IMMOPAL: what changed
Two fiscal 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.
IMMOPAL
Largest movements
- Cash -€214,732
down €214,732 (-52.8%), from €406,434 to €191,702
mainly Other debts (-€296,628) and Receivables within one year (-€80,949)
- Receivables within one year +€80,949
up €80,949 (+424.9%), from €19,051 to €100,000
- Tangible fixed assets -€53,772
down €53,772 (-3.1%), from €1.7m to €1.7m
- Other debts -€296,628
down €296,628 (-96.3%), from €308,119 to €11,491
- Accrued charges and deferred income +€85,684
up €85,684 (+100.0%), from €85,685 to €171,369
- Financial charges -€3,517
down €3,517 (-3.8%), from €93,252 to €89,736
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 | €2,168,654 | €1,981,199 | -€187,455 | -8.6% |
| Fixed assets | 21/28 | €1,739,979 | €1,686,207 | -€53,772 | -3.1% |
| Tangible fixed assets | 22/27 | €1,739,979 | €1,686,207 | -€53,772 | -3.1% |
| Land and buildings | 22 | €1,739,979 | €1,686,207 | -€53,772 | -3.1% |
| Current assets | 29/58 | €428,674 | €294,992 | -€133,683 | -31.2% |
| Amounts receivable within one year | 40/41 | €19,051 | €100,000 | +€80,949 | +424.9% |
| Trade receivables | 40 | €19,051 | €100,000 | +€80,949 | +424.9% |
| Cash at bank and in hand | 54/58 | €406,434 | €191,702 | -€214,732 | -52.8% |
| Deferred charges and accrued income | 490/1 | €3,189 | €3,289 | +€100 | +3.1% |
| Total equity and liabilities | 10/49 | €2,168,654 | €1,981,199 | -€187,455 | -8.6% |
| Equity | 10/15 | €118,522 | €137,935 | +€19,413 | +16.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €98,062 | €117,475 | +€19,413 | +19.8% |
| Amounts payable | 17/49 | €2,050,132 | €1,843,264 | -€206,868 | -10.1% |
| Amounts payable after more than one year | 17 | €1,494,112 | €1,494,112 | = | 0.0% |
| Financial debts | 170/4 | €1,494,112 | €1,494,112 | = | 0.0% |
| Amounts payable within one year | 42/48 | €470,335 | €177,783 | -€292,553 | -62.2% |
| Current portion of amounts payable after more than one year | 42 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €3,766 | €3,319 | -€446 | -11.9% |
| Suppliers | 440/4 | €3,766 | €3,319 | -€446 | -11.9% |
| Taxes, remuneration and social security | 45 | €8,451 | €12,972 | +€4,521 | +53.5% |
| Taxes | 450/3 | €8,451 | €12,972 | +€4,521 | +53.5% |
| Other amounts payable | 47/48 | €308,119 | €11,491 | -€296,628 | -96.3% |
| Accrued charges and deferred income | 492/3 | €85,685 | €171,369 | +€85,684 | +100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,772 | €53,772 | = | 0.0% |
| Other operating charges | 640/8 | €39,368 | €38,571 | -€797 | -2.0% |
| Gross operating margin | 9900 | €208,066 | €208,555 | +€488 | +0.2% |
| Operating profit (loss) | 9901 | €114,926 | €116,211 | +€1,285 | +1.1% |
| Financial charges | 65/66B | €93,252 | €89,736 | -€3,517 | -3.8% |
| Recurring financial charges | 65 | €93,252 | €89,736 | -€3,517 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €21,674 | €26,475 | +€4,802 | +22.2% |
| Income taxes | 67/77 | €5,910 | €7,062 | +€1,152 | +19.5% |
| Profit (loss) for the period | 9904 | €15,764 | €19,413 | +€3,650 | +23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,764 | €19,413 | +€3,650 | +23.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.