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
- Cash -€117,227
down €117,227 (-55.7%), from €210,582 to €93,354
mainly Provisions (-€200,000) and Tax, wage and social debts (-€31,258)
- Current investments -€56,000
down €56,000 (-100.0%), from €56,000 to €0
- Tangible fixed assets -€22,300
down €22,300 (-6.8%), from €327,379 to €305,079
of which Land and buildings: -€20,954
- Receivables within one year +€7,042
up €7,042 (+54.3%), from €12,974 to €20,015
of which Trade receivables: +€8,500
- Provisions -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Reserves +€59,000
up €59,000 (+17.0%), from €346,510 to €405,510
of which Distributable reserves: +€59,000
- Tax, wage and social debts -€31,258
down €31,258 (-66.8%), from €46,765 to €15,507
- Trade debts -€8,577
down €8,577 (-96.7%), from €8,871 to €295
- Profit (loss) carried forward -€8,296
down €8,296 (-99.7%), from €8,318 to €22
- Gross operating margin -€158,045
down €158,045, from €59,936 to -€98,108
- Provisions -€58,065
down €58,065 (-40.9%), from -€141,935 to -€200,000
- Taxes -€32,830
down €32,830 (-55.9%), from €58,712 to €25,883
- Financial income +€1,757
up €1,757 (+770.1%), from €228 to €1,985
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 | €624,214 | €435,888 | -€188,326 | -30.2% |
| Fixed assets | 21/28 | €341,958 | €319,658 | -€22,300 | -6.5% |
| Tangible fixed assets | 22/27 | €327,379 | €305,079 | -€22,300 | -6.8% |
| Land and buildings | 22 | €323,221 | €302,267 | -€20,954 | -6.5% |
| Plant, machinery and equipment | 23 | €4,119 | €2,786 | -€1,333 | -32.4% |
| Furniture and vehicles | 24 | €39 | €26 | -€13 | -33.3% |
| Financial fixed assets | 28 | €14,579 | €14,579 | = | 0.0% |
| Current assets | 29/58 | €282,256 | €116,230 | -€166,026 | -58.8% |
| Amounts receivable within one year | 40/41 | €12,974 | €20,015 | +€7,042 | +54.3% |
| Trade receivables | 40 | €11,000 | €19,500 | +€8,500 | +77.3% |
| Other amounts receivable | 41 | €1,974 | €515 | -€1,458 | -73.9% |
| Current investments | 50/53 | €56,000 | €0 | -€56,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €210,582 | €93,354 | -€117,227 | -55.7% |
| Deferred charges and accrued income | 490/1 | €2,701 | €2,860 | +€160 | +5.9% |
| Total equity and liabilities | 10/49 | €624,214 | €435,888 | -€188,326 | -30.2% |
| Equity | 10/15 | €361,028 | €411,732 | +€50,704 | +14.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €346,510 | €405,510 | +€59,000 | +17.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €344,650 | €403,650 | +€59,000 | +17.1% |
| Profit (loss) carried forward | 14 | €8,318 | €22 | -€8,296 | -99.7% |
| Provisions and deferred taxes | 16 | €200,000 | €0 | -€200,000 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €200,000 | €0 | -€200,000 | -100.0% |
| Pensions and similar obligations | 160 | €200,000 | €0 | -€200,000 | -100.0% |
| Amounts payable | 17/49 | €63,186 | €24,156 | -€39,030 | -61.8% |
| Amounts payable within one year | 42/48 | €63,186 | €24,156 | -€39,030 | -61.8% |
| Trade debts | 44 | €8,871 | €295 | -€8,577 | -96.7% |
| Suppliers | 440/4 | €8,871 | €295 | -€8,577 | -96.7% |
| Taxes, remuneration and social security | 45 | €46,765 | €15,507 | -€31,258 | -66.8% |
| Taxes | 450/3 | €46,765 | €15,507 | -€31,258 | -66.8% |
| Other amounts payable | 47/48 | €7,550 | €8,355 | +€805 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,726 | €22,300 | -€426 | -1.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€141,935 | -€200,000 | -€58,065 | -40.9% |
| Other operating charges | 640/8 | €5,210 | €4,879 | -€331 | -6.3% |
| Gross operating margin | 9900 | €59,936 | -€98,108 | -€158,045 | |
| Operating profit (loss) | 9901 | €173,936 | €74,712 | -€99,224 | -57.0% |
| Financial income | 75/76B | €228 | €1,985 | +€1,757 | +770.1% |
| Recurring financial income | 75 | €228 | €1,985 | +€1,757 | +770.1% |
| Financial charges | 65/66B | €135 | €111 | -€24 | -17.8% |
| Recurring financial charges | 65 | €135 | €111 | -€24 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | €174,029 | €76,586 | -€97,443 | -56.0% |
| Income taxes | 67/77 | €58,712 | €25,883 | -€32,830 | -55.9% |
| Profit (loss) for the period | 9904 | €115,317 | €50,704 | -€64,613 | -56.0% |
| Profit (loss) for the period to be appropriated | 9905 | €115,317 | €50,704 | -€64,613 | -56.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.