IMERAJ: 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.
IMERAJ
Largest movements
- Receivables within one year +€31,139
up €31,139 (+8,287%), from €376 to €31,515
of which Trade receivables: +€23,162
- Cash -€11,217
down €11,217 (-36.1%), from €31,065 to €19,847
mainly Receivables within one year (-€31,139) and Investment in fixed assets (net) (-€1,293)
- Tangible fixed assets -€5,269
down €5,269 (-29.7%), from €17,755 to €12,486
of which Furniture and vehicles: -€5,780
- Trade debts +€10,468
up €10,468 (+5,436%), from €193 to €10,660
- Tax, wage and social debts +€3,022
up €3,022 (+24.8%), from €12,207 to €15,230
- Profit (loss) carried forward +€1,067
up €1,067 (+2.9%), from €36,751 to €37,818
- Gross operating margin -€37,324
down €37,324 (-72.7%), from €51,339 to €14,015
- Taxes -€10,590
down €10,590 (-86.7%), from €12,207 to €1,618
- Depreciation +€4,886
up €4,886 (+291%), from €1,677 to €6,563
- Other operating charges +€4,392
up €4,392 (+1,456%), from €302 to €4,694
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 | €50,151 | €64,708 | +€14,558 | +29.0% |
| Fixed assets | 21/28 | €17,755 | €12,486 | -€5,269 | -29.7% |
| Tangible fixed assets | 22/27 | €17,755 | €12,486 | -€5,269 | -29.7% |
| Plant, machinery and equipment | 23 | €1,217 | €1,727 | +€510 | +41.9% |
| Furniture and vehicles | 24 | €16,539 | €10,759 | -€5,780 | -34.9% |
| Current assets | 29/58 | €32,395 | €52,222 | +€19,827 | +61.2% |
| Amounts receivable within one year | 40/41 | €376 | €31,515 | +€31,139 | +8,287% |
| Trade receivables | 40 | - | €23,162 | +€23,162 | |
| Other amounts receivable | 41 | €376 | €8,352 | +€7,977 | +2,123% |
| Cash at bank and in hand | 54/58 | €31,065 | €19,847 | -€11,217 | -36.1% |
| Deferred charges and accrued income | 490/1 | €955 | €860 | -€95 | -9.9% |
| Total equity and liabilities | 10/49 | €50,151 | €64,708 | +€14,558 | +29.0% |
| Equity | 10/15 | €37,751 | €38,818 | +€1,067 | +2.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,751 | €37,818 | +€1,067 | +2.9% |
| Amounts payable | 17/49 | €12,400 | €25,890 | +€13,490 | +109% |
| Amounts payable within one year | 42/48 | €12,400 | €25,890 | +€13,490 | +109% |
| Trade debts | 44 | €193 | €10,660 | +€10,468 | +5,436% |
| Suppliers | 440/4 | €193 | €10,660 | +€10,468 | +5,436% |
| Taxes, remuneration and social security | 45 | €12,207 | €15,230 | +€3,022 | +24.8% |
| Taxes | 450/3 | €12,207 | €15,230 | +€3,022 | +24.8% |
| Non-recurring operating income | 76A | - | €7,934 | +€7,934 | |
| Remuneration, social security and pensions | 62 | €134 | €204 | +€71 | +52.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,677 | €6,563 | +€4,886 | +291% |
| Other operating charges | 640/8 | €302 | €4,694 | +€4,392 | +1,456% |
| Gross operating margin | 9900 | €51,339 | €14,015 | -€37,324 | -72.7% |
| Operating profit (loss) | 9901 | €49,227 | €2,554 | -€46,673 | -94.8% |
| Financial income | 75/76B | €1 | €455 | +€454 | +56,754% |
| Recurring financial income | 75 | €1 | €455 | +€454 | +56,754% |
| Financial charges | 65/66B | €270 | €47 | -€223 | -82.6% |
| Recurring financial charges | 65 | €270 | €47 | -€223 | -82.6% |
| Profit (loss) for the period before taxes | 9903 | €48,958 | €2,962 | -€45,996 | -94.0% |
| Income taxes | 67/77 | €12,207 | €1,618 | -€10,590 | -86.7% |
| Profit (loss) for the period | 9904 | €36,751 | €1,344 | -€35,407 | -96.3% |
| Profit (loss) for the period to be appropriated | 9905 | €36,751 | €1,344 | -€35,407 | -96.3% |
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 1 November 2026 via checked.be.