I.M.G.B.: what changed
What changed
I.M.G.B.
filed annual accounts (NBB)
Net result for the year
-€191,560
2024 · €17,235-€208,794
Equity
€1.5m
2024 · €1.7m-€206,560
Cash
€252,260
2024 · €1.1m-€882,952
Balance sheet total
€3.6m
2024 · €4.1m-€563,977
Largest movements
Assets
- Cash -€882,952
down €882,952 (-77.8%), from €1.1m to €252,260
mainly Receivables after one year (-€474,457) and Other debts (-€284,896)
- Receivables after one year +€474,457
up €474,457 (+211%), from €224,633 to €699,091
- Receivables within one year -€111,576
down €111,576 (-16.2%), from €690,815 to €579,239
of which Other amounts receivable: -€111,126
- Stocks and contracts -€110,131
no longer reported in 2025 (was €110,131)
- Tangible fixed assets +€66,225
up €66,225 (+3.4%), from €1.9m to €2.0m
of which Furniture and vehicles: +€59,374
Equity and liabilities
- Other debts -€284,896
down €284,896 (-73.4%), from €387,929 to €103,033
- Profit (loss) carried forward -€153,508
down €153,508 (-106%), from -€145,120 to -€298,628
- Tax, wage and social debts -€54,730
no longer reported in 2025 (was €54,730)
of which Taxes: -€31,504
Income statement
- Gross operating margin -€206,086
down €206,086, from €160,291 to -€45,794
- Financial charges +€48,852
up €48,852 (+133%), from €36,834 to €85,687
- Other operating charges -€29,270
down €29,270 (-93.9%), from €31,183 to €1,913
- Depreciation +€23,080
up €23,080 (+37.5%), from €61,626 to €84,706
- Staff costs -€13,728
down €13,728 (-88.5%), from €15,508 to €1,779
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
€17,235
Gross operating margin
-€206,086
Staff costs
+€13,728
Depreciation
-€23,080
Provisions
+€12,500
Other operating charges
+€29,270
Financial income
-€2,289
Financial charges
-€48,852
Taxes
+€11,923
Deferred taxes and other
+€4,091
Result 2025
-€191,560
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
-€679,484
Investment
-€150,931
Financing
-€52,537
Cash 2024
€1.1m
From operations (derived)
-€679,484
Net result for the year
-€191,560
Depreciation
+€84,706
Receivables after one year
-€474,457
Stocks and contracts
+€110,131
Receivables within one year
+€111,576
Provisions
-€13,277
Trade debts
+€33,022
Tax, wage and social debts
-€54,730
Other debts
-€284,896
Investment (derived)
-€150,931
Investment in fixed assets (net)
-€150,931
Financing
-€52,537
Debts after one year
-€31,504
Current portion of long-term debt
-€6,033
Contributions, distributions and other
-€15,000
Cash 2025
€252,260
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,116,094 | €3,552,117 | -€563,977 | -13.7% |
| Fixed assets | 21/28 | €1,953,941 | €2,020,166 | +€66,225 | +3.4% |
| Tangible fixed assets | 22/27 | €1,948,260 | €2,014,485 | +€66,225 | +3.4% |
| Land and buildings | 22 | €1,894,737 | €1,898,453 | +€3,716 | +0.2% |
| Plant, machinery and equipment | 23 | €20,570 | €23,705 | +€3,135 | +15.2% |
| Furniture and vehicles | 24 | €32,953 | €92,327 | +€59,374 | +180% |
| Financial fixed assets | 28 | €5,681 | €5,681 | = | 0.0% |
| Current assets | 29/58 | €2,162,154 | €1,531,951 | -€630,202 | -29.1% |
| Amounts receivable after more than one year | 29 | €224,633 | €699,091 | +€474,457 | +211% |
| Other amounts receivable | 291 | €224,633 | €699,091 | +€474,457 | +211% |
| Stocks and contracts in progress | 3 | €110,131 | - | -€110,131 | |
| Stocks | 30/36 | €110,131 | - | -€110,131 | |
