IMEXEL: 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.
IMEXEL
Largest movements
- Receivables within one year -€19,221
down €19,221 (-48.1%), from €39,954 to €20,734
of which Trade receivables: -€16,467
- Tangible fixed assets +€6,102
up €6,102 (+19.2%), from €31,787 to €37,889
of which Furniture and vehicles: +€8,299
- Stocks and contracts -€3,656
down €3,656 (-15.7%), from €23,226 to €19,571
- Cash -€2,752
down €2,752 (-32.0%), from €8,602 to €5,850
mainly Trade debts (-€29,554) and Investment in fixed assets (net) (-€14,180)
- Trade debts -€29,554
down €29,554 (-65.7%), from €44,970 to €15,416
- Reserves +€7,000
up €7,000 (+25.1%), from €27,860 to €34,860
- Debts after one year +€2,407
new in 2025: €2,407
- Depreciation +€4,764
up €4,764 (+144%), from €3,314 to €8,078
- Taxes -€1,808
down €1,808 (-25.1%), from €7,209 to €5,401
- Gross operating margin -€1,415
down €1,415 (-5.8%), from €24,417 to €23,001
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 | €106,127 | €86,653 | -€19,474 | -18.3% |
| Fixed assets | 21/28 | €31,787 | €37,889 | +€6,102 | +19.2% |
| Tangible fixed assets | 22/27 | €31,787 | €37,889 | +€6,102 | +19.2% |
| Plant, machinery and equipment | 23 | €1,295 | €755 | -€540 | -41.7% |
| Furniture and vehicles | 24 | €19,483 | €27,782 | +€8,299 | +42.6% |
| Other tangible fixed assets | 26 | €11,010 | €9,353 | -€1,657 | -15.1% |
| Current assets | 29/58 | €74,340 | €48,764 | -€25,575 | -34.4% |
| Stocks and contracts in progress | 3 | €23,226 | €19,571 | -€3,656 | -15.7% |
| Stocks | 30/36 | €23,226 | €19,571 | -€3,656 | -15.7% |
| Amounts receivable within one year | 40/41 | €39,954 | €20,734 | -€19,221 | -48.1% |
| Trade receivables | 40 | €27,068 | €10,602 | -€16,467 | -60.8% |
| Other amounts receivable | 41 | €12,886 | €10,132 | -€2,754 | -21.4% |
| Cash at bank and in hand | 54/58 | €8,602 | €5,850 | -€2,752 | -32.0% |
| Deferred charges and accrued income | 490/1 | €2,557 | €2,610 | +€53 | +2.1% |
| Total equity and liabilities | 10/49 | €106,127 | €86,653 | -€19,474 | -18.3% |
| Equity | 10/15 | €53,614 | €60,789 | +€7,175 | +13.4% |
| Contributions | 10/11 | €12,120 | €12,120 | = | 0.0% |
| Reserves | 13 | €27,860 | €34,860 | +€7,000 | +25.1% |
| Distributable reserves | 133 | €27,860 | €34,860 | +€7,000 | +25.1% |
| Profit (loss) carried forward | 14 | €13,634 | €13,809 | +€175 | +1.3% |
| Amounts payable | 17/49 | €52,513 | €25,864 | -€26,649 | -50.7% |
| Amounts payable after more than one year | 17 | - | €2,407 | +€2,407 | |
| Financial debts | 170/4 | - | €2,407 | +€2,407 | |
| Amounts payable within one year | 42/48 | €52,513 | €23,457 | -€29,056 | -55.3% |
| Current portion of amounts payable after more than one year | 42 | €7,000 | €7,833 | +€833 | +11.9% |
| Trade debts | 44 | €44,970 | €15,416 | -€29,554 | -65.7% |
| Suppliers | 440/4 | €44,970 | €15,416 | -€29,554 | -65.7% |
| Taxes, remuneration and social security | 45 | €543 | €209 | -€334 | -61.6% |
| Taxes | 450/3 | €543 | €209 | -€334 | -61.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,314 | €8,078 | +€4,764 | +144% |
| Other operating charges | 640/8 | €568 | €744 | +€175 | +30.9% |
| Gross operating margin | 9900 | €24,417 | €23,001 | -€1,415 | -5.8% |
| Operating profit (loss) | 9901 | €20,535 | €14,180 | -€6,355 | -30.9% |
| Financial income | 75/76B | €30 | €95 | +€64 | +212% |
| Recurring financial income | 75 | €30 | €95 | +€64 | +212% |
| Financial charges | 65/66B | €1,740 | €1,698 | -€42 | -2.4% |
| Recurring financial charges | 65 | €1,740 | €1,698 | -€42 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €18,825 | €12,576 | -€6,248 | -33.2% |
| Income taxes | 67/77 | €7,209 | €5,401 | -€1,808 | -25.1% |
| Profit (loss) for the period | 9904 | €11,616 | €7,175 | -€4,440 | -38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,616 | €7,175 | -€4,440 | -38.2% |
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 22 October 2026 via checked.be.