IMAQUA: 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.
IMAQUA
Largest movements
- Tangible fixed assets -€74,135
down €74,135 (-19.7%), from €376,334 to €302,199
of which Assets under construction and advance payments: -€98,657
- Deferred charges and accrued income -€67,419
down €67,419 (-99.5%), from €67,746 to €326
- Cash +€62,935
up €62,935 (+41.6%), from €151,370 to €214,304
mainly Depreciation (+€112,296) and Deferred charges and accrued income (+€67,419)
- Receivables within one year -€57,416
down €57,416 (-34.1%), from €168,498 to €111,082
of which Trade receivables: -€39,821
- Profit (loss) carried forward -€115,877
down €115,877, from €90,499 to -€25,378
- Accrued charges and deferred income +€65,077
up €65,077 (+46.1%), from €141,092 to €206,169
- Current portion of long-term debt -€52,248
down €52,248 (-75.2%), from €69,438 to €17,190
- Advances received -€48,857
down €48,857 (-100.0%), from €48,857 to €0
- Trade debts +€34,315
up €34,315 (+43.7%), from €78,500 to €112,815
- Gross operating margin -€164,255
down €164,255 (-14.0%), from €1.2m to €1.0m
- Staff costs -€74,577
down €74,577 (-7.2%), from €1.0m to €958,439
- Other operating charges +€27,871
up €27,871 (+469.5%), from €5,936 to €33,806
- Write-downs +€18,900
new in 2025: €18,900
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 | €764,535 | €628,500 | -€136,035 | -17.8% |
| Fixed assets | 21/28 | €376,672 | €302,537 | -€74,135 | -19.7% |
| Tangible fixed assets | 22/27 | €376,334 | €302,199 | -€74,135 | -19.7% |
| Plant, machinery and equipment | 23 | €261,771 | €277,951 | +€16,180 | +6.2% |
| Furniture and vehicles | 24 | €7,321 | €17,057 | +€9,736 | +133.0% |
| Other tangible fixed assets | 26 | €8,585 | €7,191 | -€1,394 | -16.2% |
| Assets under construction and advance payments | 27 | €98,657 | €0 | -€98,657 | -100.0% |
| Financial fixed assets | 28 | €338 | €338 | = | 0.0% |
| Current assets | 29/58 | €387,863 | €325,963 | -€61,901 | -16.0% |
| Amounts receivable within one year | 40/41 | €168,498 | €111,082 | -€57,416 | -34.1% |
| Trade receivables | 40 | €133,531 | €93,710 | -€39,821 | -29.8% |
| Other amounts receivable | 41 | €34,966 | €17,372 | -€17,595 | -50.3% |
| Current investments | 50/53 | €250 | €250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €151,370 | €214,304 | +€62,935 | +41.6% |
| Deferred charges and accrued income | 490/1 | €67,746 | €326 | -€67,419 | -99.5% |
| Total equity and liabilities | 10/49 | €764,535 | €628,500 | -€136,035 | -17.8% |
| Equity | 10/15 | €310,959 | €195,082 | -€115,877 | -37.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €201,860 | €201,860 | = | 0.0% |
| Distributable reserves | 133 | €201,860 | €201,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90,499 | -€25,378 | -€115,877 | |
| Amounts payable | 17/49 | €453,576 | €433,417 | -€20,159 | -4.4% |
| Amounts payable after more than one year | 17 | €17,190 | €0 | -€17,190 | -100.0% |
| Financial debts | 170/4 | €17,190 | €0 | -€17,190 | -100.0% |
| Amounts payable within one year | 42/48 | €295,294 | €227,248 | -€68,046 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €69,438 | €17,190 | -€52,248 | -75.2% |
| Financial debts | 43 | €720 | €1,728 | +€1,007 | +139.9% |
| Credit institutions | 430/8 | €720 | €1,728 | +€1,007 | +139.9% |
| Trade debts | 44 | €78,500 | €112,815 | +€34,315 | +43.7% |
| Suppliers | 440/4 | €78,500 | €112,815 | +€34,315 | +43.7% |
| Advances received on contracts in progress | 46 | €48,857 | €0 | -€48,857 | -100.0% |
| Taxes, remuneration and social security | 45 | €96,253 | €95,516 | -€738 | -0.8% |
| Taxes | 450/3 | €1,324 | €918 | -€405 | -30.6% |
| Remuneration and social security | 454/9 | €94,930 | €94,598 | -€332 | -0.4% |
| Other amounts payable | 47/48 | €1,526 | €0 | -€1,526 | -100.0% |
| Accrued charges and deferred income | 492/3 | €141,092 | €206,169 | +€65,077 | +46.1% |
| Remuneration, social security and pensions | 62 | €1,033,016 | €958,439 | -€74,577 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,638 | €112,296 | -€7,342 | -6.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €18,900 | +€18,900 | |
| Other operating charges | 640/8 | €5,936 | €33,806 | +€27,871 | +469.5% |
| Non-recurring operating charges | 66A | - | €802 | +€802 | |
| Gross operating margin | 9900 | €1,177,106 | €1,012,851 | -€164,255 | -14.0% |
| Operating profit (loss) | 9901 | €18,517 | -€111,392 | -€129,909 | |
| Financial income | 75/76B | €109 | €358 | +€250 | +229.9% |
| Recurring financial income | 75 | €109 | €358 | +€250 | +229.9% |
| Financial charges | 65/66B | €4,524 | €4,225 | -€299 | -6.6% |
| Recurring financial charges | 65 | €4,524 | €4,225 | -€299 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €14,101 | -€115,258 | -€129,360 | |
| Income taxes | 67/77 | €584 | €618 | +€34 | +5.9% |
| Profit (loss) for the period | 9904 | €13,517 | -€115,877 | -€129,394 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,517 | -€115,877 | -€129,394 |
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 9 October 2026 via checked.be.