IMAGE CINEY: 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 CINEY
Largest movements
- Tangible fixed assets +€303,076
up €303,076 (+388.6%), from €77,995 to €381,071
of which Other tangible fixed assets: +€307,288
- Cash -€132,664
down €132,664 (-61.4%), from €216,122 to €83,458
mainly Investment in fixed assets (net) (-€377,416) and Net result for the year (-€62,759)
- Intangible fixed assets -€13,576
down €13,576 (-35.3%), from €38,442 to €24,866
- Receivables within one year -€11,971
down €11,971 (-22.8%), from €52,551 to €40,580
of which Other amounts receivable: -€10,814
- Stocks and contracts +€10,977
up €10,977 (+11.6%), from €94,249 to €105,226
- Debts after one year +€140,307
up €140,307 (+2332.6%), from €6,015 to €146,322
- Other debts +€60,657
up €60,657 (+36.1%), from €168,046 to €228,703
- Reserves -€40,000
down €40,000 (-22.7%), from €176,200 to €136,200
of which Distributable reserves: -€40,000
- Profit (loss) carried forward -€22,759
down €22,759 (-91.4%), from €24,894 to €2,135
- Trade debts +€8,845
up €8,845 (+7.4%), from €119,665 to €128,510
- Gross operating margin -€39,985
down €39,985 (-14.7%), from €271,514 to €231,529
- Depreciation +€20,862
up €20,862 (+31.1%), from €67,054 to €87,916
- Staff costs +€10,411
up €10,411 (+6.0%), from €174,811 to €185,222
- Taxes -€4,886
down €4,886 (-97.5%), from €5,011 to €125
- Other operating charges +€3,362
up €3,362 (+110.0%), from €3,057 to €6,419
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 | €643,799 | €800,802 | +€157,003 | +24.4% |
| Fixed assets | 21/28 | €267,131 | €556,631 | +€289,500 | +108.4% |
| Intangible fixed assets | 21 | €38,442 | €24,866 | -€13,576 | -35.3% |
| Tangible fixed assets | 22/27 | €77,995 | €381,071 | +€303,076 | +388.6% |
| Plant, machinery and equipment | 23 | €12,867 | €10,546 | -€2,321 | -18.0% |
| Furniture and vehicles | 24 | €10,871 | €16,974 | +€6,103 | +56.1% |
| Leasing and similar rights | 25 | €8,519 | €525 | -€7,994 | -93.8% |
| Other tangible fixed assets | 26 | €45,738 | €353,026 | +€307,288 | +671.8% |
| Financial fixed assets | 28 | €150,694 | €150,694 | = | 0.0% |
| Current assets | 29/58 | €376,668 | €244,171 | -€132,497 | -35.2% |
| Stocks and contracts in progress | 3 | €94,249 | €105,226 | +€10,977 | +11.6% |
| Stocks | 30/36 | €94,249 | €105,226 | +€10,977 | +11.6% |
| Amounts receivable within one year | 40/41 | €52,551 | €40,580 | -€11,971 | -22.8% |
| Trade receivables | 40 | €22,496 | €21,339 | -€1,157 | -5.1% |
| Other amounts receivable | 41 | €30,055 | €19,241 | -€10,814 | -36.0% |
| Cash at bank and in hand | 54/58 | €216,122 | €83,458 | -€132,664 | -61.4% |
| Deferred charges and accrued income | 490/1 | €13,746 | €14,907 | +€1,161 | +8.4% |
| Total equity and liabilities | 10/49 | €643,799 | €800,802 | +€157,003 | +24.4% |
| Equity | 10/15 | €263,094 | €200,335 | -€62,759 | -23.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €176,200 | €136,200 | -€40,000 | -22.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €170,000 | €130,000 | -€40,000 | -23.5% |
| Profit (loss) carried forward | 14 | €24,894 | €2,135 | -€22,759 | -91.4% |
| Amounts payable | 17/49 | €380,705 | €600,467 | +€219,762 | +57.7% |
| Amounts payable after more than one year | 17 | €6,015 | €146,322 | +€140,307 | +2332.6% |
| Financial debts | 170/4 | €6,015 | €146,322 | +€140,307 | +2332.6% |
| Amounts payable within one year | 42/48 | €374,690 | €454,145 | +€79,455 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €38,872 | €44,151 | +€5,279 | +13.6% |
| Trade debts | 44 | €119,665 | €128,510 | +€8,845 | +7.4% |
| Suppliers | 440/4 | €119,665 | €128,510 | +€8,845 | +7.4% |
| Taxes, remuneration and social security | 45 | €48,107 | €52,781 | +€4,674 | +9.7% |
| Taxes | 450/3 | €18,023 | €15,892 | -€2,131 | -11.8% |
| Remuneration and social security | 454/9 | €30,084 | €36,889 | +€6,805 | +22.6% |
| Other amounts payable | 47/48 | €168,046 | €228,703 | +€60,657 | +36.1% |
| Remuneration, social security and pensions | 62 | €174,811 | €185,222 | +€10,411 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,054 | €87,916 | +€20,862 | +31.1% |
| Other operating charges | 640/8 | €3,057 | €6,419 | +€3,362 | +110.0% |
| Non-recurring operating charges | 66A | - | €6,294 | +€6,294 | |
| Gross operating margin | 9900 | €271,514 | €231,529 | -€39,985 | -14.7% |
| Operating profit (loss) | 9901 | €26,592 | -€54,322 | -€80,914 | |
| Financial income | 75/76B | €3,004 | €3,279 | +€275 | +9.2% |
| Recurring financial income | 75 | €3,004 | €3,279 | +€275 | +9.2% |
| Financial charges | 65/66B | €13,699 | €11,591 | -€2,108 | -15.4% |
| Recurring financial charges | 65 | €13,699 | €11,591 | -€2,108 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €15,897 | -€62,634 | -€78,531 | |
| Income taxes | 67/77 | €5,011 | €125 | -€4,886 | -97.5% |
| Profit (loss) for the period | 9904 | €10,886 | -€62,759 | -€73,645 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,886 | -€62,759 | -€73,645 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.