I.M.F.: what changed
What changed
I.M.F.
filed annual accounts (NBB)
Net result for the year
€420,040
2024 · €118,941+€301,099
Equity
€3.8m
2024 · €3.4m+€420,040
Cash
€58,394
2024 · €25,706+€32,687
Balance sheet total
€3.9m
2024 · €3.4m+€440,814
Largest movements
Assets
- Receivables within one year +€426,583
up €426,583 (+2,688%), from €15,868 to €442,451
of which Other amounts receivable: +€435,634
Equity and liabilities
- Reserves +€415,000
up €415,000 (+229%), from €181,402 to €596,402
of which Distributable reserves: +€415,000
Income statement
- Financial income +€353,056
up €353,056 (+230%), from €153,787 to €506,844
- Taxes +€30,000
up €30,000 (+261%), from €11,500 to €41,500
- Gross operating margin -€19,926
down €19,926 (-3,197%), from -€623 to -€20,550
- Depreciation +€1,813
up €1,813 (+10.9%), from €16,643 to €18,456
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
€118,941
Gross operating margin
-€19,926
Depreciation
-€1,813
Other operating charges
-€188
Financial income
+€353,056
Financial charges
-€30
Taxes
-€30,000
Result 2025
€420,040
raises the resultlowers the result
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
+€32,687
Investment
€0
Financing
€0
Cash 2024
€25,706
From operations (derived)
+€32,687
Net result for the year
+€420,040
Depreciation
+€18,456
Receivables within one year
-€426,583
Trade debts
-€8,135
Tax, wage and social debts
+€29,049
Smaller working-capital items
-€140
Cash 2025
€58,394
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,410,854 | €3,851,668 | +€440,814 | +12.9% |
| Fixed assets | 21/28 | €3,094,280 | €3,075,824 | -€18,456 | -0.6% |
| Tangible fixed assets | 22/27 | €395,303 | €376,847 | -€18,456 | -4.7% |
| Land and buildings | 22 | €395,303 | €376,847 | -€18,456 | -4.7% |
| Financial fixed assets | 28 | €2,698,977 | €2,698,977 | = | 0.0% |
| Current assets | 29/58 | €316,575 | €775,844 | +€459,270 | +145% |
| Amounts receivable within one year | 40/41 | €15,868 | €442,451 | +€426,583 | +2,688% |
| Trade receivables | 40 | €15,868 | €6,817 | -€9,051 | -57.0% |
| Other amounts receivable | 41 | - | €435,634 | +€435,634 | |
| Current investments | 50/53 | €275,000 | €275,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €25,706 | €58,394 | +€32,687 | +127% |
| Total equity and liabilities | 10/49 | €3,410,854 | €3,851,668 | +€440,814 | +12.9% |
| Equity | 10/15 | €3,390,961 | €3,811,002 | +€420,040 | +12.4% |
| Contributions | 10/11 | €1,976,417 | €1,976,417 | = | 0.0% |
| Reserves | 13 | €181,402 | €596,402 | +€415,000 | +229% |
| Tax-exempt reserves | 132 | €4 | €4 | = | 0.0% |
| Distributable reserves | 133 | €181,399 | €596,399 | +€415,000 | +229% |
| Profit (loss) carried forward | 14 | €1,233,143 | €1,238,183 | +€5,040 | +0.4% |
| Amounts payable | 17/49 | €19,893 | €40,667 | +€20,774 | +104% |
| Amounts payable within one year | 42/48 | €19,773 | €40,638 | +€20,865 | +106% |
| Trade debts | 44 | €9,375 | €1,240 | -€8,135 | -86.8% |
| Suppliers | 440/4 | €9,375 | €1,240 | -€8,135 | -86.8% |
| Taxes, remuneration and social security | 45 | €10,349 | €39,398 | +€29,049 | +281% |
| Taxes | 450/3 | €10,349 | €39,398 | +€29,049 | +281% |
| Other amounts payable | 47/48 | €49 | - | -€49 | |
| Accrued charges and deferred income | 492/3 | €120 | €29 | -€91 | -75.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,643 | €18,456 | +€1,813 | +10.9% |
| Other operating charges | 640/8 | €5,494 | €5,682 | +€188 | +3.4% |
| Gross operating margin | 9900 | -€623 | -€20,550 | -€19,926 | -3,197% |
| Operating profit (loss) | 9901 | -€22,760 | -€44,688 | -€21,927 | -96.3% |
| Financial income | 75/76B | €153,787 | €506,844 | +€353,056 | +230% |
| Recurring financial income | 75 | €153,787 | €506,844 | +€353,056 | +230% |
| Financial charges | 65/66B | €586 | €616 | +€30 | +5.0% |
| Recurring financial charges | 65 | €586 | €616 | +€30 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €130,441 | €461,540 | +€331,099 | +254% |
| Income taxes | 67/77 | €11,500 | €41,500 | +€30,000 | +261% |
| Profit (loss) for the period | 9904 | €118,941 | €420,040 | +€301,099 | +253% |
| Profit (loss) for the period to be appropriated | 9905 | €118,941 | €420,040 | +€301,099 | +253% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.