IMARO: 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.
IMARO
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash -€96,305
down €96,305 (-48.0%), from €200,785 to €104,480
mainly Current investments (-€100,000) and Net result for the year (-€61,553)
- Tangible fixed assets -€67,328
down €67,328 (-9.6%), from €698,814 to €631,487
of which Land and buildings: -€67,064
- Profit (loss) carried forward -€48,749
down €48,749 (-39.9%), from -€122,238 to -€170,987
- Reserves -€12,804
down €12,804 (-4.1%), from €316,069 to €303,266
of which Tax-exempt reserves: -€12,804
- Depreciation -€2,363
down €2,363 (-3.4%), from €69,691 to €67,328
- Financial income +€2,111
up €2,111 (+527.1%), from €400 to €2,511
- Gross operating margin +€1,647
up €1,647 (+9.5%), from €17,249 to €18,896
- Financial charges +€1,069
up €1,069 (+7.4%), from €14,444 to €15,512
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 | €905,906 | €843,268 | -€62,638 | -6.9% |
| Fixed assets | 21/28 | €698,814 | €631,487 | -€67,328 | -9.6% |
| Tangible fixed assets | 22/27 | €698,814 | €631,487 | -€67,328 | -9.6% |
| Land and buildings | 22 | €696,442 | €629,378 | -€67,064 | -9.6% |
| Furniture and vehicles | 24 | €2,372 | €2,109 | -€264 | -11.1% |
| Current assets | 29/58 | €207,091 | €211,781 | +€4,690 | +2.3% |
| Amounts receivable within one year | 40/41 | €120 | €753 | +€633 | +527.2% |
| Other amounts receivable | 41 | €120 | €753 | +€633 | +527.2% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €200,785 | €104,480 | -€96,305 | -48.0% |
| Deferred charges and accrued income | 490/1 | €6,186 | €6,548 | +€362 | +5.8% |
| Total equity and liabilities | 10/49 | €905,906 | €843,268 | -€62,638 | -6.9% |
| Equity | 10/15 | €255,805 | €194,252 | -€61,553 | -24.1% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €316,069 | €303,266 | -€12,804 | -4.1% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €118,002 | €105,198 | -€12,804 | -10.9% |
| Distributable reserves | 133 | €191,870 | €191,870 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€122,238 | -€170,987 | -€48,749 | -39.9% |
| Provisions and deferred taxes | 16 | €29,500 | €26,300 | -€3,201 | -10.9% |
| Deferred taxes | 168 | €29,500 | €26,300 | -€3,201 | -10.9% |
| Amounts payable | 17/49 | €620,600 | €622,716 | +€2,116 | +0.3% |
| Amounts payable after more than one year | 17 | €144,000 | €144,000 | = | 0.0% |
| Financial debts | 170/4 | €144,000 | €144,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €461,575 | €462,527 | +€952 | +0.2% |
| Trade debts | 44 | €1,619 | €2,343 | +€724 | +44.7% |
| Suppliers | 440/4 | €1,619 | €2,343 | +€724 | +44.7% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €459,956 | €460,184 | +€227 | 0.0% |
| Accrued charges and deferred income | 492/3 | €15,025 | €16,189 | +€1,164 | +7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,691 | €67,328 | -€2,363 | -3.4% |
| Other operating charges | 640/8 | €3,461 | €3,321 | -€140 | -4.1% |
| Gross operating margin | 9900 | €17,249 | €18,896 | +€1,647 | +9.5% |
| Operating profit (loss) | 9901 | -€55,903 | -€51,753 | +€4,150 | +7.4% |
| Financial income | 75/76B | €400 | €2,511 | +€2,111 | +527.1% |
| Recurring financial income | 75 | €400 | €2,511 | +€2,111 | +527.1% |
| Financial charges | 65/66B | €14,444 | €15,512 | +€1,069 | +7.4% |
| Recurring financial charges | 65 | €14,444 | €15,512 | +€1,069 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | -€69,946 | -€64,754 | +€5,193 | +7.4% |
| Transfer from deferred taxes | 780 | €3,201 | €3,201 | -€0 | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€66,746 | -€61,553 | +€5,193 | +7.8% |
| Transfer from tax-exempt reserves | 789 | €12,804 | €12,804 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€53,942 | -€48,749 | +€5,193 | +9.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.