GIMAR: 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.
GIMAR
Largest movements
- Cash -€740,183
down €740,183 (-97.2%), from €761,626 to €21,443
mainly Current investments (-€732,437) and Other debts (-€57,597)
- Current investments +€732,437
new in 2025: €732,437
- Tangible fixed assets -€94,251
down €94,251 (-4.1%), from €2.3m to €2.2m
of which Land and buildings: -€94,251
- Other debts -€57,597
down €57,597 (-4.7%), from €1.2m to €1.2m
- Reserves -€38,645
down €38,645 (-2.2%), from €1.8m to €1.7m
of which Distributable reserves: -€38,645
- Gross operating margin -€859,002
down €859,002 (-92.6%), from €928,096 to €69,094
- Taxes -€61,026
down €61,026 (-95.8%), from €63,703 to €2,677
- Financial charges -€44,028
down €44,028 (-98.9%), from €44,506 to €477
of which Financial charges: -€44,028
- Depreciation -€12,709
down €12,709 (-11.1%), from €114,359 to €101,650
- Financial income +€10,621
up €10,621, from €0 to €10,621
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 | €3,072,388 | €2,960,493 | -€111,895 | -3.6% |
| Fixed assets | 21/28 | €2,307,760 | €2,192,610 | -€115,151 | -5.0% |
| Tangible fixed assets | 22/27 | €2,286,860 | €2,192,610 | -€94,251 | -4.1% |
| Land and buildings | 22 | €2,279,459 | €2,185,208 | -€94,251 | -4.1% |
| Furniture and vehicles | 24 | €7,402 | €7,402 | = | 0.0% |
| Financial fixed assets | 28 | €20,900 | €0 | -€20,900 | -100.0% |
| Current assets | 29/58 | €764,628 | €767,883 | +€3,255 | +0.4% |
| Amounts receivable within one year | 40/41 | €2,126 | €5,139 | +€3,013 | +141.7% |
| Trade receivables | 40 | €1,874 | €5,139 | +€3,265 | +174.2% |
| Other amounts receivable | 41 | €252 | €0 | -€252 | -100.0% |
| Current investments | 50/53 | - | €732,437 | +€732,437 | |
| Cash at bank and in hand | 54/58 | €761,626 | €21,443 | -€740,183 | -97.2% |
| Deferred charges and accrued income | 490/1 | €876 | €8,865 | +€7,989 | +912.3% |
| Total equity and liabilities | 10/49 | €3,072,388 | €2,960,493 | -€111,895 | -3.6% |
| Equity | 10/15 | €1,817,199 | €1,778,553 | -€38,645 | -2.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,755,199 | €1,716,553 | -€38,645 | -2.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,748,999 | €1,710,353 | -€38,645 | -2.2% |
| Amounts payable | 17/49 | €1,255,189 | €1,181,939 | -€73,250 | -5.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,255,189 | €1,181,939 | -€73,250 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €239 | €131 | -€108 | -45.2% |
| Credit institutions | 430/8 | €239 | €131 | -€108 | -45.2% |
| Trade debts | 44 | €25,262 | €12,311 | -€12,951 | -51.3% |
| Suppliers | 440/4 | €25,262 | €12,311 | -€12,951 | -51.3% |
| Taxes, remuneration and social security | 45 | €6,763 | €4,170 | -€2,594 | -38.4% |
| Taxes | 450/3 | €6,763 | €4,170 | -€2,594 | -38.4% |
| Other amounts payable | 47/48 | €1,222,925 | €1,165,328 | -€57,597 | -4.7% |
| Non-recurring operating income | 76A | €912,940 | €0 | -€912,940 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,359 | €101,650 | -€12,709 | -11.1% |
| Other operating charges | 640/8 | €23,698 | €13,207 | -€10,492 | -44.3% |
| Non-recurring operating charges | 66A | €0 | €350 | +€350 | |
| Gross operating margin | 9900 | €928,096 | €69,094 | -€859,002 | -92.6% |
| Operating profit (loss) | 9901 | €790,039 | -€46,112 | -€836,151 | |
| Financial income | 75/76B | €0 | €10,621 | +€10,621 | |
| Recurring financial income | 75 | €0 | €10,621 | +€10,621 | |
| Financial charges | 65/66B | €44,506 | €477 | -€44,028 | -98.9% |
| Recurring financial charges | 65 | €44,506 | €477 | -€44,028 | -98.9% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €745,534 | -€35,968 | -€781,502 | |
| Income taxes | 67/77 | €63,703 | €2,677 | -€61,026 | -95.8% |
| Profit (loss) for the period | 9904 | €681,830 | -€38,645 | -€720,476 | |
| Profit (loss) for the period to be appropriated | 9905 | €681,830 | -€38,645 | -€720,476 |
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 5 October 2026 via checked.be.