IMOWEL: 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.
IMOWEL
Largest movements
- Tangible fixed assets +€569,085
up €569,085 (+36.9%), from €1.5m to €2.1m
- Cash -€255,739
down €255,739 (-71.4%), from €358,323 to €102,584
mainly Investment in fixed assets (net) (-€709,162) and Trade debts (-€50,378)
- Debts after one year +€354,561
up €354,561 (+38.3%), from €925,284 to €1.3m
- Trade debts -€50,378
down €50,378 (-75.3%), from €66,868 to €16,491
- Profit (loss) carried forward +€50,255
up €50,255 (+80.2%), from -€62,623 to -€12,368
- Gross operating margin +€46,700
up €46,700 (+19.2%), from €242,750 to €289,450
- Depreciation +€19,896
up €19,896 (+16.6%), from €120,182 to €140,078
- Financial charges +€15,389
up €15,389 (+29.2%), from €52,619 to €68,007
- Other operating charges +€8,400
up €8,400 (+14.8%), from €56,942 to €65,343
- Taxes -€4,531
down €4,531 (-63.0%), from €7,188 to €2,657
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 | €2,217,785 | €2,547,585 | +€329,800 | +14.9% |
| Fixed assets | 21/28 | €1,812,601 | €2,381,686 | +€569,085 | +31.4% |
| Tangible fixed assets | 22/27 | €1,541,727 | €2,110,812 | +€569,085 | +36.9% |
| Land and buildings | 22 | €1,541,727 | €2,110,812 | +€569,085 | +36.9% |
| Financial fixed assets | 28 | €270,874 | €270,874 | = | 0.0% |
| Current assets | 29/58 | €405,184 | €165,900 | -€239,285 | -59.1% |
| Amounts receivable within one year | 40/41 | €41,476 | €58,834 | +€17,359 | +41.9% |
| Trade receivables | 40 | €11,672 | €29,031 | +€17,359 | +148.7% |
| Other amounts receivable | 41 | €29,803 | €29,803 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €358,323 | €102,584 | -€255,739 | -71.4% |
| Deferred charges and accrued income | 490/1 | €5,385 | €4,481 | -€904 | -16.8% |
| Total equity and liabilities | 10/49 | €2,217,785 | €2,547,585 | +€329,800 | +14.9% |
| Equity | 10/15 | €562,074 | €590,195 | +€28,121 | +5.0% |
| Contributions | 10/11 | €345,811 | €345,811 | = | 0.0% |
| Capital | 10 | €345,811 | €345,811 | = | 0.0% |
| Issued capital | 100 | €345,811 | €345,811 | = | 0.0% |
| Reserves | 13 | €278,885 | €256,752 | -€22,134 | -7.9% |
| Tax-exempt reserves | 132 | €278,885 | €256,752 | -€22,134 | -7.9% |
| Profit (loss) carried forward | 14 | -€62,623 | -€12,368 | +€50,255 | +80.2% |
| Provisions and deferred taxes | 16 | €147,173 | €132,418 | -€14,756 | -10.0% |
| Deferred taxes | 168 | €147,173 | €132,418 | -€14,756 | -10.0% |
| Amounts payable | 17/49 | €1,508,538 | €1,824,973 | +€316,435 | +21.0% |
| Amounts payable after more than one year | 17 | €925,284 | €1,279,845 | +€354,561 | +38.3% |
| Financial debts | 170/4 | €925,284 | €1,279,845 | +€354,561 | +38.3% |
| Amounts payable within one year | 42/48 | €579,977 | €523,888 | -€56,089 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €138,567 | €145,439 | +€6,872 | +5.0% |
| Trade debts | 44 | €66,868 | €16,491 | -€50,378 | -75.3% |
| Suppliers | 440/4 | €66,868 | €16,491 | -€50,378 | -75.3% |
| Taxes, remuneration and social security | 45 | €24,793 | €4,011 | -€20,783 | -83.8% |
| Taxes | 450/3 | €24,793 | €4,011 | -€20,783 | -83.8% |
| Other amounts payable | 47/48 | €349,748 | €357,948 | +€8,200 | +2.3% |
| Accrued charges and deferred income | 492/3 | €3,277 | €21,240 | +€17,963 | +548.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,182 | €140,078 | +€19,896 | +16.6% |
| Other operating charges | 640/8 | €56,942 | €65,343 | +€8,400 | +14.8% |
| Gross operating margin | 9900 | €242,750 | €289,450 | +€46,700 | +19.2% |
| Operating profit (loss) | 9901 | €65,625 | €84,029 | +€18,404 | +28.0% |
| Financial charges | 65/66B | €52,619 | €68,007 | +€15,389 | +29.2% |
| Recurring financial charges | 65 | €52,619 | €68,007 | +€15,389 | +29.2% |
| Profit (loss) for the period before taxes | 9903 | €13,007 | €16,022 | +€3,015 | +23.2% |
| Transfer from deferred taxes | 780 | €13,093 | €14,756 | +€1,663 | +12.7% |
| Income taxes | 67/77 | €7,188 | €2,657 | -€4,531 | -63.0% |
| Profit (loss) for the period | 9904 | €18,911 | €28,121 | +€9,210 | +48.7% |
| Transfer from tax-exempt reserves | 789 | €19,639 | €22,134 | +€2,494 | +12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,550 | €50,255 | +€11,704 | +30.4% |
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.