Imcodan: 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.
Imcodan
Largest movements
- Cash -€128,476
down €128,476 (-73.8%), from €174,191 to €45,715
mainly Net result for the year (-€72,874) and Provisions (-€61,637)
- Tangible fixed assets -€80,251
down €80,251 (-4.2%), from €1.9m to €1.8m
of which Land and buildings: -€79,470
- Profit (loss) carried forward -€72,874
down €72,874 (-8.2%), from -€884,220 to -€957,094
- Provisions -€61,637
down €61,637 (-100.0%), from €61,637 to €0
- Short-term financial debts -€50,000
down €50,000 (-33.3%), from €150,000 to €100,000
- Accrued charges and deferred income -€35,835
down €35,835 (-12.3%), from €290,835 to €255,000
- Provisions +€26,726
up €26,726 (+30.2%), from -€88,363 to -€61,637
- Gross operating margin -€17,323
down €17,323 (-40.2%), from €43,046 to €25,723
- Other operating charges +€6,431
up €6,431 (+126.8%), from €5,070 to €11,502
- Financial charges -€3,209
down €3,209 (-31.9%), from €10,054 to €6,844
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 | €2,668,645 | €2,450,384 | -€218,261 | -8.2% |
| Fixed assets | 21/28 | €1,921,048 | €1,840,796 | -€80,251 | -4.2% |
| Tangible fixed assets | 22/27 | €1,920,248 | €1,839,996 | -€80,251 | -4.2% |
| Land and buildings | 22 | €1,918,363 | €1,838,894 | -€79,470 | -4.1% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €1,885 | €1,103 | -€782 | -41.5% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €747,598 | €609,587 | -€138,010 | -18.5% |
| Stocks and contracts in progress | 3 | €559,829 | €561,940 | +€2,110 | +0.4% |
| Stocks | 30/36 | €559,829 | €561,940 | +€2,110 | +0.4% |
| Amounts receivable within one year | 40/41 | €13,577 | €0 | -€13,577 | -100.0% |
| Other amounts receivable | 41 | €13,577 | €0 | -€13,577 | -100.0% |
| Cash at bank and in hand | 54/58 | €174,191 | €45,715 | -€128,476 | -73.8% |
| Deferred charges and accrued income | 490/1 | €0 | €1,932 | +€1,932 | |
| Total equity and liabilities | 10/49 | €2,668,645 | €2,450,384 | -€218,261 | -8.2% |
| Equity | 10/15 | €32,414 | -€40,460 | -€72,874 | |
| Contributions | 10/11 | €875,000 | €875,000 | = | 0.0% |
| Reserves | 13 | €41,634 | €41,634 | = | 0.0% |
| Tax-exempt reserves | 132 | €38,806 | €38,806 | = | 0.0% |
| Distributable reserves | 133 | €2,829 | €2,829 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€884,220 | -€957,094 | -€72,874 | -8.2% |
| Provisions and deferred taxes | 16 | €61,637 | €0 | -€61,637 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €61,637 | €0 | -€61,637 | -100.0% |
| Other liabilities and charges | 164/5 | €61,637 | €0 | -€61,637 | -100.0% |
| Amounts payable | 17/49 | €2,574,595 | €2,490,844 | -€83,751 | -3.3% |
| Amounts payable after more than one year | 17 | €1,234,000 | €1,234,000 | = | 0.0% |
| Financial debts | 170/4 | €1,234,000 | €1,234,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,049,760 | €1,001,844 | -€47,916 | -4.6% |
| Financial debts | 43 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Credit institutions | 430/8 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Trade debts | 44 | €0 | €2,084 | +€2,084 | |
| Suppliers | 440/4 | €0 | €2,084 | +€2,084 | |
| Other amounts payable | 47/48 | €899,760 | €899,760 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €290,835 | €255,000 | -€35,835 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,251 | €80,251 | = | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€88,363 | -€61,637 | +€26,726 | +30.2% |
| Other operating charges | 640/8 | €5,070 | €11,502 | +€6,431 | +126.8% |
| Non-recurring operating charges | 66A | €73,554 | €61,637 | -€11,917 | -16.2% |
| Gross operating margin | 9900 | €43,046 | €25,723 | -€17,323 | -40.2% |
| Operating profit (loss) | 9901 | -€27,466 | -€66,030 | -€38,564 | -140.4% |
| Financial income | 75/76B | €0 | €0 | +€0 | +900.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +900.0% |
| Financial charges | 65/66B | €10,054 | €6,844 | -€3,209 | -31.9% |
| Recurring financial charges | 65 | €10,054 | €6,844 | -€3,209 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | -€37,520 | -€72,874 | -€35,354 | -94.2% |
| Profit (loss) for the period | 9904 | -€37,520 | -€72,874 | -€35,354 | -94.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,520 | -€72,874 | -€35,354 | -94.2% |
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 28 September 2026 via checked.be.