IMPEXBUILD: 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.
IMPEXBUILD
Largest movements
- Stocks and contracts -€430,121
down €430,121 (-30.6%), from €1.4m to €976,043
- Receivables within one year +€104,906
up €104,906 (+60.2%), from €174,268 to €279,174
of which Trade receivables: +€103,106
- Tangible fixed assets -€70,209
down €70,209 (-5.6%), from €1.3m to €1.2m
of which Land and buildings: -€64,860
- Intangible fixed assets -€57,966
down €57,966 (-34.8%), from €166,783 to €108,817
- Short-term financial debts +€600,000
new in 2025: €600,000
- Current portion of long-term debt -€378,142
down €378,142 (-79.9%), from €473,333 to €95,192
- Profit (loss) carried forward -€295,545
down €295,545 (-401.4%), from -€73,626 to -€369,170
- Advances received -€209,469
down €209,469 (-100.0%), from €209,469 to €0
- Debts after one year -€73,333
down €73,333 (-10.0%), from €733,333 to €659,999
- Gross operating margin -€215,142
down €215,142 (-53.1%), from €405,227 to €190,085
- Depreciation +€17,916
up €17,916 (+13.9%), from €128,717 to €146,634
- Taxes -€12,244
down €12,244 (-98.8%), from €12,389 to €145
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 | €3,041,821 | €2,582,721 | -€459,100 | -15.1% |
| Fixed assets | 21/28 | €1,429,055 | €1,300,880 | -€128,175 | -9.0% |
| Intangible fixed assets | 21 | €166,783 | €108,817 | -€57,966 | -34.8% |
| Tangible fixed assets | 22/27 | €1,262,182 | €1,191,973 | -€70,209 | -5.6% |
| Land and buildings | 22 | €1,221,500 | €1,156,640 | -€64,860 | -5.3% |
| Plant, machinery and equipment | 23 | €4,304 | €1,158 | -€3,146 | -73.1% |
| Furniture and vehicles | 24 | €36,251 | €34,175 | -€2,076 | -5.7% |
| Other tangible fixed assets | 26 | €126 | €0 | -€126 | -100.0% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €1,612,766 | €1,281,841 | -€330,925 | -20.5% |
| Stocks and contracts in progress | 3 | €1,406,164 | €976,043 | -€430,121 | -30.6% |
| Stocks | 30/36 | €1,406,164 | €976,043 | -€430,121 | -30.6% |
| Amounts receivable within one year | 40/41 | €174,268 | €279,174 | +€104,906 | +60.2% |
| Trade receivables | 40 | €126,768 | €229,874 | +€103,106 | +81.3% |
| Other amounts receivable | 41 | €47,500 | €49,300 | +€1,800 | +3.8% |
| Cash at bank and in hand | 54/58 | €32,334 | €26,624 | -€5,711 | -17.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €3,041,821 | €2,582,721 | -€459,100 | -15.1% |
| Equity | 10/15 | €814,566 | €519,021 | -€295,545 | -36.3% |
| Contributions | 10/11 | €286,565 | €286,565 | = | 0.0% |
| Reserves | 13 | €601,626 | €601,626 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €62,053 | +€62,053 | |
| Distributable reserves | 133 | €601,626 | €539,573 | -€62,053 | -10.3% |
| Profit (loss) carried forward | 14 | -€73,626 | -€369,170 | -€295,545 | -401.4% |
| Amounts payable | 17/49 | €2,227,255 | €2,063,700 | -€163,555 | -7.3% |
| Amounts payable after more than one year | 17 | €733,333 | €659,999 | -€73,333 | -10.0% |
| Financial debts | 170/4 | €733,333 | €659,999 | -€73,333 | -10.0% |
| Amounts payable within one year | 42/48 | €1,493,923 | €1,403,701 | -€90,221 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €473,333 | €95,192 | -€378,142 | -79.9% |
| Financial debts | 43 | - | €600,000 | +€600,000 | |
| Credit institutions | 430/8 | - | €600,000 | +€600,000 | |
| Trade debts | 44 | €300,205 | €255,304 | -€44,902 | -15.0% |
| Suppliers | 440/4 | €300,205 | €255,304 | -€44,902 | -15.0% |
| Advances received on contracts in progress | 46 | €209,469 | €0 | -€209,469 | -100.0% |
| Taxes, remuneration and social security | 45 | €59,018 | €37,797 | -€21,221 | -36.0% |
| Taxes | 450/3 | €14,636 | €299 | -€14,337 | -98.0% |
| Remuneration and social security | 454/9 | €44,382 | €37,498 | -€6,884 | -15.5% |
| Other amounts payable | 47/48 | €451,897 | €415,409 | -€36,488 | -8.1% |
| Non-recurring operating income | 76A | €12,181 | €0 | -€12,181 | -100.0% |
| Remuneration, social security and pensions | 62 | €290,757 | €288,358 | -€2,400 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,717 | €146,634 | +€17,916 | +13.9% |
| Other operating charges | 640/8 | €13,817 | €14,276 | +€459 | +3.3% |
| Gross operating margin | 9900 | €405,227 | €190,085 | -€215,142 | -53.1% |
| Operating profit (loss) | 9901 | -€28,065 | -€259,182 | -€231,117 | -823.5% |
| Financial income | 75/76B | €943 | €172 | -€771 | -81.8% |
| Recurring financial income | 75 | €943 | €172 | -€771 | -81.8% |
| Financial charges | 65/66B | €37,929 | €36,390 | -€1,540 | -4.1% |
| Recurring financial charges | 65 | €37,929 | €36,390 | -€1,540 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | -€65,051 | -€295,400 | -€230,348 | -354.1% |
| Income taxes | 67/77 | €12,389 | €145 | -€12,244 | -98.8% |
| Profit (loss) for the period | 9904 | -€77,440 | -€295,545 | -€218,105 | -281.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€77,440 | -€295,545 | -€218,105 | -281.6% |
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 6 October 2026 via checked.be.