IMO - CAR: 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.
IMO - CAR
Largest movements
- Tangible fixed assets +€477,488
up €477,488 (+78.4%), from €608,713 to €1.1m
of which Land and buildings: +€491,771
- Stocks and contracts +€424,327
up €424,327 (+62.9%), from €674,743 to €1.1m
- Cash -€49,647
down €49,647 (-39.9%), from €124,405 to €74,758
mainly Investment in fixed assets (net) (-€515,771) and Stocks and contracts (-€424,327)
- Receivables within one year +€33,563
up €33,563 (+366%), from €9,170 to €42,732
of which Other amounts receivable: +€32,488
- Debts after one year +€712,551
up €712,551 (+88.0%), from €809,948 to €1.5m
of which Financial debts: +€712,551
- Other debts +€127,391
up €127,391 (+369%), from €34,545 to €161,936
- Current portion of long-term debt +€45,350
up €45,350 (+449%), from €10,094 to €55,443
- Financial charges +€25,798
up €25,798 (+141%), from €18,255 to €44,052
of which Financial charges: +€24,317
- Gross operating margin -€10,810
down €10,810 (-8.0%), from €134,607 to €123,797
- Taxes -€10,091
down €10,091 (-67.8%), from €14,877 to €4,787
- Write-downs +€7,336
new in 2025: €7,336
- Depreciation -€4,543
down €4,543 (-10.6%), from €42,826 to €38,283
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 | €1,422,952 | €2,307,623 | +€884,671 | +62.2% |
| Fixed assets | 21/28 | €608,803 | €1,086,291 | +€477,488 | +78.4% |
| Tangible fixed assets | 22/27 | €608,713 | €1,086,201 | +€477,488 | +78.4% |
| Land and buildings | 22 | €563,258 | €1,055,029 | +€491,771 | +87.3% |
| Plant, machinery and equipment | 23 | €1,631 | €398 | -€1,233 | -75.6% |
| Furniture and vehicles | 24 | €43,825 | €30,774 | -€13,050 | -29.8% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €814,148 | €1,221,331 | +€407,183 | +50.0% |
| Stocks and contracts in progress | 3 | €674,743 | €1,099,071 | +€424,327 | +62.9% |
| Stocks | 30/36 | €674,743 | €1,099,071 | +€424,327 | +62.9% |
| Amounts receivable within one year | 40/41 | €9,170 | €42,732 | +€33,563 | +366% |
| Trade receivables | 40 | €4,400 | €5,475 | +€1,075 | +24.4% |
| Other amounts receivable | 41 | €4,770 | €37,257 | +€32,488 | +681% |
| Cash at bank and in hand | 54/58 | €124,405 | €74,758 | -€49,647 | -39.9% |
| Deferred charges and accrued income | 490/1 | €5,830 | €4,771 | -€1,060 | -18.2% |
| Total equity and liabilities | 10/49 | €1,422,952 | €2,307,623 | +€884,671 | +62.2% |
| Equity | 10/15 | €551,150 | €558,136 | +€6,986 | +1.3% |
| 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 | €42,959 | €49,946 | +€6,986 | +16.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €36,759 | €43,746 | +€6,986 | +19.0% |
| Profit (loss) carried forward | 14 | €446,191 | €446,191 | = | 0.0% |
| Amounts payable | 17/49 | €871,801 | €1,749,486 | +€877,685 | +101% |
| Amounts payable after more than one year | 17 | €809,948 | €1,522,499 | +€712,551 | +88.0% |
| Financial debts | 170/4 | €620,448 | €1,332,999 | +€712,551 | +115% |
| Other amounts payable | 178/9 | €189,500 | €189,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €55,278 | €219,727 | +€164,449 | +297% |
| Current portion of amounts payable after more than one year | 42 | €10,094 | €55,443 | +€45,350 | +449% |
| Trade debts | 44 | €3,734 | €74 | -€3,660 | -98.0% |
| Suppliers | 440/4 | €3,734 | €74 | -€3,660 | -98.0% |
| Taxes, remuneration and social security | 45 | €6,905 | €2,274 | -€4,631 | -67.1% |
| Taxes | 450/3 | €6,905 | €2,274 | -€4,631 | -67.1% |
| Other amounts payable | 47/48 | €34,545 | €161,936 | +€127,391 | +369% |
| Accrued charges and deferred income | 492/3 | €6,576 | €7,260 | +€684 | +10.4% |
| Non-recurring operating income | 76A | - | €3,790 | +€3,790 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,826 | €38,283 | -€4,543 | -10.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,336 | +€7,336 | |
| Other operating charges | 640/8 | €21,899 | €22,353 | +€454 | +2.1% |
| Gross operating margin | 9900 | €134,607 | €123,797 | -€10,810 | -8.0% |
| Operating profit (loss) | 9901 | €69,881 | €55,825 | -€14,056 | -20.1% |
| Financial income | 75/76B | €10 | - | -€10 | |
| Recurring financial income | 75 | €10 | - | -€10 | |
| Financial charges | 65/66B | €18,255 | €44,052 | +€25,798 | +141% |
| Recurring financial charges | 65 | €18,255 | €42,572 | +€24,317 | +133% |
| Non-recurring financial charges | 66B | - | €1,481 | +€1,481 | |
| Profit (loss) for the period before taxes | 9903 | €51,637 | €11,773 | -€39,864 | -77.2% |
| Income taxes | 67/77 | €14,877 | €4,787 | -€10,091 | -67.8% |
| Profit (loss) for the period | 9904 | €36,759 | €6,986 | -€29,773 | -81.0% |
| Profit (loss) for the period to be appropriated | 9905 | €36,759 | €6,986 | -€29,773 | -81.0% |
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.