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
- Tangible fixed assets -€4,974
down €4,974 (-5.1%), from €96,834 to €91,860
- Debts after one year -€13,779
down €13,779 (-49.1%), from €28,040 to €14,261
- Accrued charges and deferred income +€8,396
up €8,396 (+107.2%), from €7,835 to €16,231
- Trade debts -€5,499
down €5,499 (-75.3%), from €7,299 to €1,800
- Profit (loss) carried forward +€3,572
up €3,572 (+41.3%), from €8,643 to €12,215
- Current portion of long-term debt +€1,351
up €1,351 (+5.1%), from €26,596 to €27,947
- Financial charges -€1,881
down €1,881 (-77.7%), from €2,421 to €540
- Taxes +€626
up €626 (+85.0%), from €736 to €1,362
- Gross operating margin +€255
up €255 (+2.4%), from €10,464 to €10,719
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 | €103,362 | €98,184 | -€5,177 | -5.0% |
| Fixed assets | 21/28 | €96,834 | €91,860 | -€4,974 | -5.1% |
| Tangible fixed assets | 22/27 | €96,834 | €91,860 | -€4,974 | -5.1% |
| Land and buildings | 22 | €96,834 | €91,860 | -€4,974 | -5.1% |
| Current assets | 29/58 | €6,528 | €6,325 | -€203 | -3.1% |
| Cash at bank and in hand | 54/58 | €6,528 | €6,325 | -€203 | -3.1% |
| Total equity and liabilities | 10/49 | €103,362 | €98,184 | -€5,177 | -5.0% |
| Equity | 10/15 | €28,643 | €32,215 | +€3,572 | +12.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,643 | €12,215 | +€3,572 | +41.3% |
| Amounts payable | 17/49 | €74,719 | €65,969 | -€8,750 | -11.7% |
| Amounts payable after more than one year | 17 | €28,040 | €14,261 | -€13,779 | -49.1% |
| Financial debts | 170/4 | €28,040 | €14,261 | -€13,779 | -49.1% |
| Amounts payable within one year | 42/48 | €38,844 | €35,477 | -€3,367 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €26,596 | €27,947 | +€1,351 | +5.1% |
| Trade debts | 44 | €7,299 | €1,800 | -€5,499 | -75.3% |
| Suppliers | 440/4 | €7,299 | €1,800 | -€5,499 | -75.3% |
| Taxes, remuneration and social security | 45 | €1,317 | €2,097 | +€781 | +59.3% |
| Taxes | 450/3 | €1,317 | €2,097 | +€781 | +59.3% |
| Other amounts payable | 47/48 | €3,632 | €3,632 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €7,835 | €16,231 | +€8,396 | +107.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,974 | €4,974 | = | 0.0% |
| Other operating charges | 640/8 | €368 | €270 | -€98 | -26.6% |
| Gross operating margin | 9900 | €10,464 | €10,719 | +€255 | +2.4% |
| Operating profit (loss) | 9901 | €5,122 | €5,474 | +€353 | +6.9% |
| Financial charges | 65/66B | €2,421 | €540 | -€1,881 | -77.7% |
| Recurring financial charges | 65 | €2,421 | €540 | -€1,881 | -77.7% |
| Profit (loss) for the period before taxes | 9903 | €2,700 | €4,934 | +€2,234 | +82.7% |
| Income taxes | 67/77 | €736 | €1,362 | +€626 | +85.0% |
| Profit (loss) for the period | 9904 | €1,964 | €3,572 | +€1,608 | +81.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,964 | €3,572 | +€1,608 | +81.9% |
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.