IMODAVE: 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.
What changed
IMODAVE
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€829,912
2024 · €417,838+€412,074
Equity
-€648,623
2024 · -€1.5m+€829,912
Cash
€82,621
2024 · €66,384+€16,237
Balance sheet total
€10.1m
2024 · €16.1m-€6.0m
Largest movements
Assets
- Receivables within one year -€4.5m
down €4.5m (-66.5%), from €6.8m to €2.3m
of which Other amounts receivable: -€4.6m
- Stocks and contracts -€1.3m
down €1.3m (-17.7%), from €7.6m to €6.3m
Equity and liabilities
- Short-term financial debts -€5.7m
down €5.7m (-56.3%), from €10.1m to €4.4m
- Tax, wage and social debts -€1.1m
down €1.1m (-93.2%), from €1.2m to €79,873
of which Taxes: -€1.1m
- Profit (loss) carried forward +€829,912
up €829,912 (+48.2%), from -€1.7m to -€890,324
- Trade debts -€587,851
down €587,851 (-58.4%), from €1.0m to €418,665
- Other debts +€462,613
up €462,613 (+9.1%), from €5.1m to €5.6m
Income statement
- Gross operating margin +€260,819
up €260,819 (+21.8%), from €1.2m to €1.5m
- Financial charges -€112,481
down €112,481 (-21.9%), from €512,572 to €400,092
- Financial income +€42,952
up €42,952 (+128%), from €33,444 to €76,396
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.
Result 2024
€417,838
Gross operating margin
+€260,819
Staff costs
-€8,217
Depreciation
-€862
Other operating charges
+€4,539
Financial income
+€42,952
Financial charges
+€112,481
Taxes
+€362
Result 2025
€829,912
raises the resultlowers the result
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.
From operations
+€5.7m
Investment
+€11,403
Financing
-€5.7m
Cash 2024
€66,384
From operations (derived)
+€5.7m
Net result for the year
+€829,912
Depreciation
+€50,286
Receivables after one year
-€17,296
Stocks and contracts
+€1.3m
Receivables within one year
+€4.5m
Deferred charges and accrued income
+€35,358
Trade debts
-€587,851
Tax, wage and social debts
-€1.1m
Advances received
+€123,259
Other debts
+€462,613
Accrued charges and deferred income
-€9,876
Investment (derived)
+€11,403
Investment in fixed assets (net)
+€11,403
Financing
-€5.7m
Debts after one year
-€5,396
Current portion of long-term debt
-€4,725
Short-term financial debts
-€5.7m
Cash 2025
€82,621
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,050,631 | €10,096,294 | -€6.0m | -37.1% |
| Fixed assets | 21/28 | €793,310 | €731,621 | -€61,689 | -7.8% |
| Intangible fixed assets | 21 | - | €7,463 | +€7,463 | |
| Tangible fixed assets | 22/27 | €793,279 | €720,627 | -€72,652 | -9.2% |
| Land and buildings | 22 | €712,299 | €630,604 | -€81,694 | -11.5% |
| Plant, machinery and equipment | 23 | €70,317 | €54,912 | -€15,405 | -21.9% |
| Furniture and vehicles | 24 | €10,663 | €5,198 | -€5,466 | -51.3% |
| Other tangible fixed assets | 26 | - | €29,912 | +€29,912 | |
| Financial fixed assets | 28 | €31 | €3,531 | +€3,500 | +11,186% |
| Current assets | 29/58 | €15,257,321 | €9,364,672 | -€5.9m | -38.6% |
| Amounts receivable after more than one year | 29 | €626,652 | €643,948 | +€17,296 | +2.8% |
| Trade receivables | 290 | €626,652 | €643,948 | +€17,296 | +2.8% |
| Stocks and contracts in progress | 3 | €7,611,211 | €6,262,860 | -€1.3m | -17.7% |
| Stocks | 30/36 | €7,611,211 | €6,262,860 | -€1.3m | -17.7% |
