IMANDI: 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.
IMANDI
Largest movements
- Stocks and contracts +€223,301
up €223,301 (+157.5%), from €141,770 to €365,070
- Receivables within one year -€47,086
down €47,086 (-28.3%), from €166,280 to €119,194
of which Other amounts receivable: -€42,760
- Tangible fixed assets -€33,410
down €33,410 (-5.7%), from €590,157 to €556,747
- Other debts +€193,111
new in 2025: €193,111
- Debts after one year -€55,000
down €55,000 (-17.3%), from €317,490 to €262,490
of which Financial debts: -€55,000
- Gross operating margin -€86,836
down €86,836 (-58.3%), from €149,064 to €62,228
- Purchases and services -€69,457
no longer reported in 2025 (was €69,457)
- Taxes -€17,320
down €17,320 (-88.7%), from €19,521 to €2,201
- Depreciation -€9,964
down €9,964 (-23.0%), from €43,374 to €33,410
- Financial income -€6,201
no longer reported in 2025 (was €6,201)
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 | €2,155,791 | €2,298,597 | +€142,806 | +6.6% |
| Fixed assets | 21/28 | €1,662,741 | €1,629,331 | -€33,410 | -2.0% |
| Tangible fixed assets | 22/27 | €590,157 | €556,747 | -€33,410 | -5.7% |
| Land and buildings | 22 | €590,157 | €556,747 | -€33,410 | -5.7% |
| Financial fixed assets | 28 | €1,072,584 | €1,072,584 | = | 0.0% |
| Current assets | 29/58 | €493,049 | €669,265 | +€176,216 | +35.7% |
| Amounts receivable after more than one year | 29 | €135,000 | €135,000 | = | 0.0% |
| Other amounts receivable | 291 | €135,000 | €135,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €141,770 | €365,070 | +€223,301 | +157.5% |
| Stocks | 30/36 | €141,770 | €365,070 | +€223,301 | +157.5% |
| Amounts receivable within one year | 40/41 | €166,280 | €119,194 | -€47,086 | -28.3% |
| Trade receivables | 40 | €123,520 | €119,194 | -€4,326 | -3.5% |
| Other amounts receivable | 41 | €42,760 | - | -€42,760 | |
| Cash at bank and in hand | 54/58 | - | €1 | +€1 | |
| Deferred charges and accrued income | 490/1 | €50,000 | €50,000 | = | 0.0% |
| Total equity and liabilities | 10/49 | €2,155,791 | €2,298,597 | +€142,806 | +6.6% |
| Equity | 10/15 | €1,700,225 | €1,708,121 | +€7,897 | +0.5% |
| Contributions | 10/11 | €1,079,184 | €1,079,184 | = | 0.0% |
| Reserves | 13 | €621,041 | €628,937 | +€7,897 | +1.3% |
| Non-distributable reserves | 130/1 | €98,038 | €98,038 | = | 0.0% |
| Reserves not available under the articles | 1311 | €98,038 | €98,038 | = | 0.0% |
| Tax-exempt reserves | 132 | €232,072 | €232,072 | = | 0.0% |
| Distributable reserves | 133 | €290,931 | €298,827 | +€7,897 | +2.7% |
| Provisions and deferred taxes | 16 | €39,268 | €39,268 | = | 0.0% |
| Deferred taxes | 168 | €39,268 | €39,268 | = | 0.0% |
| Amounts payable | 17/49 | €416,298 | €551,207 | +€134,909 | +32.4% |
| Amounts payable after more than one year | 17 | €317,490 | €262,490 | -€55,000 | -17.3% |
| Financial debts | 170/4 | €316,250 | €261,250 | -€55,000 | -17.4% |
| Other amounts payable | 178/9 | €1,240 | €1,240 | = | 0.0% |
| Amounts payable within one year | 42/48 | €98,807 | €277,217 | +€178,409 | +180.6% |
| Current portion of amounts payable after more than one year | 42 | €55,000 | €55,000 | = | 0.0% |
| Financial debts | 43 | €6,052 | €7,082 | +€1,030 | +17.0% |
| Credit institutions | 430/8 | €6,052 | €7,082 | +€1,030 | +17.0% |
| Trade debts | 44 | €17,959 | - | -€17,959 | |
| Suppliers | 440/4 | €17,959 | - | -€17,959 | |
| Taxes, remuneration and social security | 45 | €19,796 | €22,024 | +€2,228 | +11.3% |
| Taxes | 450/3 | €19,796 | €22,024 | +€2,228 | +11.3% |
| Other amounts payable | 47/48 | - | €193,111 | +€193,111 | |
| Accrued charges and deferred income | 492/3 | - | €11,500 | +€11,500 | |
| Non-recurring operating income | 76A | €142,850 | - | -€142,850 | |
| Goods, raw materials, services and sundry goods | 60/61 | €69,457 | - | -€69,457 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,374 | €33,410 | -€9,964 | -23.0% |
| Other operating charges | 640/8 | €14,899 | €13,781 | -€1,118 | -7.5% |
| Gross operating margin | 9900 | €149,064 | €62,228 | -€86,836 | -58.3% |
| Operating profit (loss) | 9901 | €90,791 | €15,037 | -€75,753 | -83.4% |
| Financial income | 75/76B | €6,201 | - | -€6,201 | |
| Recurring financial income | 75 | €6,201 | - | -€6,201 | |
| Financial charges | 65/66B | €5,551 | €4,939 | -€612 | -11.0% |
| Recurring financial charges | 65 | €5,551 | €4,939 | -€612 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €91,440 | €10,098 | -€81,342 | -89.0% |
| Income taxes | 67/77 | €19,521 | €2,201 | -€17,320 | -88.7% |
| Profit (loss) for the period | 9904 | €71,919 | €7,897 | -€64,022 | -89.0% |
| Profit (loss) for the period to be appropriated | 9905 | €71,919 | €7,897 | -€64,022 | -89.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.