IMD: 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.
IMD
Largest movements
- Receivables within one year +€16,122
up €16,122 (+190.3%), from €8,470 to €24,592
of which Trade receivables: +€14,833
- Intangible fixed assets -€3,000
down €3,000 (-50.0%), from €6,000 to €3,000
- Tangible fixed assets -€1,408
down €1,408 (-34.3%), from €4,107 to €2,699
- Cash +€1,011
up €1,011 (+13.8%), from €7,328 to €8,339
mainly Net result for the year (+€9,135) and Depreciation (+€4,408)
- Profit (loss) carried forward +€9,135
up €9,135, from -€5,715 to €3,420
- Tax, wage and social debts +€3,981
up €3,981 (+44.9%), from €8,872 to €12,853
- Trade debts -€1,591
down €1,591 (-9.2%), from €17,217 to €15,626
- Short-term financial debts +€1,057
new in 2025: €1,057
- Gross operating margin +€16,642
up €16,642 (+549.1%), from €3,031 to €19,673
- Taxes +€3,761
up €3,761 (+211.4%), from €1,779 to €5,540
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 | €27,874 | €40,456 | +€12,582 | +45.1% |
| Fixed assets | 21/28 | €10,107 | €5,699 | -€4,408 | -43.6% |
| Intangible fixed assets | 21 | €6,000 | €3,000 | -€3,000 | -50.0% |
| Tangible fixed assets | 22/27 | €4,107 | €2,699 | -€1,408 | -34.3% |
| Furniture and vehicles | 24 | €4,107 | €2,699 | -€1,408 | -34.3% |
| Current assets | 29/58 | €17,767 | €34,757 | +€16,990 | +95.6% |
| Amounts receivable within one year | 40/41 | €8,470 | €24,592 | +€16,122 | +190.3% |
| Trade receivables | 40 | €8,470 | €23,303 | +€14,833 | +175.1% |
| Other amounts receivable | 41 | - | €1,289 | +€1,289 | |
| Cash at bank and in hand | 54/58 | €7,328 | €8,339 | +€1,011 | +13.8% |
| Deferred charges and accrued income | 490/1 | €1,969 | €1,826 | -€143 | -7.3% |
| Total equity and liabilities | 10/49 | €27,874 | €40,456 | +€12,582 | +45.1% |
| Equity | 10/15 | €1,785 | €10,920 | +€9,135 | +511.8% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,715 | €3,420 | +€9,135 | |
| Amounts payable | 17/49 | €26,089 | €29,536 | +€3,447 | +13.2% |
| Amounts payable within one year | 42/48 | €26,089 | €29,536 | +€3,447 | +13.2% |
| Financial debts | 43 | - | €1,057 | +€1,057 | |
| Other loans | 439 | - | €1,057 | +€1,057 | |
| Trade debts | 44 | €17,217 | €15,626 | -€1,591 | -9.2% |
| Suppliers | 440/4 | €17,217 | €15,626 | -€1,591 | -9.2% |
| Taxes, remuneration and social security | 45 | €8,872 | €12,853 | +€3,981 | +44.9% |
| Taxes | 450/3 | €8,872 | €12,853 | +€3,981 | +44.9% |
| Non-recurring operating income | 76A | €14,548 | €14,679 | +€131 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,408 | €4,408 | = | 0.0% |
| Other operating charges | 640/8 | €406 | €551 | +€145 | +35.7% |
| Gross operating margin | 9900 | €3,031 | €19,673 | +€16,642 | +549.1% |
| Operating profit (loss) | 9901 | -€1,783 | €14,714 | +€16,497 | |
| Financial income | 75/76B | - | €8 | +€8 | |
| Recurring financial income | 75 | - | €8 | +€8 | |
| Financial charges | 65/66B | €69 | €47 | -€22 | -31.9% |
| Recurring financial charges | 65 | €69 | €47 | -€22 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,852 | €14,675 | +€16,527 | |
| Income taxes | 67/77 | €1,779 | €5,540 | +€3,761 | +211.4% |
| Profit (loss) for the period | 9904 | -€3,631 | €9,135 | +€12,766 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,631 | €9,135 | +€12,766 |
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 29 September 2026 via checked.be.