IMAGINATION: 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.
IMAGINATION
Largest movements
- Tangible fixed assets -€231,487
down €231,487 (-8.0%), from €2.9m to €2.7m
of which Land and buildings: -€198,714
- Cash -€69,643
down €69,643 (-74.6%), from €93,308 to €23,665
mainly Debts after one year (-€226,601) and Net result for the year (-€186,362)
- Debts after one year -€226,601
down €226,601 (-15.4%), from €1.5m to €1.2m
- Trade debts +€105,049
up €105,049 (+80.2%), from €130,976 to €236,025
- Reserves -€105,000
down €105,000 (-19.4%), from €540,000 to €435,000
- Revaluation surpluses -€80,000
down €80,000 (-9.1%), from €880,000 to €800,000
- Write-downs +€65,693
up €65,693 (+2338.7%), from €2,809 to €68,502
- Gross operating margin -€55,859
down €55,859 (-6.7%), from €833,494 to €777,635
- Depreciation +€18,258
up €18,258 (+8.2%), from €223,549 to €241,807
- Staff costs +€16,678
up €16,678 (+3.1%), from €535,310 to €551,988
- Taxes -€14,095
down €14,095, from €13,967 to -€128
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 | €3,642,577 | €3,308,151 | -€334,425 | -9.2% |
| Fixed assets | 21/28 | €3,216,953 | €2,985,467 | -€231,487 | -7.2% |
| Tangible fixed assets | 22/27 | €2,906,340 | €2,674,853 | -€231,487 | -8.0% |
| Land and buildings | 22 | €2,760,274 | €2,561,560 | -€198,714 | -7.2% |
| Plant, machinery and equipment | 23 | €146,066 | €113,293 | -€32,773 | -22.4% |
| Financial fixed assets | 28 | €310,613 | €310,613 | = | 0.0% |
| Current assets | 29/58 | €425,623 | €322,684 | -€102,939 | -24.2% |
| Amounts receivable within one year | 40/41 | €320,409 | €286,360 | -€34,049 | -10.6% |
| Trade receivables | 40 | €305,532 | €258,416 | -€47,115 | -15.4% |
| Other amounts receivable | 41 | €14,878 | €27,944 | +€13,066 | +87.8% |
| Cash at bank and in hand | 54/58 | €93,308 | €23,665 | -€69,643 | -74.6% |
| Deferred charges and accrued income | 490/1 | €11,906 | €12,660 | +€753 | +6.3% |
| Total equity and liabilities | 10/49 | €3,642,577 | €3,308,151 | -€334,425 | -9.2% |
| Equity | 10/15 | €1,711,721 | €1,514,024 | -€197,697 | -11.5% |
| Contributions | 10/11 | €168,366 | €168,366 | = | 0.0% |
| Revaluation surpluses | 12 | €880,000 | €800,000 | -€80,000 | -9.1% |
| Reserves | 13 | €540,000 | €435,000 | -€105,000 | -19.4% |
| Distributable reserves | 133 | €540,000 | €435,000 | -€105,000 | -19.4% |
| Profit (loss) carried forward | 14 | €3,356 | €1,995 | -€1,362 | -40.6% |
| Investment grants | 15 | €119,998 | €108,663 | -€11,335 | -9.4% |
| Amounts payable | 17/49 | €1,930,856 | €1,794,127 | -€136,729 | -7.1% |
| Amounts payable after more than one year | 17 | €1,467,535 | €1,240,934 | -€226,601 | -15.4% |
| Financial debts | 170/4 | €1,467,535 | €1,240,934 | -€226,601 | -15.4% |
| Amounts payable within one year | 42/48 | €460,273 | €553,193 | +€92,919 | +20.2% |
| Current portion of amounts payable after more than one year | 42 | €227,076 | €227,456 | +€380 | +0.2% |
| Financial debts | 43 | €22,880 | €17,437 | -€5,443 | -23.8% |
| Credit institutions | 430/8 | €22,880 | €17,437 | -€5,443 | -23.8% |
| Trade debts | 44 | €130,976 | €236,025 | +€105,049 | +80.2% |
| Suppliers | 440/4 | €130,976 | €236,025 | +€105,049 | +80.2% |
| Taxes, remuneration and social security | 45 | €79,341 | €72,274 | -€7,066 | -8.9% |
| Taxes | 450/3 | €4,616 | €4,712 | +€96 | +2.1% |
| Remuneration and social security | 454/9 | €74,725 | €67,562 | -€7,163 | -9.6% |
| Accrued charges and deferred income | 492/3 | €3,048 | €0 | -€3,048 | -100.0% |
| Remuneration, social security and pensions | 62 | €535,310 | €551,988 | +€16,678 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €223,549 | €241,807 | +€18,258 | +8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,809 | €68,502 | +€65,693 | +2338.7% |
| Other operating charges | 640/8 | €53,770 | €58,307 | +€4,537 | +8.4% |
| Gross operating margin | 9900 | €833,494 | €777,635 | -€55,859 | -6.7% |
| Operating profit (loss) | 9901 | €18,055 | -€142,969 | -€161,024 | |
| Financial income | 75/76B | €11,357 | €11,335 | -€22 | -0.2% |
| Recurring financial income | 75 | €11,357 | €11,335 | -€22 | -0.2% |
| Financial charges | 65/66B | €51,305 | €54,856 | +€3,552 | +6.9% |
| Recurring financial charges | 65 | €51,305 | €54,856 | +€3,552 | +6.9% |
| Profit (loss) for the period before taxes | 9903 | -€21,893 | -€186,490 | -€164,597 | -751.8% |
| Income taxes | 67/77 | €13,967 | -€128 | -€14,095 | |
| Profit (loss) for the period | 9904 | -€35,860 | -€186,362 | -€150,502 | -419.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,860 | -€186,362 | -€150,502 | -419.7% |
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 29 September 2026 via checked.be.