IMMOMANDEL: 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.
IMMOMANDEL
Largest movements
- Current investments +€1.5m
new in 2025: €1.5m
- Cash -€1.0m
down €1.0m (-57.1%), from €1.8m to €760,148
mainly Current investments (-€1.5m) and Debts after one year (-€550,614)
- Receivables within one year -€262,554
down €262,554 (-43.0%), from €609,920 to €347,366
of which Trade receivables: -€266,572
- Tangible fixed assets -€209,824
down €209,824 (-7.3%), from €2.9m to €2.7m
of which Land and buildings: -€152,532
- Debts after one year -€550,614
down €550,614 (-55.8%), from €987,403 to €436,789
of which Financial debts: -€554,552
- Current portion of long-term debt +€276,776
new in 2025: €276,776
- Reserves +€126,300
up €126,300 (+9.5%), from €1.3m to €1.5m
of which Tax-exempt reserves: +€126,300
- Profit (loss) carried forward +€105,641
up €105,641 (+4.7%), from €2.2m to €2.3m
- Trade debts +€98,276
up €98,276 (+719%), from €13,667 to €111,944
- Gross operating margin -€459,211
down €459,211 (-35.4%), from €1.3m to €838,196
- Taxes +€64,695
up €64,695 (+35.7%), from €181,211 to €245,905
- Depreciation -€62,646
down €62,646 (-18.5%), from €339,449 to €276,803
- Other operating charges -€17,428
down €17,428 (-19.6%), from €89,093 to €71,665
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 | €5,267,829 | €5,287,574 | +€19,745 | +0.4% |
| Fixed assets | 21/28 | €2,877,791 | €2,670,388 | -€207,403 | -7.2% |
| Tangible fixed assets | 22/27 | €2,877,289 | €2,667,465 | -€209,824 | -7.3% |
| Land and buildings | 22 | €2,682,520 | €2,529,987 | -€152,532 | -5.7% |
| Plant, machinery and equipment | 23 | €174,616 | €117,324 | -€57,292 | -32.8% |
| Other tangible fixed assets | 26 | €20,154 | €20,154 | = | 0.0% |
| Financial fixed assets | 28 | €502 | €2,923 | +€2,421 | +482% |
| Current assets | 29/58 | €2,390,038 | €2,617,186 | +€227,148 | +9.5% |
| Amounts receivable within one year | 40/41 | €609,920 | €347,366 | -€262,554 | -43.0% |
| Trade receivables | 40 | €395,780 | €129,207 | -€266,572 | -67.4% |
| Other amounts receivable | 41 | €214,140 | €218,158 | +€4,018 | +1.9% |
| Current investments | 50/53 | - | €1,509,672 | +€1.5m | |
| Cash at bank and in hand | 54/58 | €1,772,517 | €760,148 | -€1.0m | -57.1% |
| Deferred charges and accrued income | 490/1 | €7,601 | - | -€7,601 | |
| Total equity and liabilities | 10/49 | €5,267,829 | €5,287,574 | +€19,745 | +0.4% |
| Equity | 10/15 | €3,917,609 | €4,149,550 | +€231,941 | +5.9% |
| Contributions | 10/11 | €355,154 | €355,154 | = | 0.0% |
| Capital | 10 | €355,154 | €355,154 | = | 0.0% |
| Issued capital | 100 | €355,154 | €355,154 | = | 0.0% |
| Reserves | 13 | €1,325,948 | €1,452,248 | +€126,300 | +9.5% |
| Non-distributable reserves | 130/1 | €35,515 | €35,515 | = | 0.0% |
| Legal reserve | 130 | €35,515 | €35,515 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,128,347 | €1,254,647 | +€126,300 | +11.2% |
| Distributable reserves | 133 | €162,085 | €162,085 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,236,507 | €2,342,148 | +€105,641 | +4.7% |
| Provisions and deferred taxes | 16 | €277,882 | €277,882 | = | 0.0% |
| Deferred taxes | 168 | €277,882 | €277,882 | = | 0.0% |
| Amounts payable | 17/49 | €1,072,338 | €860,141 | -€212,197 | -19.8% |
| Amounts payable after more than one year | 17 | €987,403 | €436,789 | -€550,614 | -55.8% |
| Financial debts | 170/4 | €972,240 | €417,688 | -€554,552 | -57.0% |
| Other amounts payable | 178/9 | €15,163 | €19,101 | +€3,938 | +26.0% |
| Amounts payable within one year | 42/48 | €84,083 | €423,353 | +€339,269 | +403% |
| Current portion of amounts payable after more than one year | 42 | - | €276,776 | +€276,776 | |
| Trade debts | 44 | €13,667 | €111,944 | +€98,276 | +719% |
| Suppliers | 440/4 | €13,667 | €111,944 | +€98,276 | +719% |
| Taxes, remuneration and social security | 45 | €70,416 | €33,111 | -€37,305 | -53.0% |
| Taxes | 450/3 | €70,416 | €33,111 | -€37,305 | -53.0% |
| Other amounts payable | 47/48 | - | €1,522 | +€1,522 | |
| Accrued charges and deferred income | 492/3 | €852 | - | -€852 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €339,449 | €276,803 | -€62,646 | -18.5% |
| Other operating charges | 640/8 | €89,093 | €71,665 | -€17,428 | -19.6% |
| Gross operating margin | 9900 | €1,297,406 | €838,196 | -€459,211 | -35.4% |
| Operating profit (loss) | 9901 | €868,865 | €489,728 | -€379,136 | -43.6% |
| Financial income | 75/76B | €18,901 | €23,085 | +€4,183 | +22.1% |
| Recurring financial income | 75 | €18,901 | €23,085 | +€4,183 | +22.1% |
| Financial charges | 65/66B | €43,924 | €34,966 | -€8,958 | -20.4% |
| Recurring financial charges | 65 | €43,924 | €34,966 | -€8,958 | -20.4% |
| Profit (loss) for the period before taxes | 9903 | €843,842 | €477,847 | -€365,995 | -43.4% |
| Transfer from deferred taxes | 780 | €78,907 | - | -€78,907 | |
| Income taxes | 67/77 | €181,211 | €245,905 | +€64,695 | +35.7% |
| Profit (loss) for the period | 9904 | €741,538 | €231,941 | -€509,596 | -68.7% |
| Transfer from tax-exempt reserves | 789 | €26,302 | €84,200 | +€57,898 | +220% |
| Transfer to tax-exempt reserves | 689 | - | €210,500 | +€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €767,840 | €105,641 | -€662,198 | -86.2% |
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 22 October 2026 via checked.be.