IMMAS: what changed
What changed
IMMAS
filed annual accounts (NBB)
Net result for the year
-€14,048
2024 · -€12,169-€1,879
Equity
€381,923
2024 · €395,971-€14,048
Cash
€2,044
2024 · €32,819-€30,775
Balance sheet total
€567,313
2024 · €632,413-€65,100
Largest movements
Assets
- Cash -€30,775
down €30,775 (-93.8%), from €32,819 to €2,044
mainly Trade debts (-€65,520) and Net result for the year (-€14,048)
- Tangible fixed assets -€23,915
down €23,915 (-4.1%), from €582,321 to €558,406
of which Land and buildings: -€19,359
- Receivables within one year -€12,000
down €12,000 (-89.3%), from €13,437 to €1,437
Equity and liabilities
- Trade debts -€65,520
down €65,520 (-99.6%), from €65,813 to €294
- Short-term financial debts +€19,577
up €19,577 (+78.0%), from €25,113 to €44,691
- Reserves -€14,048
down €14,048 (-5.9%), from €238,471 to €224,423
of which Tax-exempt reserves: -€14,697
Income statement
- Gross operating margin -€3,489
down €3,489 (-12.8%), from €27,197 to €23,708
- Depreciation -€3,076
down €3,076 (-8.6%), from €35,691 to €32,615
- Other operating charges +€2,607
up €2,607 (+66.0%), from €3,948 to €6,556
- Financial charges -€588
down €588 (-14.7%), from €4,013 to €3,425
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€12,169
Gross operating margin
-€3,489
Depreciation
+€3,076
Other operating charges
-€2,607
Financial income
-€9
Financial charges
+€588
Taxes
+€20
Deferred taxes and other
+€542
Result 2025
-€14,048
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€41,652
Investment
-€8,700
Financing
+€19,577
Cash 2024
€32,819
From operations (derived)
-€41,652
Net result for the year
-€14,048
Depreciation
+€32,615
Receivables within one year
+€12,000
Deferred charges and accrued income
-€1,590
Provisions
-€4,899
Trade debts
-€65,520
Tax, wage and social debts
-€210
Investment (derived)
-€8,700
Investment in fixed assets (net)
-€8,700
Financing
+€19,577
Short-term financial debts
+€19,577
Cash 2025
€2,044
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €632,413 | €567,313 | -€65,100 | -10.3% |
| Fixed assets | 21/28 | €582,321 | €558,406 | -€23,915 | -4.1% |
| Tangible fixed assets | 22/27 | €582,321 | €558,406 | -€23,915 | -4.1% |
| Land and buildings | 22 | €563,973 | €544,615 | -€19,359 | -3.4% |
| Plant, machinery and equipment | 23 | €18,347 | €13,791 | -€4,556 | -24.8% |
| Current assets | 29/58 | €50,092 | €8,907 | -€41,185 | -82.2% |
| Amounts receivable within one year | 40/41 | €13,437 | €1,437 | -€12,000 | -89.3% |
| Other amounts receivable | 41 | €13,437 | €1,437 | -€12,000 | -89.3% |
| Cash at bank and in hand | 54/58 | €32,819 | €2,044 | -€30,775 | -93.8% |
| Deferred charges and accrued income | 490/1 | €3,837 | €5,427 | +€1,590 | +41.4% |
| Total equity and liabilities | 10/49 | €632,413 | €567,313 | -€65,100 | -10.3% |
| Equity | 10/15 | €395,971 | €381,923 | -€14,048 | -3.5% |
| Contributions | 10/11 | €157,500 | €157,500 | = | 0.0% |
| Capital | 10 | €157,500 | €157,500 | = | 0.0% |
| Issued capital | 100 | €157,500 | €157,500 | = | 0.0% |
| Reserves | 13 | €238,471 | €224,423 | -€14,048 | -5.9% |
| Non-distributable reserves | 130/1 | €15,750 | €15,750 | = | 0.0% |
| Legal reserve | 130 | €15,750 | €15,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €218,491 | €203,794 | -€14,697 | -6.7% |
| Distributable reserves | 133 | €4,230 | €4,879 | +€648 | +15.3% |
| Provisions and deferred taxes | 16 | €72,830 | €67,931 | -€4,899 | -6.7% |
| Deferred taxes | 168 | €72,830 | €67,931 | -€4,899 | -6.7% |
| Amounts payable | 17/49 | €163,612 | €117,459 | -€46,153 | -28.2% |
| Amounts payable after more than one year | 17 | €67,000 | €67,000 | = | 0.0% |
| Financial debts | 170/4 | €67,000 | €67,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €96,612 | €50,459 | -€46,153 | -47.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €25,113 | €44,691 | +€19,577 | +78.0% |
| Credit institutions | 430/8 | €25,113 | €44,691 | +€19,577 | +78.0% |
| Trade debts | 44 | €65,813 | €294 | -€65,520 | -99.6% |
| Suppliers | 440/4 | €65,813 | €294 | -€65,520 | -99.6% |
| Taxes, remuneration and social security | 45 | €350 | €140 | -€210 | -60.0% |
| Taxes | 450/3 | €350 | €140 | -€210 | -60.0% |
| Other amounts payable | 47/48 | €5,335 | €5,335 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,691 | €32,615 | -€3,076 | -8.6% |
| Other operating charges | 640/8 | €3,948 | €6,556 | +€2,607 | +66.0% |
| Gross operating margin | 9900 | €27,197 | €23,708 | -€3,489 | -12.8% |
| Operating profit (loss) | 9901 | -€12,442 | -€15,463 | -€3,020 | -24.3% |
| Financial income | 75/76B | €9 | €0 | -€9 | -100% |
| Recurring financial income | 75 | €9 | €0 | -€9 | -100% |
| Financial charges | 65/66B | €4,013 | €3,425 | -€588 | -14.7% |
| Recurring financial charges | 65 | €4,013 | €3,425 | -€588 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | -€16,446 | -€18,887 | -€2,441 | -14.8% |
| Transfer from deferred taxes | 780 | €4,357 | €4,899 | +€542 | +12.4% |
| Income taxes | 67/77 | €80 | €60 | -€20 | -25.0% |
| Profit (loss) for the period | 9904 | -€12,169 | -€14,048 | -€1,879 | -15.4% |
| Transfer from tax-exempt reserves | 789 | €13,070 | €14,697 | +€1,627 | +12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €900 | €648 | -€252 | -28.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.