ImageRay: 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.
ImageRay
Largest movements
- Current investments +€174,215
up €174,215 (+290.4%), from €60,000 to €234,215
- Cash -€8,176
down €8,176 (-7.8%), from €104,695 to €96,519
mainly Current investments (-€174,215) and Investment in fixed assets (net) (-€8,234)
- Reserves +€150,000
up €150,000 (+129.3%), from €116,000 to €266,000
- Tax, wage and social debts +€12,412
up €12,412 (+31.0%), from €40,010 to €52,422
- Gross operating margin +€44,254
up €44,254 (+27.2%), from €162,536 to €206,790
- Taxes +€13,190
up €13,190 (+37.7%), from €35,000 to €48,190
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 | €181,966 | €345,010 | +€163,044 | +89.6% |
| Fixed assets | 21/28 | €14,326 | €13,485 | -€841 | -5.9% |
| Tangible fixed assets | 22/27 | €14,326 | €13,485 | -€841 | -5.9% |
| Furniture and vehicles | 24 | €14,326 | €13,485 | -€841 | -5.9% |
| Current assets | 29/58 | €167,640 | €331,524 | +€163,884 | +97.8% |
| Amounts receivable within one year | 40/41 | €2,208 | - | -€2,208 | |
| Trade receivables | 40 | €2,208 | - | -€2,208 | |
| Current investments | 50/53 | €60,000 | €234,215 | +€174,215 | +290.4% |
| Cash at bank and in hand | 54/58 | €104,695 | €96,519 | -€8,176 | -7.8% |
| Deferred charges and accrued income | 490/1 | €737 | €790 | +€53 | +7.2% |
| Total equity and liabilities | 10/49 | €181,966 | €345,010 | +€163,044 | +89.6% |
| Equity | 10/15 | €119,852 | €269,036 | +€149,184 | +124.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €116,000 | €266,000 | +€150,000 | +129.3% |
| Distributable reserves | 133 | €116,000 | €266,000 | +€150,000 | +129.3% |
| Profit (loss) carried forward | 14 | €852 | €36 | -€816 | -95.8% |
| Amounts payable | 17/49 | €62,114 | €75,974 | +€13,860 | +22.3% |
| Amounts payable within one year | 42/48 | €62,114 | €75,974 | +€13,860 | +22.3% |
| Trade debts | 44 | €214 | €19 | -€195 | -91.1% |
| Suppliers | 440/4 | €214 | €19 | -€195 | -91.1% |
| Taxes, remuneration and social security | 45 | €40,010 | €52,422 | +€12,412 | +31.0% |
| Taxes | 450/3 | €40,010 | €52,422 | +€12,412 | +31.0% |
| Other amounts payable | 47/48 | €21,890 | €23,533 | +€1,643 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,745 | €9,075 | -€670 | -6.9% |
| Other operating charges | 640/8 | €856 | €1,168 | +€312 | +36.4% |
| Gross operating margin | 9900 | €162,536 | €206,790 | +€44,254 | +27.2% |
| Operating profit (loss) | 9901 | €151,935 | €196,547 | +€44,612 | +29.4% |
| Financial income | 75/76B | - | €1,800 | +€1,800 | |
| Recurring financial income | 75 | - | €1,800 | +€1,800 | |
| Financial charges | 65/66B | €83 | €973 | +€890 | +1072.1% |
| Recurring financial charges | 65 | €83 | €973 | +€890 | +1072.1% |
| Profit (loss) for the period before taxes | 9903 | €151,852 | €197,374 | +€45,522 | +30.0% |
| Income taxes | 67/77 | €35,000 | €48,190 | +€13,190 | +37.7% |
| Profit (loss) for the period | 9904 | €116,852 | €149,184 | +€32,332 | +27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €116,852 | €149,184 | +€32,332 | +27.7% |
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 2 October 2026 via checked.be.