IMMODEL: 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.
IMMODEL
Largest movements
- Receivables within one year -€143,760
down €143,760 (-90.8%), from €158,268 to €14,508
of which Other amounts receivable: -€150,569
- Cash -€133,873
down €133,873 (-66.3%), from €201,882 to €68,009
mainly Other debts (-€171,916) and Tax, wage and social debts (-€115,847)
- Tangible fixed assets -€53,373
down €53,373 (-5.4%), from €993,627 to €940,253
- Other debts -€171,916
down €171,916 (-81.8%), from €210,229 to €38,313
- Tax, wage and social debts -€115,847
down €115,847 (-94.5%), from €122,601 to €6,754
- Debts after one year -€32,475
down €32,475 (-6.8%), from €474,815 to €442,341
- Reserves -€13,792
down €13,792 (-3.9%), from €357,988 to €344,195
of which Tax-exempt reserves: -€10,292
- Gross operating margin -€271,940
down €271,940 (-72.5%), from €374,951 to €103,010
- Financial charges -€61,129
down €61,129 (-88.0%), from €69,451 to €8,322
- Taxes -€48,457
down €48,457 (-77.4%), from €62,587 to €14,130
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 | €1,358,476 | €1,024,867 | -€333,610 | -24.6% |
| Fixed assets | 21/28 | €993,627 | €940,253 | -€53,373 | -5.4% |
| Tangible fixed assets | 22/27 | €993,627 | €940,253 | -€53,373 | -5.4% |
| Land and buildings | 22 | €993,627 | €940,253 | -€53,373 | -5.4% |
| Current assets | 29/58 | €364,850 | €84,613 | -€280,236 | -76.8% |
| Amounts receivable within one year | 40/41 | €158,268 | €14,508 | -€143,760 | -90.8% |
| Trade receivables | 40 | €7,699 | €14,507 | +€6,809 | +88.4% |
| Other amounts receivable | 41 | €150,570 | €1 | -€150,569 | -100.0% |
| Cash at bank and in hand | 54/58 | €201,882 | €68,009 | -€133,873 | -66.3% |
| Deferred charges and accrued income | 490/1 | €4,700 | €2,097 | -€2,603 | -55.4% |
| Total equity and liabilities | 10/49 | €1,358,476 | €1,024,867 | -€333,610 | -24.6% |
| Equity | 10/15 | €430,643 | €417,168 | -€13,475 | -3.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €357,988 | €344,195 | -€13,792 | -3.9% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €233,822 | €223,530 | -€10,292 | -4.4% |
| Distributable reserves | 133 | €122,310 | €118,810 | -€3,500 | -2.9% |
| Profit (loss) carried forward | 14 | €54,105 | €54,422 | +€317 | +0.6% |
| Provisions and deferred taxes | 16 | €77,232 | €73,802 | -€3,431 | -4.4% |
| Deferred taxes | 168 | €77,232 | €73,802 | -€3,431 | -4.4% |
| Amounts payable | 17/49 | €850,602 | €533,897 | -€316,704 | -37.2% |
| Amounts payable after more than one year | 17 | €474,815 | €442,341 | -€32,475 | -6.8% |
| Financial debts | 170/4 | €474,815 | €442,341 | -€32,475 | -6.8% |
| Amounts payable within one year | 42/48 | €375,786 | €91,557 | -€284,230 | -75.6% |
| Current portion of amounts payable after more than one year | 42 | €32,005 | €32,475 | +€470 | +1.5% |
| Trade debts | 44 | €10,951 | €14,015 | +€3,064 | +28.0% |
| Suppliers | 440/4 | €10,951 | €14,015 | +€3,064 | +28.0% |
| Taxes, remuneration and social security | 45 | €122,601 | €6,754 | -€115,847 | -94.5% |
| Taxes | 450/3 | €122,601 | €6,754 | -€115,847 | -94.5% |
| Other amounts payable | 47/48 | €210,229 | €38,313 | -€171,916 | -81.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,831 | €53,373 | -€458 | -0.9% |
| Other operating charges | 640/8 | €8,384 | €11,303 | +€2,918 | +34.8% |
| Gross operating margin | 9900 | €374,951 | €103,010 | -€271,940 | -72.5% |
| Operating profit (loss) | 9901 | €312,735 | €38,334 | -€274,401 | -87.7% |
| Financial income | 75/76B | €4,700 | €2,213 | -€2,487 | -52.9% |
| Recurring financial income | 75 | €4,700 | €2,213 | -€2,487 | -52.9% |
| Financial charges | 65/66B | €69,451 | €8,322 | -€61,129 | -88.0% |
| Recurring financial charges | 65 | €69,451 | €8,322 | -€61,129 | -88.0% |
| Profit (loss) for the period before taxes | 9903 | €247,984 | €32,225 | -€215,759 | -87.0% |
| Transfer from deferred taxes | 780 | €3,431 | €3,431 | = | 0.0% |
| Income taxes | 67/77 | €62,587 | €14,130 | -€48,457 | -77.4% |
| Profit (loss) for the period | 9904 | €188,828 | €21,525 | -€167,303 | -88.6% |
| Transfer from tax-exempt reserves | 789 | €10,292 | €10,292 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €199,120 | €31,817 | -€167,303 | -84.0% |
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 5 October 2026 via checked.be.