IMACO: 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.
IMACO
Largest movements
- Receivables within one year +€345,565
up €345,565 (+47.5%), from €726,818 to €1.1m
of which Trade receivables: +€345,568
- Tangible fixed assets -€289,944
down €289,944 (-11.7%), from €2.5m to €2.2m
of which Plant, machinery and equipment: -€302,380
- Cash -€43,155
down €43,155 (-9.9%), from €435,004 to €391,849
mainly Receivables within one year (-€345,565) and Tax, wage and social debts (-€32,600)
No liability line moved by more than 1% of the balance sheet total.
- Depreciation +€35,284
up €35,284 (+15.0%), from €235,774 to €271,059
- Taxes -€32,702
down €32,702 (-84.1%), from €38,870 to €6,168
- Gross operating margin -€18,321
down €18,321 (-4.0%), from €463,103 to €444,782
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 | €3,639,691 | €3,652,156 | +€12,465 | +0.3% |
| Fixed assets | 21/28 | €2,477,869 | €2,187,925 | -€289,944 | -11.7% |
| Tangible fixed assets | 22/27 | €2,477,869 | €2,187,925 | -€289,944 | -11.7% |
| Land and buildings | 22 | €562,986 | €575,422 | +€12,436 | +2.2% |
| Plant, machinery and equipment | 23 | €1,914,883 | €1,612,503 | -€302,380 | -15.8% |
| Current assets | 29/58 | €1,161,822 | €1,464,231 | +€302,410 | +26.0% |
| Amounts receivable within one year | 40/41 | €726,818 | €1,072,382 | +€345,565 | +47.5% |
| Trade receivables | 40 | €686,814 | €1,032,381 | +€345,568 | +50.3% |
| Other amounts receivable | 41 | €40,004 | €40,001 | -€3 | 0.0% |
| Cash at bank and in hand | 54/58 | €435,004 | €391,849 | -€43,155 | -9.9% |
| Total equity and liabilities | 10/49 | €3,639,691 | €3,652,156 | +€12,465 | +0.3% |
| Equity | 10/15 | €3,570,778 | €3,588,389 | +€17,611 | +0.5% |
| Contributions | 10/11 | €130,200 | €130,200 | = | 0.0% |
| Capital | 10 | €130,200 | €130,200 | = | 0.0% |
| Issued capital | 100 | €130,200 | €130,200 | = | 0.0% |
| Reserves | 13 | €3,440,578 | €3,458,189 | +€17,611 | +0.5% |
| Non-distributable reserves | 130/1 | €13,020 | €13,020 | = | 0.0% |
| Legal reserve | 130 | €13,020 | €13,020 | = | 0.0% |
| Distributable reserves | 133 | €3,427,558 | €3,445,169 | +€17,611 | +0.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €68,912 | €63,767 | -€5,146 | -7.5% |
| Amounts payable within one year | 42/48 | €68,630 | €59,333 | -€9,297 | -13.5% |
| Trade debts | 44 | €9,630 | €32,933 | +€23,303 | +242.0% |
| Suppliers | 440/4 | €9,630 | €32,933 | +€23,303 | +242.0% |
| Taxes, remuneration and social security | 45 | €39,000 | €6,400 | -€32,600 | -83.6% |
| Taxes | 450/3 | €39,000 | €6,400 | -€32,600 | -83.6% |
| Other amounts payable | 47/48 | €20,000 | €20,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €283 | €4,434 | +€4,151 | +1468.0% |
| Non-recurring operating income | 76A | €0 | €174 | +€174 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €235,774 | €271,059 | +€35,284 | +15.0% |
| Other operating charges | 640/8 | €63,835 | €65,481 | +€1,646 | +2.6% |
| Non-recurring operating charges | 66A | - | €63,255 | +€63,255 | |
| Gross operating margin | 9900 | €463,103 | €444,782 | -€18,321 | -4.0% |
| Operating profit (loss) | 9901 | €163,495 | €44,987 | -€118,507 | -72.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,227 | €1,209 | -€19 | -1.5% |
| Recurring financial charges | 65 | €1,227 | €1,209 | -€19 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €162,267 | €43,779 | -€118,488 | -73.0% |
| Income taxes | 67/77 | €38,870 | €6,168 | -€32,702 | -84.1% |
| Profit (loss) for the period | 9904 | €123,397 | €37,611 | -€85,786 | -69.5% |
| Profit (loss) for the period to be appropriated | 9905 | €123,397 | €37,611 | -€85,786 | -69.5% |
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 2 October 2026 via checked.be.