IMMOLORE JV: 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.
IMMOLORE JV
Largest movements
- Receivables within one year -€458,878
down €458,878 (-96.8%), from €473,998 to €15,119
of which Other amounts receivable: -€459,577
- Current investments +€200,000
up €200,000 (+66.7%), from €300,000 to €500,000
- Deferred charges and accrued income -€186,623
down €186,623 (-89.3%), from €209,070 to €22,447
- Tangible fixed assets +€156,629
up €156,629 (+4.5%), from €3.5m to €3.7m
of which Land and buildings: +€172,355
- Cash +€69,967
up €69,967 (+60.2%), from €116,163 to €186,131
mainly Receivables within one year (+€458,878) and Deferred charges and accrued income (+€186,623)
- Debts after one year -€110,769
down €110,769 (-8.5%), from €1.3m to €1.2m
of which Financial debts: -€90,769
- Reserves -€78,556
down €78,556 (-3.2%), from €2.4m to €2.4m
of which Tax-exempt reserves: -€55,098
- Gross operating margin +€111,140
up €111,140 (+245%), from €45,438 to €156,578
- Financial charges +€88,109
up €88,109 (+300%), from €29,357 to €117,466
of which Non-recurring financial charges: +€67,445
- Depreciation +€40,044
up €40,044 (+46.9%), from €85,321 to €125,366
- Financial income +€12,913
up €12,913 (+36.2%), from €35,665 to €48,578
of which Non-recurring financial income: +€37,565
- Taxes +€3,982
up €3,982 (+115%), from €3,467 to €7,450
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.
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.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,651,499 | €4,394,593 | -€256,906 | -5.5% |
| Fixed assets | 21/28 | €3,514,268 | €3,670,897 | +€156,629 | +4.5% |
| Tangible fixed assets | 22/27 | €3,508,713 | €3,665,342 | +€156,629 | +4.5% |
| Land and buildings | 22 | €3,380,126 | €3,552,482 | +€172,355 | +5.1% |
| Plant, machinery and equipment | 23 | €2,733 | €1,973 | -€760 | -27.8% |
| Furniture and vehicles | 24 | €125,853 | €105,094 | -€20,759 | -16.5% |
| Other tangible fixed assets | 26 | - | €5,793 | +€5,793 | |
| Financial fixed assets | 28 | €5,555 | €5,555 | = | 0.0% |
| Current assets | 29/58 | €1,137,231 | €723,697 | -€413,535 | -36.4% |
| Amounts receivable after more than one year | 29 | €38,000 | - | -€38,000 | |
| Other amounts receivable | 291 | €38,000 | - | -€38,000 | |
| Amounts receivable within one year | 40/41 | €473,998 | €15,119 | -€458,878 | -96.8% |
| Trade receivables | 40 | €505 | €1,203 | +€699 | +138% |
| Other amounts receivable | 41 | €473,493 | €13,916 | -€459,577 | -97.1% |
| Current investments | 50/53 | €300,000 | €500,000 | +€200,000 | +66.7% |
| Cash at bank and in hand | 54/58 | €116,163 | €186,131 | +€69,967 | +60.2% |
| Deferred charges and accrued income | 490/1 | €209,070 | €22,447 | -€186,623 | -89.3% |
| Total equity and liabilities | 10/49 | €4,651,499 | €4,394,593 | -€256,906 | -5.5% |
| Equity | 10/15 | €2,535,803 | €2,457,247 | -€78,556 | -3.1% |
| Contributions | 10/11 | €95,000 | €95,000 | = | 0.0% |
| Reserves | 13 | €2,440,803 | €2,362,247 | -€78,556 | -3.2% |
| Tax-exempt reserves | 132 | €1,815,764 | €1,760,666 | -€55,098 | -3.0% |
| Distributable reserves | 133 | €625,039 | €601,581 | -€23,459 | -3.8% |
| Provisions and deferred taxes | 16 | €643,933 | €625,343 | -€18,590 | -2.9% |
| Provisions for liabilities and charges | 160/5 | €35,987 | €35,987 | = | 0.0% |
| Pensions and similar obligations | 160 | €35,987 | €35,987 | = | 0.0% |
| Deferred taxes | 168 | €607,946 | €589,356 | -€18,590 | -3.1% |
| Amounts payable | 17/49 | €1,471,763 | €1,312,004 | -€159,759 | -10.9% |
| Amounts payable after more than one year | 17 | €1,305,911 | €1,195,142 | -€110,769 | -8.5% |
| Financial debts | 170/4 | €1,270,911 | €1,180,142 | -€90,769 | -7.1% |
| Other amounts payable | 178/9 | €35,000 | €15,000 | -€20,000 | -57.1% |
| Amounts payable within one year | 42/48 | €155,142 | €110,898 | -€44,244 | -28.5% |
| Current portion of amounts payable after more than one year | 42 | €136,572 | €90,769 | -€45,803 | -33.5% |
| Trade debts | 44 | €9,322 | €5,627 | -€3,695 | -39.6% |
| Suppliers | 440/4 | €9,322 | €5,627 | -€3,695 | -39.6% |
| Advances received on contracts in progress | 46 | - | €6 | +€6 | |
| Taxes, remuneration and social security | 45 | €6,905 | €7,898 | +€993 | +14.4% |
| Taxes | 450/3 | €6,905 | €7,898 | +€993 | +14.4% |
| Other amounts payable | 47/48 | €2,343 | €6,598 | +€4,255 | +182% |
| Accrued charges and deferred income | 492/3 | €10,710 | €5,963 | -€4,747 | -44.3% |
| Non-recurring operating income | 76A | - | €99,586 | +€99,586 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,321 | €125,366 | +€40,044 | +46.9% |
| Other operating charges | 640/8 | €9,456 | €11,593 | +€2,137 | +22.6% |
| Gross operating margin | 9900 | €45,438 | €156,578 | +€111,140 | +245% |
| Operating profit (loss) | 9901 | -€49,340 | €19,619 | +€68,959 | |
| Financial income | 75/76B | €35,665 | €48,578 | +€12,913 | +36.2% |
| Recurring financial income | 75 | €35,665 | €11,013 | -€24,652 | -69.1% |
| Non-recurring financial income | 76B | - | €37,565 | +€37,565 | |
| Financial charges | 65/66B | €29,357 | €117,466 | +€88,109 | +300% |
| Recurring financial charges | 65 | €29,357 | €50,021 | +€20,664 | +70.4% |
| Non-recurring financial charges | 66B | - | €67,445 | +€67,445 | |
| Profit (loss) for the period before taxes | 9903 | -€43,032 | -€49,268 | -€6,236 | -14.5% |
| Transfer from deferred taxes | 780 | €18,513 | €18,590 | +€77 | +0.4% |
| Income taxes | 67/77 | €3,467 | €7,450 | +€3,982 | +115% |
| Profit (loss) for the period | 9904 | -€27,986 | -€38,128 | -€10,142 | -36.2% |
| Transfer from tax-exempt reserves | 789 | €54,867 | €55,098 | +€231 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,881 | €16,970 | -€9,911 | -36.9% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.