IMAPED: 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.
IMAPED
Largest movements
- Intangible fixed assets -€88,250
down €88,250 (-33.3%), from €264,750 to €176,500
- Cash +€51,000
up €51,000 (+64.6%), from €78,946 to €129,946
mainly Net result for the year (+€222,474) and Depreciation (+€130,818)
- Tangible fixed assets -€39,961
down €39,961 (-28.1%), from €142,178 to €102,217
of which Furniture and vehicles: -€39,090
- Deferred charges and accrued income -€30,104
down €30,104 (-11.2%), from €267,884 to €237,780
- Receivables within one year -€21,547
down €21,547 (-49.2%), from €43,757 to €22,209
- Debts after one year -€95,204
down €95,204 (-39.2%), from €243,084 to €147,880
- Other debts +€55,547
up €55,547 (+18.0%), from €307,935 to €363,482
- Reserves -€45,053
no longer reported in 2025 (was €45,053)
- Tax, wage and social debts -€31,828
down €31,828 (-50.5%), from €63,003 to €31,175
- Trade debts -€9,344
down €9,344 (-58.2%), from €16,060 to €6,716
- Gross operating margin -€106,166
down €106,166 (-19.6%), from €541,868 to €435,703
- Taxes -€28,384
down €28,384 (-28.1%), from €101,175 to €72,791
- Depreciation +€8,184
up €8,184 (+6.7%), from €122,634 to €130,818
- Financial income -€5,461
no longer reported in 2025 (was €5,461)
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 | €797,575 | €668,712 | -€128,863 | -16.2% |
| Fixed assets | 21/28 | €406,988 | €278,777 | -€128,211 | -31.5% |
| Intangible fixed assets | 21 | €264,750 | €176,500 | -€88,250 | -33.3% |
| Tangible fixed assets | 22/27 | €142,178 | €102,217 | -€39,961 | -28.1% |
| Plant, machinery and equipment | 23 | €3,486 | €2,615 | -€872 | -25.0% |
| Furniture and vehicles | 24 | €138,692 | €99,602 | -€39,090 | -28.2% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €390,587 | €389,935 | -€652 | -0.2% |
| Amounts receivable within one year | 40/41 | €43,757 | €22,209 | -€21,547 | -49.2% |
| Other amounts receivable | 41 | €43,757 | €22,209 | -€21,547 | -49.2% |
| Cash at bank and in hand | 54/58 | €78,946 | €129,946 | +€51,000 | +64.6% |
| Deferred charges and accrued income | 490/1 | €267,884 | €237,780 | -€30,104 | -11.2% |
| Total equity and liabilities | 10/49 | €797,575 | €668,712 | -€128,863 | -16.2% |
| Equity | 10/15 | €63,653 | €18,600 | -€45,053 | -70.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €45,053 | - | -€45,053 | |
| Distributable reserves | 133 | €45,053 | - | -€45,053 | |
| Amounts payable | 17/49 | €733,922 | €650,112 | -€83,810 | -11.4% |
| Amounts payable after more than one year | 17 | €243,084 | €147,880 | -€95,204 | -39.2% |
| Financial debts | 170/4 | €243,084 | €147,880 | -€95,204 | -39.2% |
| Amounts payable within one year | 42/48 | €490,838 | €502,233 | +€11,395 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €103,840 | €100,860 | -€2,981 | -2.9% |
| Trade debts | 44 | €16,060 | €6,716 | -€9,344 | -58.2% |
| Suppliers | 440/4 | €16,060 | €6,716 | -€9,344 | -58.2% |
| Taxes, remuneration and social security | 45 | €63,003 | €31,175 | -€31,828 | -50.5% |
| Taxes | 450/3 | €63,003 | €31,175 | -€31,828 | -50.5% |
| Other amounts payable | 47/48 | €307,935 | €363,482 | +€55,547 | +18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,634 | €130,818 | +€8,184 | +6.7% |
| Other operating charges | 640/8 | €7,249 | €2,348 | -€4,901 | -67.6% |
| Gross operating margin | 9900 | €541,868 | €435,703 | -€106,166 | -19.6% |
| Operating profit (loss) | 9901 | €411,985 | €302,537 | -€109,449 | -26.6% |
| Financial income | 75/76B | €5,461 | - | -€5,461 | |
| Recurring financial income | 75 | €5,461 | - | -€5,461 | |
| Financial charges | 65/66B | €8,336 | €7,272 | -€1,064 | -12.8% |
| Recurring financial charges | 65 | €8,336 | €7,272 | -€1,064 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €409,110 | €295,265 | -€113,845 | -27.8% |
| Income taxes | 67/77 | €101,175 | €72,791 | -€28,384 | -28.1% |
| Profit (loss) for the period | 9904 | €307,935 | €222,474 | -€85,461 | -27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €307,935 | €222,474 | -€85,461 | -27.8% |
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 13 October 2026 via checked.be.