IMACAR: 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.
IMACAR
Largest movements
- Cash -€1.9m
down €1.9m (-48.9%), from €3.9m to €2.0m
mainly Contributions, distributions and other (-€5.5m) and Trade debts (-€265,564)
- Financial fixed assets -€460,000
down €460,000 (-2.9%), from €15.6m to €15.2m
of which Companies linked by participating interests: -€460,000
- Current investments -€451,591
down €451,591 (-14.6%), from €3.1m to €2.6m
of which Own shares: -€451,591
- Receivables within one year -€373,681
down €373,681 (-19.2%), from €1.9m to €1.6m
of which Trade receivables: -€723,985
- Reserves -€5.2m
down €5.2m (-27.0%), from €19.2m to €14.0m
of which Distributable reserves: -€4.7m
- Other debts +€2.3m
up €2.3m (+52.3%), from €4.3m to €6.6m
- Trade debts -€265,564
down €265,564 (-62.3%), from €426,078 to €160,514
- Financial income -€4.1m
down €4.1m (-96.3%), from €4.3m to €158,372
- Financial charges -€525,879
down €525,879 (-62.9%), from €835,608 to €309,729
of which Non-recurring financial charges: -€526,999
- Turnover -€292,338
down €292,338 (-11.6%), from €2.5m to €2.2m
- Staff costs +€132,134
up €132,134 (+24.5%), from €538,498 to €670,632
- Goods and materials +€101,236
up €101,236 (+23.8%), from €425,266 to €526,502
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 | €24,623,378 | €21,396,908 | -€3.2m | -13.1% |
| Fixed assets | 21/28 | €15,627,546 | €15,169,424 | -€458,122 | -2.9% |
| Tangible fixed assets | 22/27 | €6,443 | €8,320 | +€1,878 | +29.1% |
| Plant, machinery and equipment | 23 | - | €1,963 | +€1,963 | |
| Furniture and vehicles | 24 | €6,443 | €6,357 | -€85 | -1.3% |
| Financial fixed assets | 28 | €15,621,104 | €15,161,104 | -€460,000 | -2.9% |
| Affiliated companies | 280/1 | €10,629,278 | €10,629,278 | = | 0.0% |
| Participating interests | 280 | €10,629,278 | €10,629,278 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €4,991,825 | €4,531,825 | -€460,000 | -9.2% |
| Participating interests | 282 | €930,913 | €930,913 | = | 0.0% |
| Amounts receivable | 283 | €4,060,912 | €3,600,912 | -€460,000 | -11.3% |
| Current assets | 29/58 | €8,995,832 | €6,227,484 | -€2.8m | -30.8% |
| Amounts receivable within one year | 40/41 | €1,947,335 | €1,573,654 | -€373,681 | -19.2% |
| Trade receivables | 40 | €1,346,857 | €622,872 | -€723,985 | -53.8% |
| Other amounts receivable | 41 | €600,478 | €950,783 | +€350,304 | +58.3% |
| Current investments | 50/53 | €3,092,228 | €2,640,637 | -€451,591 | -14.6% |
| Own shares | 50 | €2,142,200 | €1,690,609 | -€451,591 | -21.1% |
| Other investments | 51/53 | €950,028 | €950,028 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,875,197 | €1,980,018 | -€1.9m | -48.9% |
| Deferred charges and accrued income | 490/1 | €81,070 | €33,175 | -€47,895 | -59.1% |
| Total equity and liabilities | 10/49 | €24,623,378 | €21,396,908 | -€3.2m | -13.1% |
| Equity | 10/15 | €19,700,663 | €14,529,129 | -€5.2m | -26.3% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €19,200,000 | €14,020,000 | -€5.2m | -27.0% |
| Non-distributable reserves | 130/1 | €2,192,200 | €1,740,609 | -€451,591 | -20.6% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Own shares acquired | 1312 | €2,142,200 | €1,690,609 | -€451,591 | -21.1% |
| Distributable reserves | 133 | €17,007,800 | €12,279,391 | -€4.7m | -27.8% |
| Profit (loss) carried forward | 14 | €663 | €9,129 | +€8,465 | +1276.1% |
| Amounts payable | 17/49 | €4,922,715 | €6,867,779 | +€1.9m | +39.5% |
| Amounts payable within one year | 42/48 | €4,814,662 | €6,828,685 | +€2.0m | +41.8% |
| Trade debts | 44 | €426,078 | €160,514 | -€265,564 | -62.3% |
| Suppliers | 440/4 | €426,078 | €160,514 | -€265,564 | -62.3% |
| Taxes, remuneration and social security | 45 | €82,543 | €110,277 | +€27,734 | +33.6% |
| Taxes | 450/3 | €7,907 | €7,070 | -€837 | -10.6% |
| Remuneration and social security | 454/9 | €74,636 | €103,207 | +€28,571 | +38.3% |
| Other amounts payable | 47/48 | €4,306,041 | €6,557,894 | +€2.3m | +52.3% |
| Accrued charges and deferred income | 492/3 | €108,052 | €39,094 | -€68,959 | -63.8% |
| Operating income | 70/76A | €2,892,980 | €2,661,618 | -€231,362 | -8.0% |
| Turnover | 70 | €2,510,100 | €2,217,762 | -€292,338 | -11.6% |
| Other operating income | 74 | €382,880 | €443,856 | +€60,976 | +15.9% |
| Operating charges | 60/66A | €1,892,846 | €2,180,714 | +€287,867 | +15.2% |
| Goods for resale, raw materials and consumables | 60 | €425,266 | €526,502 | +€101,236 | +23.8% |
| Purchases | 600/8 | €425,266 | €526,502 | +€101,236 | +23.8% |
| Services and other goods | 61 | €921,673 | €976,276 | +€54,603 | +5.9% |
| Remuneration, social security and pensions | 62 | €538,498 | €670,632 | +€132,134 | +24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,642 | €5,474 | -€168 | -3.0% |
| Other operating charges | 640/8 | €1,767 | €1,830 | +€63 | +3.5% |
| Operating profit (loss) | 9901 | €1,000,134 | €480,904 | -€519,230 | -51.9% |
| Financial income | 75/76B | €4,253,516 | €158,372 | -€4.1m | -96.3% |
| Recurring financial income | 75 | €4,253,516 | €158,372 | -€4.1m | -96.3% |
| Income from financial fixed assets | 750 | €4,114,376 | €106,826 | -€4.0m | -97.4% |
| Income from current assets | 751 | €139,140 | €51,547 | -€87,594 | -63.0% |
| Financial charges | 65/66B | €835,608 | €309,729 | -€525,879 | -62.9% |
| Recurring financial charges | 65 | €108,609 | €109,729 | +€1,120 | +1.0% |
| Debt charges | 650 | €106,740 | €37,782 | -€68,959 | -64.6% |
| Other financial charges | 652/9 | €1,869 | €71,948 | +€70,079 | +3749.3% |
| Non-recurring financial charges | 66B | €726,999 | €200,000 | -€526,999 | -72.5% |
| Profit (loss) for the period before taxes | 9903 | €4,418,041 | €329,547 | -€4.1m | -92.5% |
| Income taxes | 67/77 | €892 | €1,081 | +€190 | +21.3% |
| Taxes | 670/3 | €892 | €1,081 | +€190 | +21.3% |
| Profit (loss) for the period | 9904 | €4,417,150 | €328,465 | -€4.1m | -92.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,417,150 | €328,465 | -€4.1m | -92.6% |
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 5 October 2026 via checked.be.