IMAGEERT: 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.
IMAGEERT
Largest movements
- Cash +€32,194
up €32,194 (+34.3%), from €93,722 to €125,916
mainly Net result for the year (+€27,691) and Other debts (+€19,299)
- Receivables within one year -€7,460
down €7,460 (-42.6%), from €17,516 to €10,056
of which Other amounts receivable: -€6,706
- Tangible fixed assets -€3,209
down €3,209 (-35.5%), from €9,028 to €5,818
of which Furniture and vehicles: -€3,939
- Other debts +€19,299
up €19,299 (+2207.6%), from €874 to €20,173
- Reserves +€9,855
up €9,855 (+10.3%), from €95,712 to €105,567
- Current portion of long-term debt -€5,597
down €5,597 (-100.0%), from €5,597 to €0
- Profit (loss) carried forward -€2,337
down €2,337 (-100.0%), from €2,337 to €0
- Trade debts +€1,854
up €1,854 (+671.3%), from €276 to €2,130
- Gross operating margin +€26,565
up €26,565 (+134.9%), from €19,693 to €46,258
- Taxes +€8,964
up €8,964 (+305.8%), from €2,932 to €11,896
- Depreciation -€4,472
down €4,472 (-40.4%), from €11,064 to €6,592
- Staff costs -€468
no longer reported in 2025 (was €468)
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 | €122,060 | €144,028 | +€21,968 | +18.0% |
| Fixed assets | 21/28 | €9,028 | €5,818 | -€3,209 | -35.5% |
| Tangible fixed assets | 22/27 | €9,028 | €5,818 | -€3,209 | -35.5% |
| Plant, machinery and equipment | 23 | - | €730 | +€730 | |
| Furniture and vehicles | 24 | €9,028 | €5,088 | -€3,939 | -43.6% |
| Current assets | 29/58 | €113,032 | €138,209 | +€25,177 | +22.3% |
| Amounts receivable within one year | 40/41 | €17,516 | €10,056 | -€7,460 | -42.6% |
| Trade receivables | 40 | €10,261 | €9,507 | -€754 | -7.3% |
| Other amounts receivable | 41 | €7,255 | €549 | -€6,706 | -92.4% |
| Cash at bank and in hand | 54/58 | €93,722 | €125,916 | +€32,194 | +34.3% |
| Deferred charges and accrued income | 490/1 | €1,794 | €2,238 | +€444 | +24.7% |
| Total equity and liabilities | 10/49 | €122,060 | €144,028 | +€21,968 | +18.0% |
| Equity | 10/15 | €110,449 | €117,967 | +€7,518 | +6.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €95,712 | €105,567 | +€9,855 | +10.3% |
| Distributable reserves | 133 | €95,712 | €105,567 | +€9,855 | +10.3% |
| Profit (loss) carried forward | 14 | €2,337 | €0 | -€2,337 | -100.0% |
| Amounts payable | 17/49 | €11,611 | €26,061 | +€14,450 | +124.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €11,611 | €26,061 | +€14,450 | +124.5% |
| Current portion of amounts payable after more than one year | 42 | €5,597 | €0 | -€5,597 | -100.0% |
| Financial debts | 43 | €229 | €0 | -€229 | -100.0% |
| Credit institutions | 430/8 | €229 | €0 | -€229 | -100.0% |
| Trade debts | 44 | €276 | €2,130 | +€1,854 | +671.3% |
| Suppliers | 440/4 | €276 | €2,130 | +€1,854 | +671.3% |
| Taxes, remuneration and social security | 45 | €4,634 | €3,758 | -€876 | -18.9% |
| Taxes | 450/3 | €4,634 | €3,758 | -€876 | -18.9% |
| Other amounts payable | 47/48 | €874 | €20,173 | +€19,299 | +2207.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €468 | - | -€468 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,064 | €6,592 | -€4,472 | -40.4% |
| Other operating charges | 640/8 | €705 | €785 | +€80 | +11.4% |
| Gross operating margin | 9900 | €19,693 | €46,258 | +€26,565 | +134.9% |
| Operating profit (loss) | 9901 | €7,455 | €38,881 | +€31,426 | +421.5% |
| Financial income | 75/76B | €652 | €817 | +€165 | +25.3% |
| Recurring financial income | 75 | €652 | €817 | +€165 | +25.3% |
| Financial charges | 65/66B | €324 | €112 | -€213 | -65.6% |
| Recurring financial charges | 65 | €324 | €112 | -€213 | -65.6% |
| Profit (loss) for the period before taxes | 9903 | €7,783 | €39,587 | +€31,804 | +408.6% |
| Income taxes | 67/77 | €2,932 | €11,896 | +€8,964 | +305.8% |
| Profit (loss) for the period | 9904 | €4,851 | €27,691 | +€22,840 | +470.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,851 | €27,691 | +€22,840 | +470.8% |
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 4 October 2026 via checked.be.