IMAGON: 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.
IMAGON
Largest movements
- Cash -€156,416
down €156,416 (-71.5%), from €218,615 to €62,199
mainly Investment in fixed assets (net) (-€119,497) and Tax, wage and social debts (-€59,175)
- Tangible fixed assets +€100,121
up €100,121 (+14.2%), from €704,427 to €804,548
of which Land and buildings: +€65,665
- Receivables within one year -€28,724
down €28,724 (-24.9%), from €115,453 to €86,729
of which Other amounts receivable: -€40,267
- Tax, wage and social debts -€59,175
down €59,175 (-95.4%), from €61,996 to €2,821
- Reserves -€22,742
down €22,742 (-2.5%), from €901,263 to €878,521
of which Distributable reserves: -€17,135
- Gross operating margin +€11,556
up €11,556 (+397%), from €2,909 to €14,465
- Financial income -€9,487
down €9,487 (-64.8%), from €14,639 to €5,152
- Depreciation +€5,998
up €5,998 (+44.8%), from €13,378 to €19,376
- Other operating charges +€565
up €565 (+37.5%), from €1,509 to €2,075
- Taxes -€274
down €274 (-9.2%), from €2,981 to €2,708
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.
Derived cash bridge
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 | €1,187,826 | €1,098,057 | -€89,769 | -7.6% |
| Fixed assets | 21/28 | €704,427 | €804,548 | +€100,121 | +14.2% |
| Tangible fixed assets | 22/27 | €704,427 | €804,548 | +€100,121 | +14.2% |
| Land and buildings | 22 | €525,315 | €590,981 | +€65,665 | +12.5% |
| Plant, machinery and equipment | 23 | €481 | €251 | -€229 | -47.7% |
| Furniture and vehicles | 24 | €1,791 | €6,379 | +€4,588 | +256% |
| Other tangible fixed assets | 26 | €900 | €900 | = | 0.0% |
| Assets under construction and advance payments | 27 | €175,940 | €206,038 | +€30,097 | +17.1% |
| Current assets | 29/58 | €483,399 | €293,509 | -€189,890 | -39.3% |
| Amounts receivable after more than one year | 29 | €140,000 | €140,000 | = | 0.0% |
| Other amounts receivable | 291 | €140,000 | €140,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €115,453 | €86,729 | -€28,724 | -24.9% |
| Trade receivables | 40 | €6,050 | €17,593 | +€11,543 | +191% |
| Other amounts receivable | 41 | €109,403 | €69,136 | -€40,267 | -36.8% |
| Cash at bank and in hand | 54/58 | €218,615 | €62,199 | -€156,416 | -71.5% |
| Deferred charges and accrued income | 490/1 | €9,330 | €4,580 | -€4,750 | -50.9% |
| Total equity and liabilities | 10/49 | €1,187,826 | €1,098,057 | -€89,769 | -7.6% |
| Equity | 10/15 | €938,447 | €915,705 | -€22,742 | -2.4% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €901,263 | €878,521 | -€22,742 | -2.5% |
| Tax-exempt reserves | 132 | €525,294 | €519,687 | -€5,607 | -1.1% |
| Distributable reserves | 133 | €375,969 | €358,834 | -€17,135 | -4.6% |
| Provisions and deferred taxes | 16 | €174,581 | €172,474 | -€2,106 | -1.2% |
| Deferred taxes | 168 | €174,581 | €172,474 | -€2,106 | -1.2% |
| Amounts payable | 17/49 | €74,798 | €9,877 | -€64,921 | -86.8% |
| Amounts payable within one year | 42/48 | €73,078 | €8,159 | -€64,919 | -88.8% |
| Trade debts | 44 | €9,582 | €4,873 | -€4,709 | -49.1% |
| Suppliers | 440/4 | €9,582 | €4,873 | -€4,709 | -49.1% |
| Advances received on contracts in progress | 46 | €1,500 | €465 | -€1,035 | -69.0% |
| Taxes, remuneration and social security | 45 | €61,996 | €2,821 | -€59,175 | -95.4% |
| Taxes | 450/3 | €61,996 | €2,821 | -€59,175 | -95.4% |
| Accrued charges and deferred income | 492/3 | €1,720 | €1,718 | -€2 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,378 | €19,376 | +€5,998 | +44.8% |
| Other operating charges | 640/8 | €1,509 | €2,075 | +€565 | +37.5% |
| Gross operating margin | 9900 | €2,909 | €14,465 | +€11,556 | +397% |
| Operating profit (loss) | 9901 | -€11,979 | -€6,985 | +€4,993 | +41.7% |
| Financial income | 75/76B | €14,639 | €5,152 | -€9,487 | -64.8% |
| Recurring financial income | 75 | €14,639 | €5,152 | -€9,487 | -64.8% |
| Financial charges | 65/66B | €325 | €307 | -€18 | -5.6% |
| Recurring financial charges | 65 | €325 | €307 | -€18 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €2,335 | -€2,140 | -€4,476 | |
| Transfer from deferred taxes | 780 | €1,077 | €2,106 | +€1,029 | +95.5% |
| Income taxes | 67/77 | €2,981 | €2,708 | -€274 | -9.2% |
| Profit (loss) for the period | 9904 | €432 | -€2,742 | -€3,173 | |
| Transfer from tax-exempt reserves | 789 | €2,861 | €5,607 | +€2,745 | +95.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,293 | €2,865 | -€428 | -13.0% |
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 25 October 2026 via checked.be.