| Amounts receivable within one year | 40/41 | €6,831,265 | €2,288,794 | -€4.5m | -66.5% |
| Trade receivables | 40 | €8,666 | €73,924 | +€65,258 | +753% |
| Other amounts receivable | 41 | €6,822,599 | €2,214,870 | -€4.6m | -67.5% |
| Cash at bank and in hand | 54/58 | €66,384 | €82,621 | +€16,237 | +24.5% |
| Deferred charges and accrued income | 490/1 | €121,808 | €86,450 | -€35,358 | -29.0% |
| Total equity and liabilities | 10/49 | €16,050,631 | €10,096,294 | -€6.0m | -37.1% |
| Equity | 10/15 | -€1,478,535 | -€648,623 | +€829,912 | +56.1% |
| Contributions | 10/11 | €218,146 | €218,146 | = | 0.0% |
| Capital | 10 | €218,146 | €218,146 | = | 0.0% |
| Issued capital | 100 | €218,146 | €218,146 | = | 0.0% |
| Reserves | 13 | €23,555 | €23,555 | = | 0.0% |
| Non-distributable reserves | 130/1 | €23,555 | €23,555 | = | 0.0% |
| Legal reserve | 130 | €23,555 | €23,555 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,720,236 | -€890,324 | +€829,912 | +48.2% |
| Amounts payable | 17/49 | €17,529,166 | €10,744,916 | -€6.8m | -38.7% |
| Amounts payable after more than one year | 17 | €154,785 | €149,390 | -€5,396 | -3.5% |
| Financial debts | 170/4 | €154,785 | €149,390 | -€5,396 | -3.5% |
| Amounts payable within one year | 42/48 | €17,363,425 | €10,594,446 | -€6.8m | -39.0% |
| Current portion of amounts payable after more than one year | 42 | €15,446 | €10,721 | -€4,725 | -30.6% |
| Financial debts | 43 | €10,068,391 | €4,400,604 | -€5.7m | -56.3% |
| Credit institutions | 430/8 | €10,068,391 | €4,400,604 | -€5.7m | -56.3% |
| Trade debts | 44 | €1,006,516 | €418,665 | -€587,851 | -58.4% |
| Suppliers | 440/4 | €1,006,516 | €418,665 | -€587,851 | -58.4% |
| Advances received on contracts in progress | 46 | - | €123,259 | +€123,259 | |
| Taxes, remuneration and social security | 45 | €1,174,360 | €79,873 | -€1.1m | -93.2% |
| Taxes | 450/3 | €1,150,793 | €40,927 | -€1.1m | -96.4% |
| Remuneration and social security | 454/9 | €23,566 | €38,946 | +€15,380 | +65.3% |
| Other amounts payable | 47/48 | €5,098,712 | €5,561,325 | +€462,613 | +9.1% |
| Accrued charges and deferred income | 492/3 | €10,956 | €1,080 | -€9,876 | -90.1% |
| Remuneration, social security and pensions | 62 | €177,757 | €185,974 | +€8,217 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,425 | €50,286 | +€862 | +1.7% |
| Other operating charges | 640/8 | €69,130 | €64,591 | -€4,539 | -6.6% |
| Gross operating margin | 9900 | €1,193,968 | €1,454,786 | +€260,819 | +21.8% |
| Operating profit (loss) | 9901 | €897,656 | €1,153,935 | +€256,279 | +28.5% |
| Financial income | 75/76B | €33,444 | €76,396 | +€42,952 | +128% |
| Recurring financial income | 75 | €33,444 | €76,396 | +€42,952 | +128% |
| Financial charges | 65/66B | €512,572 | €400,092 | -€112,481 | -21.9% |
| Recurring financial charges | 65 | €512,572 | €400,092 | -€112,481 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | €418,528 | €830,240 | +€411,711 | +98.4% |
| Income taxes | 67/77 | €690 | €328 | -€362 | -52.5% |
| Profit (loss) for the period | 9904 | €417,838 | €829,912 | +€412,074 | +98.6% |
| Profit (loss) for the period to be appropriated | 9905 | €417,838 | €829,912 | +€412,074 | +98.6% |
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 13 October 2026 via checked.be.