IMAKO: 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.
IMAKO
Largest movements
- Deferred charges and accrued income +€146,152
up €146,152 (+245.1%), from €59,638 to €205,790
- Tangible fixed assets -€135,499
down €135,499 (-17.5%), from €773,771 to €638,272
of which Furniture and vehicles: -€71,124
- Cash -€110,736
down €110,736 (-9.1%), from €1.2m to €1.1m
mainly Contributions, distributions and other (-€737,250) and Deferred charges and accrued income (-€146,152)
- Receivables within one year +€43,808
up €43,808 (+12.6%), from €346,821 to €390,628
of which Trade receivables: +€42,165
- Stocks and contracts +€34,982
up €34,982 (+11.3%), from €310,608 to €345,590
- Reserves -€332,528
down €332,528 (-15.9%), from €2.1m to €1.8m
- Accrued charges and deferred income +€167,600
up €167,600 (+140.0%), from €119,700 to €287,300
- Trade debts +€151,761
up €151,761 (+129.0%), from €117,619 to €269,380
- Tax, wage and social debts +€49,332
up €49,332 (+44.4%), from €111,230 to €160,562
of which Taxes: +€48,906
- Current portion of long-term debt -€33,976
down €33,976 (-59.1%), from €57,458 to €23,483
- Gross operating margin +€44,160
up €44,160 (+5.3%), from €832,494 to €876,654
- Depreciation +€16,487
up €16,487 (+13.4%), from €123,211 to €139,699
- Taxes +€13,125
up €13,125 (+7.5%), from €175,004 to €188,129
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 | €2,706,811 | €2,685,517 | -€21,293 | -0.8% |
| Fixed assets | 21/28 | €773,771 | €638,272 | -€135,499 | -17.5% |
| Tangible fixed assets | 22/27 | €773,771 | €638,272 | -€135,499 | -17.5% |
| Land and buildings | 22 | €425,869 | €393,301 | -€32,568 | -7.6% |
| Plant, machinery and equipment | 23 | €64,209 | €32,403 | -€31,806 | -49.5% |
| Furniture and vehicles | 24 | €283,692 | €212,568 | -€71,124 | -25.1% |
| Current assets | 29/58 | €1,933,040 | €2,047,245 | +€114,205 | +5.9% |
| Stocks and contracts in progress | 3 | €310,608 | €345,590 | +€34,982 | +11.3% |
| Stocks | 30/36 | €310,608 | €345,590 | +€34,982 | +11.3% |
| Amounts receivable within one year | 40/41 | €346,821 | €390,628 | +€43,808 | +12.6% |
| Trade receivables | 40 | €344,042 | €386,207 | +€42,165 | +12.3% |
| Other amounts receivable | 41 | €2,779 | €4,422 | +€1,643 | +59.1% |
| Cash at bank and in hand | 54/58 | €1,215,973 | €1,105,237 | -€110,736 | -9.1% |
| Deferred charges and accrued income | 490/1 | €59,638 | €205,790 | +€146,152 | +245.1% |
| Total equity and liabilities | 10/49 | €2,706,811 | €2,685,517 | -€21,293 | -0.8% |
| Equity | 10/15 | €2,096,959 | €1,764,431 | -€332,528 | -15.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,090,759 | €1,758,231 | -€332,528 | -15.9% |
| Distributable reserves | 133 | €2,090,759 | €1,758,231 | -€332,528 | -15.9% |
| Amounts payable | 17/49 | €609,851 | €921,087 | +€311,235 | +51.0% |
| Amounts payable after more than one year | 17 | €203,844 | €180,361 | -€23,483 | -11.5% |
| Financial debts | 170/4 | €203,844 | €180,361 | -€23,483 | -11.5% |
| Amounts payable within one year | 42/48 | €286,308 | €453,425 | +€167,118 | +58.4% |
| Current portion of amounts payable after more than one year | 42 | €57,458 | €23,483 | -€33,976 | -59.1% |
| Trade debts | 44 | €117,619 | €269,380 | +€151,761 | +129.0% |
| Suppliers | 440/4 | €117,619 | €269,380 | +€151,761 | +129.0% |
| Taxes, remuneration and social security | 45 | €111,230 | €160,562 | +€49,332 | +44.4% |
| Taxes | 450/3 | €96,577 | €145,483 | +€48,906 | +50.6% |
| Remuneration and social security | 454/9 | €14,653 | €15,080 | +€426 | +2.9% |
| Accrued charges and deferred income | 492/3 | €119,700 | €287,300 | +€167,600 | +140.0% |
| Non-recurring operating income | 76A | €14,099 | - | -€14,099 | |
| Remuneration, social security and pensions | 62 | €127,685 | €136,414 | +€8,728 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,211 | €139,699 | +€16,487 | +13.4% |
| Other operating charges | 640/8 | €14,425 | €12,226 | -€2,199 | -15.2% |
| Gross operating margin | 9900 | €832,494 | €876,654 | +€44,160 | +5.3% |
| Operating profit (loss) | 9901 | €567,173 | €588,316 | +€21,143 | +3.7% |
| Financial income | 75/76B | €2,590 | €9,400 | +€6,810 | +262.9% |
| Recurring financial income | 75 | €2,590 | €9,400 | +€6,810 | +262.9% |
| Financial charges | 65/66B | €6,585 | €4,866 | -€1,720 | -26.1% |
| Recurring financial charges | 65 | €6,585 | €4,866 | -€1,720 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €563,178 | €592,850 | +€29,673 | +5.3% |
| Income taxes | 67/77 | €175,004 | €188,129 | +€13,125 | +7.5% |
| Profit (loss) for the period | 9904 | €388,174 | €404,722 | +€16,548 | +4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €388,174 | €404,722 | +€16,548 | +4.3% |
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.