IMFA: what changed
Two fiscal 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.
IMFA
Largest movements
- Cash +€75,134
up €75,134 (+38.5%), from €195,399 to €270,534
mainly Net result for the year (+€32,429) and Depreciation (+€27,938)
- Tangible fixed assets -€27,938
down €27,938 (-3.0%), from €930,862 to €902,924
of which Land and buildings: -€18,536
- Profit (loss) carried forward +€32,429
up €32,429 (+49.5%), from €65,512 to €97,940
- Gross operating margin +€16,008
up €16,008 (+25.0%), from €63,926 to €79,933
- Taxes +€4,519
up €4,519 (+61.1%), from €7,393 to €11,912
- Depreciation -€1,363
down €1,363 (-4.7%), from €29,301 to €27,938
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.
Cash bridge derived
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 | €1,146,851 | €1,194,557 | +€47,706 | +4.2% |
| Fixed assets | 21/28 | €931,581 | €903,643 | -€27,938 | -3.0% |
| Tangible fixed assets | 22/27 | €930,862 | €902,924 | -€27,938 | -3.0% |
| Land and buildings | 22 | €895,251 | €876,715 | -€18,536 | -2.1% |
| Plant, machinery and equipment | 23 | €11,076 | €5,827 | -€5,249 | -47.4% |
| Furniture and vehicles | 24 | €7,547 | €5,204 | -€2,342 | -31.0% |
| Other tangible fixed assets | 26 | €16,988 | €15,178 | -€1,810 | -10.7% |
| Financial fixed assets | 28 | €719 | €719 | = | 0.0% |
| Current assets | 29/58 | €215,270 | €290,914 | +€75,644 | +35.1% |
| Amounts receivable within one year | 40/41 | €19,871 | €19,871 | = | 0.0% |
| Other amounts receivable | 41 | €19,871 | €19,871 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €195,399 | €270,534 | +€75,134 | +38.5% |
| Deferred charges and accrued income | 490/1 | - | €509 | +€509 | |
| Total equity and liabilities | 10/49 | €1,146,851 | €1,194,557 | +€47,706 | +4.2% |
| Equity | 10/15 | €1,144,992 | €1,177,420 | +€32,429 | +2.8% |
| Contributions | 10/11 | €824,246 | €824,246 | = | 0.0% |
| Capital | 10 | €824,246 | €824,246 | = | 0.0% |
| Issued capital | 100 | €824,246 | €824,246 | = | 0.0% |
| Reserves | 13 | €255,234 | €255,234 | = | 0.0% |
| Non-distributable reserves | 130/1 | €82,425 | €82,425 | = | 0.0% |
| Legal reserve | 130 | €82,425 | €82,425 | = | 0.0% |
| Distributable reserves | 133 | €172,809 | €172,809 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,512 | €97,940 | +€32,429 | +49.5% |
| Amounts payable | 17/49 | €1,860 | €17,137 | +€15,277 | +821.4% |
| Amounts payable within one year | 42/48 | €1,860 | €17,137 | +€15,277 | +821.4% |
| Trade debts | 44 | €467 | €11,225 | +€10,758 | +2304.2% |
| Suppliers | 440/4 | €467 | €11,225 | +€10,758 | +2304.2% |
| Taxes, remuneration and social security | 45 | €1,393 | €5,912 | +€4,519 | +324.4% |
| Taxes | 450/3 | €1,393 | €5,912 | +€4,519 | +324.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,301 | €27,938 | -€1,363 | -4.7% |
| Other operating charges | 640/8 | €7,532 | €7,467 | -€64 | -0.9% |
| Gross operating margin | 9900 | €63,926 | €79,933 | +€16,008 | +25.0% |
| Operating profit (loss) | 9901 | €27,092 | €44,528 | +€17,435 | +64.4% |
| Financial charges | 65/66B | €181 | €187 | +€6 | +3.5% |
| Recurring financial charges | 65 | €181 | €187 | +€6 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €26,912 | €44,341 | +€17,429 | +64.8% |
| Income taxes | 67/77 | €7,393 | €11,912 | +€4,519 | +61.1% |
| Profit (loss) for the period | 9904 | €19,519 | €32,429 | +€12,910 | +66.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,519 | €32,429 | +€12,910 | +66.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.