IMCA: 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.
IMCA
Largest movements
- Current investments +€180,000
up €180,000 (+100.0%), from €180,000 to €360,000
- Cash +€95,045
up €95,045 (+298.9%), from €31,798 to €126,844
mainly Net result for the year (+€140,091) and Other debts (+€134,441)
- Tangible fixed assets -€22,780
down €22,780 (-3.0%), from €760,518 to €737,738
of which Land and buildings: -€20,504
- Reserves +€140,091
up €140,091 (+19.9%), from €703,011 to €843,102
of which Non-distributable reserves: +€180,000
- Other debts +€134,441
up €134,441 (+78.8%), from €170,559 to €305,000
- Tax, wage and social debts -€19,926
down €19,926 (-51.0%), from €39,039 to €19,113
- Gross operating margin -€34,895
down €34,895 (-11.1%), from €315,551 to €280,656
- Depreciation +€19,411
up €19,411 (+31.2%), from €62,196 to €81,607
- Taxes -€15,593
down €15,593 (-25.0%), from €62,318 to €46,725
- Financial charges +€3,958
up €3,958 (+65.7%), from €6,026 to €9,984
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 | €980,837 | €1,241,029 | +€260,193 | +26.5% |
| Fixed assets | 21/28 | €760,518 | €737,738 | -€22,780 | -3.0% |
| Tangible fixed assets | 22/27 | €760,518 | €737,738 | -€22,780 | -3.0% |
| Land and buildings | 22 | €730,537 | €710,033 | -€20,504 | -2.8% |
| Furniture and vehicles | 24 | €29,981 | €25,704 | -€4,277 | -14.3% |
| Other tangible fixed assets | 26 | - | €2,000 | +€2,000 | |
| Current assets | 29/58 | €220,319 | €503,292 | +€282,973 | +128.4% |
| Amounts receivable within one year | 40/41 | €7,520 | €15,405 | +€7,884 | +104.8% |
| Trade receivables | 40 | €7,520 | €7,130 | -€390 | -5.2% |
| Other amounts receivable | 41 | - | €8,275 | +€8,275 | |
| Current investments | 50/53 | €180,000 | €360,000 | +€180,000 | +100.0% |
| Cash at bank and in hand | 54/58 | €31,798 | €126,844 | +€95,045 | +298.9% |
| Deferred charges and accrued income | 490/1 | €1,000 | €1,043 | +€43 | +4.3% |
| Total equity and liabilities | 10/49 | €980,837 | €1,241,029 | +€260,193 | +26.5% |
| Equity | 10/15 | €764,511 | €904,602 | +€140,091 | +18.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €703,011 | €843,102 | +€140,091 | +19.9% |
| Non-distributable reserves | 130/1 | €187,595 | €367,595 | +€180,000 | +96.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €181,445 | €361,445 | +€180,000 | +99.2% |
| Distributable reserves | 133 | €515,416 | €475,507 | -€39,909 | -7.7% |
| Amounts payable | 17/49 | €216,325 | €336,427 | +€120,102 | +55.5% |
| Amounts payable within one year | 42/48 | €210,299 | €326,443 | +€116,144 | +55.2% |
| Trade debts | 44 | €700 | €2,330 | +€1,630 | +232.8% |
| Suppliers | 440/4 | €700 | €2,330 | +€1,630 | +232.8% |
| Taxes, remuneration and social security | 45 | €39,039 | €19,113 | -€19,926 | -51.0% |
| Taxes | 450/3 | €39,039 | €19,113 | -€19,926 | -51.0% |
| Other amounts payable | 47/48 | €170,559 | €305,000 | +€134,441 | +78.8% |
| Accrued charges and deferred income | 492/3 | €6,026 | €9,984 | +€3,958 | +65.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,196 | €81,607 | +€19,411 | +31.2% |
| Other operating charges | 640/8 | €2,183 | €2,248 | +€65 | +3.0% |
| Gross operating margin | 9900 | €315,551 | €280,656 | -€34,895 | -11.1% |
| Operating profit (loss) | 9901 | €251,172 | €196,800 | -€54,371 | -21.6% |
| Financial charges | 65/66B | €6,026 | €9,984 | +€3,958 | +65.7% |
| Recurring financial charges | 65 | €6,026 | €9,984 | +€3,958 | +65.7% |
| Profit (loss) for the period before taxes | 9903 | €245,145 | €186,816 | -€58,329 | -23.8% |
| Income taxes | 67/77 | €62,318 | €46,725 | -€15,593 | -25.0% |
| Profit (loss) for the period | 9904 | €182,827 | €140,091 | -€42,736 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €182,827 | €140,091 | -€42,736 | -23.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.