IMASFIN: 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.
IMASFIN
Largest movements
- Receivables within one year +€7.4m
up €7.4m (+11.7%), from €62.9m to €70.3m
of which Other amounts receivable: +€7.4m
- Cash -€5.3m
down €5.3m (-63.0%), from €8.4m to €3.1m
mainly Receivables within one year (-€7.4m) and Investment in fixed assets (net) (-€4.7m)
- Financial fixed assets +€4.7m
up €4.7m (+14.5%), from €32.3m to €36.9m
- Short-term financial debts +€5.1m
up €5.1m (+11.2%), from €45.5m to €50.6m
of which Other loans: +€12.3m
- Debts after one year +€1.9m
up €1.9m (+5.1%), from €37.7m to €39.6m
- Financial income -€580,369
down €580,369 (-12.0%), from €4.9m to €4.3m
- Financial charges -€92,000
down €92,000 (-3.2%), from €2.9m to €2.8m
- Taxes -€67,662
down €67,662 (-15.5%), from €435,293 to €367,631
- Gross operating margin -€46,294
down €46,294 (-16.9%), from €273,682 to €227,388
- Staff costs -€43,888
down €43,888 (-12.4%), from €353,738 to €309,850
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 | €103,751,323 | €110,404,737 | +€6.7m | +6.4% |
| Fixed assets | 21/28 | €32,279,445 | €36,948,900 | +€4.7m | +14.5% |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €32,279,445 | €36,948,900 | +€4.7m | +14.5% |
| Current assets | 29/58 | €71,471,878 | €73,455,837 | +€2.0m | +2.8% |
| Amounts receivable within one year | 40/41 | €62,943,541 | €70,306,728 | +€7.4m | +11.7% |
| Trade receivables | 40 | €104,754 | €82,864 | -€21,890 | -20.9% |
| Other amounts receivable | 41 | €62,838,787 | €70,223,864 | +€7.4m | +11.8% |
| Cash at bank and in hand | 54/58 | €8,390,344 | €3,102,089 | -€5.3m | -63.0% |
| Deferred charges and accrued income | 490/1 | €137,993 | €47,020 | -€90,973 | -65.9% |
| Total equity and liabilities | 10/49 | €103,751,323 | €110,404,737 | +€6.7m | +6.4% |
| Equity | 10/15 | €15,631,129 | €15,682,944 | +€51,815 | +0.3% |
| Contributions | 10/11 | €15,000,000 | €15,000,000 | = | 0.0% |
| Capital | 10 | €15,000,000 | €15,000,000 | = | 0.0% |
| Issued capital | 100 | €15,000,000 | €15,000,000 | = | 0.0% |
| Reserves | 13 | €631,129 | €682,944 | +€51,815 | +8.2% |
| Non-distributable reserves | 130/1 | €631,129 | €682,944 | +€51,815 | +8.2% |
| Legal reserve | 130 | €631,129 | €682,944 | +€51,815 | +8.2% |
| Amounts payable | 17/49 | €88,120,195 | €94,721,793 | +€6.6m | +7.5% |
| Amounts payable after more than one year | 17 | €37,687,500 | €39,612,500 | +€1.9m | +5.1% |
| Financial debts | 170/4 | €37,687,500 | €39,612,500 | +€1.9m | +5.1% |
| Amounts payable within one year | 42/48 | €50,232,455 | €54,978,211 | +€4.7m | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €3,075,000 | €3,075,000 | = | 0.0% |
| Financial debts | 43 | €45,489,307 | €50,603,906 | +€5.1m | +11.2% |
| Credit institutions | 430/8 | €10,009,151 | €2,796,994 | -€7.2m | -72.1% |
| Other loans | 439 | €35,480,156 | €47,806,912 | +€12.3m | +34.7% |
| Trade debts | 44 | €17,798 | €17,843 | +€45 | +0.3% |
| Suppliers | 440/4 | €17,798 | €17,843 | +€45 | +0.3% |
| Taxes, remuneration and social security | 45 | €257,756 | €296,974 | +€39,218 | +15.2% |
| Taxes | 450/3 | €208,387 | €256,018 | +€47,631 | +22.9% |
| Remuneration and social security | 454/9 | €49,369 | €40,956 | -€8,413 | -17.0% |
| Other amounts payable | 47/48 | €1,392,595 | €984,489 | -€408,106 | -29.3% |
| Accrued charges and deferred income | 492/3 | €200,240 | €131,082 | -€69,158 | -34.5% |
| Remuneration, social security and pensions | 62 | €353,738 | €309,850 | -€43,888 | -12.4% |
| Other operating charges | 640/8 | €1,622 | €1,584 | -€38 | -2.3% |
| Gross operating margin | 9900 | €273,682 | €227,388 | -€46,294 | -16.9% |
| Operating profit (loss) | 9901 | -€81,678 | -€84,046 | -€2,368 | -2.9% |
| Financial income | 75/76B | €4,851,926 | €4,271,557 | -€580,369 | -12.0% |
| Recurring financial income | 75 | €4,851,926 | €4,271,557 | -€580,369 | -12.0% |
| Financial charges | 65/66B | €2,875,576 | €2,783,575 | -€92,000 | -3.2% |
| Recurring financial charges | 65 | €2,875,576 | €2,783,575 | -€92,000 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €1,894,671 | €1,403,935 | -€490,736 | -25.9% |
| Income taxes | 67/77 | €435,293 | €367,631 | -€67,662 | -15.5% |
| Profit (loss) for the period | 9904 | €1,459,378 | €1,036,304 | -€423,074 | -29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,459,378 | €1,036,304 | -€423,074 | -29.0% |
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 9 October 2026 via checked.be.