IM BELGIUM: 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.
IM BELGIUM
Largest movements
- Cash -€56,848
down €56,848 (-20.3%), from €279,729 to €222,881
mainly Net result for the year (-€394,527) and Deferred charges and accrued income (-€877)
- Receivables within one year -€23,148
down €23,148 (-37.9%), from €61,113 to €37,964
of which Trade receivables: -€35,024
- Stocks and contracts -€17,277
down €17,277 (-6.6%), from €263,520 to €246,243
- Tangible fixed assets -€8,494
down €8,494 (-31.9%), from €26,628 to €18,134
of which Other tangible fixed assets: -€6,891
- Profit (loss) carried forward -€394,527
down €394,527 (-15.1%), from -€2.6m to -€3.0m
- Debts after one year +€152,399
up €152,399 (+4.9%), from €3.1m to €3.3m
- Trade debts +€119,447
up €119,447 (+169%), from €70,547 to €189,993
- Tax, wage and social debts +€11,957
up €11,957 (+21.0%), from €56,957 to €68,914
of which Taxes: +€6,974
- Staff costs +€38,073
up €38,073 (+25.9%), from €146,724 to €184,797
- Depreciation -€31,467
down €31,467 (-68.7%), from €45,794 to €14,328
- Gross operating margin +€4,822
up €4,822 (+3.0%), from -€158,176 to -€153,354
- Other operating charges +€1,672
up €1,672 (+68.8%), from €2,430 to €4,102
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 | €643,885 | €533,161 | -€110,724 | -17.2% |
| Fixed assets | 21/28 | €39,211 | €24,884 | -€14,328 | -36.5% |
| Intangible fixed assets | 21 | €12,358 | €6,525 | -€5,833 | -47.2% |
| Tangible fixed assets | 22/27 | €26,628 | €18,134 | -€8,494 | -31.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €2,576 | €973 | -€1,603 | -62.2% |
| Other tangible fixed assets | 26 | €24,052 | €17,161 | -€6,891 | -28.7% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €604,673 | €508,277 | -€96,396 | -15.9% |
| Stocks and contracts in progress | 3 | €263,520 | €246,243 | -€17,277 | -6.6% |
| Stocks | 30/36 | €263,520 | €246,243 | -€17,277 | -6.6% |
| Amounts receivable within one year | 40/41 | €61,113 | €37,964 | -€23,148 | -37.9% |
| Trade receivables | 40 | €39,564 | €4,539 | -€35,024 | -88.5% |
| Other amounts receivable | 41 | €21,549 | €33,425 | +€11,876 | +55.1% |
| Cash at bank and in hand | 54/58 | €279,729 | €222,881 | -€56,848 | -20.3% |
| Deferred charges and accrued income | 490/1 | €311 | €1,189 | +€877 | +282% |
| Total equity and liabilities | 10/49 | €643,885 | €533,161 | -€110,724 | -17.2% |
| Equity | 10/15 | -€2,586,223 | -€2,980,749 | -€394,527 | -15.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,604,823 | -€2,999,349 | -€394,527 | -15.1% |
| Amounts payable | 17/49 | €3,230,107 | €3,513,910 | +€283,803 | +8.8% |
| Amounts payable after more than one year | 17 | €3,102,604 | €3,255,003 | +€152,399 | +4.9% |
| Other amounts payable | 178/9 | €3,102,604 | €3,255,003 | +€152,399 | +4.9% |
| Amounts payable within one year | 42/48 | €127,504 | €258,908 | +€131,404 | +103% |
| Trade debts | 44 | €70,547 | €189,993 | +€119,447 | +169% |
| Suppliers | 440/4 | €70,547 | €189,993 | +€119,447 | +169% |
| Taxes, remuneration and social security | 45 | €56,957 | €68,914 | +€11,957 | +21.0% |
| Taxes | 450/3 | €40,526 | €47,500 | +€6,974 | +17.2% |
| Remuneration and social security | 454/9 | €16,431 | €21,414 | +€4,983 | +30.3% |
| Remuneration, social security and pensions | 62 | €146,724 | €184,797 | +€38,073 | +25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,794 | €14,328 | -€31,467 | -68.7% |
| Other operating charges | 640/8 | €2,430 | €4,102 | +€1,672 | +68.8% |
| Gross operating margin | 9900 | -€158,176 | -€153,354 | +€4,822 | +3.0% |
| Operating profit (loss) | 9901 | -€353,124 | -€356,580 | -€3,456 | -1.0% |
| Financial income | 75/76B | €167 | €53 | -€114 | -68.3% |
| Recurring financial income | 75 | €167 | €53 | -€114 | -68.3% |
| Financial charges | 65/66B | €37,334 | €37,999 | +€665 | +1.8% |
| Recurring financial charges | 65 | €37,334 | €37,999 | +€665 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | -€390,291 | -€394,527 | -€4,236 | -1.1% |
| Profit (loss) for the period | 9904 | -€390,291 | -€394,527 | -€4,236 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€390,291 | -€394,527 | -€4,236 | -1.1% |
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 26 October 2026 via checked.be.