IMALC: 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.
IMALC
Largest movements
- Receivables within one year -€741,368
down €741,368 (-79.3%), from €935,241 to €193,873
of which Other amounts receivable: -€749,074
- Current investments -€496,561
down €496,561 (-100%), from €496,561 to €0
- Tangible fixed assets -€367,190
down €367,190 (-23.2%), from €1.6m to €1.2m
of which Land and buildings: -€390,006
- Cash -€339,040
down €339,040 (-98.8%), from €343,086 to €4,047
mainly Contributions, distributions and other (-€2.0m) and Other debts (-€438,252)
- Financial fixed assets -€200,000
down €200,000 (-99.8%), from €200,363 to €363
- Reserves -€1.4m
down €1.4m (-78.9%), from €1.8m to €375,686
of which Distributable reserves: -€1.4m
- Other debts -€438,252
down €438,252 (-90.5%), from €484,184 to €45,932
- Revaluation surpluses -€300,041
down €300,041 (-30.3%), from €990,980 to €690,939
- Gross operating margin +€282,102
up €282,102 (+234%), from €120,350 to €402,452
- Provisions +€100,000
up €100,000, from -€100,000 to €0
- Other operating charges -€60,425
down €60,425 (-68.7%), from €87,906 to €27,482
- Financial charges -€28,885
down €28,885 (-52.9%), from €54,574 to €25,688
- Taxes -€26,886
down €26,886 (-93.8%), from €28,655 to €1,768
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 | €3,564,512 | €1,421,115 | -€2.1m | -60.1% |
| Fixed assets | 21/28 | €1,783,480 | €1,216,290 | -€567,190 | -31.8% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €1,583,116 | €1,215,926 | -€367,190 | -23.2% |
| Land and buildings | 22 | €1,288,646 | €898,640 | -€390,006 | -30.3% |
| Plant, machinery and equipment | 23 | €22,773 | €18,320 | -€4,453 | -19.6% |
| Assets under construction and advance payments | 27 | €271,696 | €298,965 | +€27,269 | +10.0% |
| Financial fixed assets | 28 | €200,363 | €363 | -€200,000 | -99.8% |
| Current assets | 29/58 | €1,781,032 | €204,825 | -€1.6m | -88.5% |
| Amounts receivable within one year | 40/41 | €935,241 | €193,873 | -€741,368 | -79.3% |
| Trade receivables | 40 | €7,351 | €15,058 | +€7,707 | +105% |
| Other amounts receivable | 41 | €927,889 | €178,815 | -€749,074 | -80.7% |
| Current investments | 50/53 | €496,561 | €0 | -€496,561 | -100% |
| Cash at bank and in hand | 54/58 | €343,086 | €4,047 | -€339,040 | -98.8% |
| Deferred charges and accrued income | 490/1 | €6,144 | €6,906 | +€762 | +12.4% |
| Total equity and liabilities | 10/49 | €3,564,512 | €1,421,115 | -€2.1m | -60.1% |
| Equity | 10/15 | €2,831,228 | €1,128,625 | -€1.7m | -60.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €990,980 | €690,939 | -€300,041 | -30.3% |
| Reserves | 13 | €1,778,248 | €375,686 | -€1.4m | -78.9% |
| Non-distributable reserves | 130/1 | €61,551 | €61,551 | = | 0.0% |
| Legal reserve | 130 | €61,551 | €61,551 | = | 0.0% |
| Distributable reserves | 133 | €1,716,697 | €314,135 | -€1.4m | -81.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €219,393 | €219,393 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €219,393 | €219,393 | = | 0.0% |
| Major repairs and maintenance | 162 | €219,393 | €219,393 | = | 0.0% |
| Amounts payable | 17/49 | €513,890 | €73,097 | -€440,794 | -85.8% |
| Amounts payable within one year | 42/48 | €512,331 | €71,026 | -€441,304 | -86.1% |
| Financial debts | 43 | €434 | €0 | -€434 | -100% |
| Credit institutions | 430/8 | €434 | €0 | -€434 | -100% |
| Trade debts | 44 | €10,073 | €10,463 | +€390 | +3.9% |
| Suppliers | 440/4 | €10,073 | €10,463 | +€390 | +3.9% |
| Taxes, remuneration and social security | 45 | €17,639 | €14,632 | -€3,008 | -17.1% |
| Taxes | 450/3 | €13,529 | €8,594 | -€4,935 | -36.5% |
| Remuneration and social security | 454/9 | €4,110 | €6,038 | +€1,928 | +46.9% |
| Other amounts payable | 47/48 | €484,184 | €45,932 | -€438,252 | -90.5% |
| Accrued charges and deferred income | 492/3 | €1,560 | €2,071 | +€511 | +32.7% |
| Remuneration, social security and pensions | 62 | €37,488 | €38,056 | +€568 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,063 | €35,658 | -€1,405 | -3.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€100,000 | €0 | +€100,000 | |
| Other operating charges | 640/8 | €87,906 | €27,482 | -€60,425 | -68.7% |
| Gross operating margin | 9900 | €120,350 | €402,452 | +€282,102 | +234% |
| Operating profit (loss) | 9901 | €57,893 | €301,257 | +€243,364 | +420% |
| Financial income | 75/76B | €6,312 | €17,482 | +€11,169 | +177% |
| Recurring financial income | 75 | €6,312 | €17,482 | +€11,169 | +177% |
| Financial charges | 65/66B | €54,574 | €25,688 | -€28,885 | -52.9% |
| Recurring financial charges | 65 | €54,574 | €25,688 | -€28,885 | -52.9% |
| Profit (loss) for the period before taxes | 9903 | €9,631 | €293,050 | +€283,419 | +2,943% |
| Income taxes | 67/77 | €28,655 | €1,768 | -€26,886 | -93.8% |
| Profit (loss) for the period | 9904 | -€19,023 | €291,282 | +€310,305 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,023 | €291,282 | +€310,305 |
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 29 October 2026 via checked.be.