AD IMAGINEM: 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.
AD IMAGINEM
Largest movements
- Receivables within one year -€17,278
down €17,278 (-69.6%), from €24,812 to €7,533
of which Other amounts receivable: -€22,284
- Tangible fixed assets -€7,736
down €7,736 (-35.2%), from €21,966 to €14,230
of which Furniture and vehicles: -€6,227
- Cash -€6,674
down €6,674 (-30.7%), from €21,708 to €15,034
mainly Net result for the year (-€21,878) and Trade debts (-€10,635)
- Current investments +€4,800
up €4,800 (+13.3%), from €35,980 to €40,780
- Profit (loss) carried forward -€21,878
new in 2025: -€21,878
- Trade debts -€10,635
down €10,635 (-79.3%), from €13,416 to €2,781
- Other debts +€6,426
up €6,426 (+15.1%), from €42,489 to €48,915
- Gross operating margin -€28,604
down €28,604, from €17,066 to -€11,538
- Taxes -€2,062
down €2,062 (-100%), from €2,062 to €0
- Depreciation -€1,308
down €1,308 (-11.3%), from €11,564 to €10,256
- Financial income -€262
down €262 (-27.4%), from €958 to €696
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €104,711 | €77,699 | -€27,012 | -25.8% |
| Fixed assets | 21/28 | €21,991 | €14,255 | -€7,736 | -35.2% |
| Tangible fixed assets | 22/27 | €21,966 | €14,230 | -€7,736 | -35.2% |
| Land and buildings | 22 | €4,384 | €3,945 | -€438 | -10.0% |
| Plant, machinery and equipment | 23 | €41 | €0 | -€41 | -100% |
| Furniture and vehicles | 24 | €12,893 | €6,666 | -€6,227 | -48.3% |
| Other tangible fixed assets | 26 | €4,649 | €3,619 | -€1,030 | -22.2% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €82,720 | €63,444 | -€19,276 | -23.3% |
| Amounts receivable within one year | 40/41 | €24,812 | €7,533 | -€17,278 | -69.6% |
| Trade receivables | 40 | - | €5,006 | +€5,006 | |
| Other amounts receivable | 41 | €24,812 | €2,527 | -€22,284 | -89.8% |
| Current investments | 50/53 | €35,980 | €40,780 | +€4,800 | +13.3% |
| Cash at bank and in hand | 54/58 | €21,708 | €15,034 | -€6,674 | -30.7% |
| Deferred charges and accrued income | 490/1 | €220 | €97 | -€123 | -56.1% |
| Total equity and liabilities | 10/49 | €104,711 | €77,699 | -€27,012 | -25.8% |
| Equity | 10/15 | €46,840 | €24,962 | -€21,878 | -46.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €40,640 | €40,640 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €38,780 | €38,780 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€21,878 | -€21,878 | |
| Amounts payable | 17/49 | €57,872 | €52,738 | -€5,134 | -8.9% |
| Amounts payable within one year | 42/48 | €57,872 | €52,738 | -€5,134 | -8.9% |
| Trade debts | 44 | €13,416 | €2,781 | -€10,635 | -79.3% |
| Suppliers | 440/4 | €13,416 | €2,781 | -€10,635 | -79.3% |
| Taxes, remuneration and social security | 45 | €1,967 | €1,042 | -€925 | -47.0% |
| Taxes | 450/3 | €1,967 | €1,042 | -€925 | -47.0% |
| Other amounts payable | 47/48 | €42,489 | €48,915 | +€6,426 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,564 | €10,256 | -€1,308 | -11.3% |
| Other operating charges | 640/8 | €441 | €587 | +€146 | +33.2% |
| Non-recurring operating charges | 66A | €57 | - | -€57 | |
| Gross operating margin | 9900 | €17,066 | -€11,538 | -€28,604 | |
| Operating profit (loss) | 9901 | €5,005 | -€22,381 | -€27,385 | |
| Financial income | 75/76B | €958 | €696 | -€262 | -27.4% |
| Recurring financial income | 75 | €958 | €696 | -€262 | -27.4% |
| Financial charges | 65/66B | €116 | €193 | +€77 | +66.1% |
| Recurring financial charges | 65 | €116 | €193 | +€77 | +66.1% |
| Profit (loss) for the period before taxes | 9903 | €5,846 | -€21,878 | -€27,724 | |
| Income taxes | 67/77 | €2,062 | €0 | -€2,062 | -100% |
| Profit (loss) for the period | 9904 | €3,784 | -€21,878 | -€25,662 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,784 | -€21,878 | -€25,662 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.