iaMMar: 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.
iaMMar
Largest movements
- Receivables within one year +€44,763
up €44,763 (+50.8%), from €88,099 to €132,863
of which Trade receivables: +€30,031
- Cash -€22,712
down €22,712 (-53.0%), from €42,832 to €20,120
mainly Receivables within one year (-€44,763) and Investment in fixed assets (net) (-€26,191)
- Tangible fixed assets +€22,537
up €22,537 (+616%), from €3,660 to €26,198
of which Furniture and vehicles: +€20,253
- Stocks and contracts -€8,779
down €8,779 (-3.5%), from €248,043 to €239,264
- Deferred charges and accrued income +€6,465
new in 2025: €6,465
- Short-term financial debts +€75,000
up €75,000 (+100%), from €75,000 to €150,000
- Trade debts -€25,095
no longer reported in 2025 (was €25,095)
- Debts after one year -€14,425
down €14,425 (-24.5%), from €58,963 to €44,538
- Other debts +€9,796
up €9,796 (+7.8%), from €126,102 to €135,898
- Tax, wage and social debts -€7,967
down €7,967 (-29.0%), from €27,473 to €19,507
of which Taxes: -€9,577
- Gross operating margin -€12,913
down €12,913 (-24.0%), from €53,753 to €40,840
- Staff costs +€10,516
new in 2025: €10,516
- Taxes -€8,605
down €8,605 (-65.9%), from €13,054 to €4,449
- Other operating charges +€5,400
up €5,400 (+287%), from €1,883 to €7,282
- Financial charges +€3,436
up €3,436 (+47.9%), from €7,166 to €10,601
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 | €383,335 | €425,609 | +€42,275 | +11.0% |
| Fixed assets | 21/28 | €4,360 | €26,898 | +€22,537 | +517% |
| Tangible fixed assets | 22/27 | €3,660 | €26,198 | +€22,537 | +616% |
| Furniture and vehicles | 24 | €2,522 | €22,775 | +€20,253 | +803% |
| Other tangible fixed assets | 26 | €1,138 | €3,422 | +€2,284 | +201% |
| Financial fixed assets | 28 | €700 | €700 | = | 0.0% |
| Current assets | 29/58 | €378,974 | €398,712 | +€19,737 | +5.2% |
| Stocks and contracts in progress | 3 | €248,043 | €239,264 | -€8,779 | -3.5% |
| Stocks | 30/36 | €248,043 | €239,264 | -€8,779 | -3.5% |
| Amounts receivable within one year | 40/41 | €88,099 | €132,863 | +€44,763 | +50.8% |
| Trade receivables | 40 | €86,148 | €116,179 | +€30,031 | +34.9% |
| Other amounts receivable | 41 | €1,951 | €16,684 | +€14,733 | +755% |
| Cash at bank and in hand | 54/58 | €42,832 | €20,120 | -€22,712 | -53.0% |
| Deferred charges and accrued income | 490/1 | - | €6,465 | +€6,465 | |
| Total equity and liabilities | 10/49 | €383,335 | €425,609 | +€42,275 | +11.0% |
| Equity | 10/15 | €56,904 | €61,242 | +€4,337 | +7.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €51,904 | €56,242 | +€4,337 | +8.4% |
| Distributable reserves | 133 | €51,904 | €56,242 | +€4,337 | +8.4% |
| Amounts payable | 17/49 | €326,430 | €364,367 | +€37,937 | +11.6% |
| Amounts payable after more than one year | 17 | €58,963 | €44,538 | -€14,425 | -24.5% |
| Financial debts | 170/4 | €58,963 | €44,538 | -€14,425 | -24.5% |
| Amounts payable within one year | 42/48 | €267,467 | €319,830 | +€52,362 | +19.6% |
| Current portion of amounts payable after more than one year | 42 | €13,797 | €14,425 | +€628 | +4.6% |
| Financial debts | 43 | €75,000 | €150,000 | +€75,000 | +100% |
| Credit institutions | 430/8 | €75,000 | €150,000 | +€75,000 | +100% |
| Trade debts | 44 | €25,095 | - | -€25,095 | |
| Suppliers | 440/4 | €25,095 | - | -€25,095 | |
| Taxes, remuneration and social security | 45 | €27,473 | €19,507 | -€7,967 | -29.0% |
| Taxes | 450/3 | €27,473 | €17,896 | -€9,577 | -34.9% |
| Remuneration and social security | 454/9 | - | €1,611 | +€1,611 | |
| Other amounts payable | 47/48 | €126,102 | €135,898 | +€9,796 | +7.8% |
| Non-recurring operating income | 76A | €3,921 | - | -€3,921 | |
| Remuneration, social security and pensions | 62 | - | €10,516 | +€10,516 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €994 | €3,654 | +€2,660 | +268% |
| Other operating charges | 640/8 | €1,883 | €7,282 | +€5,400 | +287% |
| Gross operating margin | 9900 | €53,753 | €40,840 | -€12,913 | -24.0% |
| Operating profit (loss) | 9901 | €50,877 | €19,387 | -€31,490 | -61.9% |
| Financial income | 75/76B | €24 | €1 | -€23 | -97.8% |
| Recurring financial income | 75 | €24 | €1 | -€23 | -97.8% |
| Financial charges | 65/66B | €7,166 | €10,601 | +€3,436 | +47.9% |
| Recurring financial charges | 65 | €7,166 | €10,601 | +€3,436 | +47.9% |
| Profit (loss) for the period before taxes | 9903 | €43,736 | €8,786 | -€34,949 | -79.9% |
| Income taxes | 67/77 | €13,054 | €4,449 | -€8,605 | -65.9% |
| Profit (loss) for the period | 9904 | €30,681 | €4,337 | -€26,344 | -85.9% |
| Profit (loss) for the period to be appropriated | 9905 | €30,681 | €4,337 | -€26,344 | -85.9% |
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 21 October 2026 via checked.be.