IMD INVEST: 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.
What changed
IMD INVEST
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€28,800
2024 · €27,183+€1,617
Equity
€160,742
2024 · €131,943+€28,800
Cash
€362
2024 · €1,511-€1,149
Balance sheet total
€1.2m
2024 · €1.3m-€25,301
Largest movements
Assets
- Tangible fixed assets -€28,526
down €28,526 (-2.3%), from €1.2m to €1.2m
Equity and liabilities
- Debts after one year -€51,159
down €51,159 (-6.2%), from €824,300 to €773,141
- Profit (loss) carried forward +€27,360
up €27,360 (+92.3%), from €29,646 to €57,005
Income statement
- Financial charges -€2,075
down €2,075 (-5.1%), from €40,391 to €38,317
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.
Result 2024
€27,183
Gross operating margin
-€75
Other operating charges
-€24
Financial charges
+€2,075
Taxes
-€359
Result 2025
€28,800
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€47,762
Investment
€0
Financing
-€48,911
Cash 2024
€1,511
From operations (derived)
+€47,762
Net result for the year
+€28,800
Depreciation
+€28,526
Receivables within one year
+€2,500
Deferred charges and accrued income
-€6,874
Smaller working-capital items
+€25
Tax, wage and social debts
-€6,615
Other debts
+€1,400
Financing
-€48,911
Debts after one year
-€51,159
Current portion of long-term debt
+€2,248
Cash 2025
€362
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,261,148 | €1,235,847 | -€25,301 | -2.0% |
| Fixed assets | 21/28 | €1,242,637 | €1,214,111 | -€28,526 | -2.3% |
| Tangible fixed assets | 22/27 | €1,242,637 | €1,214,111 | -€28,526 | -2.3% |
| Land and buildings | 22 | €1,242,637 | €1,214,111 | -€28,526 | -2.3% |
| Current assets | 29/58 | €18,511 | €21,736 | +€3,225 | +17.4% |
| Amounts receivable within one year | 40/41 | €17,000 | €14,500 | -€2,500 | -14.7% |
| Trade receivables | 40 | €17,000 | €14,500 | -€2,500 | -14.7% |
| Cash at bank and in hand | 54/58 | €1,511 | €362 | -€1,149 | -76.0% |
| Deferred charges and accrued income | 490/1 | - | €6,874 | +€6,874 | |
| Total equity and liabilities | 10/49 | €1,261,148 | €1,235,847 | -€25,301 | -2.0% |
| Equity | 10/15 | €131,943 | €160,742 | +€28,800 | +21.8% |
| Contributions | 10/11 | €66,000 | €66,000 | = | 0.0% |
| Capital | 10 | €66,000 | €66,000 | = | 0.0% |
| Issued capital | 100 | €66,000 | €66,000 | = | 0.0% |
| Reserves | 13 | €36,297 | €37,737 | +€1,440 | +4.0% |
| Non-distributable reserves | 130/1 | €3,297 | €4,737 | +€1,440 | +43.7% |
| Legal reserve | 130 | €3,297 | €4,737 | +€1,440 | +43.7% |
| Distributable reserves | 133 | €33,000 | €33,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,646 | €57,005 | +€27,360 | +92.3% |
| Amounts payable | 17/49 | €1,129,205 | €1,075,104 | -€54,101 | -4.8% |
| Amounts payable after more than one year | 17 | €824,300 | €773,141 | -€51,159 | -6.2% |
| Financial debts | 170/4 | €824,300 | €773,141 | -€51,159 | -6.2% |
| Amounts payable within one year | 42/48 | €303,677 | €300,804 | -€2,873 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €48,911 | €51,159 | +€2,248 | +4.6% |
| Trade debts | 44 | €6,762 | €6,856 | +€94 | +1.4% |
| Suppliers | 440/4 | €6,762 | €6,856 | +€94 | +1.4% |
| Taxes, remuneration and social security | 45 | €20,656 | €14,041 | -€6,615 | -32.0% |
| Taxes | 450/3 | €20,656 | €14,041 | -€6,615 | -32.0% |
| Other amounts payable | 47/48 | €227,349 | €228,749 | +€1,400 | +0.6% |
| Accrued charges and deferred income | 492/3 | €1,228 | €1,160 | -€69 | -5.6% |
| Turnover | 70 | €120,000 | €120,000 | = | 0.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €10,566 | €10,461 | -€105 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,526 | €28,526 | = | 0.0% |
| Other operating charges | 640/8 | €6,673 | €6,697 | +€24 | +0.4% |
| Gross operating margin | 9900 | €109,614 | €109,539 | -€75 | -0.1% |
| Operating profit (loss) | 9901 | €74,415 | €74,316 | -€99 | -0.1% |
| Financial charges | 65/66B | €40,391 | €38,317 | -€2,075 | -5.1% |
| Recurring financial charges | 65 | €40,391 | €38,317 | -€2,075 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €34,023 | €35,999 | +€1,976 | +5.8% |
| Income taxes | 67/77 | €6,841 | €7,200 | +€359 | +5.3% |
| Profit (loss) for the period | 9904 | €27,183 | €28,800 | +€1,617 | +5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €27,183 | €28,800 | +€1,617 | +5.9% |
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 26 October 2026 via checked.be.