IMARSE: 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.
IMARSE
Largest movements
- Stocks and contracts +€48,159
up €48,159 (+9.7%), from €495,881 to €544,040
- Receivables within one year +€12,074
up €12,074 (+8.1%), from €148,264 to €160,338
of which Trade receivables: +€8,485
- Deferred charges and accrued income -€10,286
down €10,286 (-87.6%), from €11,747 to €1,461
- Short-term financial debts +€53,212
up €53,212 (+11.3%), from €472,899 to €526,111
of which Other loans: +€53,169
- Profit (loss) carried forward -€36,093
down €36,093 (-16.6%), from -€217,590 to -€253,683
- Trade debts +€14,763
up €14,763 (+33.3%), from €44,362 to €59,125
- Other debts +€11,472
up €11,472 (+11.5%), from €100,188 to €111,659
- Financial charges -€50,525
down €50,525 (-59.1%), from €85,458 to €34,933
of which Financial charges: -€53,624
- Gross operating margin -€7,731
down €7,731, from €889 to -€6,842
- Financial income +€1,157
up €1,157 (+22.8%), from €5,082 to €6,239
- Other operating charges -€535
down €535 (-49.0%), from €1,092 to €557
- Depreciation -€222
no longer reported in 2025 (was €222)
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 | €658,412 | €706,416 | +€48,004 | +7.3% |
| Current assets | 29/58 | €658,412 | €706,416 | +€48,004 | +7.3% |
| Stocks and contracts in progress | 3 | €495,881 | €544,040 | +€48,159 | +9.7% |
| Stocks | 30/36 | €495,881 | €544,040 | +€48,159 | +9.7% |
| Amounts receivable within one year | 40/41 | €148,264 | €160,338 | +€12,074 | +8.1% |
| Trade receivables | 40 | €17,691 | €26,176 | +€8,485 | +48.0% |
| Other amounts receivable | 41 | €130,573 | €134,162 | +€3,589 | +2.7% |
| Cash at bank and in hand | 54/58 | €2,520 | €577 | -€1,943 | -77.1% |
| Deferred charges and accrued income | 490/1 | €11,747 | €1,461 | -€10,286 | -87.6% |
| Total equity and liabilities | 10/49 | €658,412 | €706,416 | +€48,004 | +7.3% |
| Equity | 10/15 | €37,410 | €1,317 | -€36,093 | -96.5% |
| Contributions | 10/11 | €255,000 | €255,000 | = | 0.0% |
| Capital | 10 | €255,000 | €255,000 | = | 0.0% |
| Issued capital | 100 | €255,000 | €255,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€217,590 | -€253,683 | -€36,093 | -16.6% |
| Amounts payable | 17/49 | €621,002 | €705,099 | +€84,097 | +13.5% |
| Amounts payable within one year | 42/48 | €617,602 | €697,049 | +€79,447 | +12.9% |
| Financial debts | 43 | €472,899 | €526,111 | +€53,212 | +11.3% |
| Credit institutions | 430/8 | - | €43 | +€43 | |
| Other loans | 439 | €472,899 | €526,069 | +€53,169 | +11.2% |
| Trade debts | 44 | €44,362 | €59,125 | +€14,763 | +33.3% |
| Suppliers | 440/4 | €44,362 | €59,125 | +€14,763 | +33.3% |
| Taxes, remuneration and social security | 45 | €153 | €153 | = | 0.0% |
| Taxes | 450/3 | €153 | €153 | = | 0.0% |
| Other amounts payable | 47/48 | €100,188 | €111,659 | +€11,472 | +11.5% |
| Accrued charges and deferred income | 492/3 | €3,400 | €8,050 | +€4,650 | +136.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €222 | - | -€222 | |
| Other operating charges | 640/8 | €1,092 | €557 | -€535 | -49.0% |
| Gross operating margin | 9900 | €889 | -€6,842 | -€7,731 | |
| Operating profit (loss) | 9901 | -€424 | -€7,398 | -€6,974 | -1643.2% |
| Financial income | 75/76B | €5,082 | €6,239 | +€1,157 | +22.8% |
| Recurring financial income | 75 | €5,082 | €6,239 | +€1,157 | +22.8% |
| Financial charges | 65/66B | €85,458 | €34,933 | -€50,525 | -59.1% |
| Recurring financial charges | 65 | €85,458 | €31,834 | -€53,624 | -62.7% |
| Non-recurring financial charges | 66B | - | €3,099 | +€3,099 | |
| Profit (loss) for the period before taxes | 9903 | -€80,801 | -€36,093 | +€44,708 | +55.3% |
| Profit (loss) for the period | 9904 | -€80,801 | -€36,093 | +€44,708 | +55.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€80,801 | -€36,093 | +€44,708 | +55.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.