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
- Receivables within one year -€202,055
down €202,055 (-61.0%), from €331,197 to €129,143
of which Other amounts receivable: -€303,255
- Tangible fixed assets +€170,616
up €170,616 (+166.5%), from €102,482 to €273,098
of which Furniture and vehicles: +€185,363
- Cash +€24,928
up €24,928 (+17.2%), from €145,233 to €170,162
mainly Receivables within one year (+€202,055) and Depreciation (+€74,902)
- Tax, wage and social debts -€38,219
down €38,219 (-36.0%), from €106,165 to €67,947
of which Remuneration and social security: -€49,041
- Advances received -€31,906
down €31,906 (-97.5%), from €32,715 to €809
- Debts after one year +€31,063
up €31,063 (+91.8%), from €33,824 to €64,887
- Other debts +€23,569
up €23,569 (+24.8%), from €94,971 to €118,540
- Trade debts -€22,474
down €22,474 (-34.2%), from €65,704 to €43,230
- Gross operating margin +€62,477
up €62,477 (+37.8%), from €165,196 to €227,673
- Financial charges +€43,595
up €43,595 (+991.2%), from €4,398 to €47,993
- Provisions -€22,399
no longer reported in 2025 (was €22,399)
- Depreciation +€17,305
up €17,305 (+30.0%), from €57,598 to €74,902
- Write-downs +€6,562
no longer reported in 2025 (was -€6,562)
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 | €584,645 | €578,575 | -€6,070 | -1.0% |
| Fixed assets | 21/28 | €104,512 | €275,128 | +€170,616 | +163.3% |
| Tangible fixed assets | 22/27 | €102,482 | €273,098 | +€170,616 | +166.5% |
| Plant, machinery and equipment | 23 | €11,498 | €6,017 | -€5,481 | -47.7% |
| Furniture and vehicles | 24 | €78,585 | €263,948 | +€185,363 | +235.9% |
| Leasing and similar rights | 25 | €12,398 | €3,133 | -€9,265 | -74.7% |
| Financial fixed assets | 28 | €2,030 | €2,030 | = | 0.0% |
| Current assets | 29/58 | €480,133 | €303,447 | -€176,686 | -36.8% |
| Amounts receivable within one year | 40/41 | €331,197 | €129,143 | -€202,055 | -61.0% |
| Trade receivables | 40 | €21,365 | €122,566 | +€101,201 | +473.7% |
| Other amounts receivable | 41 | €309,832 | €6,577 | -€303,255 | -97.9% |
| Cash at bank and in hand | 54/58 | €145,233 | €170,162 | +€24,928 | +17.2% |
| Deferred charges and accrued income | 490/1 | €3,703 | €4,143 | +€440 | +11.9% |
| Total equity and liabilities | 10/49 | €584,645 | €578,575 | -€6,070 | -1.0% |
| Equity | 10/15 | €201,205 | €222,479 | +€21,274 | +10.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €81,860 | €81,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €80,000 | €80,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,145 | €134,419 | +€21,274 | +18.8% |
| Provisions and deferred taxes | 16 | €22,399 | €22,399 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €22,399 | €22,399 | = | 0.0% |
| Other liabilities and charges | 164/5 | €22,399 | €22,399 | = | 0.0% |
| Amounts payable | 17/49 | €361,041 | €333,697 | -€27,343 | -7.6% |
| Amounts payable after more than one year | 17 | €33,824 | €64,887 | +€31,063 | +91.8% |
| Financial debts | 170/4 | €33,824 | €64,887 | +€31,063 | +91.8% |
| Amounts payable within one year | 42/48 | €327,217 | €268,810 | -€58,407 | -17.8% |
| Current portion of amounts payable after more than one year | 42 | €27,661 | €38,284 | +€10,623 | +38.4% |
| Trade debts | 44 | €65,704 | €43,230 | -€22,474 | -34.2% |
| Suppliers | 440/4 | €65,704 | €43,230 | -€22,474 | -34.2% |
| Advances received on contracts in progress | 46 | €32,715 | €809 | -€31,906 | -97.5% |
| Taxes, remuneration and social security | 45 | €106,165 | €67,947 | -€38,219 | -36.0% |
| Taxes | 450/3 | €1,044 | €11,866 | +€10,822 | +1036.8% |
| Remuneration and social security | 454/9 | €105,121 | €56,080 | -€49,041 | -46.7% |
| Other amounts payable | 47/48 | €94,971 | €118,540 | +€23,569 | +24.8% |
| Remuneration, social security and pensions | 62 | €34,771 | €34,424 | -€347 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,598 | €74,902 | +€17,305 | +30.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,562 | - | +€6,562 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €22,399 | - | -€22,399 | |
| Other operating charges | 640/8 | €1,307 | €3,943 | +€2,635 | +201.6% |
| Non-recurring operating charges | 66A | €247 | €601 | +€354 | +143.2% |
| Gross operating margin | 9900 | €165,196 | €227,673 | +€62,477 | +37.8% |
| Operating profit (loss) | 9901 | €55,436 | €113,803 | +€58,367 | +105.3% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €4,398 | €47,993 | +€43,595 | +991.2% |
| Recurring financial charges | 65 | €4,398 | €47,993 | +€43,595 | +991.2% |
| Profit (loss) for the period before taxes | 9903 | €51,037 | €65,810 | +€14,773 | +28.9% |
| Income taxes | 67/77 | €8,889 | €9,537 | +€648 | +7.3% |
| Profit (loss) for the period | 9904 | €42,148 | €56,274 | +€14,126 | +33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €42,148 | €56,274 | +€14,126 | +33.5% |
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 12 October 2026 via checked.be.