Immovan: 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.
Immovan
Largest movements
- Receivables after one year -€260,000
down €260,000 (-16.0%), from €1.6m to €1.4m
- Current investments +€183,093
up €183,093 (+3.8%), from €4.8m to €5.0m
- Cash +€129,228
up €129,228 (+70.9%), from €182,360 to €311,588
mainly Receivables after one year (+€260,000) and Net result for the year (+€64,779)
No liability line moved by more than 1% of the balance sheet total.
- Taxes +€12,813
up €12,813 (+141.1%), from €9,084 to €21,897
- Financial charges +€11,377
up €11,377 (+11.1%), from €102,790 to €114,167
- Financial income -€5,667
down €5,667 (-2.5%), from €227,000 to €221,333
- Gross operating margin +€3,088
up €3,088 (+53.4%), from -€5,784 to -€2,696
- Other operating charges -€2,196
down €2,196 (-17.9%), from €12,265 to €10,069
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 | €6,868,227 | €6,960,699 | +€92,471 | +1.3% |
| Fixed assets | 21/28 | €143,177 | €167,040 | +€23,863 | +16.7% |
| Tangible fixed assets | 22/27 | €143,177 | €167,040 | +€23,863 | +16.7% |
| Land and buildings | 22 | €143,177 | €167,040 | +€23,863 | +16.7% |
| Current assets | 29/58 | €6,725,050 | €6,793,659 | +€68,609 | +1.0% |
| Amounts receivable after more than one year | 29 | €1,630,000 | €1,370,000 | -€260,000 | -16.0% |
| Other amounts receivable | 291 | €1,630,000 | €1,370,000 | -€260,000 | -16.0% |
| Amounts receivable within one year | 40/41 | €65,847 | €86,486 | +€20,639 | +31.3% |
| Other amounts receivable | 41 | €65,847 | €86,486 | +€20,639 | +31.3% |
| Current investments | 50/53 | €4,820,807 | €5,003,900 | +€183,093 | +3.8% |
| Cash at bank and in hand | 54/58 | €182,360 | €311,588 | +€129,228 | +70.9% |
| Deferred charges and accrued income | 490/1 | €26,036 | €21,685 | -€4,351 | -16.7% |
| Total equity and liabilities | 10/49 | €6,868,227 | €6,960,699 | +€92,471 | +1.3% |
| Equity | 10/15 | €3,756,782 | €3,821,562 | +€64,779 | +1.7% |
| Contributions | 10/11 | €61,523 | €70,000 | +€8,477 | +13.8% |
| Capital | 10 | €61,523 | €70,000 | +€8,477 | +13.8% |
| Issued capital | 100 | €61,523 | €70,000 | +€8,477 | +13.8% |
| Reserves | 13 | €595,161 | €651,463 | +€56,302 | +9.5% |
| Non-distributable reserves | 130/1 | €6,152 | €7,000 | +€848 | +13.8% |
| Legal reserve | 130 | €6,152 | €7,000 | +€848 | +13.8% |
| Distributable reserves | 133 | €589,009 | €644,463 | +€55,454 | +9.4% |
| Profit (loss) carried forward | 14 | €3,100,098 | €3,100,098 | = | 0.0% |
| Amounts payable | 17/49 | €3,111,445 | €3,139,137 | +€27,692 | +0.9% |
| Amounts payable after more than one year | 17 | €2,730,865 | €2,730,865 | = | 0.0% |
| Financial debts | 170/4 | €2,730,865 | €2,730,865 | = | 0.0% |
| Amounts payable within one year | 42/48 | €280,499 | €315,187 | +€34,688 | +12.4% |
| Trade debts | 44 | €5,146 | €5,002 | -€144 | -2.8% |
| Suppliers | 440/4 | €5,146 | €5,002 | -€144 | -2.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €275,353 | €310,185 | +€34,832 | +12.6% |
| Accrued charges and deferred income | 492/3 | €100,082 | €93,086 | -€6,996 | -7.0% |
| Non-recurring operating income | 76A | - | €86 | +€86 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,240 | €7,724 | +€1,484 | +23.8% |
| Other operating charges | 640/8 | €12,265 | €10,069 | -€2,196 | -17.9% |
| Gross operating margin | 9900 | -€5,784 | -€2,696 | +€3,088 | +53.4% |
| Operating profit (loss) | 9901 | -€24,289 | -€20,489 | +€3,800 | +15.6% |
| Financial income | 75/76B | €227,000 | €221,333 | -€5,667 | -2.5% |
| Recurring financial income | 75 | €227,000 | €221,333 | -€5,667 | -2.5% |
| Financial charges | 65/66B | €102,790 | €114,167 | +€11,377 | +11.1% |
| Recurring financial charges | 65 | €102,790 | €114,167 | +€11,377 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €99,921 | €86,676 | -€13,245 | -13.3% |
| Income taxes | 67/77 | €9,084 | €21,897 | +€12,813 | +141.1% |
| Profit (loss) for the period | 9904 | €90,837 | €64,779 | -€26,058 | -28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €90,837 | €64,779 | -€26,058 | -28.7% |
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 2 October 2026 via checked.be.