% |
| Recurring financial charges | 65 | €51,453 | €2,839 | -€48,614 | -94.5% |
| Profit (loss) for the period before taxes | 9903 | €436,545 | €760,948 | +€324,402 | +74.3% |
| Transfer from deferred taxes | 780 | €934 | €687 | -€247 | -26.4% |
| Income taxes | 67/77 | €175,975 | €198,941 | +€22,966 | +13.1% |
| Profit (loss) for the period | 9904 | €261,505 | €562,694 | +€301,189 | +115.2% |
| Transfer from tax-exempt reserves | 789 | €128,114 | €2,061 | -€126,053 | -98.4% |
| Profit (loss) for the period to be appropriated | 9905 | €389,619 | €564,755 | +€175,136 | +45.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.