IMMONAM: 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.
IMMONAM
Largest movements
- Receivables within one year +€60,924
up €60,924 (+21.3%), from €285,409 to €346,333
of which Other amounts receivable: +€51,600
- Tangible fixed assets -€34,724
down €34,724 (-2.7%), from €1.3m to €1.2m
- Cash -€27,289
down €27,289 (-60.3%), from €45,285 to €17,997
mainly Debts after one year (-€75,589) and Receivables within one year (-€60,924)
- Debts after one year -€75,589
down €75,589 (-7.0%), from €1.1m to €1.0m
- Reserves +€51,325
up €51,325 (+15.9%), from €323,122 to €374,447
of which Distributable reserves: +€51,325
- Gross operating margin +€6,654
up €6,654 (+3.7%), from €180,941 to €187,595
- Depreciation +€1,975
up €1,975 (+2.8%), from €69,983 to €71,958
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 | €1,629,042 | €1,628,082 | -€960 | -0.1% |
| Fixed assets | 21/28 | €1,281,313 | €1,246,589 | -€34,724 | -2.7% |
| Tangible fixed assets | 22/27 | €1,280,958 | €1,246,234 | -€34,724 | -2.7% |
| Land and buildings | 22 | €1,280,958 | €1,246,234 | -€34,724 | -2.7% |
| Financial fixed assets | 28 | €355 | €355 | = | 0.0% |
| Current assets | 29/58 | €347,729 | €381,494 | +€33,765 | +9.7% |
| Amounts receivable within one year | 40/41 | €285,409 | €346,333 | +€60,924 | +21.3% |
| Trade receivables | 40 | €6,004 | €15,328 | +€9,324 | +155% |
| Other amounts receivable | 41 | €279,405 | €331,005 | +€51,600 | +18.5% |
| Cash at bank and in hand | 54/58 | €45,285 | €17,997 | -€27,289 | -60.3% |
| Deferred charges and accrued income | 490/1 | €17,035 | €17,164 | +€129 | +0.8% |
| Total equity and liabilities | 10/49 | €1,629,042 | €1,628,082 | -€960 | -0.1% |
| Equity | 10/15 | €385,984 | €437,311 | +€51,327 | +13.3% |
| Contributions | 10/11 | €62,766 | €62,766 | = | 0.0% |
| Capital | 10 | €62,766 | €62,766 | = | 0.0% |
| Issued capital | 100 | €62,766 | €62,766 | = | 0.0% |
| Reserves | 13 | €323,122 | €374,447 | +€51,325 | +15.9% |
| Non-distributable reserves | 130/1 | €150,152 | €150,152 | = | 0.0% |
| Legal reserve | 130 | €6,277 | €6,277 | = | 0.0% |
| Other | 1319 | €143,876 | €143,876 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,200 | €2,200 | = | 0.0% |
| Distributable reserves | 133 | €170,769 | €222,094 | +€51,325 | +30.1% |
| Profit (loss) carried forward | 14 | €96 | €98 | +€2 | +2.4% |
| Amounts payable | 17/49 | €1,243,058 | €1,190,771 | -€52,287 | -4.2% |
| Amounts payable after more than one year | 17 | €1,082,996 | €1,007,407 | -€75,589 | -7.0% |
| Financial debts | 170/4 | €1,082,996 | €1,007,407 | -€75,589 | -7.0% |
| Amounts payable within one year | 42/48 | €158,214 | €181,374 | +€23,160 | +14.6% |
| Current portion of amounts payable after more than one year | 42 | €97,324 | €105,804 | +€8,480 | +8.7% |
| Trade debts | 44 | €8,909 | €21,080 | +€12,171 | +137% |
| Suppliers | 440/4 | €8,909 | €21,080 | +€12,171 | +137% |
| Taxes, remuneration and social security | 45 | €49,381 | €49,890 | +€509 | +1.0% |
| Taxes | 450/3 | €49,381 | €49,890 | +€509 | +1.0% |
| Other amounts payable | 47/48 | €2,600 | €4,600 | +€2,000 | +76.9% |
| Accrued charges and deferred income | 492/3 | €1,848 | €1,990 | +€142 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,983 | €71,958 | +€1,975 | +2.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €121 | +€121 | |
| Other operating charges | 640/8 | €11,898 | €13,304 | +€1,405 | +11.8% |
| Gross operating margin | 9900 | €180,941 | €187,595 | +€6,654 | +3.7% |
| Operating profit (loss) | 9901 | €99,060 | €102,212 | +€3,153 | +3.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €27,936 | €26,555 | -€1,380 | -4.9% |
| Recurring financial charges | 65 | €27,936 | €26,555 | -€1,380 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €71,124 | €75,657 | +€4,533 | +6.4% |
| Income taxes | 67/77 | €24,085 | €24,330 | +€245 | +1.0% |
| Profit (loss) for the period | 9904 | €47,040 | €51,327 | +€4,288 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €47,040 | €51,327 | +€4,288 | +9.1% |
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 17 October 2026 via checked.be.