IM'HO: 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'HO
Largest movements
- Cash -€743,397
down €743,397 (-55.2%), from €1.3m to €602,158
mainly Current investments (-€678,450) and Receivables within one year (-€158,079)
- Current investments +€678,450
up €678,450 (+7.1%), from €9.6m to €10.3m
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€7.6m
down €7.6m (-96.0%), from €7.9m to €316,625
of which Non-recurring financial income: -€7.7m
- Gross operating margin -€302,304
down €302,304, from €261,402 to -€40,903
- Financial charges +€101,418
up €101,418 (+245%), from €41,354 to €142,772
- Taxes -€75,657
down €75,657 (-66.3%), from €114,171 to €38,514
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 | €32,464,155 | €32,545,606 | +€81,451 | +0.3% |
| Fixed assets | 21/28 | €21,455,524 | €21,456,617 | +€1,093 | 0.0% |
| Tangible fixed assets | 22/27 | €3,597 | €4,690 | +€1,093 | +30.4% |
| Furniture and vehicles | 24 | €3,597 | €4,690 | +€1,093 | +30.4% |
| Financial fixed assets | 28 | €21,451,926 | €21,451,926 | = | 0.0% |
| Current assets | 29/58 | €11,008,632 | €11,088,989 | +€80,358 | +0.7% |
| Amounts receivable after more than one year | 29 | €24,977 | €18,326 | -€6,651 | -26.6% |
| Other amounts receivable | 291 | €24,977 | €18,326 | -€6,651 | -26.6% |
| Amounts receivable within one year | 40/41 | €50,584 | €208,662 | +€158,079 | +313% |
| Other amounts receivable | 41 | €50,584 | €208,662 | +€158,079 | +313% |
| Current investments | 50/53 | €9,581,394 | €10,259,843 | +€678,450 | +7.1% |
| Cash at bank and in hand | 54/58 | €1,345,555 | €602,158 | -€743,397 | -55.2% |
| Deferred charges and accrued income | 490/1 | €6,122 | €0 | -€6,122 | -100% |
| Total equity and liabilities | 10/49 | €32,464,155 | €32,545,606 | +€81,451 | +0.3% |
| Equity | 10/15 | €32,443,248 | €32,485,434 | +€42,186 | +0.1% |
| Contributions | 10/11 | €23,286,691 | €23,286,691 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,156,557 | €9,198,743 | +€42,186 | +0.5% |
| Amounts payable | 17/49 | €20,907 | €60,172 | +€39,265 | +188% |
| Amounts payable within one year | 42/48 | €20,907 | €60,172 | +€39,265 | +188% |
| Trade debts | 44 | €3,400 | €3,827 | +€427 | +12.6% |
| Suppliers | 440/4 | €3,400 | €3,827 | +€427 | +12.6% |
| Taxes, remuneration and social security | 45 | €17,507 | €6,345 | -€11,162 | -63.8% |
| Taxes | 450/3 | €17,507 | €6,345 | -€11,162 | -63.8% |
| Other amounts payable | 47/48 | - | €50,000 | +€50,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €982 | €1,252 | +€270 | +27.5% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €261,402 | -€40,903 | -€302,304 | |
| Operating profit (loss) | 9901 | €259,452 | -€43,153 | -€302,605 | |
| Financial income | 75/76B | €7,914,262 | €316,625 | -€7.6m | -96.0% |
| Recurring financial income | 75 | €232,723 | €316,625 | +€83,902 | +36.1% |
| Non-recurring financial income | 76B | €7,681,540 | €0 | -€7.7m | -100% |
| Financial charges | 65/66B | €41,354 | €142,772 | +€101,418 | +245% |
| Recurring financial charges | 65 | €41,354 | €142,772 | +€101,418 | +245% |
| Profit (loss) for the period before taxes | 9903 | €8,132,360 | €130,700 | -€8.0m | -98.4% |
| Income taxes | 67/77 | €114,171 | €38,514 | -€75,657 | -66.3% |
| Profit (loss) for the period | 9904 | €8,018,189 | €92,186 | -€7.9m | -98.9% |
| Profit (loss) for the period to be appropriated | 9905 | €8,018,189 | €92,186 | -€7.9m | -98.9% |
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 24 October 2026 via checked.be.