IMAREFEL: 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.
IMAREFEL
Largest movements
- Tangible fixed assets -€6,408
down €6,408 (-6.7%), from €94,932 to €88,524
of which Land and buildings: -€6,953
- Cash +€5,602
up €5,602 (+25.0%), from €22,398 to €28,000
mainly Depreciation (+€10,199) and Trade debts (+€1,854)
- Trade debts +€1,854
up €1,854 (+595%), from €312 to €2,165
- Profit (loss) carried forward -€1,552
down €1,552 (-1.4%), from €110,908 to €109,356
- Gross operating margin -€1,859
down €1,859 (-15.3%), from €12,131 to €10,272
- Depreciation +€272
up €272 (+2.7%), from €9,926 to €10,199
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 | €135,088 | €134,858 | -€230 | -0.2% |
| Fixed assets | 21/28 | €94,932 | €88,524 | -€6,408 | -6.7% |
| Tangible fixed assets | 22/27 | €94,932 | €88,524 | -€6,408 | -6.7% |
| Land and buildings | 22 | €84,455 | €77,501 | -€6,953 | -8.2% |
| Plant, machinery and equipment | 23 | €9,857 | €10,517 | +€660 | +6.7% |
| Furniture and vehicles | 24 | €621 | €506 | -€114 | -18.4% |
| Current assets | 29/58 | €40,156 | €46,333 | +€6,177 | +15.4% |
| Amounts receivable within one year | 40/41 | €17,066 | €18,179 | +€1,112 | +6.5% |
| Other amounts receivable | 41 | €17,066 | €18,179 | +€1,112 | +6.5% |
| Cash at bank and in hand | 54/58 | €22,398 | €28,000 | +€5,602 | +25.0% |
| Deferred charges and accrued income | 490/1 | €692 | €155 | -€537 | -77.6% |
| Total equity and liabilities | 10/49 | €135,088 | €134,858 | -€230 | -0.2% |
| Equity | 10/15 | €133,765 | €132,213 | -€1,552 | -1.2% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €16,659 | €16,659 | = | 0.0% |
| Distributable reserves | 133 | €16,659 | €16,659 | = | 0.0% |
| Profit (loss) carried forward | 14 | €110,908 | €109,356 | -€1,552 | -1.4% |
| Amounts payable | 17/49 | €1,323 | €2,645 | +€1,322 | +99.9% |
| Amounts payable within one year | 42/48 | €312 | €2,165 | +€1,854 | +595% |
| Trade debts | 44 | €312 | €2,165 | +€1,854 | +595% |
| Suppliers | 440/4 | €312 | €2,165 | +€1,854 | +595% |
| Accrued charges and deferred income | 492/3 | €1,012 | €480 | -€532 | -52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,926 | €10,199 | +€272 | +2.7% |
| Other operating charges | 640/8 | €2,544 | €2,611 | +€67 | +2.6% |
| Gross operating margin | 9900 | €12,131 | €10,272 | -€1,859 | -15.3% |
| Operating profit (loss) | 9901 | -€339 | -€2,538 | -€2,199 | -648% |
| Financial income | 75/76B | €1,039 | €986 | -€53 | -5.1% |
| Recurring financial income | 75 | €1,039 | €986 | -€53 | -5.1% |
| Financial charges | 65/66B | €24 | - | -€24 | |
| Recurring financial charges | 65 | €24 | - | -€24 | |
| Profit (loss) for the period before taxes | 9903 | €676 | -€1,552 | -€2,228 | |
| Income taxes | 67/77 | €2 | - | -€2 | |
| Profit (loss) for the period | 9904 | €674 | -€1,552 | -€2,226 | |
| Profit (loss) for the period to be appropriated | 9905 | €674 | -€1,552 | -€2,226 |
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 31 October 2026 via checked.be.