IMAF: 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.
What changed
IMAF
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€8,757
2024 · €2,249-€11,006
Equity
€443,658
2024 · €452,415-€8,757
Cash
€3,277
2024 · €3,710-€433
Balance sheet total
€464,217
2024 · €520,678-€56,461
Largest movements
Assets
- Receivables after one year +€96,723
new in 2025: €96,723
- Receivables within one year -€85,799
down €85,799 (-81.5%), from €105,303 to €19,504
of which Other amounts receivable: -€86,339
- Tangible fixed assets -€67,298
down €67,298 (-23.3%), from €289,231 to €221,933
Equity and liabilities
- Trade debts -€37,729
down €37,729 (-76.3%), from €49,480 to €11,750
- Reserves -€9,606
down €9,606 (-7.4%), from €130,623 to €121,017
of which Tax-exempt reserves: -€9,606
Income statement
- Gross operating margin -€13,526
down €13,526 (-15.6%), from €86,502 to €72,976
- Taxes -€3,018
down €3,018 (-90.5%), from €3,336 to €318
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.
Result 2024
€2,249
Gross operating margin
-€13,526
Depreciation
+€53
Other operating charges
-€680
Financial income
+€578
Financial charges
-€449
Taxes
+€3,018
Result 2025
-€8,757
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.
From operations
+€2,158
Investment
-€0
Financing
-€2,591
Cash 2024
€3,710
From operations (derived)
+€2,158
Net result for the year
-€8,757
Depreciation
+€67,298
Receivables after one year
-€96,723
Receivables within one year
+€85,799
Deferred charges and accrued income
-€345
Provisions
-€4,254
Trade debts
-€37,729
Tax, wage and social debts
-€3,033
Accrued charges and deferred income
-€97
Investment (derived)
-€0
Current investments
-€0
Financing
-€2,591
Debts after one year
-€2,591
Cash 2025
€3,277
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €520,678 | €464,217 | -€56,461 | -10.8% |
| Fixed assets | 21/28 | €409,836 | €342,538 | -€67,298 | -16.4% |
| Tangible fixed assets | 22/27 | €289,231 | €221,933 | -€67,298 | -23.3% |
| Land and buildings | 22 | €289,231 | €221,933 | -€67,298 | -23.3% |
| Financial fixed assets | 28 | €120,605 | €120,605 | = | 0.0% |
| Current assets | 29/58 | €110,843 | €121,680 | +€10,837 | +9.8% |
| Amounts receivable after more than one year | 29 | - | €96,723 | +€96,723 | |
| Trade receivables | 290 | - | €96,723 | +€96,723 | |
| Amounts receivable within one year | 40/41 | €105,303 | €19,504 | -€85,799 | -81.5% |
| Trade receivables | 40 | €17,205 | €17,745 | +€540 | +3.1% |
| Other amounts receivable | 41 | €88,097 | €1,758 | -€86,339 | -98.0% |
| Current investments | 50/53 | €30 | €30 | +€0 | +0.5% |
| Cash at bank and in hand | 54/58 | €3,710 | €3,277 | -€433 | -11.7% |
| Deferred charges and accrued income | 490/1 | €1,800 | €2,145 | +€345 | +19.2% |
| Total equity and liabilities | 10/49 | €520,678 | €464,217 | -€56,461 | -10.8% |
| Equity | 10/15 | €452,415 | €443,658 | -€8,757 | -1.9% |
| Contributions | 10/11 | €309,867 | €309,867 | = | 0.0% |
| Capital | 10 | €309,867 | €309,867 | = | 0.0% |
| Issued capital | 100 | €309,867 | €309,867 | = | 0.0% |
| Reserves | 13 | €130,623 | €121,017 | -€9,606 | -7.4% |
| Non-distributable reserves | 130/1 | €30,987 | €30,987 | = | 0.0% |
| Legal reserve | 130 | €30,987 | €30,987 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,837 | €22,231 | -€9,606 | -30.2% |
| Distributable reserves | 133 | €67,800 | €67,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,925 | €12,774 | +€849 | +7.1% |
| Provisions and deferred taxes | 16 | €12,745 | €8,491 | -€4,254 | -33.4% |
| Deferred taxes | 168 | €12,745 | €8,491 | -€4,254 | -33.4% |
| Amounts payable | 17/49 | €55,518 | €12,068 | -€43,450 | -78.3% |
| Amounts payable after more than one year | 17 | €2,591 | €0 | -€2,591 | -100.0% |
| Financial debts | 170/4 | €2,591 | €0 | -€2,591 | -100.0% |
| Amounts payable within one year | 42/48 | €52,830 | €12,068 | -€40,762 | -77.2% |
| Trade debts | 44 | €49,480 | €11,750 | -€37,729 | -76.3% |
| Suppliers | 440/4 | €49,480 | €11,750 | -€37,729 | -76.3% |
| Taxes, remuneration and social security | 45 | €3,350 | €318 | -€3,033 | -90.5% |
| Taxes | 450/3 | €3,350 | €318 | -€3,033 | -90.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €97 | €0 | -€97 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,351 | €67,298 | -€53 | -0.1% |
| Other operating charges | 640/8 | €19,531 | €20,211 | +€680 | +3.5% |
| Gross operating margin | 9900 | €86,502 | €72,976 | -€13,526 | -15.6% |
| Operating profit (loss) | 9901 | -€380 | -€14,533 | -€14,153 | -3724.2% |
| Financial income | 75/76B | €2,319 | €2,897 | +€578 | +24.9% |
| Recurring financial income | 75 | €2,319 | €2,897 | +€578 | +24.9% |
| Financial charges | 65/66B | €608 | €1,058 | +€449 | +73.9% |
| Recurring financial charges | 65 | €608 | €1,058 | +€449 | +73.9% |
| Profit (loss) for the period before taxes | 9903 | €1,331 | -€12,694 | -€14,025 | |
| Transfer from deferred taxes | 780 | €4,254 | €4,254 | = | 0.0% |
| Income taxes | 67/77 | €3,336 | €318 | -€3,018 | -90.5% |
| Profit (loss) for the period | 9904 | €2,249 | -€8,757 | -€11,006 | |
| Transfer from tax-exempt reserves | 789 | €9,606 | €9,606 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,855 | €849 | -€11,006 | -92.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.