IMAGE 4 BRAND: 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.
IMAGE 4 BRAND
Largest movements
- Receivables within one year +€40,463
up €40,463 (+50.4%), from €80,221 to €120,684
of which Trade receivables: +€40,316
- Cash +€14,241
up €14,241 (+105%), from €13,522 to €27,762
mainly Net result for the year (+€54,259) and Current investments (+€9,060)
- Current investments -€9,060
down €9,060 (-18.1%), from €50,000 to €40,940
- Tangible fixed assets -€5,087
down €5,087 (-22.3%), from €22,835 to €17,747
of which Furniture and vehicles: -€2,934
- Reserves +€54,259
up €54,259 (+44.3%), from €122,416 to €176,676
of which Distributable reserves: +€54,259
- Other debts -€16,323
down €16,323 (-77.4%), from €21,081 to €4,758
- Tax, wage and social debts +€3,098
up €3,098 (+19.4%), from €15,952 to €19,050
- Taxes -€15,461
down €15,461 (-46.2%), from €33,448 to €17,987
- Gross operating margin +€5,359
up €5,359 (+7.3%), from €73,241 to €78,600
- Financial income +€1,543
new in 2025: €1,543
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.
Derived cash bridge
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 | €166,578 | €207,134 | +€40,556 | +24.3% |
| Fixed assets | 21/28 | €22,835 | €17,747 | -€5,087 | -22.3% |
| Tangible fixed assets | 22/27 | €22,835 | €17,747 | -€5,087 | -22.3% |
| Plant, machinery and equipment | 23 | €14,756 | €12,602 | -€2,153 | -14.6% |
| Furniture and vehicles | 24 | €8,079 | €5,145 | -€2,934 | -36.3% |
| Current assets | 29/58 | €143,743 | €189,386 | +€45,643 | +31.8% |
| Amounts receivable within one year | 40/41 | €80,221 | €120,684 | +€40,463 | +50.4% |
| Trade receivables | 40 | €80,221 | €120,538 | +€40,316 | +50.3% |
| Other amounts receivable | 41 | - | €147 | +€147 | |
| Current investments | 50/53 | €50,000 | €40,940 | -€9,060 | -18.1% |
| Cash at bank and in hand | 54/58 | €13,522 | €27,762 | +€14,241 | +105% |
| Total equity and liabilities | 10/49 | €166,578 | €207,134 | +€40,556 | +24.3% |
| Equity | 10/15 | €128,616 | €182,876 | +€54,259 | +42.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €122,416 | €176,676 | +€54,259 | +44.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €110,556 | €164,816 | +€54,259 | +49.1% |
| Amounts payable | 17/49 | €37,961 | €24,258 | -€13,703 | -36.1% |
| Amounts payable within one year | 42/48 | €37,961 | €24,258 | -€13,703 | -36.1% |
| Trade debts | 44 | €929 | €450 | -€479 | -51.5% |
| Suppliers | 440/4 | €4 | €450 | +€446 | +11,500% |
| Bills of exchange payable | 441 | €925 | - | -€925 | |
| Taxes, remuneration and social security | 45 | €15,952 | €19,050 | +€3,098 | +19.4% |
| Taxes | 450/3 | €15,952 | €19,050 | +€3,098 | +19.4% |
| Other amounts payable | 47/48 | €21,081 | €4,758 | -€16,323 | -77.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,347 | €7,354 | +€8 | +0.1% |
| Other operating charges | 640/8 | €384 | €387 | +€3 | +0.8% |
| Gross operating margin | 9900 | €73,241 | €78,600 | +€5,359 | +7.3% |
| Operating profit (loss) | 9901 | €65,509 | €70,858 | +€5,349 | +8.2% |
| Financial income | 75/76B | - | €1,543 | +€1,543 | |
| Recurring financial income | 75 | - | €1,543 | +€1,543 | |
| Financial charges | 65/66B | €123 | €155 | +€32 | +25.9% |
| Recurring financial charges | 65 | €123 | €155 | +€32 | +25.9% |
| Profit (loss) for the period before taxes | 9903 | €65,387 | €72,247 | +€6,860 | +10.5% |
| Income taxes | 67/77 | €33,448 | €17,987 | -€15,461 | -46.2% |
| Profit (loss) for the period | 9904 | €31,939 | €54,259 | +€22,321 | +69.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,939 | €54,259 | +€22,321 | +69.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.