| Amounts receivable within one year | 40/41 | €690,815 | €579,239 | -€111,576 | -16.2% |
| Trade receivables | 40 | €450 | - | -€450 | |
| Other amounts receivable | 41 | €690,365 | €579,239 | -€111,126 | -16.1% |
| Current investments | 50/53 | €1,362 | €1,362 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,135,212 | €252,260 | -€882,952 | -77.8% |
| Total equity and liabilities | 10/49 | €4,116,094 | €3,552,117 | -€563,977 | -13.7% |
| Equity | 10/15 | €1,661,645 | €1,455,086 | -€206,560 | -12.4% |
| Contributions | 10/11 | €69,341 | €69,341 | = | 0.0% |
| Revaluation surpluses | 12 | €105,000 | €90,000 | -€15,000 | -14.3% |
| Reserves | 13 | €1,632,424 | €1,594,372 | -€38,052 | -2.3% |
| Tax-exempt reserves | 132 | €1,632,424 | €1,594,372 | -€38,052 | -2.3% |
| Profit (loss) carried forward | 14 | -€145,120 | -€298,628 | -€153,508 | -106% |
| Provisions and deferred taxes | 16 | €521,686 | €508,409 | -€13,277 | -2.5% |
| Deferred taxes | 168 | €521,686 | €508,409 | -€13,277 | -2.5% |
| Amounts payable | 17/49 | €1,932,764 | €1,588,623 | -€344,141 | -17.8% |
| Amounts payable after more than one year | 17 | €1,378,919 | €1,347,415 | -€31,504 | -2.3% |
| Financial debts | 170/4 | €1,378,919 | €1,347,415 | -€31,504 | -2.3% |
| Amounts payable within one year | 42/48 | €553,844 | €241,208 | -€312,637 | -56.4% |
| Current portion of amounts payable after more than one year | 42 | €98,748 | €92,715 | -€6,033 | -6.1% |
| Trade debts | 44 | €12,437 | €45,459 | +€33,022 | +266% |
| Suppliers | 440/4 | €12,437 | €45,459 | +€33,022 | +266% |
| Taxes, remuneration and social security | 45 | €54,730 | - | -€54,730 | |
| Taxes | 450/3 | €31,504 | - | -€31,504 | |
| Remuneration and social security | 454/9 | €23,226 | - | -€23,226 | |
| Other amounts payable | 47/48 | €387,929 | €103,033 | -€284,896 | -73.4% |
| Non-recurring operating income | 76A | - | €215,195 | +€215,195 | |
| Remuneration, social security and pensions | 62 | €15,508 | €1,779 | -€13,728 | -88.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,626 | €84,706 | +€23,080 | +37.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€12,500 | -€12,500 | |
| Other operating charges | 640/8 | €31,183 | €1,913 | -€29,270 | -93.9% |
| Gross operating margin | 9900 | €160,291 | -€45,794 | -€206,086 | |
| Operating profit (loss) | 9901 | €51,974 | -€121,693 | -€173,667 | |
| Financial income | 75/76B | €8,403 | €6,114 | -€2,289 | -27.2% |
| Recurring financial income | 75 | €3,252 | €6,114 | +€2,862 | +88.0% |
| Non-recurring financial income | 76B | €5,151 | - | -€5,151 | |
| Financial charges | 65/66B | €36,834 | €85,687 | +€48,852 | +133% |
| Recurring financial charges | 65 | €36,834 | €85,687 | +€48,852 | +133% |
| Profit (loss) for the period before taxes | 9903 | €23,543 | -€201,266 | -€224,809 | |
| Transfer from deferred taxes | 780 | €9,185 | €13,277 | +€4,091 | +44.5% |
| Income taxes | 67/77 | €15,494 | €3,571 | -€11,923 | -77.0% |
| Profit (loss) for the period | 9904 | €17,235 | -€191,560 | -€208,794 | |
| Transfer from tax-exempt reserves | 789 | €25,778 | €38,052 | +€12,274 | +47.6% |
| Profit (loss) for the period to be appropriated | 9905 | €43,013 | -€153,508 | -€196,520 |
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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 5 November 2026 via checked.be.