IMODENA: 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
IMODENA
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €877,260+€285,561
Equity
€4.6m
2024 · €3.9m+€662,821
Cash
€28,971
2024 · €210,857-€181,886
Balance sheet total
€24.9m
2024 · €25.2m-€266,744
Largest movements
Assets
- Tangible fixed assets -€274,572
down €274,572 (-1.8%), from €15.0m to €14.7m
of which Land and buildings: -€272,514
Equity and liabilities
- Current portion of long-term debt -€1.2m
down €1.2m (-29.4%), from €4.2m to €3.0m
- Debts after one year -€1.1m
down €1.1m (-11.2%), from €9.6m to €8.6m
- Reserves +€662,821
up €662,821 (+19.0%), from €3.5m to €4.2m
of which Distributable reserves: +€701,762
- Other debts +€560,000
up €560,000 (+11.1%), from €5.1m to €5.6m
- Short-term financial debts +€465,787
up €465,787 (+22.2%), from €2.1m to €2.6m
of which Credit institutions: +€465,787
Income statement
- Financial charges -€234,409
down €234,409 (-22.8%), from €1.0m to €795,298
- Taxes +€120,503
up €120,503 (+127.6%), from €94,412 to €214,915
- Gross operating margin +€87,494
up €87,494 (+3.6%), from €2.4m to €2.5m
- Financial income +€60,508
up €60,508 (+11.8%), from €510,906 to €571,415
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
€877,260
Gross operating margin
+€87,494
Depreciation
-€9,257
Other operating charges
-€9,541
Other operating items
-€531
Financial income
+€60,508
Financial charges
+€234,409
Taxes
-€120,503
Deferred taxes and other
+€42,982
Result 2025
€1.2m
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.
From operations
+€2.6m
Investment
-€461,316
Financing
-€2.4m
Cash 2024
€210,857
From operations (derived)
+€2.6m
Net result for the year
+€1.2m
Depreciation
+€735,887
Receivables within one year
-€228,785
Deferred charges and accrued income
+€39,072
Provisions
-€12,980
Trade debts
+€205,528
Tax, wage and social debts
+€3,037
Other debts
+€560,000
Accrued charges and deferred income
+€176,335
Investment (derived)
-€461,316
Investment in fixed assets (net)
-€461,316
Financing
-€2.4m
Debts after one year
-€1.1m
Current portion of long-term debt
-€1.2m
Short-term financial debts
+€465,787
Contributions, distributions and other
-€500,000
Cash 2025
€28,971
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,183,243 | €24,916,498 | -€266,744 | -1.1% |
| Fixed assets | 21/28 | €24,865,249 | €24,590,677 | -€274,572 | -1.1% |
| Tangible fixed assets | 22/27 | €14,976,957 | €14,702,385 | -€274,572 | -1.8% |
| Land and buildings | 22 | €14,974,899 | €14,702,385 | -€272,514 | -1.8% |
| Furniture and vehicles | 24 | €2,058 | €0 | -€2,058 | -100.0% |
| Financial fixed assets | 28 | €9,888,292 | €9,888,292 | = | 0.0% |
| Current assets | 29/58 | €317,994 | €325,821 | +€7,827 | +2.5% |
| Amounts receivable within one year | 40/41 | €65,540 | €294,325 | +€228,785 | +349.1% |
| Trade receivables | 40 | €11,821 | €229,266 | +€217,444 | +1839.4% |
| Other amounts receivable | 41 | €53,719 | €65,059 | +€11,340 | +21.1% |
| Cash at bank and in hand | 54/58 | €210,857 | €28,971 | -€181,886 | -86.3% |
| Deferred charges and accrued income | 490/1 | €41,597 | €2,525 | -€39,072 | -93.9% |
| Total equity and liabilities | 10/49 | €25,183,243 | €24,916,498 | -€266,744 | -1.1% |
