IMAGOR S.A.: 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.
What changed
IMAGOR S.A.
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.8m
2024 · €5.0m-€1.1m
Equity
€199.2m
2024 · €199.0m+€192,206
Cash
€5.9m
2024 · €1.8m+€4.0m
Balance sheet total
€1.58bn
2024 · €1.00bn+€578.1m
Largest movements
Assets
- Receivables within one year +€392.7m
up €392.7m (+119%), from €330.1m to €722.7m
of which Other amounts receivable: +€391.6m
- Current investments +€188.3m
up €188.3m (+28.9%), from €650.8m to €839.1m
Equity and liabilities
- Other debts +€575.7m
up €575.7m (+74.0%), from €778.1m to €1.35bn
- Short-term financial debts +€25.9m
new in 2025: €25.9m
- Current portion of long-term debt -€23.2m
no longer reported in 2025 (was €23.2m)
Income statement
- Financial charges +€10.5m
up €10.5m (+81.4%), from €12.9m to €23.4m
- Financial income +€9.3m
up €9.3m (+43.5%), from €21.4m to €30.6m
of which Financial income: +€9.2m
- Services and other goods +€1.7m
up €1.7m (+34.2%), from €5.0m to €6.7m
- Turnover +€1.3m
up €1.3m (+29.9%), from €4.5m to €5.8m
- Staff costs +€830,743
up €830,743 (+63.9%), from €1.3m to €2.1m
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.
Result 2024
€5.0m
Turnover
+€1.3m
Other operating income
+€685,380
Services and other goods
-€1.7m
Staff costs
-€830,743
Depreciation
-€41,045
Other operating charges
+€30,265
Financial income
+€9.3m
Financial charges
-€10.5m
Taxes
+€593,958
Result 2025
€3.8m
raises the resultlowers the result
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.
From operations
+€182.0m
Investment
-€177.0m
Financing
-€956,941
Cash 2024
€1.8m
From operations (derived)
+€182.0m
Net result for the year
+€3.8m
Depreciation
+€273,309
Receivables within one year
-€392.7m
Deferred charges and accrued income
-€4.6m
Smaller working-capital items
-€496,341
Other debts
+€575.7m
Investment (derived)
-€177.0m
Investment in fixed assets (net)
+€11.3m
Current investments
-€188.3m
Financing
-€956,941
Current portion of long-term debt
-€23.2m
Short-term financial debts
+€25.9m
Contributions, distributions and other
-€3.7m
Cash 2025
€5.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,002,099,184 | €1,580,149,257 | +€578.1m | +57.7% |
| Fixed assets | 21/28 | €13,152,163 | €1,589,682 | -€11.6m | -87.9% |
| Intangible fixed assets | 21 | €995,456 | €917,975 | -€77,481 | -7.8% |
| Financial fixed assets | 28 | €12,156,707 | €671,707 | -€11.5m | -94.5% |
| Other financial fixed assets | 284/8 | €12,156,707 | €671,707 | -€11.5m | -94.5% |
| Shares | 284 | €671,707 | €671,707 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €11,485,000 | €0 | -€11.5m | -100% |
| Current assets | 29/58 | €988,947,021 | €1,578,559,575 | +€589.6m | +59.6% |
| Amounts receivable within one year | 40/41 | €330,089,819 | €722,745,126 | +€392.7m | +119% |
| Trade receivables | 40 | €1,013,883 | €2,114,389 | +€1.1m | +109% |
| Other amounts receivable | 41 | €329,075,936 | €720,630,737 | +€391.6m | +119% |
| Current investments | 50/53 | €650,755,192 | €839,079,192 | +€188.3m | +28.9% |
| Other investments | 51/53 | €650,755,192 | €839,079,192 | +€188.3m | +28.9% |
| Cash at bank and in hand | 54/58 | €1,827,179 | €5,864,256 | +€4.0m | +221% |
| Deferred charges and accrued income | 490/1 | €6,274,831 | €10,871,000 | +€4.6m | +73.2% |
| Total equity and liabilities | 10/49 | €1,002,099,184 | €1,580,149,257 | +€578.1m | +57.7% |
