IMFRACO: 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.
IMFRACO
Largest movements
- Tangible fixed assets +€33,582
up €33,582 (+3.1%), from €1.1m to €1.1m
of which Land and buildings: +€39,199
- Receivables within one year -€31,565
down €31,565 (-71.6%), from €44,094 to €12,529
of which Trade receivables: -€31,565
- Cash -€15,132
down €15,132 (-52.4%), from €28,859 to €13,727
mainly Investment in fixed assets (net) (-€78,272) and Other debts (-€50,234)
- Other debts -€50,234
down €50,234 (-13.1%), from €382,572 to €332,338
- Debts after one year +€42,068
up €42,068 (+163%), from €25,855 to €67,924
of which Financial debts: +€45,368
- Short-term financial debts +€25,000
up €25,000 (+5.6%), from €450,000 to €475,000
- Reserves -€24,441
down €24,441 (-3.2%), from €755,158 to €730,717
of which Tax-exempt reserves: -€24,441
- Trade debts -€21,109
down €21,109 (-53.8%), from €39,250 to €18,141
- Financial charges -€17,882
down €17,882 (-36.7%), from €48,760 to €30,879
- Financial income +€13,081
up €13,081 (+3,119%), from €419 to €13,500
- Gross operating margin +€11,515
up €11,515 (+22.5%), from €51,108 to €62,622
- Depreciation +€4,017
up €4,017 (+9.9%), from €40,672 to €44,689
- Other operating charges -€3,086
down €3,086 (-15.4%), from €20,093 to €17,008
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 | €1,189,284 | €1,175,386 | -€13,898 | -1.2% |
| Fixed assets | 21/28 | €1,090,475 | €1,124,058 | +€33,582 | +3.1% |
| Tangible fixed assets | 22/27 | €1,090,075 | €1,123,658 | +€33,582 | +3.1% |
| Land and buildings | 22 | €1,083,094 | €1,122,293 | +€39,199 | +3.6% |
| Plant, machinery and equipment | 23 | €981 | €472 | -€509 | -51.9% |
| Furniture and vehicles | 24 | €6,001 | €893 | -€5,108 | -85.1% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €98,809 | €51,328 | -€47,480 | -48.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €44,094 | €12,529 | -€31,565 | -71.6% |
| Trade receivables | 40 | €44,094 | €12,529 | -€31,565 | -71.6% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €28,859 | €13,727 | -€15,132 | -52.4% |
| Deferred charges and accrued income | 490/1 | €25,856 | €25,072 | -€783 | -3.0% |
| Total equity and liabilities | 10/49 | €1,189,284 | €1,175,386 | -€13,898 | -1.2% |
| Equity | 10/15 | €258,734 | €240,897 | -€17,836 | -6.9% |
| Contributions | 10/11 | €86,763 | €86,763 | = | 0.0% |
| Reserves | 13 | €755,158 | €730,717 | -€24,441 | -3.2% |
| Tax-exempt reserves | 132 | €746,482 | €722,041 | -€24,441 | -3.3% |
| Distributable reserves | 133 | €8,676 | €8,676 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€583,187 | -€576,583 | +€6,604 | +1.1% |
| Amounts payable | 17/49 | €930,550 | €934,489 | +€3,938 | +0.4% |
| Amounts payable after more than one year | 17 | €25,855 | €67,924 | +€42,068 | +163% |
| Financial debts | 170/4 | €22,555 | €67,924 | +€45,368 | +201% |
| Other amounts payable | 178/9 | €3,300 | €0 | -€3,300 | -100% |
| Amounts payable within one year | 42/48 | €888,336 | €851,744 | -€36,592 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €8,610 | €14,210 | +€5,600 | +65.0% |
| Financial debts | 43 | €450,000 | €475,000 | +€25,000 | +5.6% |
| Credit institutions | 430/8 | €450,000 | €475,000 | +€25,000 | +5.6% |
| Trade debts | 44 | €39,250 | €18,141 | -€21,109 | -53.8% |
| Suppliers | 440/4 | €39,250 | €18,141 | -€21,109 | -53.8% |
| Taxes, remuneration and social security | 45 | €7,903 | €12,055 | +€4,152 | +52.5% |
| Taxes | 450/3 | €7,903 | €12,055 | +€4,152 | +52.5% |
| Other amounts payable | 47/48 | €382,572 | €332,338 | -€50,234 | -13.1% |
| Accrued charges and deferred income | 492/3 | €16,359 | €14,821 | -€1,538 | -9.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,672 | €44,689 | +€4,017 | +9.9% |
| Other operating charges | 640/8 | €20,093 | €17,008 | -€3,086 | -15.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €51,108 | €62,622 | +€11,515 | +22.5% |
| Operating profit (loss) | 9901 | -€9,658 | €925 | +€10,584 | |
| Financial income | 75/76B | €419 | €13,500 | +€13,081 | +3,119% |
| Recurring financial income | 75 | €419 | €13,500 | +€13,081 | +3,119% |
| Financial charges | 65/66B | €48,760 | €30,879 | -€17,882 | -36.7% |
| Recurring financial charges | 65 | €48,760 | €30,879 | -€17,882 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | -€57,999 | -€16,453 | +€41,546 | +71.6% |
| Income taxes | 67/77 | €1,386 | €1,383 | -€3 | -0.2% |
| Profit (loss) for the period | 9904 | -€59,386 | -€17,836 | +€41,549 | +70.0% |
| Transfer from tax-exempt reserves | 789 | €24,441 | €24,441 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,945 | €6,604 | +€41,549 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.