IMECO: 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.
IMECO
Largest movements
- Cash -€94,577
down €94,577 (-84.9%), from €111,376 to €16,799
mainly Current investments (-€80,000) and Net result for the year (-€18,423)
- Current investments +€80,000
new in 2025: €80,000
- Tangible fixed assets -€21,258
down €21,258 (-2.0%), from €1.0m to €1.0m
of which Land and buildings: -€21,258
- Reserves -€16,069
down €16,069 (-1.9%), from €830,728 to €814,659
of which Tax-exempt reserves: -€16,069
- Depreciation +€20,110
up €20,110 (+134%), from €15,045 to €35,155
- Gross operating margin +€12,310
up €12,310 (+324%), from €3,796 to €16,107
- Financial income -€9,042
down €9,042 (-75.6%), from €11,963 to €2,921
- Other operating charges +€4,358
up €4,358 (+213%), from €2,043 to €6,400
- Financial charges +€259
up €259 (+65.0%), from €399 to €658
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,239,326 | €1,214,890 | -€24,436 | -2.0% |
| Fixed assets | 21/28 | €1,039,812 | €1,018,554 | -€21,258 | -2.0% |
| Tangible fixed assets | 22/27 | €1,039,812 | €1,018,554 | -€21,258 | -2.0% |
| Land and buildings | 22 | €1,039,812 | €1,018,554 | -€21,258 | -2.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €199,515 | €196,336 | -€3,178 | -1.6% |
| Amounts receivable after more than one year | 29 | €85,455 | €94,154 | +€8,699 | +10.2% |
| Other amounts receivable | 291 | €85,455 | €94,154 | +€8,699 | +10.2% |
| Amounts receivable within one year | 40/41 | €2,006 | €4,742 | +€2,736 | +136% |
| Trade receivables | 40 | €99 | €0 | -€99 | -100% |
| Other amounts receivable | 41 | €1,907 | €4,742 | +€2,835 | +149% |
| Current investments | 50/53 | - | €80,000 | +€80,000 | |
| Cash at bank and in hand | 54/58 | €111,376 | €16,799 | -€94,577 | -84.9% |
| Deferred charges and accrued income | 490/1 | €678 | €642 | -€37 | -5.4% |
| Total equity and liabilities | 10/49 | €1,239,326 | €1,214,890 | -€24,436 | -2.0% |
| Equity | 10/15 | €998,535 | €980,112 | -€18,423 | -1.8% |
| Contributions | 10/11 | €207,236 | €207,236 | = | 0.0% |
| Capital | 10 | €207,236 | €207,236 | = | 0.0% |
| Issued capital | 100 | €207,236 | €207,236 | = | 0.0% |
| Reserves | 13 | €830,728 | €814,659 | -€16,069 | -1.9% |
| Non-distributable reserves | 130/1 | €20,724 | €20,724 | = | 0.0% |
| Legal reserve | 130 | €20,724 | €20,724 | = | 0.0% |
| Tax-exempt reserves | 132 | €714,548 | €698,479 | -€16,069 | -2.2% |
| Distributable reserves | 133 | €95,456 | €95,456 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,428 | -€41,783 | -€2,354 | -6.0% |
| Provisions and deferred taxes | 16 | €238,183 | €232,826 | -€5,356 | -2.2% |
| Deferred taxes | 168 | €238,183 | €232,826 | -€5,356 | -2.2% |
| Amounts payable | 17/49 | €2,608 | €1,952 | -€656 | -25.2% |
| Amounts payable within one year | 42/48 | €2,608 | €1,952 | -€656 | -25.2% |
| Trade debts | 44 | €1,812 | €1,321 | -€491 | -27.1% |
| Suppliers | 440/4 | €1,812 | €1,321 | -€491 | -27.1% |
| Taxes, remuneration and social security | 45 | €796 | €631 | -€165 | -20.8% |
| Taxes | 450/3 | €796 | €631 | -€165 | -20.8% |
| Non-recurring operating income | 76A | €3,719 | €0 | -€3,719 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,045 | €35,155 | +€20,110 | +134% |
| Other operating charges | 640/8 | €2,043 | €6,400 | +€4,358 | +213% |
| Non-recurring operating charges | 66A | €31,661 | €0 | -€31,661 | -100% |
| Gross operating margin | 9900 | €3,796 | €16,107 | +€12,310 | +324% |
| Operating profit (loss) | 9901 | -€44,952 | -€25,449 | +€19,503 | +43.4% |
| Financial income | 75/76B | €11,963 | €2,921 | -€9,042 | -75.6% |
| Recurring financial income | 75 | €11,963 | €2,921 | -€9,042 | -75.6% |
| Financial charges | 65/66B | €399 | €658 | +€259 | +65.0% |
| Recurring financial charges | 65 | €399 | €658 | +€259 | +65.0% |
| Profit (loss) for the period before taxes | 9903 | -€33,388 | -€23,187 | +€10,201 | +30.6% |
| Transfer from deferred taxes | 780 | €580 | €5,356 | +€4,777 | +824% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €696 | €593 | -€103 | -14.9% |
| Profit (loss) for the period | 9904 | -€33,504 | -€18,423 | +€15,081 | +45.0% |
| Transfer from tax-exempt reserves | 789 | €1,739 | €16,069 | +€14,330 | +824% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,766 | -€2,354 | +€29,412 | +92.6% |
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 18 October 2026 via checked.be.