IHM GROUP: 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.
IHM GROUP
Largest movements
- Tangible fixed assets +€319,962
up €319,962 (+54.4%), from €588,366 to €908,328
of which Land and buildings: +€326,022
- Receivables within one year +€317,466
up €317,466 (+280%), from €113,287 to €430,753
of which Other amounts receivable: +€328,466
- Stocks and contracts -€137,451
down €137,451 (-23.5%), from €585,000 to €447,549
- Cash +€47,693
up €47,693 (+1,082%), from €4,410 to €52,103
mainly Debts after one year (+€500,331) and Stocks and contracts (+€137,451)
- Deferred charges and accrued income -€25,000
no longer reported in 2025 (was €25,000)
- Debts after one year +€500,331
up €500,331 (+55.5%), from €901,502 to €1.4m
of which Financial debts: +€396,934
- Short-term financial debts +€33,333
new in 2025: €33,333
- Current portion of long-term debt -€23,985
down €23,985 (-67.0%), from €35,793 to €11,808
- Gross operating margin -€11,916
down €11,916 (-10.3%), from €115,516 to €103,600
- Depreciation +€5,063
up €5,063 (+20.3%), from €24,975 to €30,039
- Other operating charges -€3,193
down €3,193 (-84.2%), from €3,793 to €600
- Financial charges +€2,024
up €2,024 (+3.8%), from €53,924 to €55,948
- Taxes -€1,378
down €1,378 (-16.5%), from €8,377 to €6,999
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 | €1,316,938 | €1,839,607 | +€522,669 | +39.7% |
| Fixed assets | 21/28 | €589,241 | €909,203 | +€319,962 | +54.3% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €588,366 | €908,328 | +€319,962 | +54.4% |
| Land and buildings | 22 | €567,461 | €893,482 | +€326,022 | +57.5% |
| Furniture and vehicles | 24 | €20,905 | €14,845 | -€6,060 | -29.0% |
| Financial fixed assets | 28 | €875 | €875 | = | 0.0% |
| Current assets | 29/58 | €727,697 | €930,404 | +€202,707 | +27.9% |
| Stocks and contracts in progress | 3 | €585,000 | €447,549 | -€137,451 | -23.5% |
| Stocks | 30/36 | €585,000 | €447,549 | -€137,451 | -23.5% |
| Amounts receivable within one year | 40/41 | €113,287 | €430,753 | +€317,466 | +280% |
| Trade receivables | 40 | €11,000 | - | -€11,000 | |
| Other amounts receivable | 41 | €102,287 | €430,753 | +€328,466 | +321% |
| Cash at bank and in hand | 54/58 | €4,410 | €52,103 | +€47,693 | +1,082% |
| Deferred charges and accrued income | 490/1 | €25,000 | - | -€25,000 | |
| Total equity and liabilities | 10/49 | €1,316,938 | €1,839,607 | +€522,669 | +39.7% |
| Equity | 10/15 | €304,629 | €316,474 | +€11,845 | +3.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €184,900 | €179,409 | -€5,491 | -3.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €183,040 | €177,549 | -€5,491 | -3.0% |
| Profit (loss) carried forward | 14 | €101,130 | €118,466 | +€17,336 | +17.1% |
| Provisions and deferred taxes | 16 | €61,013 | €59,183 | -€1,830 | -3.0% |
| Deferred taxes | 168 | €61,013 | €59,183 | -€1,830 | -3.0% |
| Amounts payable | 17/49 | €951,295 | €1,463,950 | +€512,654 | +53.9% |
| Amounts payable after more than one year | 17 | €901,502 | €1,401,833 | +€500,331 | +55.5% |
| Financial debts | 170/4 | €808,044 | €1,204,978 | +€396,934 | +49.1% |
| Other amounts payable | 178/9 | €93,458 | €196,855 | +€103,397 | +111% |
| Amounts payable within one year | 42/48 | €49,793 | €62,116 | +€12,323 | +24.7% |
| Current portion of amounts payable after more than one year | 42 | €35,793 | €11,808 | -€23,985 | -67.0% |
| Financial debts | 43 | - | €33,333 | +€33,333 | |
| Credit institutions | 430/8 | - | €33,333 | +€33,333 | |
| Taxes, remuneration and social security | 45 | €14,000 | €16,975 | +€2,975 | +21.2% |
| Taxes | 450/3 | €14,000 | €16,975 | +€2,975 | +21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,975 | €30,039 | +€5,063 | +20.3% |
| Other operating charges | 640/8 | €3,793 | €600 | -€3,193 | -84.2% |
| Gross operating margin | 9900 | €115,516 | €103,600 | -€11,916 | -10.3% |
| Operating profit (loss) | 9901 | €86,747 | €72,961 | -€13,786 | -15.9% |
| Financial charges | 65/66B | €53,924 | €55,948 | +€2,024 | +3.8% |
| Recurring financial charges | 65 | €53,924 | €55,948 | +€2,024 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €32,824 | €17,013 | -€15,811 | -48.2% |
| Transfer from deferred taxes | 780 | - | €1,830 | +€1,830 | |
| Income taxes | 67/77 | €8,377 | €6,999 | -€1,378 | -16.5% |
| Profit (loss) for the period | 9904 | €24,447 | €11,845 | -€12,602 | -51.5% |
| Transfer from tax-exempt reserves | 789 | - | €5,491 | +€5,491 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,447 | €17,336 | -€7,111 | -29.1% |
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 23 October 2026 via checked.be.