IMMOTIVATION: 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.
IMMOTIVATION
Largest movements
- Financial fixed assets +€260,000
new in 2025: €260,000
- Tangible fixed assets +€28,441
up €28,441 (+6.7%), from €422,813 to €451,254
of which Land and buildings: +€21,870
- Cash -€8,366
down €8,366 (-74.5%), from €11,228 to €2,862
mainly Investment in fixed assets (net) (-€306,353) and Other debts (-€6,134)
- Debts after one year +€249,879
up €249,879 (+69.5%), from €359,722 to €609,601
of which Other amounts payable: +€257,278
- Current portion of long-term debt +€22,640
up €22,640 (+664.7%), from €3,406 to €26,047
- Profit (loss) carried forward +€12,759
up €12,759 (+22.4%), from -€57,053 to -€44,294
- Gross operating margin +€57,802
up €57,802, from -€4,714 to €53,088
- Depreciation +€12,077
up €12,077 (+207.0%), from €5,836 to €17,913
- Financial charges +€9,456
up €9,456 (+145.7%), from €6,491 to €15,947
- Other operating charges +€1,507
up €1,507 (+30.4%), from €4,962 to €6,469
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 | €434,144 | €717,687 | +€283,543 | +65.3% |
| Fixed assets | 21/28 | €422,813 | €711,254 | +€288,441 | +68.2% |
| Tangible fixed assets | 22/27 | €422,813 | €451,254 | +€28,441 | +6.7% |
| Land and buildings | 22 | €422,199 | €444,070 | +€21,870 | +5.2% |
| Furniture and vehicles | 24 | €614 | €7,184 | +€6,570 | +1070.2% |
| Financial fixed assets | 28 | - | €260,000 | +€260,000 | |
| Current assets | 29/58 | €11,331 | €6,434 | -€4,898 | -43.2% |
| Amounts receivable within one year | 40/41 | - | €516 | +€516 | |
| Trade receivables | 40 | - | €516 | +€516 | |
| Cash at bank and in hand | 54/58 | €11,228 | €2,862 | -€8,366 | -74.5% |
| Deferred charges and accrued income | 490/1 | €103 | €3,055 | +€2,953 | +2870.2% |
| Total equity and liabilities | 10/49 | €434,144 | €717,687 | +€283,543 | +65.3% |
| Equity | 10/15 | -€38,228 | -€25,469 | +€12,759 | +33.4% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €75 | €75 | = | 0.0% |
| Non-distributable reserves | 130/1 | €75 | - | -€75 | |
| Reserves not available under the articles | 1311 | €75 | - | -€75 | |
| Distributable reserves | 133 | - | €75 | +€75 | |
| Profit (loss) carried forward | 14 | -€57,053 | -€44,294 | +€12,759 | +22.4% |
| Amounts payable | 17/49 | €472,373 | €743,157 | +€270,784 | +57.3% |
| Amounts payable after more than one year | 17 | €359,722 | €609,601 | +€249,879 | +69.5% |
| Financial debts | 170/4 | €357,000 | €349,601 | -€7,399 | -2.1% |
| Other amounts payable | 178/9 | €2,722 | €260,000 | +€257,278 | +9452.6% |
| Amounts payable within one year | 42/48 | €112,651 | €132,556 | +€19,905 | +17.7% |
| Current portion of amounts payable after more than one year | 42 | €3,406 | €26,047 | +€22,640 | +664.7% |
| Trade debts | 44 | €2,134 | €5,423 | +€3,289 | +154.1% |
| Suppliers | 440/4 | €2,134 | €5,423 | +€3,289 | +154.1% |
| Taxes, remuneration and social security | 45 | - | €110 | +€110 | |
| Taxes | 450/3 | - | €110 | +€110 | |
| Other amounts payable | 47/48 | €107,111 | €100,977 | -€6,134 | -5.7% |
| Accrued charges and deferred income | 492/3 | - | €1,000 | +€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,836 | €17,913 | +€12,077 | +207.0% |
| Other operating charges | 640/8 | €4,962 | €6,469 | +€1,507 | +30.4% |
| Gross operating margin | 9900 | -€4,714 | €53,088 | +€57,802 | |
| Operating profit (loss) | 9901 | -€15,512 | €28,706 | +€44,218 | |
| Financial charges | 65/66B | €6,491 | €15,947 | +€9,456 | +145.7% |
| Recurring financial charges | 65 | €6,491 | €15,947 | +€9,456 | +145.7% |
| Profit (loss) for the period before taxes | 9903 | -€22,003 | €12,759 | +€34,762 | |
| Profit (loss) for the period | 9904 | -€22,003 | €12,759 | +€34,762 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,003 | €12,759 | +€34,762 |
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 28 September 2026 via checked.be.