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
- Cash -€11,423
down €11,423 (-10.9%), from €105,008 to €93,585
mainly Investment in fixed assets (net) (-€20,252) and Other debts (-€14,213)
- Tangible fixed assets +€6,149
up €6,149 (+3.5%), from €177,328 to €183,477
of which Other tangible fixed assets: +€20,682
- Other debts -€14,213
down €14,213 (-7.9%), from €179,598 to €165,385
- Profit (loss) carried forward +€4,131
up €4,131 (+25.9%), from -€15,935 to -€11,804
- Accrued charges and deferred income +€2,845
new in 2025: €2,845
- Gross operating margin -€4,320
down €4,320 (-14.2%), from €30,334 to €26,014
- Financial charges +€2,154
up €2,154 (+896.2%), from €240 to €2,395
of which Non-recurring financial charges: +€2,010
- Depreciation -€1,676
down €1,676 (-10.6%), from €15,779 to €14,103
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 | €284,347 | €277,062 | -€7,284 | -2.6% |
| Fixed assets | 21/28 | €177,328 | €183,477 | +€6,149 | +3.5% |
| Tangible fixed assets | 22/27 | €177,328 | €183,477 | +€6,149 | +3.5% |
| Land and buildings | 22 | €158,994 | €144,461 | -€14,534 | -9.1% |
| Other tangible fixed assets | 26 | €18,334 | €39,016 | +€20,682 | +112.8% |
| Current assets | 29/58 | €107,019 | €93,585 | -€13,433 | -12.6% |
| Current investments | 50/53 | €0 | €0 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €105,008 | €93,585 | -€11,423 | -10.9% |
| Deferred charges and accrued income | 490/1 | €2,010 | - | -€2,010 | |
| Total equity and liabilities | 10/49 | €284,347 | €277,062 | -€7,284 | -2.6% |
| Equity | 10/15 | €103,250 | €107,381 | +€4,131 | +4.0% |
| Contributions | 10/11 | €118,900 | €118,900 | = | 0.0% |
| Reserves | 13 | €285 | €285 | = | 0.0% |
| Distributable reserves | 133 | €285 | €285 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,935 | -€11,804 | +€4,131 | +25.9% |
| Amounts payable | 17/49 | €181,097 | €169,682 | -€11,415 | -6.3% |
| Amounts payable within one year | 42/48 | €181,097 | €166,837 | -€14,260 | -7.9% |
| Trade debts | 44 | €1,499 | €1,452 | -€47 | -3.1% |
| Suppliers | 440/4 | €1,499 | €1,452 | -€47 | -3.1% |
| Other amounts payable | 47/48 | €179,598 | €165,385 | -€14,213 | -7.9% |
| Accrued charges and deferred income | 492/3 | - | €2,845 | +€2,845 | |
| Non-recurring operating income | 76A | - | €50 | +€50 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,779 | €14,103 | -€1,676 | -10.6% |
| Other operating charges | 640/8 | €5,097 | €5,386 | +€289 | +5.7% |
| Gross operating margin | 9900 | €30,334 | €26,014 | -€4,320 | -14.2% |
| Operating profit (loss) | 9901 | €9,458 | €6,525 | -€2,933 | -31.0% |
| Financial charges | 65/66B | €240 | €2,395 | +€2,154 | +896.2% |
| Recurring financial charges | 65 | €240 | €385 | +€144 | +60.0% |
| Non-recurring financial charges | 66B | - | €2,010 | +€2,010 | |
| Profit (loss) for the period before taxes | 9903 | €9,218 | €4,131 | -€5,087 | -55.2% |
| Profit (loss) for the period | 9904 | €9,218 | €4,131 | -€5,087 | -55.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,218 | €4,131 | -€5,087 | -55.2% |
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 7 October 2026 via checked.be.