IMBAUM: 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.
IMBAUM
Largest movements
- Receivables within one year +€48,850
up €48,850 (+76.0%), from €64,270 to €113,121
of which Trade receivables: +€48,850
- Tangible fixed assets -€27,271
down €27,271 (-4.2%), from €649,988 to €622,717
of which Land and buildings: -€16,728
- Cash -€19,991
down €19,991 (-22.1%), from €90,313 to €70,322
mainly Receivables within one year (-€48,850) and Trade debts (-€47,238)
- Financial fixed assets -€12,000
no longer reported in 2025 (was €12,000)
- Reserves +€97,851
up €97,851 (+223%), from €43,870 to €141,721
- Trade debts -€47,238
down €47,238 (-80.7%), from €58,561 to €11,323
- Debts after one year -€37,938
down €37,938 (-7.1%), from €533,165 to €495,227
of which Financial debts: -€37,953
- Tax, wage and social debts +€27,343
up €27,343 (+49.8%), from €54,905 to €82,247
of which Taxes: +€22,419
- Other debts -€26,682
down €26,682 (-97.0%), from €27,515 to €833
- Gross operating margin +€134,592
up €134,592 (+36.1%), from €372,435 to €507,027
- Staff costs +€75,469
up €75,469 (+35.2%), from €214,457 to €289,926
- Depreciation +€25,360
up €25,360 (+44.1%), from €57,480 to €82,840
- Taxes +€20,995
up €20,995 (+195%), from €10,791 to €31,786
- Financial income +€16,461
up €16,461 (+337%), from €4,891 to €21,351
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 | €839,367 | €832,682 | -€6,685 | -0.8% |
| Fixed assets | 21/28 | €661,988 | €624,021 | -€37,967 | -5.7% |
| Intangible fixed assets | 21 | - | €1,304 | +€1,304 | |
| Tangible fixed assets | 22/27 | €649,988 | €622,717 | -€27,271 | -4.2% |
| Land and buildings | 22 | €451,443 | €434,715 | -€16,728 | -3.7% |
| Plant, machinery and equipment | 23 | €41,990 | €27,839 | -€14,151 | -33.7% |
| Furniture and vehicles | 24 | €156,555 | €160,163 | +€3,607 | +2.3% |
| Financial fixed assets | 28 | €12,000 | - | -€12,000 | |
| Current assets | 29/58 | €177,379 | €208,661 | +€31,283 | +17.6% |
| Stocks and contracts in progress | 3 | €8,858 | €10,292 | +€1,434 | +16.2% |
| Stocks | 30/36 | €8,858 | €10,292 | +€1,434 | +16.2% |
| Amounts receivable within one year | 40/41 | €64,270 | €113,121 | +€48,850 | +76.0% |
| Trade receivables | 40 | €64,170 | €113,021 | +€48,850 | +76.1% |
| Other amounts receivable | 41 | €100 | €100 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €90,313 | €70,322 | -€19,991 | -22.1% |
| Deferred charges and accrued income | 490/1 | €13,937 | €14,927 | +€989 | +7.1% |
| Total equity and liabilities | 10/49 | €839,367 | €832,682 | -€6,685 | -0.8% |
| Equity | 10/15 | €65,870 | €163,721 | +€97,851 | +149% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €43,870 | €141,721 | +€97,851 | +223% |
| Distributable reserves | 133 | €43,870 | €141,721 | +€97,851 | +223% |
| Amounts payable | 17/49 | €773,496 | €668,961 | -€104,536 | -13.5% |
| Amounts payable after more than one year | 17 | €533,165 | €495,227 | -€37,938 | -7.1% |
| Financial debts | 170/4 | €476,556 | €438,603 | -€37,953 | -8.0% |
| Other amounts payable | 178/9 | €56,609 | €56,624 | +€15 | 0.0% |
| Amounts payable within one year | 42/48 | €237,459 | €166,846 | -€70,614 | -29.7% |
| Current portion of amounts payable after more than one year | 42 | €96,479 | €72,442 | -€24,036 | -24.9% |
| Trade debts | 44 | €58,561 | €11,323 | -€47,238 | -80.7% |
| Suppliers | 440/4 | €58,561 | €11,323 | -€47,238 | -80.7% |
| Taxes, remuneration and social security | 45 | €54,905 | €82,247 | +€27,343 | +49.8% |
| Taxes | 450/3 | €32,274 | €54,693 | +€22,419 | +69.5% |
| Remuneration and social security | 454/9 | €22,631 | €27,555 | +€4,924 | +21.8% |
| Other amounts payable | 47/48 | €27,515 | €833 | -€26,682 | -97.0% |
| Accrued charges and deferred income | 492/3 | €2,872 | €6,888 | +€4,016 | +140% |
| Remuneration, social security and pensions | 62 | €214,457 | €289,926 | +€75,469 | +35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,480 | €82,840 | +€25,360 | +44.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €312 | +€312 | |
| Other operating charges | 640/8 | €9,807 | €7,607 | -€2,200 | -22.4% |
| Gross operating margin | 9900 | €372,435 | €507,027 | +€134,592 | +36.1% |
| Operating profit (loss) | 9901 | €90,691 | €126,341 | +€35,650 | +39.3% |
| Financial income | 75/76B | €4,891 | €21,351 | +€16,461 | +337% |
| Recurring financial income | 75 | €4,891 | €21,351 | +€16,461 | +337% |
| Financial charges | 65/66B | €14,290 | €17,222 | +€2,932 | +20.5% |
| Recurring financial charges | 65 | €14,290 | €17,222 | +€2,932 | +20.5% |
| Profit (loss) for the period before taxes | 9903 | €81,291 | €130,470 | +€49,179 | +60.5% |
| Income taxes | 67/77 | €10,791 | €31,786 | +€20,995 | +195% |
| Profit (loss) for the period | 9904 | €70,500 | €98,684 | +€28,184 | +40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €70,500 | €98,684 | +€28,184 | +40.0% |
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 17 October 2026 via checked.be.