IMPROFUND: 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.
IMPROFUND
Largest movements
- Tangible fixed assets -€74,485
down €74,485 (-4.9%), from €1.5m to €1.4m
- Profit (loss) carried forward -€85,470
down €85,470 (-12.3%), from -€694,316 to -€779,785
- Debts after one year +€28,885
up €28,885 (+5.5%), from €529,136 to €558,021
- Trade debts +€23,694
up €23,694 (+67.1%), from €35,310 to €59,004
- Current portion of long-term debt -€23,500
down €23,500 (-47.0%), from €50,000 to €26,500
- Gross operating margin -€3,485
down €3,485 (-17.8%), from €19,629 to €16,145
- Financial charges -€818
down €818 (-19.5%), from €4,190 to €3,372
- Other operating charges +€716
up €716 (+3.1%), from €23,042 to €23,758
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 | €1,695,959 | €1,623,416 | -€72,543 | -4.3% |
| Fixed assets | 21/28 | €1,694,720 | €1,620,235 | -€74,485 | -4.4% |
| Tangible fixed assets | 22/27 | €1,519,720 | €1,445,235 | -€74,485 | -4.9% |
| Land and buildings | 22 | €1,519,720 | €1,445,235 | -€74,485 | -4.9% |
| Financial fixed assets | 28 | €175,000 | €175,000 | = | 0.0% |
| Current assets | 29/58 | €1,239 | €3,180 | +€1,941 | +156.7% |
| Amounts receivable within one year | 40/41 | €1,000 | €1,750 | +€750 | +75.0% |
| Other amounts receivable | 41 | €1,000 | €1,750 | +€750 | +75.0% |
| Cash at bank and in hand | 54/58 | €50 | €102 | +€52 | +103.4% |
| Deferred charges and accrued income | 490/1 | €188 | €1,328 | +€1,139 | +604.6% |
| Total equity and liabilities | 10/49 | €1,695,959 | €1,623,416 | -€72,543 | -4.3% |
| Equity | 10/15 | €1,065,361 | €979,891 | -€85,470 | -8.0% |
| Contributions | 10/11 | €1,747,897 | €1,747,897 | = | 0.0% |
| Capital | 10 | €1,747,897 | €1,747,897 | = | 0.0% |
| Issued capital | 100 | €1,747,897 | €1,747,897 | = | 0.0% |
| Reserves | 13 | €11,779 | €11,779 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,779 | €11,779 | = | 0.0% |
| Legal reserve | 130 | €11,779 | €11,779 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€694,316 | -€779,785 | -€85,470 | -12.3% |
| Amounts payable | 17/49 | €630,598 | €643,524 | +€12,926 | +2.0% |
| Amounts payable after more than one year | 17 | €529,136 | €558,021 | +€28,885 | +5.5% |
| Financial debts | 170/4 | €529,136 | €558,021 | +€28,885 | +5.5% |
| Amounts payable within one year | 42/48 | €101,463 | €85,504 | -€15,959 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €26,500 | -€23,500 | -47.0% |
| Trade debts | 44 | €35,310 | €59,004 | +€23,694 | +67.1% |
| Suppliers | 440/4 | €35,310 | €59,004 | +€23,694 | +67.1% |
| Taxes, remuneration and social security | 45 | €32 | - | -€32 | |
| Taxes | 450/3 | €32 | - | -€32 | |
| Other amounts payable | 47/48 | €16,121 | - | -€16,121 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,485 | €74,485 | = | 0.0% |
| Other operating charges | 640/8 | €23,042 | €23,758 | +€716 | +3.1% |
| Gross operating margin | 9900 | €19,629 | €16,145 | -€3,485 | -17.8% |
| Operating profit (loss) | 9901 | -€77,897 | -€82,098 | -€4,201 | -5.4% |
| Financial income | 75/76B | €6 | €0 | -€6 | -97.6% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -97.6% |
| Financial charges | 65/66B | €4,190 | €3,372 | -€818 | -19.5% |
| Recurring financial charges | 65 | €4,190 | €3,372 | -€818 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | -€82,081 | -€85,469 | -€3,388 | -4.1% |
| Income taxes | 67/77 | €2 | €0 | -€2 | -97.7% |
| Profit (loss) for the period | 9904 | -€82,083 | -€85,470 | -€3,387 | -4.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€82,083 | -€85,470 | -€3,387 | -4.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.