IMGEST: 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.
IMGEST
Largest movements
- Tangible fixed assets +€512,358
up €512,358 (+16.8%), from €3.0m to €3.6m
of which Land and buildings: +€545,355
- Cash +€296,556
up €296,556 (+605%), from €48,985 to €345,540
mainly Other debts (+€642,810) and Net result for the year (+€406,454)
- Current investments -€90,713
down €90,713 (-100%), from €90,713 to €0
- Revaluation surpluses +€670,661
new in 2025: €670,661
- Other debts +€642,810
new in 2025: €642,810
- Debts after one year -€300,000
down €300,000 (-44.6%), from €672,000 to €372,000
of which Financial debts: -€300,000
- Reserves -€277,546
down €277,546 (-13.4%), from €2.1m to €1.8m
of which Distributable reserves: -€238,268
- Gross operating margin +€97,033
up €97,033 (+13.5%), from €718,791 to €815,824
- Financial income -€52,059
down €52,059 (-98.9%), from €52,643 to €584
- Taxes +€11,099
up €11,099 (+6.8%), from €162,524 to €173,624
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 | €3,186,281 | €3,904,439 | +€718,158 | +22.5% |
| Fixed assets | 21/28 | €3,046,540 | €3,558,898 | +€512,358 | +16.8% |
| Tangible fixed assets | 22/27 | €3,046,045 | €3,558,403 | +€512,358 | +16.8% |
| Land and buildings | 22 | €2,945,787 | €3,491,142 | +€545,355 | +18.5% |
| Plant, machinery and equipment | 23 | €97,182 | €66,545 | -€30,637 | -31.5% |
| Furniture and vehicles | 24 | €3,077 | €716 | -€2,361 | -76.7% |
| Financial fixed assets | 28 | €495 | €495 | = | 0.0% |
| Current assets | 29/58 | €139,740 | €345,540 | +€205,800 | +147% |
| Amounts receivable within one year | 40/41 | €42 | €0 | -€42 | -100% |
| Other amounts receivable | 41 | €42 | €0 | -€42 | -100% |
| Current investments | 50/53 | €90,713 | €0 | -€90,713 | -100% |
| Cash at bank and in hand | 54/58 | €48,985 | €345,540 | +€296,556 | +605% |
| Total equity and liabilities | 10/49 | €3,186,281 | €3,904,439 | +€718,158 | +22.5% |
| Equity | 10/15 | €2,221,783 | €2,614,898 | +€393,115 | +17.7% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €670,661 | +€670,661 | |
| Reserves | 13 | €2,071,783 | €1,794,237 | -€277,546 | -13.4% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €411,599 | €372,321 | -€39,278 | -9.5% |
| Distributable reserves | 133 | €1,645,184 | €1,406,916 | -€238,268 | -14.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €154,123 | €133,898 | -€20,225 | -13.1% |
| Deferred taxes | 168 | €154,123 | €133,898 | -€20,225 | -13.1% |
| Amounts payable | 17/49 | €810,375 | €1,155,643 | +€345,268 | +42.6% |
| Amounts payable after more than one year | 17 | €672,000 | €372,000 | -€300,000 | -44.6% |
| Financial debts | 170/4 | €660,000 | €360,000 | -€300,000 | -45.5% |
| Other amounts payable | 178/9 | €12,000 | €12,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €53,197 | €702,634 | +€649,437 | +1,221% |
| Trade debts | 44 | €329 | €0 | -€329 | -100% |
| Suppliers | 440/4 | €329 | €0 | -€329 | -100% |
| Taxes, remuneration and social security | 45 | €52,868 | €59,824 | +€6,956 | +13.2% |
| Taxes | 450/3 | €52,868 | €59,824 | +€6,956 | +13.2% |
| Other amounts payable | 47/48 | - | €642,810 | +€642,810 | |
| Accrued charges and deferred income | 492/3 | €85,178 | €81,009 | -€4,169 | -4.9% |
| Non-recurring operating income | 76A | €2,387 | €0 | -€2,387 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162,259 | €162,943 | +€684 | +0.4% |
| Other operating charges | 640/8 | €52,733 | €58,459 | +€5,726 | +10.9% |
| Non-recurring operating charges | 66A | €1,220,699 | €0 | -€1.2m | -100% |
| Gross operating margin | 9900 | €718,791 | €815,824 | +€97,033 | +13.5% |
| Operating profit (loss) | 9901 | -€716,901 | €594,421 | +€1.3m | |
| Financial income | 75/76B | €52,643 | €584 | -€52,059 | -98.9% |
| Recurring financial income | 75 | €52,643 | €584 | -€52,059 | -98.9% |
| Financial charges | 65/66B | €38,629 | €35,152 | -€3,477 | -9.0% |
| Recurring financial charges | 65 | €38,629 | €35,152 | -€3,477 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | -€702,888 | €559,853 | +€1.3m | |
| Transfer from deferred taxes | 780 | €20,225 | €20,225 | = | 0.0% |
| Income taxes | 67/77 | €162,524 | €173,624 | +€11,099 | +6.8% |
| Profit (loss) for the period | 9904 | -€845,187 | €406,454 | +€1.3m | |
| Transfer from tax-exempt reserves | 789 | €39,278 | €39,278 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€805,909 | €445,732 | +€1.3m |
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 22 October 2026 via checked.be.