IMODEL: 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.
IMODEL
Largest movements
- Current investments -€143,283
down €143,283 (-25.6%), from €559,373 to €416,089
- Cash +€105,225
up €105,225 (+11.5%), from €913,566 to €1.0m
mainly Net result for the year (+€461,385) and Current investments (+€143,283)
- Receivables within one year -€62,934
down €62,934 (-24.7%), from €254,631 to €191,697
of which Other amounts receivable: -€33,507
- Reserves -€145,419
down €145,419 (-15.0%), from €971,075 to €825,657
of which Distributable reserves: -€145,419
- Tax, wage and social debts +€28,001
up €28,001 (+17.1%), from €163,807 to €191,809
of which Taxes: +€20,234
- Accrued charges and deferred income +€23,481
up €23,481 (+209.7%), from €11,196 to €34,678
- Trade debts -€21,717
down €21,717 (-24.7%), from €88,046 to €66,329
- Gross operating margin +€124,542
up €124,542 (+13.9%), from €896,636 to €1.0m
- Staff costs +€65,699
up €65,699 (+17.2%), from €382,507 to €448,206
- Taxes +€25,457
up €25,457 (+48.1%), from €52,871 to €78,328
- Other operating charges -€14,489
down €14,489 (-41.2%), from €35,150 to €20,661
- Financial income +€14,016
up €14,016 (+2249.9%), from €623 to €14,639
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 | €1,854,157 | €1,737,072 | -€117,085 | -6.3% |
| Fixed assets | 21/28 | €113,521 | €102,239 | -€11,282 | -9.9% |
| Intangible fixed assets | 21 | €2,846 | €2,080 | -€766 | -26.9% |
| Tangible fixed assets | 22/27 | €110,674 | €100,158 | -€10,516 | -9.5% |
| Land and buildings | 22 | €87,568 | €76,539 | -€11,029 | -12.6% |
| Plant, machinery and equipment | 23 | €3,694 | €2,945 | -€750 | -20.3% |
| Furniture and vehicles | 24 | €19,411 | €20,675 | +€1,263 | +6.5% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,740,636 | €1,634,833 | -€105,803 | -6.1% |
| Amounts receivable within one year | 40/41 | €254,631 | €191,697 | -€62,934 | -24.7% |
| Trade receivables | 40 | €165,809 | €136,382 | -€29,427 | -17.7% |
| Other amounts receivable | 41 | €88,822 | €55,315 | -€33,507 | -37.7% |
| Current investments | 50/53 | €559,373 | €416,089 | -€143,283 | -25.6% |
| Cash at bank and in hand | 54/58 | €913,566 | €1,018,791 | +€105,225 | +11.5% |
| Deferred charges and accrued income | 490/1 | €13,067 | €8,256 | -€4,811 | -36.8% |
| Total equity and liabilities | 10/49 | €1,854,157 | €1,737,072 | -€117,085 | -6.3% |
| Equity | 10/15 | €989,675 | €844,257 | -€145,419 | -14.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €971,075 | €825,657 | -€145,419 | -15.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €933,575 | €788,157 | -€145,419 | -15.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €864,482 | €892,815 | +€28,334 | +3.3% |
| Amounts payable within one year | 42/48 | €853,285 | €858,138 | +€4,852 | +0.6% |
| Trade debts | 44 | €88,046 | €66,329 | -€21,717 | -24.7% |
| Suppliers | 440/4 | €88,046 | €66,329 | -€21,717 | -24.7% |
| Taxes, remuneration and social security | 45 | €163,807 | €191,809 | +€28,001 | +17.1% |
| Taxes | 450/3 | €97,847 | €118,081 | +€20,234 | +20.7% |
| Remuneration and social security | 454/9 | €65,960 | €73,728 | +€7,768 | +11.8% |
| Other amounts payable | 47/48 | €601,432 | €600,000 | -€1,432 | -0.2% |
| Accrued charges and deferred income | 492/3 | €11,196 | €34,678 | +€23,481 | +209.7% |
| Non-recurring operating income | 76A | €20,707 | €2,975 | -€17,732 | -85.6% |
| Remuneration, social security and pensions | 62 | €382,507 | €448,206 | +€65,699 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,824 | €20,160 | +€1,336 | +7.1% |
| Other operating charges | 640/8 | €35,150 | €20,661 | -€14,489 | -41.2% |
| Non-recurring operating charges | 66A | €2,115 | €0 | -€2,115 | -100.0% |
| Gross operating margin | 9900 | €896,636 | €1,021,178 | +€124,542 | +13.9% |
| Operating profit (loss) | 9901 | €458,041 | €532,151 | +€74,110 | +16.2% |
| Financial income | 75/76B | €623 | €14,639 | +€14,016 | +2249.9% |
| Recurring financial income | 75 | €623 | €14,639 | +€14,016 | +2249.9% |
| Financial charges | 65/66B | €2,959 | €7,076 | +€4,117 | +139.1% |
| Recurring financial charges | 65 | €2,959 | €7,076 | +€4,117 | +139.1% |
| Profit (loss) for the period before taxes | 9903 | €455,704 | €539,714 | +€84,009 | +18.4% |
| Income taxes | 67/77 | €52,871 | €78,328 | +€25,457 | +48.1% |
| Profit (loss) for the period | 9904 | €402,833 | €461,385 | +€58,553 | +14.5% |
| Profit (loss) for the period to be appropriated | 9905 | €402,833 | €461,385 | +€58,553 | +14.5% |
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 11 October 2026 via checked.be.