IMF: 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.
IMF
Largest movements
- Receivables within one year -€218,622
down €218,622 (-78.8%), from €277,552 to €58,929
of which Other amounts receivable: -€220,021
- Tangible fixed assets -€11,685
down €11,685 (-2.4%), from €485,476 to €473,791
of which Land and buildings: -€22,269
- Debts after one year -€103,234
down €103,234 (-39.9%), from €258,492 to €155,258
- Profit (loss) carried forward -€57,370
down €57,370 (-64.6%), from -€88,857 to -€146,227
- Other debts -€52,222
down €52,222 (-59.2%), from €88,205 to €35,983
- Short-term financial debts -€16,209
no longer reported in 2025 (was €16,209)
- Write-downs +€139,557
new in 2025: €139,557
- Gross operating margin +€89,263
up €89,263 (+232%), from €38,445 to €127,708
- Other operating charges -€5,005
down €5,005 (-78.0%), from €6,415 to €1,410
- Financial charges +€3,672
up €3,672 (+22.8%), from €16,103 to €19,776
- Depreciation +€1,964
up €1,964 (+8.8%), from €22,371 to €24,335
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 | €763,096 | €536,965 | -€226,131 | -29.6% |
| Fixed assets | 21/28 | €485,476 | €473,791 | -€11,685 | -2.4% |
| Tangible fixed assets | 22/27 | €485,476 | €473,791 | -€11,685 | -2.4% |
| Land and buildings | 22 | €384,563 | €362,293 | -€22,269 | -5.8% |
| Furniture and vehicles | 24 | €640 | €11,224 | +€10,584 | +1,655% |
| Assets under construction and advance payments | 27 | €100,274 | €100,274 | = | 0.0% |
| Current assets | 29/58 | €277,620 | €63,174 | -€214,446 | -77.2% |
| Amounts receivable within one year | 40/41 | €277,552 | €58,929 | -€218,622 | -78.8% |
| Trade receivables | 40 | - | €1,399 | +€1,399 | |
| Other amounts receivable | 41 | €277,552 | €57,530 | -€220,021 | -79.3% |
| Cash at bank and in hand | 54/58 | €69 | €4,245 | +€4,176 | +6,074% |
| Total equity and liabilities | 10/49 | €763,096 | €536,965 | -€226,131 | -29.6% |
| Equity | 10/15 | €351,603 | €294,233 | -€57,370 | -16.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €384,000 | €384,000 | = | 0.0% |
| Reserves | 13 | €37,860 | €37,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €36,000 | €36,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€88,857 | -€146,227 | -€57,370 | -64.6% |
| Amounts payable | 17/49 | €411,494 | €242,732 | -€168,762 | -41.0% |
| Amounts payable after more than one year | 17 | €258,492 | €155,258 | -€103,234 | -39.9% |
| Financial debts | 170/4 | €258,492 | €155,258 | -€103,234 | -39.9% |
| Amounts payable within one year | 42/48 | €153,002 | €86,874 | -€66,127 | -43.2% |
| Current portion of amounts payable after more than one year | 42 | €46,418 | €43,810 | -€2,609 | -5.6% |
| Financial debts | 43 | €16,209 | - | -€16,209 | |
| Credit institutions | 430/8 | €16,209 | - | -€16,209 | |
| Trade debts | 44 | €2,170 | €6,970 | +€4,800 | +221% |
| Suppliers | 440/4 | €2,170 | €6,970 | +€4,800 | +221% |
| Taxes, remuneration and social security | 45 | - | €112 | +€112 | |
| Taxes | 450/3 | - | €112 | +€112 | |
| Other amounts payable | 47/48 | €88,205 | €35,983 | -€52,222 | -59.2% |
| Accrued charges and deferred income | 492/3 | - | €600 | +€600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,371 | €24,335 | +€1,964 | +8.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €139,557 | +€139,557 | |
| Other operating charges | 640/8 | €6,415 | €1,410 | -€5,005 | -78.0% |
| Gross operating margin | 9900 | €38,445 | €127,708 | +€89,263 | +232% |
| Operating profit (loss) | 9901 | €9,659 | -€37,594 | -€47,253 | |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €16,103 | €19,776 | +€3,672 | +22.8% |
| Recurring financial charges | 65 | €16,103 | €19,776 | +€3,672 | +22.8% |
| Profit (loss) for the period before taxes | 9903 | -€6,443 | -€57,370 | -€50,926 | -790% |
| Profit (loss) for the period | 9904 | -€6,443 | -€57,370 | -€50,926 | -790% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,443 | -€57,370 | -€50,926 | -790% |
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 17 October 2026 via checked.be.