IM-X: what changed
Two fiscal 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-X
Largest movements
- Cash -€110,766
down €110,766 (-24.6%), from €450,524 to €339,759
mainly Other debts (-€74,818) and Net result for the year (-€71,135)
- Receivables after one year -€37,200
down €37,200 (-28.1%), from €132,300 to €95,100
- Tangible fixed assets -€9,477
down €9,477 (-4.5%), from €209,189 to €199,712
of which Land and buildings: -€7,595
- Deferred charges and accrued income +€8,690
up €8,690 (+1722.4%), from €505 to €9,195
- Other debts -€74,818
down €74,818 (-47.1%), from €158,874 to €84,056
- Profit (loss) carried forward -€71,135
down €71,135 (-51.6%), from -€137,808 to -€208,944
- Gross operating margin +€17,784
up €17,784 (+27.1%), from -€65,616 to -€47,833
- Staff costs +€10,111
up €10,111, from -€10,111 to €0
- Financial income -€9,851
down €9,851 (-81.1%), from €12,153 to €2,302
- Financial charges -€6,718
down €6,718 (-41.7%), from €16,102 to €9,384
- Other operating charges -€2,962
down €2,962 (-32.4%), from €9,154 to €6,192
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.
Cash bridge derived
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 | €800,516 | €652,325 | -€148,191 | -18.5% |
| Fixed assets | 21/28 | €209,596 | €199,762 | -€9,834 | -4.7% |
| Tangible fixed assets | 22/27 | €209,189 | €199,712 | -€9,477 | -4.5% |
| Land and buildings | 22 | €206,047 | €198,452 | -€7,595 | -3.7% |
| Plant, machinery and equipment | 23 | €1,328 | €540 | -€788 | -59.3% |
| Furniture and vehicles | 24 | €1,814 | €720 | -€1,094 | -60.3% |
| Financial fixed assets | 28 | €407 | €50 | -€357 | -87.7% |
| Current assets | 29/58 | €590,920 | €452,563 | -€138,357 | -23.4% |
| Amounts receivable after more than one year | 29 | €132,300 | €95,100 | -€37,200 | -28.1% |
| Other amounts receivable | 291 | €132,300 | €95,100 | -€37,200 | -28.1% |
| Amounts receivable within one year | 40/41 | €7,592 | €8,509 | +€918 | +12.1% |
| Trade receivables | 40 | €4,379 | €4,953 | +€574 | +13.1% |
| Other amounts receivable | 41 | €3,212 | €3,556 | +€344 | +10.7% |
| Cash at bank and in hand | 54/58 | €450,524 | €339,759 | -€110,766 | -24.6% |
| Deferred charges and accrued income | 490/1 | €505 | €9,195 | +€8,690 | +1722.4% |
| Total equity and liabilities | 10/49 | €800,516 | €652,325 | -€148,191 | -18.5% |
| Equity | 10/15 | €628,602 | €557,466 | -€71,135 | -11.3% |
| Contributions | 10/11 | €683,000 | €683,000 | = | 0.0% |
| Reserves | 13 | €83,410 | €83,410 | = | 0.0% |
| Non-distributable reserves | 130/1 | €42,500 | €42,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €42,500 | €42,500 | = | 0.0% |
| Distributable reserves | 133 | €40,910 | €40,910 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€137,808 | -€208,944 | -€71,135 | -51.6% |
| Amounts payable | 17/49 | €171,915 | €94,859 | -€77,056 | -44.8% |
| Amounts payable within one year | 42/48 | €171,915 | €94,859 | -€77,056 | -44.8% |
| Trade debts | 44 | €8,024 | €8,036 | +€13 | +0.2% |
| Suppliers | 440/4 | €8,024 | €8,036 | +€13 | +0.2% |
| Taxes, remuneration and social security | 45 | €5,017 | €2,766 | -€2,251 | -44.9% |
| Taxes | 450/3 | €5,017 | €2,766 | -€2,251 | -44.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €158,874 | €84,056 | -€74,818 | -47.1% |
| Non-recurring operating income | 76A | - | €23,529 | +€23,529 | |
| Remuneration, social security and pensions | 62 | -€10,111 | €0 | +€10,111 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,041 | €9,477 | -€564 | -5.6% |
| Other operating charges | 640/8 | €9,154 | €6,192 | -€2,962 | -32.4% |
| Gross operating margin | 9900 | -€65,616 | -€47,833 | +€17,784 | +27.1% |
| Operating profit (loss) | 9901 | -€74,700 | -€63,501 | +€11,199 | +15.0% |
| Financial income | 75/76B | €12,153 | €2,302 | -€9,851 | -81.1% |
| Recurring financial income | 75 | €12,153 | €2,302 | -€9,851 | -81.1% |
| Financial charges | 65/66B | €16,102 | €9,384 | -€6,718 | -41.7% |
| Recurring financial charges | 65 | €16,102 | €9,384 | -€6,718 | -41.7% |
| Profit (loss) for the period before taxes | 9903 | -€78,649 | -€70,584 | +€8,066 | +10.3% |
| Income taxes | 67/77 | €434 | €552 | +€118 | +27.2% |
| Profit (loss) for the period | 9904 | -€79,083 | -€71,135 | +€7,948 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€79,083 | -€71,135 | +€7,948 | +10.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.