| Equity | 10/15 | €3,927,323 | €4,590,144 | +€662,821 | +16.9% |
| Contributions | 10/11 | €433,814 | €433,814 | = | 0.0% |
| Capital | 10 | €433,814 | €433,814 | = | 0.0% |
| Issued capital | 100 | €433,814 | €433,814 | = | 0.0% |
| Reserves | 13 | €3,493,509 | €4,156,331 | +€662,821 | +19.0% |
| Non-distributable reserves | 130/1 | €43,381 | €43,381 | = | 0.0% |
| Legal reserve | 130 | €43,381 | €43,381 | = | 0.0% |
| Tax-exempt reserves | 132 | €430,118 | €391,177 | -€38,940 | -9.1% |
| Distributable reserves | 133 | €3,020,010 | €3,721,772 | +€701,762 | +23.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €143,872 | €130,892 | -€12,980 | -9.0% |
| Deferred taxes | 168 | €143,872 | €130,892 | -€12,980 | -9.0% |
| Amounts payable | 17/49 | €21,112,047 | €20,195,462 | -€916,586 | -4.3% |
| Amounts payable after more than one year | 17 | €9,638,986 | €8,555,908 | -€1.1m | -11.2% |
| Financial debts | 170/4 | €9,638,986 | €8,555,908 | -€1.1m | -11.2% |
| Amounts payable within one year | 42/48 | €11,438,942 | €11,429,100 | -€9,843 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €4,227,272 | €2,983,078 | -€1.2m | -29.4% |
| Financial debts | 43 | €2,100,000 | €2,565,787 | +€465,787 | +22.2% |
| Credit institutions | 430/8 | - | €465,787 | +€465,787 | |
| Other loans | 439 | €2,100,000 | €2,100,000 | = | 0.0% |
| Trade debts | 44 | €27,490 | €233,017 | +€205,528 | +747.7% |
| Suppliers | 440/4 | €27,490 | €233,017 | +€205,528 | +747.7% |
| Taxes, remuneration and social security | 45 | €24,180 | €27,217 | +€3,037 | +12.6% |
| Taxes | 450/3 | €24,180 | €27,217 | +€3,037 | +12.6% |
| Other amounts payable | 47/48 | €5,060,000 | €5,620,000 | +€560,000 | +11.1% |
| Accrued charges and deferred income | 492/3 | €34,119 | €210,454 | +€176,335 | +516.8% |
| Non-recurring operating income | 76A | €171,929 | €0 | -€171,929 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €726,630 | €735,887 | +€9,257 | +1.3% |
| Other operating charges | 640/8 | €181,688 | €191,229 | +€9,541 | +5.3% |
| Non-recurring operating charges | 66A | - | €531 | +€531 | |
| Gross operating margin | 9900 | €2,428,794 | €2,516,287 | +€87,494 | +3.6% |
| Operating profit (loss) | 9901 | €1,520,475 | €1,588,640 | +€68,165 | +4.5% |
| Financial income | 75/76B | €510,906 | €571,415 | +€60,508 | +11.8% |
| Recurring financial income | 75 | €510,906 | €571,415 | +€60,508 | +11.8% |
| Financial charges | 65/66B | €1,029,707 | €795,298 | -€234,409 | -22.8% |
| Recurring financial charges | 65 | €1,029,707 | €795,298 | -€234,409 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €1,001,674 | €1,364,757 | +€363,082 | +36.2% |
| Transfer from deferred taxes | 780 | €12,980 | €12,980 | = | 0.0% |
| Transfer to deferred taxes | 680 | €42,982 | €0 | -€42,982 | -100.0% |
| Income taxes | 67/77 | €94,412 | €214,915 | +€120,503 | +127.6% |
| Profit (loss) for the period | 9904 | €877,260 | €1,162,821 | +€285,561 | +32.6% |
| Transfer from tax-exempt reserves | 789 | €38,940 | €38,940 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €128,946 | €0 | -€128,946 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €787,254 | €1,201,762 | +€414,508 | +52.7% |
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 12 October 2026 via checked.be.