IMMOTOP: 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.
IMMOTOP
Largest movements
- Stocks and contracts +€1.5m
up €1.5m (+234%), from €643,205 to €2.1m
of which Contracts in progress: +€1.5m
- Cash -€397,878
down €397,878 (-29.7%), from €1.3m to €941,869
mainly Stocks and contracts (-€1.5m) and Receivables within one year (-€28,732)
- Tangible fixed assets -€44,580
down €44,580 (-36.0%), from €123,713 to €79,133
of which Furniture and vehicles: -€44,634
- Other debts +€585,081
up €585,081 (+153%), from €381,987 to €967,068
- Reserves +€273,797
up €273,797 (+13.0%), from €2.1m to €2.4m
of which Distributable reserves: +€273,797
- Trade debts +€157,225
up €157,225 (+112%), from €140,412 to €297,637
- Tax, wage and social debts +€72,525
up €72,525 (+660%), from €10,983 to €83,508
- Gross operating margin +€368,732
up €368,732 (+222%), from €166,213 to €534,945
- Taxes +€87,639
up €87,639 (+191%), from €45,910 to €133,549
- Financial charges +€31,953
up €31,953 (+67.5%), from €47,356 to €79,309
of which Financial charges: +€31,953
- Financial income -€25,883
down €25,883 (-78.0%), from €33,201 to €7,317
- Depreciation -€24,913
down €24,913 (-43.3%), from €57,581 to €32,668
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 | €2,852,193 | €3,940,400 | +€1.1m | +38.2% |
| Fixed assets | 21/28 | €135,801 | €90,222 | -€45,580 | -33.6% |
| Tangible fixed assets | 22/27 | €123,713 | €79,133 | -€44,580 | -36.0% |
| Land and buildings | 22 | €40,521 | €39,021 | -€1,500 | -3.7% |
| Plant, machinery and equipment | 23 | €1,901 | €3,455 | +€1,554 | +81.7% |
| Furniture and vehicles | 24 | €81,291 | €36,657 | -€44,634 | -54.9% |
| Financial fixed assets | 28 | €12,089 | €11,089 | -€1,000 | -8.3% |
| Current assets | 29/58 | €2,716,392 | €3,850,178 | +€1.1m | +41.7% |
| Stocks and contracts in progress | 3 | €643,205 | €2,145,976 | +€1.5m | +234% |
| Stocks | 30/36 | €334,680 | €325,989 | -€8,691 | -2.6% |
| Contracts in progress | 37 | €308,525 | €1,819,988 | +€1.5m | +490% |
| Amounts receivable within one year | 40/41 | €721,501 | €750,233 | +€28,732 | +4.0% |
| Trade receivables | 40 | €12,365 | €586,683 | +€574,318 | +4,645% |
| Other amounts receivable | 41 | €709,137 | €163,551 | -€545,586 | -76.9% |
| Cash at bank and in hand | 54/58 | €1,339,747 | €941,869 | -€397,878 | -29.7% |
| Deferred charges and accrued income | 490/1 | €11,938 | €12,099 | +€161 | +1.3% |
| Total equity and liabilities | 10/49 | €2,852,193 | €3,940,400 | +€1.1m | +38.2% |
| Equity | 10/15 | €2,179,043 | €2,452,840 | +€273,797 | +12.6% |
| Contributions | 10/11 | €75,200 | €75,200 | = | 0.0% |
| Reserves | 13 | €2,103,843 | €2,377,640 | +€273,797 | +13.0% |
| Non-distributable reserves | 130/1 | €7,520 | €7,520 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,199 | €6,199 | = | 0.0% |
| Other | 1319 | €1,321 | €1,321 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €2,096,323 | €2,370,120 | +€273,797 | +13.1% |
| Amounts payable | 17/49 | €673,150 | €1,487,560 | +€814,410 | +121% |
| Amounts payable after more than one year | 17 | €2,796 | €0 | -€2,796 | -100% |
| Financial debts | 170/4 | €2,796 | €0 | -€2,796 | -100% |
| Amounts payable within one year | 42/48 | €636,549 | €1,451,252 | +€814,703 | +128% |
| Current portion of amounts payable after more than one year | 42 | €11,146 | €2,796 | -€8,350 | -74.9% |
| Financial debts | 43 | €92,021 | €100,243 | +€8,222 | +8.9% |
| Credit institutions | 430/8 | €92,021 | €100,243 | +€8,222 | +8.9% |
| Trade debts | 44 | €140,412 | €297,637 | +€157,225 | +112% |
| Suppliers | 440/4 | €140,412 | €297,637 | +€157,225 | +112% |
| Taxes, remuneration and social security | 45 | €10,983 | €83,508 | +€72,525 | +660% |
| Taxes | 450/3 | €10,983 | €83,508 | +€72,525 | +660% |
| Other amounts payable | 47/48 | €381,987 | €967,068 | +€585,081 | +153% |
| Accrued charges and deferred income | 492/3 | €33,805 | €36,308 | +€2,503 | +7.4% |
| Non-recurring operating income | 76A | €0 | €22,465 | +€22,465 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,581 | €32,668 | -€24,913 | -43.3% |
| Other operating charges | 640/8 | €10,521 | €22,940 | +€12,419 | +118% |
| Gross operating margin | 9900 | €166,213 | €534,945 | +€368,732 | +222% |
| Operating profit (loss) | 9901 | €98,112 | €479,337 | +€381,226 | +389% |
| Financial income | 75/76B | €33,201 | €7,317 | -€25,883 | -78.0% |
| Recurring financial income | 75 | €33,201 | €7,317 | -€25,883 | -78.0% |
| Financial charges | 65/66B | €47,356 | €79,309 | +€31,953 | +67.5% |
| Recurring financial charges | 65 | €47,356 | €79,309 | +€31,953 | +67.5% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €83,957 | €407,346 | +€323,389 | +385% |
| Income taxes | 67/77 | €45,910 | €133,549 | +€87,639 | +191% |
| Profit (loss) for the period | 9904 | €38,047 | €273,797 | +€235,750 | +620% |
| Transfer from tax-exempt reserves | 789 | - | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | €38,047 | €273,797 | +€235,750 | +620% |
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 23 October 2026 via checked.be.