Imperfectum: 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.
Imperfectum
Largest movements
- Financial fixed assets +€240,000
up €240,000 (+133.3%), from €180,000 to €420,000
- Cash -€239,484
down €239,484 (-57.5%), from €416,237 to €176,753
mainly Investment in fixed assets (net) (-€240,000) and Debts after one year (-€6,944)
- Debts after one year -€6,944
down €6,944 (-30.8%), from €22,570 to €15,626
- Financial income -€5,601
down €5,601 (-81.1%), from €6,909 to €1,308
- Gross operating margin +€956
up €956 (+14.9%), from €6,424 to €7,380
- Taxes -€490
no longer reported in 2025 (was €490)
- Financial charges -€317
down €317 (-18.5%), from €1,710 to €1,393
- Other operating charges +€96
up €96 (+7.0%), from €1,384 to €1,481
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 | €624,277 | €618,947 | -€5,331 | -0.9% |
| Fixed assets | 21/28 | €198,333 | €433,333 | +€235,000 | +118.5% |
| Tangible fixed assets | 22/27 | €18,333 | €13,333 | -€5,000 | -27.3% |
| Land and buildings | 22 | €18,333 | €13,333 | -€5,000 | -27.3% |
| Financial fixed assets | 28 | €180,000 | €420,000 | +€240,000 | +133.3% |
| Current assets | 29/58 | €425,944 | €185,613 | -€240,331 | -56.4% |
| Amounts receivable within one year | 40/41 | €9,517 | €8,704 | -€813 | -8.5% |
| Trade receivables | 40 | €166 | - | -€166 | |
| Other amounts receivable | 41 | €9,352 | €8,704 | -€647 | -6.9% |
| Cash at bank and in hand | 54/58 | €416,237 | €176,753 | -€239,484 | -57.5% |
| Deferred charges and accrued income | 490/1 | €190 | €156 | -€34 | -17.7% |
| Total equity and liabilities | 10/49 | €624,277 | €618,947 | -€5,331 | -0.9% |
| Equity | 10/15 | €595,100 | €595,914 | +€814 | +0.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €582,700 | €583,514 | +€814 | +0.1% |
| Distributable reserves | 133 | €582,700 | €583,514 | +€814 | +0.1% |
| Amounts payable | 17/49 | €29,177 | €23,033 | -€6,144 | -21.1% |
| Amounts payable after more than one year | 17 | €22,570 | €15,626 | -€6,944 | -30.8% |
| Financial debts | 170/4 | €22,570 | €15,626 | -€6,944 | -30.8% |
| Amounts payable within one year | 42/48 | €6,607 | €7,406 | +€799 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €6,607 | €6,944 | +€337 | +5.1% |
| Trade debts | 44 | - | €296 | +€296 | |
| Suppliers | 440/4 | - | €296 | +€296 | |
| Other amounts payable | 47/48 | - | €166 | +€166 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,000 | €5,000 | = | 0.0% |
| Other operating charges | 640/8 | €1,384 | €1,481 | +€96 | +7.0% |
| Gross operating margin | 9900 | €6,424 | €7,380 | +€956 | +14.9% |
| Operating profit (loss) | 9901 | €39 | €899 | +€860 | +2176.9% |
| Financial income | 75/76B | €6,909 | €1,308 | -€5,601 | -81.1% |
| Recurring financial income | 75 | €6,909 | €1,308 | -€5,601 | -81.1% |
| Financial charges | 65/66B | €1,710 | €1,393 | -€317 | -18.5% |
| Recurring financial charges | 65 | €1,710 | €1,393 | -€317 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €5,239 | €814 | -€4,425 | -84.5% |
| Income taxes | 67/77 | €490 | - | -€490 | |
| Profit (loss) for the period | 9904 | €4,749 | €814 | -€3,935 | -82.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,749 | €814 | -€3,935 | -82.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.