IMALPA: 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.
IMALPA
Largest movements
- Receivables within one year -€226,031
down €226,031 (-42.3%), from €533,826 to €307,794
of which Other amounts receivable: -€194,072
- Tangible fixed assets -€147,898
down €147,898 (-7.6%), from €2.0m to €1.8m
of which Furniture and vehicles: -€76,950
- Cash -€118,857
down €118,857 (-35.7%), from €333,327 to €214,469
mainly Other debts (-€319,738) and Contributions, distributions and other (-€290,000)
- Other debts -€319,738
down €319,738 (-38.2%), from €837,574 to €517,836
- Debts after one year -€181,399
down €181,399 (-21.9%), from €828,484 to €647,085
of which Financial debts: -€181,399
- Gross operating margin -€173,158
down €173,158 (-23.3%), from €743,952 to €570,794
- Depreciation -€18,841
down €18,841 (-11.3%), from €166,739 to €147,898
- Write-downs +€12,613
new in 2025: €12,613
- Taxes +€10,408
up €10,408 (+224.5%), from €4,635 to €15,044
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 | €2,831,035 | €2,353,504 | -€477,530 | -16.9% |
| Fixed assets | 21/28 | €1,957,342 | €1,809,444 | -€147,898 | -7.6% |
| Tangible fixed assets | 22/27 | €1,957,342 | €1,809,444 | -€147,898 | -7.6% |
| Land and buildings | 22 | €1,860,986 | €1,798,326 | -€62,660 | -3.4% |
| Furniture and vehicles | 24 | €76,950 | €0 | -€76,950 | -100.0% |
| Other tangible fixed assets | 26 | €19,406 | €11,118 | -€8,287 | -42.7% |
| Current assets | 29/58 | €873,692 | €544,060 | -€329,632 | -37.7% |
| Amounts receivable within one year | 40/41 | €533,826 | €307,794 | -€226,031 | -42.3% |
| Trade receivables | 40 | €100,254 | €68,294 | -€31,960 | -31.9% |
| Other amounts receivable | 41 | €433,572 | €239,500 | -€194,072 | -44.8% |
| Cash at bank and in hand | 54/58 | €333,327 | €214,469 | -€118,857 | -35.7% |
| Deferred charges and accrued income | 490/1 | €6,540 | €21,796 | +€15,256 | +233.3% |
| Total equity and liabilities | 10/49 | €2,831,035 | €2,353,504 | -€477,530 | -16.9% |
| Equity | 10/15 | €492,286 | €485,259 | -€7,027 | -1.4% |
| Contributions | 10/11 | €199,157 | €199,157 | = | 0.0% |
| Capital | 10 | €199,157 | €199,157 | = | 0.0% |
| Issued capital | 100 | €199,157 | €199,157 | = | 0.0% |
| Reserves | 13 | €139,916 | €139,916 | = | 0.0% |
| Non-distributable reserves | 130/1 | €139,916 | €139,916 | = | 0.0% |
| Legal reserve | 130 | €139,916 | €139,916 | = | 0.0% |
| Profit (loss) carried forward | 14 | €153,212 | €146,186 | -€7,027 | -4.6% |
| Provisions and deferred taxes | 16 | €415,686 | €415,686 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €415,686 | €415,686 | = | 0.0% |
| Other liabilities and charges | 164/5 | €415,686 | €415,686 | = | 0.0% |
| Amounts payable | 17/49 | €1,923,063 | €1,452,560 | -€470,503 | -24.5% |
| Amounts payable after more than one year | 17 | €828,484 | €647,085 | -€181,399 | -21.9% |
| Financial debts | 170/4 | €683,044 | €501,645 | -€181,399 | -26.6% |
| Other amounts payable | 178/9 | €145,440 | €145,440 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,094,579 | €805,474 | -€289,104 | -26.4% |
| Current portion of amounts payable after more than one year | 42 | €176,631 | €181,399 | +€4,768 | +2.7% |
| Trade debts | 44 | €80,374 | €91,195 | +€10,822 | +13.5% |
| Suppliers | 440/4 | €80,374 | €91,195 | +€10,822 | +13.5% |
| Taxes, remuneration and social security | 45 | €0 | €15,044 | +€15,044 | |
| Taxes | 450/3 | €0 | €15,044 | +€15,044 | |
| Other amounts payable | 47/48 | €837,574 | €517,836 | -€319,738 | -38.2% |
| Non-recurring operating income | 76A | €50,000 | €0 | -€50,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,739 | €147,898 | -€18,841 | -11.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €12,613 | +€12,613 | |
| Other operating charges | 640/8 | €85,724 | €86,251 | +€527 | +0.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €743,952 | €570,794 | -€173,158 | -23.3% |
| Operating profit (loss) | 9901 | €491,489 | €324,031 | -€167,458 | -34.1% |
| Financial income | 75/76B | €133 | €0 | -€133 | -100.0% |
| Recurring financial income | 75 | €133 | €0 | -€133 | -100.0% |
| Financial charges | 65/66B | €29,115 | €26,014 | -€3,101 | -10.7% |
| Recurring financial charges | 65 | €29,115 | €26,014 | -€3,101 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €462,506 | €298,017 | -€164,489 | -35.6% |
| Income taxes | 67/77 | €4,635 | €15,044 | +€10,408 | +224.5% |
| Profit (loss) for the period | 9904 | €457,870 | €282,973 | -€174,897 | -38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €457,870 | €282,973 | -€174,897 | -38.2% |
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 11 October 2026 via checked.be.