ImmuneWatch: 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.
ImmuneWatch
Largest movements
- Cash -€163,310
down €163,310 (-73.4%), from €222,439 to €59,129
mainly Investment in fixed assets (net) (-€221,593) and Accrued charges and deferred income (-€137,422)
- Receivables within one year +€21,127
up €21,127 (+65.6%), from €32,223 to €53,350
of which Other amounts receivable: +€27,627
- Intangible fixed assets +€11,190
up €11,190 (+95.3%), from €11,747 to €22,937
- Receivables after one year +€8,565
up €8,565 (+43.9%), from €19,491 to €28,056
- Accrued charges and deferred income -€137,422
down €137,422 (-49.0%), from €280,180 to €142,758
- Debts after one year -€15,000
down €15,000 (-100.0%), from €15,000 to €0
- Current portion of long-term debt +€15,000
new in 2025: €15,000
- Profit (loss) carried forward +€8,523
up €8,523 (+3.2%), from -€270,305 to -€261,782
- Gross operating margin +€162,567
up €162,567 (+147.9%), from €109,909 to €272,476
- Depreciation +€69,774
up €69,774 (+49.3%), from €141,508 to €211,282
- Staff costs +€5,669
up €5,669 (+11.2%), from €50,611 to €56,281
- Taxes -€3,723
down €3,723 (-85.7%), from -€4,346 to -€8,069
- Financial charges +€3,515
up €3,515 (+164.5%), from €2,136 to €5,652
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 | €299,800 | €173,740 | -€126,060 | -42.0% |
| Fixed assets | 21/28 | €14,091 | €24,402 | +€10,311 | +73.2% |
| Intangible fixed assets | 21 | €11,747 | €22,937 | +€11,190 | +95.3% |
| Tangible fixed assets | 22/27 | €2,344 | €1,464 | -€880 | -37.5% |
| Furniture and vehicles | 24 | €2,344 | €1,464 | -€880 | -37.5% |
| Current assets | 29/58 | €285,709 | €149,339 | -€136,371 | -47.7% |
| Amounts receivable after more than one year | 29 | €19,491 | €28,056 | +€8,565 | +43.9% |
| Other amounts receivable | 291 | €19,491 | €28,056 | +€8,565 | +43.9% |
| Amounts receivable within one year | 40/41 | €32,223 | €53,350 | +€21,127 | +65.6% |
| Trade receivables | 40 | €21,257 | €14,757 | -€6,500 | -30.6% |
| Other amounts receivable | 41 | €10,966 | €38,593 | +€27,627 | +251.9% |
| Cash at bank and in hand | 54/58 | €222,439 | €59,129 | -€163,310 | -73.4% |
| Deferred charges and accrued income | 490/1 | €11,557 | €8,804 | -€2,753 | -23.8% |
| Total equity and liabilities | 10/49 | €299,800 | €173,740 | -€126,060 | -42.0% |
| Equity | 10/15 | -€38,726 | -€30,203 | +€8,523 | +22.0% |
| Contributions | 10/11 | €231,579 | €231,579 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€270,305 | -€261,782 | +€8,523 | +3.2% |
| Amounts payable | 17/49 | €338,526 | €203,943 | -€134,583 | -39.8% |
| Amounts payable after more than one year | 17 | €15,000 | €0 | -€15,000 | -100.0% |
| Financial debts | 170/4 | €15,000 | €0 | -€15,000 | -100.0% |
| Amounts payable within one year | 42/48 | €43,347 | €61,185 | +€17,839 | +41.2% |
| Current portion of amounts payable after more than one year | 42 | - | €15,000 | +€15,000 | |
| Trade debts | 44 | €36,198 | €38,105 | +€1,907 | +5.3% |
| Suppliers | 440/4 | €36,198 | €38,105 | +€1,907 | +5.3% |
| Taxes, remuneration and social security | 45 | €7,090 | €7,825 | +€735 | +10.4% |
| Remuneration and social security | 454/9 | €7,090 | €7,825 | +€735 | +10.4% |
| Other amounts payable | 47/48 | €58 | €255 | +€197 | +338.5% |
| Accrued charges and deferred income | 492/3 | €280,180 | €142,758 | -€137,422 | -49.0% |
| Remuneration, social security and pensions | 62 | €50,611 | €56,281 | +€5,669 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,508 | €211,282 | +€69,774 | +49.3% |
| Other operating charges | 640/8 | €580 | €595 | +€14 | +2.5% |
| Gross operating margin | 9900 | €109,909 | €272,476 | +€162,567 | +147.9% |
| Operating profit (loss) | 9901 | -€82,791 | €4,318 | +€87,109 | |
| Financial income | 75/76B | €0 | €1,788 | +€1,788 | |
| Recurring financial income | 75 | €0 | €1,788 | +€1,788 | |
| Financial charges | 65/66B | €2,136 | €5,652 | +€3,515 | +164.5% |
| Recurring financial charges | 65 | €2,136 | €5,652 | +€3,515 | +164.5% |
| Profit (loss) for the period before taxes | 9903 | -€84,927 | €454 | +€85,381 | |
| Income taxes | 67/77 | -€4,346 | -€8,069 | -€3,723 | -85.7% |
| Profit (loss) for the period | 9904 | -€80,581 | €8,523 | +€89,104 | |
| Profit (loss) for the period to be appropriated | 9905 | -€80,581 | €8,523 | +€89,104 |
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 30 September 2026 via checked.be.