IMMODEM: 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.
IMMODEM
Largest movements
- Tangible fixed assets +€65,089
up €65,089 (+20.9%), from €311,189 to €376,279
of which Plant, machinery and equipment: +€72,617
- Receivables within one year +€50,939
up €50,939 (+148.5%), from €34,307 to €85,246
of which Other amounts receivable: +€38,536
- Cash -€24,224
down €24,224 (-50.4%), from €48,085 to €23,860
mainly Investment in fixed assets (net) (-€82,688) and Receivables within one year (-€50,939)
- Debts after one year +€44,703
up €44,703 (+23.4%), from €191,355 to €236,058
- Reserves +€24,382
up €24,382 (+31.6%), from €77,041 to €101,422
of which Distributable reserves: +€28,612
- Trade debts +€15,548
up €15,548 (+262.1%), from €5,932 to €21,480
- Tax, wage and social debts +€6,394
up €6,394 (+414.1%), from €1,544 to €7,937
- Gross operating margin +€28,409
up €28,409 (+131.8%), from €21,560 to €49,969
- Taxes +€4,751
new in 2025: €4,751
- Financial charges +€1,896
up €1,896 (+52.1%), from €3,637 to €5,533
- Depreciation -€857
down €857 (-4.6%), from €18,455 to €17,598
- Financial income +€617
up €617 (+30.9%), from €1,999 to €2,616
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 | €394,288 | €487,637 | +€93,348 | +23.7% |
| Fixed assets | 21/28 | €311,584 | €376,674 | +€65,089 | +20.9% |
| Tangible fixed assets | 22/27 | €311,189 | €376,279 | +€65,089 | +20.9% |
| Land and buildings | 22 | €264,869 | €257,142 | -€7,727 | -2.9% |
| Plant, machinery and equipment | 23 | €45,245 | €117,862 | +€72,617 | +160.5% |
| Furniture and vehicles | 24 | €1,075 | €1,275 | +€200 | +18.6% |
| Financial fixed assets | 28 | €395 | €395 | = | 0.0% |
| Current assets | 29/58 | €82,704 | €110,963 | +€28,259 | +34.2% |
| Amounts receivable within one year | 40/41 | €34,307 | €85,246 | +€50,939 | +148.5% |
| Trade receivables | 40 | €4,068 | €16,471 | +€12,403 | +304.9% |
| Other amounts receivable | 41 | €30,239 | €68,775 | +€38,536 | +127.4% |
| Cash at bank and in hand | 54/58 | €48,085 | €23,860 | -€24,224 | -50.4% |
| Deferred charges and accrued income | 490/1 | €312 | €1,856 | +€1,544 | +494.1% |
| Total equity and liabilities | 10/49 | €394,288 | €487,637 | +€93,348 | +23.7% |
| Equity | 10/15 | €158,207 | €182,589 | +€24,382 | +15.4% |
| Contributions | 10/11 | €36,081 | €36,081 | = | 0.0% |
| Reserves | 13 | €77,041 | €101,422 | +€24,382 | +31.6% |
| Tax-exempt reserves | 132 | €77,041 | €72,811 | -€4,230 | -5.5% |
| Distributable reserves | 133 | - | €28,612 | +€28,612 | |
| Profit (loss) carried forward | 14 | €45,085 | €45,085 | = | 0.0% |
| Provisions and deferred taxes | 16 | €25,680 | €24,270 | -€1,410 | -5.5% |
| Deferred taxes | 168 | €25,680 | €24,270 | -€1,410 | -5.5% |
| Amounts payable | 17/49 | €210,401 | €280,778 | +€70,377 | +33.4% |
| Amounts payable after more than one year | 17 | €191,355 | €236,058 | +€44,703 | +23.4% |
| Financial debts | 170/4 | €191,355 | €236,058 | +€44,703 | +23.4% |
| Amounts payable within one year | 42/48 | €19,046 | €44,720 | +€25,674 | +134.8% |
| Current portion of amounts payable after more than one year | 42 | €11,570 | €15,302 | +€3,732 | +32.3% |
| Trade debts | 44 | €5,932 | €21,480 | +€15,548 | +262.1% |
| Suppliers | 440/4 | €5,932 | €21,480 | +€15,548 | +262.1% |
| Taxes, remuneration and social security | 45 | €1,544 | €7,937 | +€6,394 | +414.1% |
| Taxes | 450/3 | €1,544 | €7,937 | +€6,394 | +414.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | -€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,455 | €17,598 | -€857 | -4.6% |
| Other operating charges | 640/8 | €1,678 | €1,730 | +€53 | +3.2% |
| Gross operating margin | 9900 | €21,560 | €49,969 | +€28,409 | +131.8% |
| Operating profit (loss) | 9901 | €1,427 | €30,640 | +€29,213 | +2047.7% |
| Financial income | 75/76B | €1,999 | €2,616 | +€617 | +30.9% |
| Recurring financial income | 75 | €1,999 | €2,616 | +€617 | +30.9% |
| Financial charges | 65/66B | €3,637 | €5,533 | +€1,896 | +52.1% |
| Recurring financial charges | 65 | €3,637 | €5,533 | +€1,896 | +52.1% |
| Profit (loss) for the period before taxes | 9903 | -€212 | €27,722 | +€27,934 | |
| Transfer from deferred taxes | 780 | €1,771 | €1,410 | -€361 | -20.4% |
| Income taxes | 67/77 | - | €4,751 | +€4,751 | |
| Profit (loss) for the period | 9904 | €1,560 | €24,382 | +€22,822 | +1463.3% |
| Transfer from tax-exempt reserves | 789 | €5,314 | €4,230 | -€1,084 | -20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €6,874 | €28,612 | +€21,738 | +316.2% |
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 11 October 2026 via checked.be.