IM-O: 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-O
Largest movements
- Cash -€10,427
down €10,427 (-42.9%), from €24,316 to €13,890
mainly Net result for the year (-€17,882) and Investment in fixed assets (net) (-€1,034)
- Tangible fixed assets -€6,780
down €6,780 (-3.0%), from €223,473 to €216,693
of which Land and buildings: -€6,978
- Profit (loss) carried forward -€17,882
down €17,882 (-33.6%), from -€53,227 to -€71,109
- Other operating charges -€1,055
down €1,055 (-38.5%), from €2,737 to €1,683
- Gross operating margin -€894
down €894 (-35.0%), from -€2,552 to -€3,446
- Depreciation +€240
up €240 (+3.0%), from €7,960 to €8,200
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 | €249,383 | €231,643 | -€17,741 | -7.1% |
| Formation expenses | 20 | €710 | €324 | -€386 | -54.3% |
| Fixed assets | 21/28 | €223,473 | €216,693 | -€6,780 | -3.0% |
| Tangible fixed assets | 22/27 | €223,473 | €216,693 | -€6,780 | -3.0% |
| Land and buildings | 22 | €220,832 | €213,853 | -€6,978 | -3.2% |
| Plant, machinery and equipment | 23 | €2,641 | €2,840 | +€198 | +7.5% |
| Current assets | 29/58 | €25,200 | €14,625 | -€10,575 | -42.0% |
| Amounts receivable within one year | 40/41 | €262 | €101 | -€161 | -61.6% |
| Other amounts receivable | 41 | €262 | €101 | -€161 | -61.6% |
| Cash at bank and in hand | 54/58 | €24,316 | €13,890 | -€10,427 | -42.9% |
| Deferred charges and accrued income | 490/1 | €622 | €635 | +€12 | +2.0% |
| Total equity and liabilities | 10/49 | €249,383 | €231,643 | -€17,741 | -7.1% |
| Equity | 10/15 | -€50,727 | -€68,609 | -€17,882 | -35.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,227 | -€71,109 | -€17,882 | -33.6% |
| Amounts payable | 17/49 | €300,110 | €300,252 | +€142 | 0.0% |
| Amounts payable after more than one year | 17 | €300,000 | €300,000 | = | 0.0% |
| Financial debts | 170/4 | €300,000 | €300,000 | = | 0.0% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €110 | €226 | +€116 | +106% |
| Trade debts | 44 | €110 | €226 | +€116 | +106% |
| Suppliers | 440/4 | €110 | €226 | +€116 | +106% |
| Accrued charges and deferred income | 492/3 | - | €26 | +€26 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,960 | €8,200 | +€240 | +3.0% |
| Other operating charges | 640/8 | €2,737 | €1,683 | -€1,055 | -38.5% |
| Gross operating margin | 9900 | -€2,552 | -€3,446 | -€894 | -35.0% |
| Operating profit (loss) | 9901 | -€13,249 | -€13,328 | -€79 | -0.6% |
| Financial charges | 65/66B | €4,551 | €4,554 | +€3 | +0.1% |
| Recurring financial charges | 65 | €4,551 | €4,554 | +€3 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | -€17,800 | -€17,882 | -€82 | -0.5% |
| Profit (loss) for the period | 9904 | -€17,800 | -€17,882 | -€82 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,800 | -€17,882 | -€82 | -0.5% |
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 18 October 2026 via checked.be.