Immodeno: 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.
What changed
Immodeno
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€211,847
2025 · -€2,148+€213,995
Equity
€1.1m
2025 · €879,907+€211,847
Cash
€18,196
2025 · €1,515+€16,681
Balance sheet total
€5.5m
2025 · €5.4m+€133,105
Largest movements
Assets
- Tangible fixed assets -€470,609
down €470,609 (-11.7%), from €4.0m to €3.5m
of which Land and buildings: -€411,427
- Current investments +€376,784
new in 2026: €376,784
- Receivables after one year +€215,940
up €215,940 (+19.3%), from €1.1m to €1.3m
Equity and liabilities
- Reserves +€210,997
up €210,997 (+177%), from €119,243 to €330,239
of which Tax-exempt reserves: +€171,897
- Accrued charges and deferred income -€113,856
down €113,856 (-7.3%), from €1.6m to €1.5m
- Provisions +€57,299
up €57,299 (+384%), from €14,917 to €72,216
- Debts after one year -€55,246
down €55,246 (-2.1%), from €2.6m to €2.5m
Income statement
- Gross operating margin +€278,590
up €278,590 (+78.1%), from €356,790 to €635,379
- Taxes +€19,437
new in 2026: €19,437
- Write-downs +€7,407
new in 2026: €7,407
- Financial income +€7,216
up €7,216 (+28.1%), from €25,648 to €32,864
- Depreciation -€7,126
down €7,126 (-3.0%), from €239,161 to €232,035
From the 2025 result to the 2026 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.
Result 2025
-€2,148
Gross operating margin
+€278,590
Depreciation
+€7,126
Write-downs
-€7,407
Other operating charges
-€213
Financial income
+€7,216
Financial charges
+€6,195
Taxes
-€19,437
Deferred taxes and other
-€58,074
Result 2026
€211,847
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€206,667
Investment
-€138,209
Financing
-€51,777
Cash 2025
€1,515
From operations (derived)
+€206,667
Net result for the year
+€211,847
Depreciation
+€232,035
Receivables after one year
-€215,940
Receivables within one year
+€2,277
Deferred charges and accrued income
+€3,413
Provisions
+€57,299
Trade debts
+€11,119
Tax, wage and social debts
+€18,473
Accrued charges and deferred income
-€113,856
Investment (derived)
-€138,209
Investment in fixed assets (net)
+€238,574
Current investments
-€376,784
Financing
-€51,777
Debts after one year
-€55,246
Current portion of long-term debt
+€6,857
Short-term financial debts
-€3,388
Cash 2026
€18,196
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,356,858 | €5,489,963 | +€133,105 | +2.5% |
| Fixed assets | 21/28 | €4,005,539 | €3,534,930 | -€470,609 | -11.7% |
| Tangible fixed assets | 22/27 | €4,005,539 | €3,534,930 | -€470,609 | -11.7% |
| Land and buildings | 22 | €2,393,468 | €1,982,041 | -€411,427 | -17.2% |
| Plant, machinery and equipment | 23 | €53,737 | €43,202 | -€10,536 | -19.6% |
| Furniture and vehicles | 24 | - | €64,688 | +€64,688 | |
| Leasing and similar rights | 25 | €1,558,333 | €1,445,000 | -€113,333 | -7.3% |
| Current assets | 29/58 | €1,351,319 | €1,955,033 | +€603,714 | +44.7% |
| Amounts receivable after more than one year | 29 | €1,116,984 | €1,332,924 | +€215,940 | +19.3% |
| Other amounts receivable | 291 | €1,116,984 | €1,332,924 | +€215,940 | +19.3% |
| Amounts receivable within one year | 40/41 | €173,889 | €171,612 | -€2,277 | -1.3% |
| Trade receivables | 40 | €6,353 | €1,517 | -€4,836 | -76.1% |
| Other amounts receivable | 41 | €167,536 | €170,095 | +€2,559 | +1.5% |
| Current investments | 50/53 | - | €376,784 | +€376,784 | |
| Cash at bank and in hand | 54/58 | €1,515 | €18,196 | +€16,681 | +1,101% |
| Deferred charges and accrued income | 490/1 | €58,931 | €55,518 | -€3,413 | -5.8% |
| Total equity and liabilities | 10/49 | €5,356,858 | €5,489,963 | +€133,105 | +2.5% |
| Equity | 10/15 | €879,907 | €1,091,755 | +€211,847 | +24.1% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €119,243 | €330,239 | +€210,997 | +177% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €44,751 | €216,647 | +€171,897 | +384% |
| Distributable reserves | 133 | €62,097 | €101,197 | +€39,100 | +63.0% |
| Profit (loss) carried forward | 14 | €636,718 | €637,569 | +€851 | +0.1% |
| Provisions and deferred taxes | 16 | €14,917 | €72,216 | +€57,299 | +384% |
| Deferred taxes | 168 | €14,917 | €72,216 | +€57,299 | +384% |
| Amounts payable | 17/49 | €4,462,033 | €4,325,992 | -€136,041 | -3.0% |
| Amounts payable after more than one year | 17 | €2,576,831 | €2,521,586 | -€55,246 | -2.1% |
| Financial debts | 170/4 | €2,576,831 | €2,521,586 | -€55,246 | -2.1% |
| Amounts payable within one year | 42/48 | €316,496 | €349,556 | +€33,060 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €298,389 | €305,246 | +€6,857 | +2.3% |
| Financial debts | 43 | €3,388 | - | -€3,388 | |
| Credit institutions | 430/8 | €3,388 | - | -€3,388 | |
| Trade debts | 44 | €14,520 | €25,639 | +€11,119 | +76.6% |
| Suppliers | 440/4 | €14,520 | €25,639 | +€11,119 | +76.6% |
| Taxes, remuneration and social security | 45 | €199 | €18,672 | +€18,473 | +9,266% |
| Taxes | 450/3 | €199 | €18,672 | +€18,473 | +9,266% |
| Accrued charges and deferred income | 492/3 | €1,568,706 | €1,454,850 | -€113,856 | -7.3% |
| Non-recurring operating income | 76A | €6,991 | - | -€6,991 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €239,161 | €232,035 | -€7,126 | -3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,407 | +€7,407 | |
| Other operating charges | 640/8 | €28,054 | €28,267 | +€213 | +0.8% |
| Gross operating margin | 9900 | €356,790 | €635,379 | +€278,590 | +78.1% |
| Operating profit (loss) | 9901 | €89,575 | €367,670 | +€278,095 | +310% |
| Financial income | 75/76B | €25,648 | €32,864 | +€7,216 | +28.1% |
| Recurring financial income | 75 | €25,648 | €32,864 | +€7,216 | +28.1% |
| Financial charges | 65/66B | €118,146 | €111,951 | -€6,195 | -5.2% |
| Recurring financial charges | 65 | €118,146 | €111,951 | -€6,195 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,923 | €288,583 | +€291,506 | |
| Transfer from deferred taxes | 780 | €775 | €11,023 | +€10,248 | +1,322% |
| Transfer to deferred taxes | 680 | - | €68,322 | +€68,322 | |
| Income taxes | 67/77 | - | €19,437 | +€19,437 | |
| Profit (loss) for the period | 9904 | -€2,148 | €211,847 | +€213,995 | |
| Transfer from tax-exempt reserves | 789 | €2,325 | €33,070 | +€30,745 | +1,322% |
| Transfer to tax-exempt reserves | 689 | - | €204,967 | +€204,967 | |
| Profit (loss) for the period to be appropriated | 9905 | €177 | €39,951 | +€39,773 | +22,412% |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.