IMARCO: 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.
IMARCO
Largest movements
- Tangible fixed assets -€272,761
down €272,761 (-48.0%), from €568,037 to €295,276
of which Land and buildings: -€270,690
- Receivables within one year -€41,501
down €41,501 (-17.2%), from €240,828 to €199,327
of which Other amounts receivable: -€41,501
- Reserves -€441,382
down €441,382 (-78.0%), from €565,562 to €124,180
of which Tax-exempt reserves: -€559,312
- Profit (loss) carried forward +€385,408
no longer reported in 2025 (was -€385,408)
- Debts after one year -€232,268
down €232,268 (-71.7%), from €323,923 to €91,655
- Provisions -€186,437
no longer reported in 2025 (was €186,437)
- Other debts +€103,870
up €103,870 (+858.9%), from €12,094 to €115,963
- Gross operating margin -€132,590
down €132,590 (-1207.3%), from -€10,982 to -€143,573
- Taxes +€89,346
new in 2025: €89,346
- Financial income +€21,054
up €21,054 (+298.1%), from €7,062 to €28,116
- Depreciation -€13,220
down €13,220 (-41.8%), from €31,665 to €18,445
- Other operating charges -€7,409
down €7,409 (-97.5%), from €7,601 to €193
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 | €808,865 | €499,659 | -€309,207 | -38.2% |
| Fixed assets | 21/28 | €568,037 | €295,276 | -€272,761 | -48.0% |
| Tangible fixed assets | 22/27 | €568,037 | €295,276 | -€272,761 | -48.0% |
| Land and buildings | 22 | €563,621 | €292,931 | -€270,690 | -48.0% |
| Furniture and vehicles | 24 | €4,416 | €2,345 | -€2,071 | -46.9% |
| Current assets | 29/58 | €240,828 | €204,382 | -€36,445 | -15.1% |
| Amounts receivable within one year | 40/41 | €240,828 | €199,327 | -€41,501 | -17.2% |
| Trade receivables | 40 | €54,206 | €54,206 | = | 0.0% |
| Other amounts receivable | 41 | €186,621 | €145,120 | -€41,501 | -22.2% |
| Cash at bank and in hand | 54/58 | - | €5,056 | +€5,056 | |
| Total equity and liabilities | 10/49 | €808,865 | €499,659 | -€309,207 | -38.2% |
| Equity | 10/15 | €242,653 | €186,680 | -€55,973 | -23.1% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €565,562 | €124,180 | -€441,382 | -78.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,250 | €6,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €559,312 | - | -€559,312 | |
| Distributable reserves | 133 | - | €117,930 | +€117,930 | |
| Profit (loss) carried forward | 14 | -€385,408 | - | +€385,408 | |
| Provisions and deferred taxes | 16 | €186,437 | - | -€186,437 | |
| Deferred taxes | 168 | €186,437 | - | -€186,437 | |
| Amounts payable | 17/49 | €379,775 | €312,979 | -€66,796 | -17.6% |
| Amounts payable after more than one year | 17 | €323,923 | €91,655 | -€232,268 | -71.7% |
| Financial debts | 170/4 | €323,923 | €91,655 | -€232,268 | -71.7% |
| Amounts payable within one year | 42/48 | €46,404 | €221,324 | +€174,920 | +376.9% |
| Current portion of amounts payable after more than one year | 42 | €10,312 | €8,268 | -€2,044 | -19.8% |
| Financial debts | 43 | €5,187 | - | -€5,187 | |
| Credit institutions | 430/8 | €5,187 | - | -€5,187 | |
| Trade debts | 44 | €18,014 | €7,758 | -€10,256 | -56.9% |
| Suppliers | 440/4 | €18,014 | €7,758 | -€10,256 | -56.9% |
| Taxes, remuneration and social security | 45 | €797 | €89,334 | +€88,537 | +11102.8% |
| Taxes | 450/3 | €797 | €89,334 | +€88,537 | +11102.8% |
| Other amounts payable | 47/48 | €12,094 | €115,963 | +€103,870 | +858.9% |
| Accrued charges and deferred income | 492/3 | €9,448 | - | -€9,448 | |
| Non-recurring operating income | 76A | - | €20,684 | +€20,684 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,665 | €18,445 | -€13,220 | -41.8% |
| Other operating charges | 640/8 | €7,601 | €193 | -€7,409 | -97.5% |
| Gross operating margin | 9900 | -€10,982 | -€143,573 | -€132,590 | -1207.3% |
| Operating profit (loss) | 9901 | -€50,249 | -€162,210 | -€111,961 | -222.8% |
| Financial income | 75/76B | €7,062 | €28,116 | +€21,054 | +298.1% |
| Recurring financial income | 75 | €7,062 | €28,116 | +€21,054 | +298.1% |
| Financial charges | 65/66B | €17,984 | €18,970 | +€986 | +5.5% |
| Recurring financial charges | 65 | €17,984 | €18,970 | +€986 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | -€61,171 | -€153,065 | -€91,893 | -150.2% |
| Transfer from deferred taxes | 780 | - | €186,437 | +€186,437 | |
| Income taxes | 67/77 | - | €89,346 | +€89,346 | |
| Profit (loss) for the period | 9904 | -€61,171 | -€55,973 | +€5,198 | +8.5% |
| Transfer from tax-exempt reserves | 789 | - | €559,312 | +€559,312 | |
| Profit (loss) for the period to be appropriated | 9905 | -€61,171 | €503,338 | +€564,510 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.