IMMOSAL: what changed
IMMOSAL
Largest movements
- Tangible fixed assets -€28,358
down €28,358 (-7.1%), from €397,442 to €369,083
- Cash +€22,287
up €22,287 (+88.6%), from €25,145 to €47,433
mainly Depreciation (+€28,484) and Net result for the year (+€17,999)
- Receivables within one year +€6,535
up €6,535 (+370%), from €1,765 to €8,300
of which Trade receivables: +€8,263
- Debts after one year -€32,507
down €32,507 (-10.8%), from €301,094 to €268,587
- Profit (loss) carried forward +€17,999
up €17,999 (+27.1%), from €66,441 to €84,440
- Trade debts +€13,237
up €13,237 (+408%), from €3,248 to €16,484
- Gross operating margin +€870
up €870 (+1.4%), from €64,153 to €65,023
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €426,878 | €426,586 | -€292 | -0.1% |
| Fixed assets | 21/28 | €397,945 | €369,461 | -€28,484 | -7.2% |
| Intangible fixed assets | 21 | €503 | €377 | -€126 | -25.0% |
| Tangible fixed assets | 22/27 | €397,442 | €369,083 | -€28,358 | -7.1% |
| Other tangible fixed assets | 26 | €397,442 | €369,083 | -€28,358 | -7.1% |
| Current assets | 29/58 | €28,933 | €57,125 | +€28,192 | +97.4% |
| Amounts receivable within one year | 40/41 | €1,765 | €8,300 | +€6,535 | +370% |
| Trade receivables | 40 | €37 | €8,300 | +€8,263 | +22,357% |
| Other amounts receivable | 41 | €1,728 | - | -€1,728 | |
| Cash at bank and in hand | 54/58 | €25,145 | €47,433 | +€22,287 | +88.6% |
| Deferred charges and accrued income | 490/1 | €2,023 | €1,393 | -€630 | -31.2% |
| Total equity and liabilities | 10/49 | €426,878 | €426,586 | -€292 | -0.1% |
| Equity | 10/15 | €88,935 | €106,934 | +€17,999 | +20.2% |
| Contributions | 10/11 | €22,494 | €22,494 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,441 | €84,440 | +€17,999 | +27.1% |
| Amounts payable | 17/49 | €337,943 | €319,652 | -€18,291 | -5.4% |
| Amounts payable after more than one year | 17 | €301,094 | €268,587 | -€32,507 | -10.8% |
| Financial debts | 170/4 | €301,094 | €268,587 | -€32,507 | -10.8% |
| Amounts payable within one year | 42/48 | €36,849 | €51,065 | +€14,216 | +38.6% |
| Current portion of amounts payable after more than one year | 42 | €31,883 | €32,507 | +€624 | +2.0% |
| Trade debts | 44 | €3,248 | €16,484 | +€13,237 | +408% |
| Suppliers | 440/4 | €3,248 | €16,484 | +€13,237 | +408% |
| Taxes, remuneration and social security | 45 | €1,718 | €2,073 | +€355 | +20.7% |
| Taxes | 450/3 | €1,718 | €2,073 | +€355 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,484 | €28,484 | = | 0.0% |
| Other operating charges | 640/8 | €5,711 | €5,883 | +€173 | +3.0% |
| Gross operating margin | 9900 | €64,153 | €65,023 | +€870 | +1.4% |
| Operating profit (loss) | 9901 | €29,958 | €30,656 | +€697 | +2.3% |
| Financial charges | 65/66B | €7,215 | €6,595 | -€620 | -8.6% |
| Recurring financial charges | 65 | €7,215 | €6,595 | -€620 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €22,744 | €24,060 | +€1,317 | +5.8% |
| Income taxes | 67/77 | €5,718 | €6,061 | +€343 | +6.0% |
| Profit (loss) for the period | 9904 | €17,026 | €17,999 | +€973 | +5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,026 | €17,999 | +€973 | +5.7% |
Next steps
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.