Immostal: 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.
Immostal
Largest movements
- Tangible fixed assets +€270,048
up €270,048 (+12.7%), from €2.1m to €2.4m
of which Assets under construction and advance payments: +€283,538
- Receivables within one year -€47,429
down €47,429 (-64.7%), from €73,327 to €25,898
- Debts after one year +€482,416
up €482,416 (+38.7%), from €1.2m to €1.7m
of which Financial debts: +€484,016
- Profit (loss) carried forward -€214,593
down €214,593 (-43.9%), from €489,217 to €274,625
- Tax, wage and social debts -€106,830
down €106,830 (-92.7%), from €115,221 to €8,391
- Trade debts +€76,601
up €76,601 (+281%), from €27,254 to €103,855
- Gross operating margin -€52,628
down €52,628, from €2,277 to -€50,350
- Write-downs +€22,641
new in 2025: €22,641
- Other operating charges +€5,701
up €5,701 (+5.6%), from €101,696 to €107,397
- Depreciation -€2,070
down €2,070 (-13.3%), from €15,561 to €13,490
- Financial charges -€1,774
down €1,774 (-91.7%), from €1,935 to €161
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 | €2,198,509 | €2,432,835 | +€234,326 | +10.7% |
| Fixed assets | 21/28 | €2,122,193 | €2,392,241 | +€270,048 | +12.7% |
| Tangible fixed assets | 22/27 | €2,121,293 | €2,391,341 | +€270,048 | +12.7% |
| Land and buildings | 22 | €614,546 | €603,875 | -€10,672 | -1.7% |
| Plant, machinery and equipment | 23 | €6,324 | €3,505 | -€2,819 | -44.6% |
| Assets under construction and advance payments | 27 | €1,500,423 | €1,783,961 | +€283,538 | +18.9% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €76,316 | €40,594 | -€35,722 | -46.8% |
| Amounts receivable within one year | 40/41 | €73,327 | €25,898 | -€47,429 | -64.7% |
| Trade receivables | 40 | €73,327 | €25,898 | -€47,429 | -64.7% |
| Cash at bank and in hand | 54/58 | €819 | €963 | +€144 | +17.5% |
| Deferred charges and accrued income | 490/1 | €2,170 | €13,733 | +€11,563 | +533% |
| Total equity and liabilities | 10/49 | €2,198,509 | €2,432,835 | +€234,326 | +10.7% |
| Equity | 10/15 | €805,014 | €590,421 | -€214,593 | -26.7% |
| Contributions | 10/11 | €110,500 | €110,500 | = | 0.0% |
| Capital | 10 | €110,500 | €110,500 | = | 0.0% |
| Issued capital | 100 | €110,500 | €110,500 | = | 0.0% |
| Reserves | 13 | €205,297 | €205,297 | = | 0.0% |
| Non-distributable reserves | 130/1 | €45,091 | €45,091 | = | 0.0% |
| Legal reserve | 130 | €35,576 | €35,576 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,515 | €9,515 | = | 0.0% |
| Distributable reserves | 133 | €160,206 | €160,206 | = | 0.0% |
| Profit (loss) carried forward | 14 | €489,217 | €274,625 | -€214,593 | -43.9% |
| Amounts payable | 17/49 | €1,393,495 | €1,842,413 | +€448,918 | +32.2% |
| Amounts payable after more than one year | 17 | €1,247,752 | €1,730,168 | +€482,416 | +38.7% |
| Financial debts | 170/4 | €1,243,652 | €1,727,668 | +€484,016 | +38.9% |
| Other amounts payable | 178/9 | €4,100 | €2,500 | -€1,600 | -39.0% |
| Amounts payable within one year | 42/48 | €142,474 | €112,246 | -€30,229 | -21.2% |
| Trade debts | 44 | €27,254 | €103,855 | +€76,601 | +281% |
| Suppliers | 440/4 | €27,254 | €103,855 | +€76,601 | +281% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €115,221 | €8,391 | -€106,830 | -92.7% |
| Taxes | 450/3 | €115,221 | €8,391 | -€106,830 | -92.7% |
| Accrued charges and deferred income | 492/3 | €3,269 | €0 | -€3,269 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,561 | €13,490 | -€2,070 | -13.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €22,641 | +€22,641 | |
| Other operating charges | 640/8 | €101,696 | €107,397 | +€5,701 | +5.6% |
| Non-recurring operating charges | 66A | - | €20,552 | +€20,552 | |
| Gross operating margin | 9900 | €2,277 | -€50,350 | -€52,628 | |
| Operating profit (loss) | 9901 | -€114,980 | -€214,432 | -€99,452 | -86.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,935 | €161 | -€1,774 | -91.7% |
| Recurring financial charges | 65 | €1,935 | €161 | -€1,774 | -91.7% |
| Profit (loss) for the period before taxes | 9903 | -€116,914 | -€214,593 | -€97,678 | -83.5% |
| Profit (loss) for the period | 9904 | -€116,914 | -€214,593 | -€97,678 | -83.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€116,914 | -€214,593 | -€97,678 | -83.5% |
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 16 October 2026 via checked.be.