IMAGEX: 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.
IMAGEX
Largest movements
- Cash +€88,398
up €88,398 (+73.7%), from €119,865 to €208,262
mainly Net result for the year (+€83,791) and Other debts (+€31,973)
- Reserves +€53,446
up €53,446 (+16.1%), from €332,709 to €386,154
- Other debts +€31,973
up €31,973 (+7.1%), from €450,345 to €482,318
- Gross operating margin -€17,797
down €17,797 (-19.9%), from €89,303 to €71,506
- Depreciation -€4,421
down €4,421 (-84.2%), from €5,249 to €829
- Staff costs -€2,278
down €2,278, from €1,622 to -€657
- Financial charges +€1,707
up €1,707 (+10.0%), from €16,996 to €18,703
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 | €2,805,638 | €2,885,489 | +€79,852 | +2.8% |
| Fixed assets | 21/28 | €2,364,249 | €2,344,857 | -€19,392 | -0.8% |
| Tangible fixed assets | 22/27 | €19,723 | €331 | -€19,392 | -98.3% |
| Plant, machinery and equipment | 23 | €677 | - | -€677 | |
| Furniture and vehicles | 24 | €19,046 | €331 | -€18,714 | -98.3% |
| Financial fixed assets | 28 | €2,344,526 | €2,344,526 | = | 0.0% |
| Current assets | 29/58 | €441,389 | €540,632 | +€99,243 | +22.5% |
| Amounts receivable within one year | 40/41 | €321,524 | €330,685 | +€9,161 | +2.8% |
| Trade receivables | 40 | €62,849 | €306 | -€62,543 | -99.5% |
| Other amounts receivable | 41 | €258,675 | €330,379 | +€71,704 | +27.7% |
| Cash at bank and in hand | 54/58 | €119,865 | €208,262 | +€88,398 | +73.7% |
| Deferred charges and accrued income | 490/1 | - | €1,684 | +€1,684 | |
| Total equity and liabilities | 10/49 | €2,805,638 | €2,885,489 | +€79,852 | +2.8% |
| Equity | 10/15 | €2,337,209 | €2,390,654 | +€53,446 | +2.3% |
| Contributions | 10/11 | €2,004,500 | €2,004,500 | = | 0.0% |
| Reserves | 13 | €332,709 | €386,154 | +€53,446 | +16.1% |
| Distributable reserves | 133 | €332,709 | €386,154 | +€53,446 | +16.1% |
| Amounts payable | 17/49 | €468,429 | €494,835 | +€26,406 | +5.6% |
| Amounts payable within one year | 42/48 | €467,475 | €493,772 | +€26,297 | +5.6% |
| Trade debts | 44 | €1,847 | €2,366 | +€520 | +28.1% |
| Suppliers | 440/4 | €1,847 | €2,366 | +€520 | +28.1% |
| Taxes, remuneration and social security | 45 | €15,284 | €9,088 | -€6,196 | -40.5% |
| Taxes | 450/3 | €15,284 | €9,088 | -€6,196 | -40.5% |
| Other amounts payable | 47/48 | €450,345 | €482,318 | +€31,973 | +7.1% |
| Accrued charges and deferred income | 492/3 | €953 | €1,062 | +€109 | +11.4% |
| Non-recurring operating income | 76A | - | €11,084 | +€11,084 | |
| Remuneration, social security and pensions | 62 | €1,622 | -€657 | -€2,278 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,249 | €829 | -€4,421 | -84.2% |
| Other operating charges | 640/8 | €1,093 | €1,123 | +€31 | +2.8% |
| Gross operating margin | 9900 | €89,303 | €71,506 | -€17,797 | -19.9% |
| Operating profit (loss) | 9901 | €81,339 | €70,210 | -€11,129 | -13.7% |
| Financial income | 75/76B | €55,761 | €56,327 | +€566 | +1.0% |
| Recurring financial income | 75 | €55,761 | €56,327 | +€566 | +1.0% |
| Financial charges | 65/66B | €16,996 | €18,703 | +€1,707 | +10.0% |
| Recurring financial charges | 65 | €16,996 | €18,703 | +€1,707 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | €120,104 | €107,833 | -€12,271 | -10.2% |
| Income taxes | 67/77 | €24,284 | €24,043 | -€241 | -1.0% |
| Profit (loss) for the period | 9904 | €95,820 | €83,791 | -€12,030 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €95,820 | €83,791 | -€12,030 | -12.6% |
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.