IMCOMA: 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.
IMCOMA
Largest movements
- Financial fixed assets -€2.5m
down €2.5m (-100.0%), from €2.5m to €111
- Receivables within one year -€651,868
down €651,868 (-28.9%), from €2.3m to €1.6m
of which Trade receivables: -€634,565
- Stocks and contracts +€469,698
up €469,698 (+17.7%), from €2.7m to €3.1m
- Cash -€139,997
down €139,997 (-51.2%), from €273,684 to €133,687
mainly Contributions, distributions and other (-€2.5m) and Stocks and contracts (-€469,698)
- Profit (loss) carried forward -€1.3m
down €1.3m (-64.8%), from €2.0m to €704,005
- Reserves -€466,306
down €466,306 (-15.0%), from €3.1m to €2.6m
of which Distributable reserves: -€491,306
- Short-term financial debts -€293,185
down €293,185 (-49.3%), from €594,993 to €301,808
- Trade debts -€291,621
down €291,621 (-22.9%), from €1.3m to €983,401
- Debts after one year -€275,000
down €275,000 (-16.0%), from €1.7m to €1.4m
- Purchases and services +€1.6m
up €1.6m (+22.7%), from €7.0m to €8.6m
- Turnover +€1.4m
up €1.4m (+15.8%), from €8.6m to €10.0m
- Gross operating margin +€380,555
up €380,555 (+23.5%), from €1.6m to €2.0m
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 | €10,332,304 | €7,612,067 | -€2.7m | -26.3% |
| Fixed assets | 21/28 | €5,150,707 | €2,752,844 | -€2.4m | -46.6% |
| Intangible fixed assets | 21 | €23,843 | €16,597 | -€7,246 | -30.4% |
| Tangible fixed assets | 22/27 | €2,658,267 | €2,736,136 | +€77,869 | +2.9% |
| Land and buildings | 22 | €3,393 | €10,175 | +€6,782 | +199.9% |
| Plant, machinery and equipment | 23 | €187,292 | €158,280 | -€29,012 | -15.5% |
| Furniture and vehicles | 24 | €6,675 | €12,204 | +€5,530 | +82.8% |
| Assets under construction and advance payments | 27 | €2,460,908 | €2,555,477 | +€94,569 | +3.8% |
| Financial fixed assets | 28 | €2,468,597 | €111 | -€2.5m | -100.0% |
| Current assets | 29/58 | €5,181,597 | €4,859,223 | -€322,374 | -6.2% |
| Stocks and contracts in progress | 3 | €2,653,656 | €3,123,354 | +€469,698 | +17.7% |
| Stocks | 30/36 | €2,653,656 | €3,123,354 | +€469,698 | +17.7% |
| Amounts receivable within one year | 40/41 | €2,251,800 | €1,599,932 | -€651,868 | -28.9% |
| Trade receivables | 40 | €2,191,474 | €1,556,908 | -€634,565 | -29.0% |
| Other amounts receivable | 41 | €60,326 | €43,024 | -€17,302 | -28.7% |
| Cash at bank and in hand | 54/58 | €273,684 | €133,687 | -€139,997 | -51.2% |
| Deferred charges and accrued income | 490/1 | €2,457 | €2,250 | -€207 | -8.4% |
| Total equity and liabilities | 10/49 | €10,332,304 | €7,612,067 | -€2.7m | -26.3% |
| Equity | 10/15 | €5,992,386 | €4,227,906 | -€1.8m | -29.4% |
| Contributions | 10/11 | €883,198 | €883,198 | = | 0.0% |
| Reserves | 13 | €3,107,009 | €2,640,703 | -€466,306 | -15.0% |
| Non-distributable reserves | 130/1 | €0 | €25,000 | +€25,000 | |
| Reserves not available under the articles | 1311 | €0 | €25,000 | +€25,000 | |
| Tax-exempt reserves | 132 | €1,622,009 | €1,622,009 | = | 0.0% |
| Distributable reserves | 133 | €1,485,000 | €993,694 | -€491,306 | -33.1% |
| Profit (loss) carried forward | 14 | €2,002,179 | €704,005 | -€1.3m | -64.8% |
| Amounts payable | 17/49 | €4,339,917 | €3,384,161 | -€955,756 | -22.0% |
| Amounts payable after more than one year | 17 | €1,718,750 | €1,443,750 | -€275,000 | -16.0% |
| Financial debts | 170/4 | €1,718,750 | €1,443,750 | -€275,000 | -16.0% |
| Amounts payable within one year | 42/48 | €2,620,974 | €1,940,411 | -€680,563 | -26.0% |
| Current portion of amounts payable after more than one year | 42 | €275,000 | €275,000 | = | 0.0% |
| Financial debts | 43 | €594,993 | €301,808 | -€293,185 | -49.3% |
| Credit institutions | 430/8 | €594,993 | €301,808 | -€293,185 | -49.3% |
| Trade debts | 44 | €1,275,022 | €983,401 | -€291,621 | -22.9% |
| Suppliers | 440/4 | €1,275,022 | €983,401 | -€291,621 | -22.9% |
| Taxes, remuneration and social security | 45 | €473,959 | €378,202 | -€95,757 | -20.2% |
| Taxes | 450/3 | €398,039 | €285,021 | -€113,018 | -28.4% |
| Remuneration and social security | 454/9 | €75,921 | €93,181 | +€17,261 | +22.7% |
| Other amounts payable | 47/48 | €2,000 | €2,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €193 | - | -€193 | |
| Turnover | 70 | €8,632,233 | €10,000,350 | +€1.4m | +15.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €7,013,929 | €8,604,834 | +€1.6m | +22.7% |
| Remuneration, social security and pensions | 62 | €691,568 | €763,800 | +€72,231 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,933 | €137,771 | +€9,837 | +7.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €462 | +€462 | |
| Other operating charges | 640/8 | €45,081 | €30,515 | -€14,566 | -32.3% |
| Gross operating margin | 9900 | €1,618,304 | €1,998,859 | +€380,555 | +23.5% |
| Operating profit (loss) | 9901 | €753,721 | €1,066,312 | +€312,591 | +41.5% |
| Financial income | 75/76B | €84,097 | €53,043 | -€31,055 | -36.9% |
| Recurring financial income | 75 | €84,097 | €53,043 | -€31,055 | -36.9% |
| Financial charges | 65/66B | €180,719 | €156,906 | -€23,813 | -13.2% |
| Recurring financial charges | 65 | €180,719 | €156,906 | -€23,813 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €657,099 | €962,448 | +€305,349 | +46.5% |
| Income taxes | 67/77 | €238,089 | €258,443 | +€20,355 | +8.5% |
| Profit (loss) for the period | 9904 | €419,011 | €704,005 | +€284,994 | +68.0% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €419,011 | €704,005 | +€284,994 | +68.0% |
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.