Imfern: 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.
Imfern
Largest movements
- Receivables within one year -€19,632
no longer reported in 2025 (was €19,632)
- Cash -€15,634
down €15,634 (-6.4%), from €246,116 to €230,482
mainly Contributions, distributions and other (-€83,928) and Investment in fixed assets (net) (-€45,000)
- Reserves -€55,298
down €55,298 (-6.3%), from €878,843 to €823,546
of which Distributable reserves: -€55,298
- Accrued charges and deferred income +€30,992
new in 2025: €30,992
- Other debts -€20,008
down €20,008 (-7.5%), from €267,553 to €247,546
- Gross operating margin -€172,686
down €172,686 (-55.5%), from €310,989 to €138,303
- Taxes -€54,530
down €54,530 (-77.5%), from €70,368 to €15,838
- Other operating charges +€6,844
up €6,844 (+50.7%), from €13,507 to €20,351
- Financial charges -€6,177
down €6,177 (-16.6%), from €37,320 to €31,143
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 | €1,494,087 | €1,460,736 | -€33,351 | -2.2% |
| Fixed assets | 21/28 | €1,225,362 | €1,228,021 | +€2,659 | +0.2% |
| Tangible fixed assets | 22/27 | €1,225,362 | €1,228,021 | +€2,659 | +0.2% |
| Land and buildings | 22 | €1,225,362 | €1,228,021 | +€2,659 | +0.2% |
| Current assets | 29/58 | €268,725 | €232,716 | -€36,010 | -13.4% |
| Amounts receivable within one year | 40/41 | €19,632 | - | -€19,632 | |
| Other amounts receivable | 41 | €19,632 | - | -€19,632 | |
| Cash at bank and in hand | 54/58 | €246,116 | €230,482 | -€15,634 | -6.4% |
| Deferred charges and accrued income | 490/1 | €2,977 | €2,234 | -€743 | -25.0% |
| Total equity and liabilities | 10/49 | €1,494,087 | €1,460,736 | -€33,351 | -2.2% |
| Equity | 10/15 | €941,104 | €885,806 | -€55,298 | -5.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €878,843 | €823,546 | -€55,298 | -6.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €872,643 | €817,346 | -€55,298 | -6.3% |
| Profit (loss) carried forward | 14 | €261 | €261 | = | 0.0% |
| Amounts payable | 17/49 | €552,983 | €574,930 | +€21,947 | +4.0% |
| Amounts payable after more than one year | 17 | €284,583 | €289,383 | +€4,800 | +1.7% |
| Financial debts | 170/4 | €283,000 | €283,000 | = | 0.0% |
| Other amounts payable | 178/9 | €1,583 | €6,383 | +€4,800 | +303.2% |
| Amounts payable within one year | 42/48 | €268,400 | €254,555 | -€13,845 | -5.2% |
| Trade debts | 44 | €346 | €172 | -€175 | -50.4% |
| Suppliers | 440/4 | €346 | €172 | -€175 | -50.4% |
| Taxes, remuneration and social security | 45 | €500 | €6,838 | +€6,338 | +1267.5% |
| Taxes | 450/3 | - | €5,838 | +€5,838 | |
| Remuneration and social security | 454/9 | €500 | €1,000 | +€500 | +100.0% |
| Other amounts payable | 47/48 | €267,553 | €247,546 | -€20,008 | -7.5% |
| Accrued charges and deferred income | 492/3 | - | €30,992 | +€30,992 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,819 | €42,341 | +€1,522 | +3.7% |
| Other operating charges | 640/8 | €13,507 | €20,351 | +€6,844 | +50.7% |
| Gross operating margin | 9900 | €310,989 | €138,303 | -€172,686 | -55.5% |
| Operating profit (loss) | 9901 | €256,663 | €75,611 | -€181,052 | -70.5% |
| Financial income | 75/76B | €1,422 | - | -€1,422 | |
| Recurring financial income | 75 | €1,422 | - | -€1,422 | |
| Financial charges | 65/66B | €37,320 | €31,143 | -€6,177 | -16.6% |
| Recurring financial charges | 65 | €37,320 | €31,143 | -€6,177 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €220,765 | €44,468 | -€176,297 | -79.9% |
| Income taxes | 67/77 | €70,368 | €15,838 | -€54,530 | -77.5% |
| Profit (loss) for the period | 9904 | €150,397 | €28,630 | -€121,767 | -81.0% |
| Profit (loss) for the period to be appropriated | 9905 | €150,397 | €28,630 | -€121,767 | -81.0% |
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 6 October 2026 via checked.be.