IMFACO: 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.
IMFACO
Largest movements
- Cash +€219,777
up €219,777 (+72.8%), from €301,933 to €521,710
mainly Net result for the year (+€255,364) and Receivables within one year (+€211,444)
- Receivables within one year -€211,444
down €211,444 (-44.1%), from €479,522 to €268,078
of which Trade receivables: -€151,018
- Stocks and contracts -€201,563
down €201,563 (-22.2%), from €908,984 to €707,420
- Trade debts -€470,471
down €470,471 (-86.1%), from €546,210 to €75,739
- Reserves +€255,364
up €255,364 (+15.0%), from €1.7m to €2.0m
of which Distributable reserves: +€255,364
- Short-term financial debts -€31,840
down €31,840 (-62.7%), from €50,780 to €18,940
- Gross operating margin +€154,437
up €154,437 (+40.4%), from €381,987 to €536,424
- Financial income -€76,157
down €76,157 (-86.0%), from €88,574 to €12,417
- Staff costs +€26,820
up €26,820 (+48.6%), from €55,146 to €81,967
- Taxes +€16,809
up €16,809 (+15.8%), from €106,685 to €123,494
- Financial charges -€7,586
down €7,586 (-18.4%), from €41,260 to €33,674
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 | €2,440,480 | €2,215,794 | -€224,686 | -9.2% |
| Fixed assets | 21/28 | €196,606 | €175,853 | -€20,753 | -10.6% |
| Tangible fixed assets | 22/27 | €194,987 | €174,234 | -€20,753 | -10.6% |
| Land and buildings | 22 | €154,409 | €129,493 | -€24,916 | -16.1% |
| Furniture and vehicles | 24 | €40,578 | €44,741 | +€4,163 | +10.3% |
| Financial fixed assets | 28 | €1,619 | €1,619 | = | 0.0% |
| Current assets | 29/58 | €2,243,875 | €2,039,942 | -€203,933 | -9.1% |
| Stocks and contracts in progress | 3 | €908,984 | €707,420 | -€201,563 | -22.2% |
| Stocks | 30/36 | €908,984 | €707,420 | -€201,563 | -22.2% |
| Amounts receivable within one year | 40/41 | €479,522 | €268,078 | -€211,444 | -44.1% |
| Trade receivables | 40 | €403,519 | €252,502 | -€151,018 | -37.4% |
| Other amounts receivable | 41 | €76,003 | €15,576 | -€60,426 | -79.5% |
| Current investments | 50/53 | €542,734 | €542,734 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €301,933 | €521,710 | +€219,777 | +72.8% |
| Deferred charges and accrued income | 490/1 | €10,702 | €0 | -€10,702 | -100.0% |
| Total equity and liabilities | 10/49 | €2,440,480 | €2,215,794 | -€224,686 | -9.2% |
| Equity | 10/15 | €1,764,157 | €2,019,522 | +€255,364 | +14.5% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €1,701,657 | €1,957,022 | +€255,364 | +15.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €1,695,407 | €1,950,772 | +€255,364 | +15.1% |
| Amounts payable | 17/49 | €676,323 | €196,273 | -€480,050 | -71.0% |
| Amounts payable within one year | 42/48 | €676,323 | €196,273 | -€480,050 | -71.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €50,780 | €18,940 | -€31,840 | -62.7% |
| Credit institutions | 430/8 | €50,780 | €18,940 | -€31,840 | -62.7% |
| Trade debts | 44 | €546,210 | €75,739 | -€470,471 | -86.1% |
| Suppliers | 440/4 | €546,210 | €75,739 | -€470,471 | -86.1% |
| Taxes, remuneration and social security | 45 | €68,197 | €89,954 | +€21,758 | +31.9% |
| Taxes | 450/3 | €59,771 | €80,692 | +€20,922 | +35.0% |
| Remuneration and social security | 454/9 | €8,426 | €9,262 | +€836 | +9.9% |
| Other amounts payable | 47/48 | €11,136 | €11,639 | +€503 | +4.5% |
| Remuneration, social security and pensions | 62 | €55,146 | €81,967 | +€26,820 | +48.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,327 | €35,927 | +€3,600 | +11.1% |
| Other operating charges | 640/8 | €13,073 | €18,415 | +€5,342 | +40.9% |
| Gross operating margin | 9900 | €381,987 | €536,424 | +€154,437 | +40.4% |
| Operating profit (loss) | 9901 | €281,441 | €400,115 | +€118,675 | +42.2% |
| Financial income | 75/76B | €88,574 | €12,417 | -€76,157 | -86.0% |
| Recurring financial income | 75 | €88,574 | €12,417 | -€76,157 | -86.0% |
| Financial charges | 65/66B | €41,260 | €33,674 | -€7,586 | -18.4% |
| Recurring financial charges | 65 | €41,260 | €33,674 | -€7,586 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | €328,755 | €378,858 | +€50,104 | +15.2% |
| Income taxes | 67/77 | €106,685 | €123,494 | +€16,809 | +15.8% |
| Profit (loss) for the period | 9904 | €222,070 | €255,364 | +€33,295 | +15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €222,070 | €255,364 | +€33,295 | +15.0% |
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 3 October 2026 via checked.be.