IMFO: 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.
IMFO
Largest movements
- Current investments +€16,500
new in 2025: €16,500
- Tangible fixed assets +€13,689
up €13,689 (+13.9%), from €98,228 to €111,917
of which Other tangible fixed assets: +€13,689
- Cash -€10,530
down €10,530 (-82.8%), from €12,724 to €2,194
mainly Current investments (-€16,500) and Investment in fixed assets (net) (-€16,112)
- Receivables within one year -€6,998
down €6,998 (-18.2%), from €38,464 to €31,465
of which Other amounts receivable: -€3,614
- Reserves +€12,671
up €12,671 (+14.5%), from €87,656 to €100,327
of which Distributable reserves: +€12,671
- Gross operating margin -€17,953
down €17,953 (-49.8%), from €36,065 to €18,112
- Taxes -€8,708
down €8,708 (-99.9%), from €8,718 to €10
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 | €150,656 | €163,327 | +€12,671 | +8.4% |
| Fixed assets | 21/28 | €98,228 | €111,917 | +€13,689 | +13.9% |
| Tangible fixed assets | 22/27 | €98,228 | €111,917 | +€13,689 | +13.9% |
| Land and buildings | 22 | €43,006 | €43,006 | = | 0.0% |
| Furniture and vehicles | 24 | €46,219 | €46,219 | = | 0.0% |
| Other tangible fixed assets | 26 | €9,003 | €22,692 | +€13,689 | +152% |
| Current assets | 29/58 | €52,428 | €51,410 | -€1,017 | -1.9% |
| Amounts receivable within one year | 40/41 | €38,464 | €31,465 | -€6,998 | -18.2% |
| Trade receivables | 40 | €14,850 | €11,465 | -€3,385 | -22.8% |
| Other amounts receivable | 41 | €23,614 | €20,000 | -€3,614 | -15.3% |
| Current investments | 50/53 | - | €16,500 | +€16,500 | |
| Cash at bank and in hand | 54/58 | €12,724 | €2,194 | -€10,530 | -82.8% |
| Deferred charges and accrued income | 490/1 | €1,240 | €1,250 | +€11 | +0.9% |
| Total equity and liabilities | 10/49 | €150,656 | €163,327 | +€12,671 | +8.4% |
| Equity | 10/15 | €150,656 | €163,327 | +€12,671 | +8.4% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €87,656 | €100,327 | +€12,671 | +14.5% |
| Non-distributable reserves | 130/1 | €6,300 | €6,300 | = | 0.0% |
| Legal reserve | 130 | €6,300 | €6,300 | = | 0.0% |
| Distributable reserves | 133 | €81,356 | €94,027 | +€12,671 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,150 | €2,423 | +€274 | +12.7% |
| Other operating charges | 640/8 | €3,322 | €2,995 | -€327 | -9.9% |
| Gross operating margin | 9900 | €36,065 | €18,112 | -€17,953 | -49.8% |
| Operating profit (loss) | 9901 | €30,593 | €12,694 | -€17,899 | -58.5% |
| Financial income | 75/76B | - | €32 | +€32 | |
| Recurring financial income | 75 | - | €32 | +€32 | |
| Financial charges | 65/66B | €44 | €45 | +€2 | +3.4% |
| Recurring financial charges | 65 | €44 | €45 | +€2 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €30,550 | €12,681 | -€17,869 | -58.5% |
| Income taxes | 67/77 | €8,718 | €10 | -€8,708 | -99.9% |
| Profit (loss) for the period | 9904 | €21,832 | €12,671 | -€9,161 | -42.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,832 | €12,671 | -€9,161 | -42.0% |
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.