IMPECQ: 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.
IMPECQ
Largest movements
- Tangible fixed assets -€52,818
down €52,818 (-28.7%), from €183,848 to €131,031
of which Land and buildings: -€43,764
- Cash -€48,385
down €48,385 (-41.1%), from €117,737 to €69,351
mainly Net result for the year (-€86,939) and Tax, wage and social debts (-€20,430)
- Stocks and contracts -€38,020
down €38,020 (-11.7%), from €324,226 to €286,206
- Receivables within one year +€13,527
up €13,527 (+22.0%), from €61,438 to €74,965
of which Other amounts receivable: +€12,305
- Profit (loss) carried forward -€86,939
down €86,939 (-100.8%), from -€86,249 to -€173,189
- Tax, wage and social debts -€20,430
down €20,430 (-46.4%), from €44,005 to €23,575
of which Remuneration and social security: -€21,482
- Trade debts -€14,937
down €14,937 (-4.2%), from €352,857 to €337,920
- Gross operating margin -€68,346
down €68,346 (-21.2%), from €322,505 to €254,159
- Staff costs -€33,666
down €33,666 (-13.9%), from €242,213 to €208,547
- Other operating charges +€20,198
up €20,198 (+91.1%), from €22,159 to €42,357
- Financial charges +€16,343
up €16,343 (+77.3%), from €21,147 to €37,490
of which Non-recurring financial charges: +€12,515
- Depreciation -€3,412
down €3,412 (-5.8%), from €59,186 to €55,774
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 | €705,889 | €576,944 | -€128,945 | -18.3% |
| Fixed assets | 21/28 | €198,745 | €141,648 | -€57,097 | -28.7% |
| Tangible fixed assets | 22/27 | €183,848 | €131,031 | -€52,818 | -28.7% |
| Land and buildings | 22 | €142,173 | €98,409 | -€43,764 | -30.8% |
| Plant, machinery and equipment | 23 | €21,889 | €15,473 | -€6,416 | -29.3% |
| Furniture and vehicles | 24 | €19,786 | €17,149 | -€2,637 | -13.3% |
| Financial fixed assets | 28 | €14,897 | €10,617 | -€4,280 | -28.7% |
| Current assets | 29/58 | €507,144 | €435,296 | -€71,848 | -14.2% |
| Stocks and contracts in progress | 3 | €324,226 | €286,206 | -€38,020 | -11.7% |
| Stocks | 30/36 | €324,226 | €286,206 | -€38,020 | -11.7% |
| Amounts receivable within one year | 40/41 | €61,438 | €74,965 | +€13,527 | +22.0% |
| Trade receivables | 40 | €13,896 | €15,118 | +€1,222 | +8.8% |
| Other amounts receivable | 41 | €47,542 | €59,846 | +€12,305 | +25.9% |
| Cash at bank and in hand | 54/58 | €117,737 | €69,351 | -€48,385 | -41.1% |
| Deferred charges and accrued income | 490/1 | €3,744 | €4,775 | +€1,030 | +27.5% |
| Total equity and liabilities | 10/49 | €705,889 | €576,944 | -€128,945 | -18.3% |
| Equity | 10/15 | -€14,192 | -€101,131 | -€86,939 | -612.6% |
| 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 | €10,057 | €10,057 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,294 | €2,294 | = | 0.0% |
| Legal reserve | 130 | €2,294 | €2,294 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,763 | €7,763 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€86,249 | -€173,189 | -€86,939 | -100.8% |
| Amounts payable | 17/49 | €720,082 | €678,076 | -€42,006 | -5.8% |
| Amounts payable after more than one year | 17 | €184,225 | €184,005 | -€220 | -0.1% |
| Financial debts | 170/4 | €54,044 | €40,817 | -€13,226 | -24.5% |
| Other amounts payable | 178/9 | €130,181 | €143,188 | +€13,007 | +10.0% |
| Amounts payable within one year | 42/48 | €465,150 | €427,221 | -€37,928 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €15,788 | €13,226 | -€2,561 | -16.2% |
| Financial debts | 43 | €52,500 | €52,500 | = | 0.0% |
| Credit institutions | 430/8 | €52,500 | €52,500 | = | 0.0% |
| Trade debts | 44 | €352,857 | €337,920 | -€14,937 | -4.2% |
| Suppliers | 440/4 | €352,857 | €337,920 | -€14,937 | -4.2% |
| Taxes, remuneration and social security | 45 | €44,005 | €23,575 | -€20,430 | -46.4% |
| Taxes | 450/3 | €38 | €1,090 | +€1,052 | +2763.0% |
| Remuneration and social security | 454/9 | €43,967 | €22,485 | -€21,482 | -48.9% |
| Accrued charges and deferred income | 492/3 | €70,707 | €66,849 | -€3,858 | -5.5% |
| Non-recurring operating income | 76A | €4,066 | €29,303 | +€25,237 | +620.8% |
| Remuneration, social security and pensions | 62 | €242,213 | €208,547 | -€33,666 | -13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,186 | €55,774 | -€3,412 | -5.8% |
| Other operating charges | 640/8 | €22,159 | €42,357 | +€20,198 | +91.1% |
| Non-recurring operating charges | 66A | €623 | €755 | +€132 | +21.2% |
| Gross operating margin | 9900 | €322,505 | €254,159 | -€68,346 | -21.2% |
| Operating profit (loss) | 9901 | -€1,676 | -€53,274 | -€51,598 | -3078.5% |
| Financial income | 75/76B | €1,133 | €3,898 | +€2,765 | +244.1% |
| Recurring financial income | 75 | €1,133 | €3,898 | +€2,765 | +244.1% |
| Financial charges | 65/66B | €21,147 | €37,490 | +€16,343 | +77.3% |
| Recurring financial charges | 65 | €16,954 | €20,782 | +€3,828 | +22.6% |
| Non-recurring financial charges | 66B | €4,192 | €16,707 | +€12,515 | +298.5% |
| Profit (loss) for the period before taxes | 9903 | -€21,690 | -€86,866 | -€65,176 | -300.5% |
| Income taxes | 67/77 | €17 | €74 | +€57 | +343.8% |
| Profit (loss) for the period | 9904 | -€21,707 | -€86,939 | -€65,233 | -300.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,707 | -€86,939 | -€65,233 | -300.5% |
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 8 October 2026 via checked.be.