I.M. - P.E.C.: 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.E.C.
Largest movements
- Cash +€19,700
up €19,700 (+52.2%), from €37,727 to €57,427
mainly Net result for the year (+€39,542) and Tax, wage and social debts (+€1,929)
- Receivables within one year +€14,586
up €14,586 (+120%), from €12,127 to €26,713
of which Trade receivables: +€10,613
- Deferred charges and accrued income +€1,697
new in 2025: €1,697
- Tangible fixed assets -€1,201
no longer reported in 2025 (was €1,201)
- Reserves +€39,542
up €39,542 (+1,293%), from €3,059 to €42,601
of which Distributable reserves: +€39,542
- Other debts -€6,016
down €6,016 (-56.9%), from €10,582 to €4,566
- Tax, wage and social debts +€1,929
new in 2025: €1,929
- Gross operating margin +€63,460
up €63,460 (+1,581%), from €4,014 to €67,474
- Taxes +€18,399
up €18,399 (+1,743%), from €1,056 to €19,455
- Other operating charges +€6,503
up €6,503 (+12,270%), from €53 to €6,556
- Depreciation -€911
down €911 (-43.1%), from €2,112 to €1,201
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 | €51,375 | €86,085 | +€34,709 | +67.6% |
| Fixed assets | 21/28 | €1,522 | €248 | -€1,274 | -83.7% |
| Tangible fixed assets | 22/27 | €1,201 | - | -€1,201 | |
| Furniture and vehicles | 24 | €1,201 | - | -€1,201 | |
| Financial fixed assets | 28 | €321 | €248 | -€73 | -22.8% |
| Current assets | 29/58 | €49,853 | €85,837 | +€35,984 | +72.2% |
| Amounts receivable within one year | 40/41 | €12,127 | €26,713 | +€14,586 | +120% |
| Trade receivables | 40 | €10,111 | €20,724 | +€10,613 | +105% |
| Other amounts receivable | 41 | €2,015 | €5,989 | +€3,974 | +197% |
| Cash at bank and in hand | 54/58 | €37,727 | €57,427 | +€19,700 | +52.2% |
| Deferred charges and accrued income | 490/1 | - | €1,697 | +€1,697 | |
| Total equity and liabilities | 10/49 | €51,375 | €86,085 | +€34,709 | +67.6% |
| Equity | 10/15 | €39,228 | €78,770 | +€39,542 | +101% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €3,059 | €42,601 | +€39,542 | +1,293% |
| Tax-exempt reserves | 132 | €1,200 | €1,200 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €41,401 | +€39,542 | +2,127% |
| Profit (loss) carried forward | 14 | €17,577 | €17,577 | = | 0.0% |
| Amounts payable | 17/49 | €12,148 | €7,315 | -€4,833 | -39.8% |
| Amounts payable within one year | 42/48 | €12,148 | €7,315 | -€4,833 | -39.8% |
| Trade debts | 44 | €1,566 | €820 | -€746 | -47.6% |
| Suppliers | 440/4 | €1,566 | €820 | -€746 | -47.6% |
| Taxes, remuneration and social security | 45 | - | €1,929 | +€1,929 | |
| Taxes | 450/3 | - | €1,929 | +€1,929 | |
| Other amounts payable | 47/48 | €10,582 | €4,566 | -€6,016 | -56.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,112 | €1,201 | -€911 | -43.1% |
| Other operating charges | 640/8 | €53 | €6,556 | +€6,503 | +12,270% |
| Gross operating margin | 9900 | €4,014 | €67,474 | +€63,460 | +1,581% |
| Operating profit (loss) | 9901 | €1,849 | €59,717 | +€57,868 | +3,129% |
| Financial income | 75/76B | €1 | €93 | +€93 | +18,554% |
| Recurring financial income | 75 | €1 | €93 | +€93 | +18,554% |
| Financial charges | 65/66B | €139 | €813 | +€673 | +483% |
| Recurring financial charges | 65 | €139 | €813 | +€673 | +483% |
| Profit (loss) for the period before taxes | 9903 | €1,710 | €58,997 | +€57,287 | +3,349% |
| Income taxes | 67/77 | €1,056 | €19,455 | +€18,399 | +1,743% |
| Profit (loss) for the period | 9904 | €654 | €39,542 | +€38,888 | +5,942% |
| Profit (loss) for the period to be appropriated | 9905 | €654 | €39,542 | +€38,888 | +5,942% |
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 15 October 2026 via checked.be.