IMCM: 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.
IMCM
Largest movements
- Financial fixed assets -€175,000
down €175,000 (-8.4%), from €2.1m to €1.9m
- Cash +€50,140
up €50,140 (+77.0%), from €65,126 to €115,266
mainly Net result for the year (+€498,691) and Investment in fixed assets (net) (+€173,322)
- Short-term financial debts -€611,042
down €611,042 (-77.1%), from €792,596 to €181,554
of which Other loans: -€597,604
- Reserves +€298,691
up €298,691 (+22.5%), from €1.3m to €1.6m
- Other debts +€149,779
up €149,779 (+132.4%), from €113,098 to €262,876
- Tax, wage and social debts +€52,438
up €52,438 (+1048.8%), from €5,000 to €57,438
of which Taxes: +€50,545
- Debts after one year -€37,977
down €37,977 (-17.4%), from €218,363 to €180,386
- Financial income +€475,000
up €475,000 (+475.0%), from €100,000 to €575,000
- Taxes +€48,380
up €48,380 (+102.6%), from €47,165 to €95,545
- Financial charges -€23,258
down €23,258 (-11.0%), from €211,013 to €187,754
of which Non-recurring financial charges: -€20,833
- Gross operating margin +€22,757
up €22,757 (+10.7%), from €211,844 to €234,601
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 | €2,513,371 | €2,365,030 | -€148,341 | -5.9% |
| Fixed assets | 21/28 | €2,433,767 | €2,235,174 | -€198,593 | -8.2% |
| Tangible fixed assets | 22/27 | €351,100 | €327,507 | -€23,593 | -6.7% |
| Land and buildings | 22 | €275,642 | €269,597 | -€6,045 | -2.2% |
| Plant, machinery and equipment | 23 | - | €1,246 | +€1,246 | |
| Furniture and vehicles | 24 | €75,458 | €56,664 | -€18,794 | -24.9% |
| Financial fixed assets | 28 | €2,082,666 | €1,907,666 | -€175,000 | -8.4% |
| Current assets | 29/58 | €79,604 | €129,856 | +€50,252 | +63.1% |
| Amounts receivable within one year | 40/41 | €12,835 | €12,835 | = | 0.0% |
| Other amounts receivable | 41 | €12,835 | €12,835 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €65,126 | €115,266 | +€50,140 | +77.0% |
| Deferred charges and accrued income | 490/1 | €1,643 | €1,754 | +€112 | +6.8% |
| Total equity and liabilities | 10/49 | €2,513,371 | €2,365,030 | -€148,341 | -5.9% |
| Equity | 10/15 | €1,345,537 | €1,644,227 | +€298,691 | +22.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,326,937 | €1,625,627 | +€298,691 | +22.5% |
| Distributable reserves | 133 | €1,326,937 | €1,625,627 | +€298,691 | +22.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,167,835 | €720,803 | -€447,032 | -38.3% |
| Amounts payable after more than one year | 17 | €218,363 | €180,386 | -€37,977 | -17.4% |
| Financial debts | 170/4 | €218,363 | €180,386 | -€37,977 | -17.4% |
| Amounts payable within one year | 42/48 | €949,472 | €540,417 | -€409,055 | -43.1% |
| Current portion of amounts payable after more than one year | 42 | €37,397 | €37,977 | +€580 | +1.5% |
| Financial debts | 43 | €792,596 | €181,554 | -€611,042 | -77.1% |
| Credit institutions | 430/8 | €13,438 | €0 | -€13,438 | -100.0% |
| Other loans | 439 | €779,158 | €181,554 | -€597,604 | -76.7% |
| Trade debts | 44 | €1,381 | €572 | -€809 | -58.6% |
| Suppliers | 440/4 | €1,381 | €572 | -€809 | -58.6% |
| Taxes, remuneration and social security | 45 | €5,000 | €57,438 | +€52,438 | +1048.8% |
| Taxes | 450/3 | €5,000 | €55,545 | +€50,545 | +1010.9% |
| Remuneration and social security | 454/9 | €0 | €1,894 | +€1,894 | |
| Other amounts payable | 47/48 | €113,098 | €262,876 | +€149,779 | +132.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,167 | €25,271 | +€104 | +0.4% |
| Other operating charges | 640/8 | €4,129 | €2,340 | -€1,788 | -43.3% |
| Gross operating margin | 9900 | €211,844 | €234,601 | +€22,757 | +10.7% |
| Operating profit (loss) | 9901 | €182,548 | €206,990 | +€24,441 | +13.4% |
| Financial income | 75/76B | €100,000 | €575,000 | +€475,000 | +475.0% |
| Recurring financial income | 75 | €100,000 | €575,000 | +€475,000 | +475.0% |
| Financial charges | 65/66B | €211,013 | €187,754 | -€23,258 | -11.0% |
| Recurring financial charges | 65 | €15,180 | €12,754 | -€2,425 | -16.0% |
| Non-recurring financial charges | 66B | €195,833 | €175,000 | -€20,833 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €71,535 | €594,235 | +€522,700 | +730.7% |
| Income taxes | 67/77 | €47,165 | €95,545 | +€48,380 | +102.6% |
| Profit (loss) for the period | 9904 | €24,371 | €498,691 | +€474,320 | +1946.3% |
| Profit (loss) for the period to be appropriated | 9905 | €24,371 | €498,691 | +€474,320 | +1946.3% |
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 7 October 2026 via checked.be.