IMOPAN: 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.
What changed
IMOPAN
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€64,392
2024 · -€36,611-€27,781
Equity
€1.8m
2024 · €1.9m-€65,462
Cash
€138
2024 · €611-€473
Balance sheet total
€3.1m
2024 · €3.2m-€126,648
Largest movements
Assets
- Receivables within one year -€139,192
down €139,192 (-36.5%), from €380,924 to €241,732
Equity and liabilities
- Trade debts -€148,005
down €148,005 (-90.7%), from €163,267 to €15,262
- Other debts +€126,999
up €126,999 (+21.5%), from €589,466 to €716,465
- Profit (loss) carried forward -€50,233
down €50,233 (-53.3%), from -€94,319 to -€144,552
Income statement
- Gross operating margin -€58,061
down €58,061 (-45.8%), from €126,810 to €68,749
- Provisions -€41,000
down €41,000, from €20,500 to -€20,500
- Financial charges +€14,013
up €14,013 (+36.4%), from €38,445 to €52,458
- Depreciation -€6,528
down €6,528 (-8.1%), from €80,705 to €74,177
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.
Result 2024
-€36,611
Gross operating margin
-€58,061
Depreciation
+€6,528
Provisions
+€41,000
Other operating charges
-€1,086
Financial income
+€32
Financial charges
-€14,013
Taxes
+€291
Deferred taxes and other
-€2,471
Result 2025
-€64,392
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.
From operations
+€115,196
Investment
-€89,729
Financing
-€25,940
Cash 2024
€611
From operations (derived)
+€115,196
Net result for the year
-€64,392
Depreciation
+€74,177
Receivables within one year
+€139,192
Deferred charges and accrued income
+€2,535
Provisions
-€25,745
Trade debts
-€148,005
Tax, wage and social debts
-€291
Other debts
+€126,999
Accrued charges and deferred income
+€10,726
Investment (derived)
-€89,729
Investment in fixed assets (net)
-€89,729
Financing
-€25,940
Debts after one year
+€1,796
Short-term financial debts
-€26,667
Contributions, distributions and other
-€1,069
Cash 2025
€138
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,218,418 | €3,091,770 | -€126,648 | -3.9% |
| Fixed assets | 21/28 | €2,829,588 | €2,845,140 | +€15,552 | +0.5% |
| Tangible fixed assets | 22/27 | €1,518,793 | €1,529,665 | +€10,872 | +0.7% |
| Land and buildings | 22 | €1,413,322 | €1,424,194 | +€10,872 | +0.8% |
| Other tangible fixed assets | 26 | €105,472 | €105,472 | = | 0.0% |
| Financial fixed assets | 28 | €1,310,795 | €1,315,475 | +€4,680 | +0.4% |
| Current assets | 29/58 | €388,830 | €246,630 | -€142,200 | -36.6% |
| Amounts receivable within one year | 40/41 | €380,924 | €241,732 | -€139,192 | -36.5% |
| Other amounts receivable | 41 | €380,924 | €241,732 | -€139,192 | -36.5% |
| Cash at bank and in hand | 54/58 | €611 | €138 | -€473 | -77.5% |
| Deferred charges and accrued income | 490/1 | €7,295 | €4,760 | -€2,535 | -34.7% |
| Total equity and liabilities | 10/49 | €3,218,418 | €3,091,770 | -€126,648 | -3.9% |
| Equity | 10/15 | €1,873,652 | €1,808,191 | -€65,462 | -3.5% |
| Contributions | 10/11 | €1,778,488 | €1,778,488 | = | 0.0% |
| Capital | 10 | €886,220 | €886,220 | = | 0.0% |
| Issued capital | 100 | €886,220 | €886,220 | = | 0.0% |
| Contributions outside capital | 11 | €892,268 | €892,268 | = | 0.0% |
| Share premium | 1100/10 | €892,268 | €892,268 | = | 0.0% |
| Reserves | 13 | €189,483 | €174,254 | -€15,229 | -8.0% |
| Tax-exempt reserves | 132 | €189,483 | €174,254 | -€15,229 | -8.0% |
| Profit (loss) carried forward | 14 | -€94,319 | -€144,552 | -€50,233 | -53.3% |
| Provisions and deferred taxes | 16 | €101,025 | €75,280 | -€25,745 | -25.5% |
| Provisions for liabilities and charges | 160/5 | €20,500 | €0 | -€20,500 | -100.0% |
| Major repairs and maintenance | 162 | €20,500 | €0 | -€20,500 | -100.0% |
| Deferred taxes | 168 | €80,525 | €75,280 | -€5,245 | -6.5% |
| Amounts payable | 17/49 | €1,243,741 | €1,208,300 | -€35,441 | -2.8% |
| Amounts payable after more than one year | 17 | €95,295 | €97,091 | +€1,796 | +1.9% |
| Other amounts payable | 178/9 | €95,295 | €97,091 | +€1,796 | +1.9% |
| Amounts payable within one year | 42/48 | €1,114,502 | €1,066,539 | -€47,963 | -4.3% |
| Financial debts | 43 | €325,123 | €298,457 | -€26,667 | -8.2% |
| Credit institutions | 430/8 | €325,123 | - | -€325,123 | |
| Other loans | 439 | - | €298,457 | +€298,457 | |
| Trade debts | 44 | €163,267 | €15,262 | -€148,005 | -90.7% |
| Suppliers | 440/4 | €163,267 | €15,262 | -€148,005 | -90.7% |
| Advances received on contracts in progress | 46 | €36,000 | €36,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €645 | €355 | -€291 | -45.1% |
| Taxes | 450/3 | €645 | €355 | -€291 | -45.1% |
| Other amounts payable | 47/48 | €589,466 | €716,465 | +€126,999 | +21.5% |
| Accrued charges and deferred income | 492/3 | €33,944 | €44,670 | +€10,726 | +31.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,705 | €74,177 | -€6,528 | -8.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €20,500 | -€20,500 | -€41,000 | |
| Other operating charges | 640/8 | €32,433 | €33,519 | +€1,086 | +3.3% |
| Gross operating margin | 9900 | €126,810 | €68,749 | -€58,061 | -45.8% |
| Operating profit (loss) | 9901 | -€6,828 | -€18,447 | -€11,619 | -170.2% |
| Financial income | 75/76B | €521 | €553 | +€32 | +6.1% |
| Recurring financial income | 75 | €521 | €553 | +€32 | +6.1% |
| Financial charges | 65/66B | €38,445 | €52,458 | +€14,013 | +36.4% |
| Recurring financial charges | 65 | €38,445 | €52,458 | +€14,013 | +36.4% |
| Profit (loss) for the period before taxes | 9903 | -€44,752 | -€70,352 | -€25,600 | -57.2% |
| Transfer from deferred taxes | 780 | €8,786 | €6,315 | -€2,471 | -28.1% |
| Income taxes | 67/77 | €645 | €355 | -€291 | -45.1% |
| Profit (loss) for the period | 9904 | -€36,611 | -€64,392 | -€27,781 | -75.9% |
| Transfer from tax-exempt reserves | 789 | €18,959 | €14,160 | -€4,800 | -25.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,652 | -€50,233 | -€32,580 | -184.6% |
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 10 October 2026 via checked.be.