IMA: 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.
IMA
Largest movements
- Tangible fixed assets +€409,654
up €409,654 (+56.0%), from €731,966 to €1.1m
of which Land and buildings: +€409,654
- Cash -€116,847
down €116,847 (-16.0%), from €729,071 to €612,223
mainly Contributions, distributions and other (-€2.0m) and Investment in fixed assets (net) (-€409,654)
- Receivables within one year +€21,220
up €21,220 (+8.9%), from €237,432 to €258,652
- Other debts +€2.0m
new in 2026: €2.0m
- Reserves -€1.7m
no longer reported in 2026 (was €1.7m)
of which Distributable reserves: -€1.7m
- Gross operating margin -€216,175
down €216,175 (-34.9%), from €619,580 to €403,404
- Taxes -€202,562
down €202,562 (-66.4%), from €305,203 to €102,641
- Depreciation -€22,798
no longer reported in 2026 (was €22,798)
- Financial income -€11,554
down €11,554 (-55.8%), from €20,723 to €9,170
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,703,360 | €2,012,496 | +€309,136 | +18.1% |
| Fixed assets | 21/28 | €731,966 | €1,141,620 | +€409,654 | +56.0% |
| Tangible fixed assets | 22/27 | €731,966 | €1,141,620 | +€409,654 | +56.0% |
| Land and buildings | 22 | €690,346 | €1,100,000 | +€409,654 | +59.3% |
| Furniture and vehicles | 24 | €41,620 | €41,620 | = | 0.0% |
| Current assets | 29/58 | €971,394 | €870,876 | -€100,518 | -10.3% |
| Amounts receivable within one year | 40/41 | €237,432 | €258,652 | +€21,220 | +8.9% |
| Other amounts receivable | 41 | €237,432 | €258,652 | +€21,220 | +8.9% |
| Cash at bank and in hand | 54/58 | €729,071 | €612,223 | -€116,847 | -16.0% |
| Deferred charges and accrued income | 490/1 | €4,891 | - | -€4,891 | |
| Total equity and liabilities | 10/49 | €1,703,360 | €2,012,496 | +€309,136 | +18.1% |
| Equity | 10/15 | €1,698,517 | €24,789 | -€1.7m | -98.5% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €1,673,728 | - | -€1.7m | |
| Non-distributable reserves | 130/1 | €2,479 | - | -€2,479 | |
| Reserves not available under the articles | 1311 | €2,479 | - | -€2,479 | |
| Distributable reserves | 133 | €1,671,249 | - | -€1.7m | |
| Amounts payable | 17/49 | €4,843 | €1,987,707 | +€2.0m | +40944.5% |
| Amounts payable within one year | 42/48 | €4,843 | €1,987,707 | +€2.0m | +40944.5% |
| Trade debts | 44 | €628 | - | -€628 | |
| Suppliers | 440/4 | €628 | - | -€628 | |
| Taxes, remuneration and social security | 45 | €4,215 | €6,057 | +€1,842 | +43.7% |
| Taxes | 450/3 | €4,215 | €6,057 | +€1,842 | +43.7% |
| Other amounts payable | 47/48 | - | €1,981,650 | +€2.0m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,798 | - | -€22,798 | |
| Other operating charges | 640/8 | €5,113 | €1,866 | -€3,247 | -63.5% |
| Gross operating margin | 9900 | €619,580 | €403,404 | -€216,175 | -34.9% |
| Operating profit (loss) | 9901 | €591,668 | €401,539 | -€190,130 | -32.1% |
| Financial income | 75/76B | €20,723 | €9,170 | -€11,554 | -55.8% |
| Recurring financial income | 75 | €20,723 | €9,170 | -€11,554 | -55.8% |
| Financial charges | 65/66B | €170 | €146 | -€24 | -14.3% |
| Recurring financial charges | 65 | €170 | €146 | -€24 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €612,221 | €410,562 | -€201,659 | -32.9% |
| Transfer from deferred taxes | 780 | €86,747 | - | -€86,747 | |
| Income taxes | 67/77 | €305,203 | €102,641 | -€202,562 | -66.4% |
| Profit (loss) for the period | 9904 | €393,765 | €307,922 | -€85,844 | -21.8% |
| Transfer from tax-exempt reserves | 789 | €260,241 | - | -€260,241 | |
| Profit (loss) for the period to be appropriated | 9905 | €654,006 | €307,922 | -€346,084 | -52.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2025 and 28 September 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.