| Equity | 10/15 | €198,993,576 | €199,185,782 | +€192,206 | +0.1% |
| Contributions | 10/11 | €195,245,650 | €195,245,650 | = | 0.0% |
| Capital | 10 | €195,245,650 | €195,245,650 | = | 0.0% |
| Issued capital | 100 | €195,245,650 | €195,245,650 | = | 0.0% |
| Reserves | 13 | €3,747,926 | €3,940,132 | +€192,206 | +5.1% |
| Non-distributable reserves | 130/1 | €2,048,965 | €2,241,171 | +€192,206 | +9.4% |
| Legal reserve | 130 | €2,048,965 | €2,241,171 | +€192,206 | +9.4% |
| Distributable reserves | 133 | €1,698,961 | €1,698,961 | = | 0.0% |
| Amounts payable | 17/49 | €803,105,608 | €1,380,963,475 | +€577.9m | +72.0% |
| Amounts payable within one year | 42/48 | €802,884,288 | €1,380,892,650 | +€578.0m | +72.0% |
| Current portion of amounts payable after more than one year | 42 | €23,157,611 | - | -€23.2m | |
| Financial debts | 43 | - | €25,852,583 | +€25.9m | |
| Other loans | 439 | - | €25,852,583 | +€25.9m | |
| Trade debts | 44 | €990,973 | €774,215 | -€216,758 | -21.9% |
| Suppliers | 440/4 | €990,973 | €774,215 | -€216,758 | -21.9% |
| Taxes, remuneration and social security | 45 | €684,080 | €554,992 | -€129,088 | -18.9% |
| Taxes | 450/3 | €297,726 | €8,881 | -€288,844 | -97.0% |
| Remuneration and social security | 454/9 | €386,354 | €546,111 | +€159,756 | +41.3% |
| Other amounts payable | 47/48 | €778,051,624 | €1,353,710,860 | +€575.7m | +74.0% |
| Accrued charges and deferred income | 492/3 | €221,320 | €70,825 | -€150,495 | -68.0% |
| Operating income | 70/76A | €5,381,997 | €7,408,154 | +€2.0m | +37.6% |
| Turnover | 70 | €4,487,967 | €5,828,743 | +€1.3m | +29.9% |
| Other operating income | 74 | €894,030 | €1,579,410 | +€685,380 | +76.7% |
| Operating charges | 60/66A | €6,574,586 | €9,125,372 | +€2.6m | +38.8% |
| Services and other goods | 61 | €4,995,520 | €6,704,783 | +€1.7m | +34.2% |
| Remuneration, social security and pensions | 62 | €1,301,046 | €2,131,789 | +€830,743 | +63.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €232,263 | €273,309 | +€41,045 | +17.7% |
| Other operating charges | 640/8 | €45,757 | €15,492 | -€30,265 | -66.1% |
| Operating profit (loss) | 9901 | -€1,192,589 | -€1,717,219 | -€524,629 | -44.0% |
| Financial income | 75/76B | €21,360,813 | €30,649,332 | +€9.3m | +43.5% |
| Recurring financial income | 75 | €21,360,813 | €30,609,398 | +€9.2m | +43.3% |
| Income from financial fixed assets | 750 | €18,510 | €20,878 | +€2,368 | +12.8% |
| Income from current assets | 751 | €20,028,984 | €23,048,193 | +€3.0m | +15.1% |
| Other financial income | 752/9 | €1,313,318 | €7,540,326 | +€6.2m | +474% |
| Non-recurring financial income | 76B | - | €39,934 | +€39,934 | |
| Financial charges | 65/66B | €12,870,271 | €23,352,899 | +€10.5m | +81.4% |
| Recurring financial charges | 65 | €12,870,271 | €23,352,899 | +€10.5m | +81.4% |
| Debt charges | 650 | €12,659,980 | €23,100,734 | +€10.4m | +82.5% |
| Other financial charges | 652/9 | €210,291 | €252,166 | +€41,874 | +19.9% |
| Profit (loss) for the period before taxes | 9903 | €7,297,952 | €5,579,213 | -€1.7m | -23.6% |
| Income taxes | 67/77 | €2,329,052 | €1,735,095 | -€593,958 | -25.5% |
| Taxes | 670/3 | €2,329,052 | €1,735,095 | -€593,958 | -25.5% |
| Profit (loss) for the period | 9904 | €4,968,900 | €3,844,119 | -€1.1m | -22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,968,900 | €3,844,119 | -€1.1m | -22.6% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.