IMAR: 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.
IMAR
Largest movements
- Current investments +€250,000
new in 2025: €250,000
- Cash -€249,280
down €249,280 (-69.4%), from €359,286 to €110,006
mainly Current investments (-€250,000) and Deferred charges and accrued income (-€33,052)
- Deferred charges and accrued income +€33,052
up €33,052 (+49.8%), from €66,426 to €99,478
- Reserves +€32,768
up €32,768 (+1.6%), from €2.0m to €2.1m
of which Distributable reserves: +€32,768
- Depreciation -€6,986
down €6,986 (-27.5%), from €25,427 to €18,440
- Gross operating margin +€5,559
up €5,559 (+15.3%), from €36,321 to €41,880
- Taxes +€2,758
up €2,758 (+20.4%), from €13,539 to €16,297
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 | €2,150,087 | €2,158,316 | +€8,229 | +0.4% |
| Fixed assets | 21/28 | €656,846 | €638,325 | -€18,521 | -2.8% |
| Tangible fixed assets | 22/27 | €656,766 | €638,325 | -€18,440 | -2.8% |
| Land and buildings | 22 | €650,763 | €633,069 | -€17,693 | -2.7% |
| Plant, machinery and equipment | 23 | €3,481 | €3,010 | -€471 | -13.5% |
| Furniture and vehicles | 24 | €2,522 | €2,246 | -€276 | -10.9% |
| Financial fixed assets | 28 | €81 | - | -€81 | |
| Current assets | 29/58 | €1,493,241 | €1,519,991 | +€26,750 | +1.8% |
| Amounts receivable after more than one year | 29 | €970,000 | €970,000 | = | 0.0% |
| Other amounts receivable | 291 | €970,000 | €970,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €97,529 | €90,507 | -€7,021 | -7.2% |
| Other amounts receivable | 41 | €97,529 | €90,507 | -€7,021 | -7.2% |
| Current investments | 50/53 | - | €250,000 | +€250,000 | |
| Cash at bank and in hand | 54/58 | €359,286 | €110,006 | -€249,280 | -69.4% |
| Deferred charges and accrued income | 490/1 | €66,426 | €99,478 | +€33,052 | +49.8% |
| Total equity and liabilities | 10/49 | €2,150,087 | €2,158,316 | +€8,229 | +0.4% |
| Equity | 10/15 | €2,063,654 | €2,096,422 | +€32,768 | +1.6% |
| Contributions | 10/11 | €18,720 | €18,720 | = | 0.0% |
| Reserves | 13 | €2,044,934 | €2,077,702 | +€32,768 | +1.6% |
| Non-distributable reserves | 130/1 | €27,888 | €27,888 | = | 0.0% |
| Reserves not available under the articles | 1311 | €27,888 | €27,888 | = | 0.0% |
| Distributable reserves | 133 | €2,017,046 | €2,049,814 | +€32,768 | +1.6% |
| Amounts payable | 17/49 | €86,433 | €61,894 | -€24,538 | -28.4% |
| Amounts payable within one year | 42/48 | €85,614 | €60,256 | -€25,358 | -29.6% |
| Financial debts | 43 | €10,000 | - | -€10,000 | |
| Other loans | 439 | €10,000 | - | -€10,000 | |
| Trade debts | 44 | €1,795 | €1,807 | +€12 | +0.7% |
| Suppliers | 440/4 | €1,795 | €1,807 | +€12 | +0.7% |
| Taxes, remuneration and social security | 45 | €28,481 | €22,316 | -€6,165 | -21.6% |
| Taxes | 450/3 | €28,481 | €22,316 | -€6,165 | -21.6% |
| Other amounts payable | 47/48 | €45,338 | €36,133 | -€9,205 | -20.3% |
| Accrued charges and deferred income | 492/3 | €818 | €1,638 | +€820 | +100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,427 | €18,440 | -€6,986 | -27.5% |
| Other operating charges | 640/8 | €7,133 | €7,339 | +€206 | +2.9% |
| Gross operating margin | 9900 | €36,321 | €41,880 | +€5,559 | +15.3% |
| Operating profit (loss) | 9901 | €3,762 | €16,101 | +€12,339 | +328% |
| Financial income | 75/76B | €32,790 | €33,033 | +€243 | +0.7% |
| Recurring financial income | 75 | €32,790 | €33,033 | +€243 | +0.7% |
| Financial charges | 65/66B | €71 | €69 | -€2 | -2.2% |
| Recurring financial charges | 65 | €71 | €69 | -€2 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €36,481 | €49,065 | +€12,584 | +34.5% |
| Income taxes | 67/77 | €13,539 | €16,297 | +€2,758 | +20.4% |
| Profit (loss) for the period | 9904 | €22,942 | €32,768 | +€9,826 | +42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,942 | €32,768 | +€9,826 | +42.8% |
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 16 October 2026 via checked.be.