IMALDA: 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.
IMALDA
Largest movements
- Current investments -€414,403
down €414,403 (-45.8%), from €905,548 to €491,145
- Tangible fixed assets +€211,168
up €211,168 (+24.6%), from €858,400 to €1.1m
of which Land and buildings: +€222,368
- Debts after one year -€273,722
down €273,722 (-62.7%), from €436,451 to €162,730
- Reserves -€111,642
down €111,642 (-13.2%), from €845,372 to €733,730
of which Distributable reserves: -€92,386
- Other debts +€93,525
new in 2025: €93,525
- Profit (loss) carried forward +€73,490
up €73,490 (+77.6%), from -€94,757 to -€21,267
- Financial income +€84,789
up €84,789 (+10758.2%), from €788 to €85,577
- Gross operating margin +€5,042
up €5,042 (+27.8%), from €18,164 to €23,206
- Depreciation +€3,631
up €3,631 (+9.7%), from €37,417 to €41,049
- Financial charges +€1,142
up €1,142 (+7.8%), from €14,565 to €15,707
- Other operating charges +€787
up €787 (+25.3%), from €3,117 to €3,905
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 | €1,802,439 | €1,581,974 | -€220,465 | -12.2% |
| Fixed assets | 21/28 | €858,479 | €1,069,568 | +€211,089 | +24.6% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €858,400 | €1,069,568 | +€211,168 | +24.6% |
| Land and buildings | 22 | €832,195 | €1,054,563 | +€222,368 | +26.7% |
| Furniture and vehicles | 24 | €26,205 | €15,005 | -€11,200 | -42.7% |
| Financial fixed assets | 28 | €79 | - | -€79 | |
| Current assets | 29/58 | €943,960 | €512,406 | -€431,554 | -45.7% |
| Amounts receivable within one year | 40/41 | - | €0 | = | |
| Trade receivables | 40 | - | €0 | = | |
| Current investments | 50/53 | €905,548 | €491,145 | -€414,403 | -45.8% |
| Cash at bank and in hand | 54/58 | €35,109 | €21,261 | -€13,848 | -39.4% |
| Deferred charges and accrued income | 490/1 | €3,302 | - | -€3,302 | |
| Total equity and liabilities | 10/49 | €1,802,439 | €1,581,974 | -€220,465 | -12.2% |
| Equity | 10/15 | €1,118,752 | €1,080,601 | -€38,151 | -3.4% |
| Contributions | 10/11 | €368,137 | €368,137 | = | 0.0% |
| Capital | 10 | €321,766 | €321,766 | = | 0.0% |
| Issued capital | 100 | €321,766 | €321,766 | = | 0.0% |
| Outside capital | 11 | €46,371 | €46,371 | = | 0.0% |
| Share premium | 1100/10 | €46,371 | €46,371 | = | 0.0% |
| Reserves | 13 | €845,372 | €733,730 | -€111,642 | -13.2% |
| Non-distributable reserves | 130/1 | €32,177 | €32,177 | = | 0.0% |
| Legal reserve | 130 | €32,177 | €32,177 | = | 0.0% |
| Tax-exempt reserves | 132 | €705,504 | €686,248 | -€19,256 | -2.7% |
| Distributable reserves | 133 | €107,691 | €15,305 | -€92,386 | -85.8% |
| Profit (loss) carried forward | 14 | -€94,757 | -€21,267 | +€73,490 | +77.6% |
| Provisions and deferred taxes | 16 | €221,297 | €215,174 | -€6,123 | -2.8% |
| Deferred taxes | 168 | €221,297 | €215,174 | -€6,123 | -2.8% |
| Amounts payable | 17/49 | €462,391 | €286,199 | -€176,192 | -38.1% |
| Amounts payable after more than one year | 17 | €436,451 | €162,730 | -€273,722 | -62.7% |
| Financial debts | 170/4 | €436,451 | €162,730 | -€273,722 | -62.7% |
| Amounts payable within one year | 42/48 | €25,940 | €122,404 | +€96,465 | +371.9% |
| Current portion of amounts payable after more than one year | 42 | €23,035 | €23,722 | +€686 | +3.0% |
| Trade debts | 44 | €2,651 | €4,953 | +€2,303 | +86.9% |
| Suppliers | 440/4 | €2,651 | €4,953 | +€2,303 | +86.9% |
| Taxes, remuneration and social security | 45 | €254 | €205 | -€49 | -19.4% |
| Taxes | 450/3 | €254 | €205 | -€49 | -19.4% |
| Other amounts payable | 47/48 | - | €93,525 | +€93,525 | |
| Accrued charges and deferred income | 492/3 | - | €1,065 | +€1,065 | |
| Non-recurring operating income | 76A | €13 | - | -€13 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,417 | €41,049 | +€3,631 | +9.7% |
| Other operating charges | 640/8 | €3,117 | €3,905 | +€787 | +25.3% |
| Gross operating margin | 9900 | €18,164 | €23,206 | +€5,042 | +27.8% |
| Operating profit (loss) | 9901 | -€22,371 | -€21,748 | +€624 | +2.8% |
| Financial income | 75/76B | €788 | €85,577 | +€84,789 | +10758.2% |
| Recurring financial income | 75 | €788 | €85,577 | +€84,789 | +10758.2% |
| Financial charges | 65/66B | €14,565 | €15,707 | +€1,142 | +7.8% |
| Recurring financial charges | 65 | €14,565 | €15,707 | +€1,142 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | -€36,148 | €48,122 | +€84,271 | |
| Transfer from deferred taxes | 780 | €5,266 | €6,123 | +€856 | +16.3% |
| Income taxes | 67/77 | €490 | €10 | -€480 | -97.9% |
| Profit (loss) for the period | 9904 | -€31,372 | €54,235 | +€85,607 | |
| Transfer from tax-exempt reserves | 789 | €16,687 | €19,256 | +€2,569 | +15.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,686 | €73,490 | +€88,176 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.