I.M.P.: 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.
I.M.P.
Largest movements
- Tangible fixed assets -€201,092
down €201,092 (-21.3%), from €943,981 to €742,889
of which Other tangible fixed assets: -€199,984
- Cash -€121,454
down €121,454 (-83.4%), from €145,547 to €24,093
mainly Contributions, distributions and other (-€191,180) and Other debts (-€98,348)
- Receivables within one year +€39,119
up €39,119 (+28.5%), from €137,219 to €176,338
of which Trade receivables: +€50,601
- Contributions -€761,440
down €761,440 (-29.0%), from €2.6m to €1.9m
- Profit (loss) carried forward +€755,338
up €755,338 (+30.3%), from -€2.5m to -€1.7m
- Reserves -€156,138
down €156,138 (-29.7%), from €526,051 to €369,913
of which Distributable reserves: -€143,707
- Other debts -€98,348
down €98,348 (-19.8%), from €496,995 to €398,647
- Current portion of long-term debt -€29,167
no longer reported in 2025 (was €29,167)
- Financial charges -€208,465
down €208,465 (-99.6%), from €209,362 to €896
of which Non-recurring financial charges: -€206,892
- Gross operating margin -€25,161
down €25,161 (-20.0%), from €125,916 to €100,754
- Depreciation -€15,556
down €15,556 (-27.9%), from €55,717 to €40,162
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 | €1,255,984 | €972,557 | -€283,427 | -22.6% |
| Fixed assets | 21/28 | €973,218 | €772,126 | -€201,092 | -20.7% |
| Tangible fixed assets | 22/27 | €943,981 | €742,889 | -€201,092 | -21.3% |
| Furniture and vehicles | 24 | €1,187 | €79 | -€1,108 | -93.3% |
| Other tangible fixed assets | 26 | €942,794 | €742,810 | -€199,984 | -21.2% |
| Financial fixed assets | 28 | €29,237 | €29,237 | = | 0.0% |
| Current assets | 29/58 | €282,766 | €200,431 | -€82,335 | -29.1% |
| Amounts receivable within one year | 40/41 | €137,219 | €176,338 | +€39,119 | +28.5% |
| Trade receivables | 40 | €63,596 | €114,197 | +€50,601 | +79.6% |
| Other amounts receivable | 41 | €73,623 | €62,141 | -€11,482 | -15.6% |
| Cash at bank and in hand | 54/58 | €145,547 | €24,093 | -€121,454 | -83.4% |
| Total equity and liabilities | 10/49 | €1,255,984 | €972,557 | -€283,427 | -22.6% |
| Equity | 10/15 | €660,299 | €498,059 | -€162,240 | -24.6% |
| Contributions | 10/11 | €2,628,448 | €1,867,008 | -€761,440 | -29.0% |
| Capital | 10 | €2,628,448 | €1,867,008 | -€761,440 | -29.0% |
| Issued capital | 100 | €2,628,448 | €1,867,008 | -€761,440 | -29.0% |
| Reserves | 13 | €526,051 | €369,913 | -€156,138 | -29.7% |
| Non-distributable reserves | 130/1 | €12,845 | €9,124 | -€3,721 | -29.0% |
| Legal reserve | 130 | €12,845 | €9,124 | -€3,721 | -29.0% |
| Tax-exempt reserves | 132 | €17,138 | €8,428 | -€8,710 | -50.8% |
| Distributable reserves | 133 | €496,069 | €352,362 | -€143,707 | -29.0% |
| Profit (loss) carried forward | 14 | -€2,494,200 | -€1,738,862 | +€755,338 | +30.3% |
| Provisions and deferred taxes | 16 | €5,713 | €5,016 | -€697 | -12.2% |
| Deferred taxes | 168 | €5,713 | €5,016 | -€697 | -12.2% |
| Amounts payable | 17/49 | €589,972 | €469,482 | -€120,490 | -20.4% |
| Amounts payable after more than one year | 17 | €38,333 | €38,333 | = | 0.0% |
| Other amounts payable | 178/9 | €38,333 | €38,333 | = | 0.0% |
| Amounts payable within one year | 42/48 | €551,639 | €431,149 | -€120,490 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €29,167 | - | -€29,167 | |
| Trade debts | 44 | €5,541 | €29,676 | +€24,134 | +436% |
| Suppliers | 440/4 | €5,541 | €29,676 | +€24,134 | +436% |
| Taxes, remuneration and social security | 45 | €19,936 | €2,826 | -€17,109 | -85.8% |
| Taxes | 450/3 | €19,936 | €2,826 | -€17,109 | -85.8% |
| Other amounts payable | 47/48 | €496,995 | €398,647 | -€98,348 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,717 | €40,162 | -€15,556 | -27.9% |
| Other operating charges | 640/8 | €31,706 | €31,455 | -€252 | -0.8% |
| Non-recurring operating charges | 66A | €3,292,603 | - | -€3.3m | |
| Gross operating margin | 9900 | €125,916 | €100,754 | -€25,161 | -20.0% |
| Operating profit (loss) | 9901 | -€3,254,111 | €29,138 | +€3.3m | |
| Financial income | 75/76B | €265 | €1 | -€264 | -99.6% |
| Recurring financial income | 75 | €265 | €1 | -€264 | -99.6% |
| Financial charges | 65/66B | €209,362 | €896 | -€208,465 | -99.6% |
| Recurring financial charges | 65 | €2,469 | €896 | -€1,573 | -63.7% |
| Non-recurring financial charges | 66B | €206,892 | - | -€206,892 | |
| Profit (loss) for the period before taxes | 9903 | -€3,463,208 | €28,243 | +€3.5m | |
| Transfer from deferred taxes | 780 | €697 | €697 | = | 0.0% |
| Income taxes | 67/77 | -€64 | - | +€64 | |
| Profit (loss) for the period | 9904 | -€3,462,446 | €28,940 | +€3.5m | |
| Transfer from tax-exempt reserves | 789 | €2,090 | €2,090 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,460,356 | €31,030 | +€3.5m |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.