IMMODEL: 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.
IMMODEL
Largest movements
- Cash +€78,761
up €78,761 (+82.8%), from €95,135 to €173,896
mainly Net result for the year (+€94,974) and Current investments (+€42,351)
- Current investments -€42,351
no longer reported in 2025 (was €42,351)
- Tangible fixed assets -€31,033
down €31,033 (-3.4%), from €925,370 to €894,337
of which Land and buildings: -€30,678
- Receivables within one year -€14,383
down €14,383 (-62.0%), from €23,203 to €8,820
- Reserves +€53,068
up €53,068 (+7.6%), from €700,720 to €753,788
of which Distributable reserves: +€62,397
- Tax, wage and social debts -€41,848
down €41,848 (-91.7%), from €45,643 to €3,795
- Other debts -€36,578
down €36,578 (-16.3%), from €224,285 to €187,707
- Trade debts +€20,266
up €20,266 (+341%), from €5,947 to €26,213
- Taxes -€15,580
down €15,580 (-30.4%), from €51,264 to €35,684
- Gross operating margin +€7,346
up €7,346 (+3.9%), from €190,571 to €197,918
- Financial charges +€3,230
up €3,230 (+23.0%), from €14,039 to €17,268
of which Non-recurring financial charges: +€4,574
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.
Derived cash bridge
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 | €1,086,143 | €1,077,053 | -€9,090 | -0.8% |
| Fixed assets | 21/28 | €925,370 | €894,337 | -€31,033 | -3.4% |
| Tangible fixed assets | 22/27 | €925,370 | €894,337 | -€31,033 | -3.4% |
| Land and buildings | 22 | €921,522 | €890,844 | -€30,678 | -3.3% |
| Furniture and vehicles | 24 | €3,848 | €3,494 | -€354 | -9.2% |
| Current assets | 29/58 | €160,773 | €182,715 | +€21,942 | +13.6% |
| Amounts receivable within one year | 40/41 | €23,203 | €8,820 | -€14,383 | -62.0% |
| Other amounts receivable | 41 | €23,203 | €8,820 | -€14,383 | -62.0% |
| Current investments | 50/53 | €42,351 | - | -€42,351 | |
| Cash at bank and in hand | 54/58 | €95,135 | €173,896 | +€78,761 | +82.8% |
| Deferred charges and accrued income | 490/1 | €85 | - | -€85 | |
| Total equity and liabilities | 10/49 | €1,086,143 | €1,077,053 | -€9,090 | -0.8% |
| Equity | 10/15 | €762,720 | €815,788 | +€53,068 | +7.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €700,720 | €753,788 | +€53,068 | +7.6% |
| Non-distributable reserves | 130/1 | €51,400 | €51,400 | = | 0.0% |
| Legal reserve | 130 | €51,400 | €51,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €89,166 | €79,837 | -€9,329 | -10.5% |
| Distributable reserves | 133 | €560,154 | €622,551 | +€62,397 | +11.1% |
| Provisions and deferred taxes | 16 | €47,548 | €43,550 | -€3,998 | -8.4% |
| Deferred taxes | 168 | €47,548 | €43,550 | -€3,998 | -8.4% |
| Amounts payable | 17/49 | €275,875 | €217,715 | -€58,160 | -21.1% |
| Amounts payable within one year | 42/48 | €275,875 | €217,715 | -€58,160 | -21.1% |
| Trade debts | 44 | €5,947 | €26,213 | +€20,266 | +341% |
| Suppliers | 440/4 | €5,947 | €26,213 | +€20,266 | +341% |
| Taxes, remuneration and social security | 45 | €45,643 | €3,795 | -€41,848 | -91.7% |
| Taxes | 450/3 | €45,643 | €3,795 | -€41,848 | -91.7% |
| Other amounts payable | 47/48 | €224,285 | €187,707 | -€36,578 | -16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,153 | €35,744 | +€1,591 | +4.7% |
| Other operating charges | 640/8 | €18,625 | €19,928 | +€1,303 | +7.0% |
| Gross operating margin | 9900 | €190,571 | €197,918 | +€7,346 | +3.9% |
| Operating profit (loss) | 9901 | €137,793 | €142,245 | +€4,452 | +3.2% |
| Financial income | 75/76B | €1,579 | €1,683 | +€104 | +6.6% |
| Recurring financial income | 75 | €1,579 | €1,683 | +€104 | +6.6% |
| Financial charges | 65/66B | €14,039 | €17,268 | +€3,230 | +23.0% |
| Recurring financial charges | 65 | €14,039 | €12,694 | -€1,344 | -9.6% |
| Non-recurring financial charges | 66B | - | €4,574 | +€4,574 | |
| Profit (loss) for the period before taxes | 9903 | €125,334 | €126,660 | +€1,326 | +1.1% |
| Transfer from deferred taxes | 780 | €3,998 | €3,998 | = | 0.0% |
| Income taxes | 67/77 | €51,264 | €35,684 | -€15,580 | -30.4% |
| Profit (loss) for the period | 9904 | €78,068 | €94,974 | +€16,906 | +21.7% |
| Transfer from tax-exempt reserves | 789 | €9,329 | €9,329 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €87,397 | €104,303 | +€16,906 | +19.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.