ImmuneSpec: 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.
ImmuneSpec
Largest movements
- Current investments +€450,000
new in 2025: €450,000
- Receivables within one year -€271,434
down €271,434 (-28.3%), from €960,486 to €689,052
of which Trade receivables: -€341,527
- Cash +€78,526
up €78,526 (+69.3%), from €113,328 to €191,854
mainly Depreciation (+€684,108) and Contributions, distributions and other (+€500,060)
- Deferred charges and accrued income +€53,604
up €53,604 (+105.9%), from €50,609 to €104,213
- Intangible fixed assets +€44,041
up €44,041 (+4.2%), from €1.1m to €1.1m
- Contributions +€500,060
up €500,060 (+17.8%), from €2.8m to €3.3m
- Profit (loss) carried forward -€201,723
down €201,723 (-42.5%), from -€474,985 to -€676,707
- Current portion of long-term debt +€70,107
up €70,107 (+42.3%), from €165,822 to €235,929
- Debts after one year -€68,034
down €68,034 (-15.0%), from €453,253 to €385,219
- Trade debts +€36,226
up €36,226 (+33.9%), from €106,857 to €143,084
- Gross operating margin +€186,701
up €186,701 (+26.8%), from €696,858 to €883,559
- Staff costs +€168,939
up €168,939 (+81.8%), from €206,580 to €375,519
- Depreciation +€147,615
up €147,615 (+27.5%), from €536,492 to €684,108
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 | €3,178,749 | €3,535,158 | +€356,409 | +11.2% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €2,054,326 | €2,100,039 | +€45,713 | +2.2% |
| Intangible fixed assets | 21 | €1,054,888 | €1,098,930 | +€44,041 | +4.2% |
| Tangible fixed assets | 22/27 | €980,521 | €974,692 | -€5,828 | -0.6% |
| Plant, machinery and equipment | 23 | €97,560 | €101,159 | +€3,600 | +3.7% |
| Furniture and vehicles | 24 | €23,383 | €33,262 | +€9,880 | +42.3% |
| Leasing and similar rights | 25 | €857,756 | €838,826 | -€18,930 | -2.2% |
| Other tangible fixed assets | 26 | €1,822 | €1,445 | -€378 | -20.7% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €18,917 | €26,417 | +€7,500 | +39.6% |
| Current assets | 29/58 | €1,124,423 | €1,435,119 | +€310,696 | +27.6% |
| Amounts receivable within one year | 40/41 | €960,486 | €689,052 | -€271,434 | -28.3% |
| Trade receivables | 40 | €815,720 | €474,193 | -€341,527 | -41.9% |
| Other amounts receivable | 41 | €144,766 | €214,859 | +€70,094 | +48.4% |
| Current investments | 50/53 | - | €450,000 | +€450,000 | |
| Cash at bank and in hand | 54/58 | €113,328 | €191,854 | +€78,526 | +69.3% |
| Deferred charges and accrued income | 490/1 | €50,609 | €104,213 | +€53,604 | +105.9% |
| Total equity and liabilities | 10/49 | €3,178,749 | €3,535,158 | +€356,409 | +11.2% |
| Equity | 10/15 | €2,340,065 | €2,638,403 | +€298,337 | +12.7% |
| Contributions | 10/11 | €2,815,050 | €3,315,110 | +€500,060 | +17.8% |
| Profit (loss) carried forward | 14 | -€474,985 | -€676,707 | -€201,723 | -42.5% |
| Amounts payable | 17/49 | €838,684 | €896,755 | +€58,071 | +6.9% |
| Amounts payable after more than one year | 17 | €453,253 | €385,219 | -€68,034 | -15.0% |
| Financial debts | 170/4 | €453,253 | €385,219 | -€68,034 | -15.0% |
| Amounts payable within one year | 42/48 | €306,152 | €443,820 | +€137,668 | +45.0% |
| Current portion of amounts payable after more than one year | 42 | €165,822 | €235,929 | +€70,107 | +42.3% |
| Trade debts | 44 | €106,857 | €143,084 | +€36,226 | +33.9% |
| Suppliers | 440/4 | €106,857 | €143,084 | +€36,226 | +33.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €33,444 | €64,774 | +€31,329 | +93.7% |
| Taxes | 450/3 | €4,122 | €9,163 | +€5,041 | +122.3% |
| Remuneration and social security | 454/9 | €29,322 | €55,611 | +€26,288 | +89.7% |
| Other amounts payable | 47/48 | €28 | €34 | +€6 | +19.5% |
| Accrued charges and deferred income | 492/3 | €79,279 | €67,716 | -€11,563 | -14.6% |
| Remuneration, social security and pensions | 62 | €206,580 | €375,519 | +€168,939 | +81.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €536,492 | €684,108 | +€147,615 | +27.5% |
| Other operating charges | 640/8 | €118 | €1,598 | +€1,480 | +1254.1% |
| Non-recurring operating charges | 66A | €66 | €0 | -€66 | -100.0% |
| Gross operating margin | 9900 | €696,858 | €883,559 | +€186,701 | +26.8% |
| Operating profit (loss) | 9901 | -€46,398 | -€177,665 | -€131,267 | -282.9% |
| Financial income | 75/76B | €201 | €3,052 | +€2,852 | +1421.7% |
| Recurring financial income | 75 | €201 | €3,052 | +€2,852 | +1421.7% |
| Financial charges | 65/66B | €42,305 | €38,936 | -€3,369 | -8.0% |
| Recurring financial charges | 65 | €42,305 | €38,936 | -€3,369 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | -€88,503 | -€213,548 | -€125,046 | -141.3% |
| Income taxes | 67/77 | -€10,586 | -€11,826 | -€1,240 | -11.7% |
| Profit (loss) for the period | 9904 | -€77,917 | -€201,723 | -€123,806 | -158.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€77,917 | -€201,723 | -€123,806 | -158.9% |
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 8 October 2026 via checked.be.