IMGA: 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.
IMGA
Largest movements
- Receivables within one year +€91,772
up €91,772 (+172.4%), from €53,220 to €144,992
- Cash -€87,652
down €87,652 (-26.0%), from €336,733 to €249,081
mainly Receivables within one year (-€91,772) and Net result for the year (-€22,286)
- Tangible fixed assets -€35,329
down €35,329 (-6.8%), from €515,828 to €480,499
- Profit (loss) carried forward -€13,653
down €13,653 (-7.8%), from -€174,028 to -€187,681
- Gross operating margin +€8,794
up €8,794 (+62.6%), from €14,056 to €22,850
- Financial charges -€1,954
down €1,954 (-17.3%), from €11,274 to €9,320
- Depreciation -€1,050
down €1,050 (-2.9%), from €36,379 to €35,329
- Taxes +€440
new in 2025: €440
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 | €1,066,230 | €1,039,441 | -€26,789 | -2.5% |
| Fixed assets | 21/28 | €602,395 | €567,066 | -€35,329 | -5.9% |
| Tangible fixed assets | 22/27 | €515,828 | €480,499 | -€35,329 | -6.8% |
| Land and buildings | 22 | €515,828 | €480,499 | -€35,329 | -6.8% |
| Financial fixed assets | 28 | €86,567 | €86,567 | = | 0.0% |
| Current assets | 29/58 | €463,835 | €472,375 | +€8,540 | +1.8% |
| Amounts receivable after more than one year | 29 | €73,882 | €78,302 | +€4,420 | +6.0% |
| Other amounts receivable | 291 | €73,882 | €78,302 | +€4,420 | +6.0% |
| Amounts receivable within one year | 40/41 | €53,220 | €144,992 | +€91,772 | +172.4% |
| Other amounts receivable | 41 | €53,220 | €144,992 | +€91,772 | +172.4% |
| Cash at bank and in hand | 54/58 | €336,733 | €249,081 | -€87,652 | -26.0% |
| Total equity and liabilities | 10/49 | €1,066,230 | €1,039,441 | -€26,789 | -2.5% |
| Equity | 10/15 | €524,238 | €501,952 | -€22,286 | -4.3% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €636,293 | €627,660 | -€8,633 | -1.4% |
| Tax-exempt reserves | 132 | €636,293 | €627,660 | -€8,633 | -1.4% |
| Profit (loss) carried forward | 14 | -€174,028 | -€187,681 | -€13,653 | -7.8% |
| Provisions and deferred taxes | 16 | €213,234 | €208,789 | -€4,445 | -2.1% |
| Deferred taxes | 168 | €213,234 | €208,789 | -€4,445 | -2.1% |
| Amounts payable | 17/49 | €328,758 | €328,700 | -€58 | 0.0% |
| Amounts payable after more than one year | 17 | €325,000 | €325,000 | = | 0.0% |
| Financial debts | 170/4 | €325,000 | €325,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,758 | €3,700 | -€58 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €2,300 | €2,300 | = | 0.0% |
| Trade debts | 44 | €1,030 | €532 | -€498 | -48.3% |
| Suppliers | 440/4 | €1,030 | €532 | -€498 | -48.3% |
| Taxes, remuneration and social security | 45 | €428 | €868 | +€440 | +102.8% |
| Taxes | 450/3 | €428 | €868 | +€440 | +102.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,379 | €35,329 | -€1,050 | -2.9% |
| Other operating charges | 640/8 | €4,436 | €4,492 | +€56 | +1.3% |
| Gross operating margin | 9900 | €14,056 | €22,850 | +€8,794 | +62.6% |
| Operating profit (loss) | 9901 | -€26,759 | -€16,971 | +€9,788 | +36.6% |
| Financial income | 75/76B | €20 | - | -€20 | |
| Recurring financial income | 75 | €20 | - | -€20 | |
| Financial charges | 65/66B | €11,274 | €9,320 | -€1,954 | -17.3% |
| Recurring financial charges | 65 | €11,274 | €9,320 | -€1,954 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | -€38,013 | -€26,291 | +€11,722 | +30.8% |
| Transfer from deferred taxes | 780 | €4,446 | €4,445 | -€1 | 0.0% |
| Transfer to deferred taxes | 680 | €427 | - | -€427 | |
| Income taxes | 67/77 | - | €440 | +€440 | |
| Profit (loss) for the period | 9904 | -€33,994 | -€22,286 | +€11,708 | +34.4% |
| Transfer from tax-exempt reserves | 789 | €8,634 | €8,633 | -€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,360 | -€13,653 | +€11,707 | +46.2% |
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 1 October 2026 via checked.be.