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
- Receivables within one year -€358,089
down €358,089 (-27.7%), from €1.3m to €936,761
of which Trade receivables: -€603,881
- Intangible fixed assets -€283,824
down €283,824 (-7.4%), from €3.8m to €3.6m
- Cash +€135,390
up €135,390 (+63.6%), from €212,942 to €348,332
mainly Depreciation (+€2.6m) and Receivables within one year (+€358,089)
- Advances received -€521,935
down €521,935 (-76.0%), from €686,915 to €164,980
- Tax, wage and social debts -€344,842
down €344,842 (-61.9%), from €556,757 to €211,915
of which Taxes: -€298,735
- Trade debts +€307,938
up €307,938 (+139.8%), from €220,274 to €528,212
- Debts after one year -€248,683
down €248,683 (-12.2%), from €2.0m to €1.8m
- Reserves +€236,365
up €236,365 (+6.0%), from €4.0m to €4.2m
of which Distributable reserves: +€274,097
- Depreciation +€576,910
up €576,910 (+28.9%), from €2.0m to €2.6m
- Taxes -€348,366
down €348,366, from €132,972 to -€215,394
- Gross operating margin +€169,977
up €169,977 (+4.2%), from €4.0m to €4.2m
- Staff costs -€88,133
down €88,133 (-5.4%), from €1.6m to €1.5m
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 | €8,059,491 | €7,510,758 | -€548,733 | -6.8% |
| Fixed assets | 21/28 | €6,529,645 | €6,194,347 | -€335,298 | -5.1% |
| Intangible fixed assets | 21 | €3,848,367 | €3,564,543 | -€283,824 | -7.4% |
| Tangible fixed assets | 22/27 | €2,423,871 | €2,372,397 | -€51,474 | -2.1% |
| Plant, machinery and equipment | 23 | €17,696 | €17,345 | -€351 | -2.0% |
| Furniture and vehicles | 24 | €55,805 | €46,429 | -€9,375 | -16.8% |
| Other tangible fixed assets | 26 | €2,350,371 | €2,308,623 | -€41,748 | -1.8% |
| Financial fixed assets | 28 | €257,406 | €257,406 | = | 0.0% |
| Current assets | 29/58 | €1,529,846 | €1,316,411 | -€213,435 | -14.0% |
| Stocks and contracts in progress | 3 | €13,213 | €20,058 | +€6,845 | +51.8% |
| Stocks | 30/36 | €13,213 | €20,058 | +€6,845 | +51.8% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €1,294,850 | €936,761 | -€358,089 | -27.7% |
| Trade receivables | 40 | €1,049,795 | €445,914 | -€603,881 | -57.5% |
| Other amounts receivable | 41 | €245,055 | €490,847 | +€245,792 | +100.3% |
| Cash at bank and in hand | 54/58 | €212,942 | €348,332 | +€135,390 | +63.6% |
| Deferred charges and accrued income | 490/1 | €8,842 | €11,260 | +€2,419 | +27.4% |
| Total equity and liabilities | 10/49 | €8,059,491 | €7,510,758 | -€548,733 | -6.8% |
| Equity | 10/15 | €4,355,419 | €4,591,783 | +€236,365 | +5.4% |
| Contributions | 10/11 | €390,000 | €390,000 | = | 0.0% |
| Capital | 10 | €390,000 | €390,000 | = | 0.0% |
| Issued capital | 100 | €390,000 | €390,000 | = | 0.0% |
| Reserves | 13 | €3,965,419 | €4,201,783 | +€236,365 | +6.0% |
| Non-distributable reserves | 130/1 | €39,000 | €39,000 | = | 0.0% |
| Legal reserve | 130 | €39,000 | €39,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €631,500 | €593,768 | -€37,732 | -6.0% |
| Distributable reserves | 133 | €3,294,919 | €3,569,016 | +€274,097 | +8.3% |
| Amounts payable | 17/49 | €3,704,072 | €2,918,974 | -€785,098 | -21.2% |
| Amounts payable after more than one year | 17 | €2,031,410 | €1,782,726 | -€248,683 | -12.2% |
| Financial debts | 170/4 | €2,031,410 | €1,782,726 | -€248,683 | -12.2% |
| Amounts payable within one year | 42/48 | €1,672,662 | €1,136,248 | -€536,414 | -32.1% |
| Current portion of amounts payable after more than one year | 42 | €88,666 | €119,419 | +€30,753 | +34.7% |
| Financial debts | 43 | €119,282 | €111,722 | -€7,560 | -6.3% |
| Credit institutions | 430/8 | €119,282 | €111,722 | -€7,560 | -6.3% |
| Trade debts | 44 | €220,274 | €528,212 | +€307,938 | +139.8% |
| Suppliers | 440/4 | €220,274 | €528,212 | +€307,938 | +139.8% |
| Advances received on contracts in progress | 46 | €686,915 | €164,980 | -€521,935 | -76.0% |
| Taxes, remuneration and social security | 45 | €556,757 | €211,915 | -€344,842 | -61.9% |
| Taxes | 450/3 | €298,773 | €38 | -€298,735 | -100.0% |
| Remuneration and social security | 454/9 | €257,984 | €211,877 | -€46,106 | -17.9% |
| Other amounts payable | 47/48 | €769 | €0 | -€769 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,622,608 | €1,534,475 | -€88,133 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,995,035 | €2,571,945 | +€576,910 | +28.9% |
| Other operating charges | 640/8 | €5,320 | €4,868 | -€452 | -8.5% |
| Gross operating margin | 9900 | €4,023,329 | €4,193,306 | +€169,977 | +4.2% |
| Operating profit (loss) | 9901 | €400,367 | €82,019 | -€318,348 | -79.5% |
| Financial income | 75/76B | €21,992 | €33,852 | +€11,860 | +53.9% |
| Recurring financial income | 75 | €21,992 | €33,852 | +€11,860 | +53.9% |
| Financial charges | 65/66B | €106,207 | €94,899 | -€11,307 | -10.6% |
| Recurring financial charges | 65 | €106,207 | €94,899 | -€11,307 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €316,153 | €20,971 | -€295,181 | -93.4% |
| Income taxes | 67/77 | €132,972 | -€215,394 | -€348,366 | |
| Profit (loss) for the period | 9904 | €183,180 | €236,365 | +€53,185 | +29.0% |
| Transfer from tax-exempt reserves | 789 | - | €37,732 | +€37,732 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €183,180 | €274,097 | +€90,917 | +49.6% |
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 9 October 2026 via checked.be.