IMRADE: 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
IMRADE
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€35,231
2024 · €360,168-€395,399
Equity
€634,560
2024 · €669,790-€35,231
Cash
€13,481
2024 · €695,103-€681,622
Balance sheet total
€909,744
2024 · €943,460-€33,716
Largest movements
Assets
- Cash -€681,622
down €681,622 (-98.1%), from €695,103 to €13,481
mainly Current investments (-€547,629) and Provisions (-€123,013)
- Current investments +€547,629
new in 2025: €547,629
- Receivables within one year +€98,544
up €98,544 (+1,334%), from €7,385 to €105,929
of which Other amounts receivable: +€100,457
Equity and liabilities
- Reserves -€150,566
down €150,566 (-40.7%), from €370,189 to €219,623
of which Tax-exempt reserves: -€369,040
- Short-term financial debts +€150,000
new in 2025: €150,000
- Provisions -€123,013
down €123,013 (-100%), from €123,013 to €0
- Profit (loss) carried forward +€115,335
up €115,335, from -€115,335 to €0
- Current portion of long-term debt -€16,892
down €16,892 (-74.0%), from €22,814 to €5,922
Income statement
- Gross operating margin -€541,115
down €541,115, from €526,967 to -€14,148
- Taxes +€137,582
up €137,582, from -€1,655 to €135,928
- Other operating charges -€37,372
down €37,372 (-81.4%), from €45,923 to €8,551
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
€360,168
Gross operating margin
-€541,115
Depreciation
+€425
Other operating charges
+€37,372
Financial income
+€3,181
Financial charges
-€3,706
Taxes
-€137,582
Deferred taxes and other
+€246,027
Result 2025
-€35,231
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
-€255,094
Investment
-€553,715
Financing
+€127,186
Cash 2024
€695,103
From operations (derived)
-€255,094
Net result for the year
-€35,231
Depreciation
+€5,560
Receivables within one year
-€98,544
Smaller working-capital items
-€2,334
Provisions
-€123,013
Tax, wage and social debts
+€8,469
Other debts
-€10,000
Investment (derived)
-€553,715
Investment in fixed assets (net)
-€6,086
Current investments
-€547,629
Financing
+€127,186
Debts after one year
-€5,922
Current portion of long-term debt
-€16,892
Short-term financial debts
+€150,000
Cash 2025
€13,481
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €943,460 | €909,744 | -€33,716 | -3.6% |
| Fixed assets | 21/28 | €186,107 | €186,633 | +€526 | +0.3% |
| Tangible fixed assets | 22/27 | €186,107 | €186,633 | +€526 | +0.3% |
| Land and buildings | 22 | €179,571 | €176,016 | -€3,555 | -2.0% |
| Plant, machinery and equipment | 23 | €6,536 | €4,877 | -€1,659 | -25.4% |
| Furniture and vehicles | 24 | €0 | €5,740 | +€5,740 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €757,354 | €723,111 | -€34,243 | -4.5% |
| Amounts receivable after more than one year | 29 | €53,049 | €53,049 | = | 0.0% |
| Other amounts receivable | 291 | €53,049 | €53,049 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,385 | €105,929 | +€98,544 | +1,334% |
| Trade receivables | 40 | €1,913 | €0 | -€1,913 | -100% |
| Other amounts receivable | 41 | €5,471 | €105,929 | +€100,457 | +1,836% |
| Current investments | 50/53 | - | €547,629 | +€547,629 | |
| Cash at bank and in hand | 54/58 | €695,103 | €13,481 | -€681,622 | -98.1% |
| Deferred charges and accrued income | 490/1 | €1,817 | €3,024 | +€1,207 | +66.4% |
| Total equity and liabilities | 10/49 | €943,460 | €909,744 | -€33,716 | -3.6% |
| Equity | 10/15 | €669,790 | €634,560 | -€35,231 | -5.3% |
| Contributions | 10/11 | €414,937 | €414,937 | = | 0.0% |
| Capital | 10 | €414,937 | €414,937 | = | 0.0% |
| Issued capital | 100 | €414,937 | €414,937 | = | 0.0% |
| Contributions outside capital | 11 | €0 | - | = | |
| Other | 1109/19 | €0 | - | = | |
| Reserves | 13 | €370,189 | €219,623 | -€150,566 | -40.7% |
| Non-distributable reserves | 130/1 | €149 | €11,622 | +€11,474 | +7,714% |
| Legal reserve | 130 | €149 | €11,622 | +€11,474 | +7,714% |
| Tax-exempt reserves | 132 | €369,040 | €0 | -€369,040 | -100% |
| Distributable reserves | 133 | €1,000 | €208,001 | +€207,000 | +20,695% |
| Profit (loss) carried forward | 14 | -€115,335 | €0 | +€115,335 | |
| Provisions and deferred taxes | 16 | €123,013 | €0 | -€123,013 | -100% |
| Deferred taxes | 168 | €123,013 | €0 | -€123,013 | -100% |
| Amounts payable | 17/49 | €150,657 | €275,185 | +€124,528 | +82.7% |
| Amounts payable after more than one year | 17 | €13,705 | €7,783 | -€5,922 | -43.2% |
| Financial debts | 170/4 | €13,705 | €7,783 | -€5,922 | -43.2% |
| Amounts payable within one year | 42/48 | €136,402 | €266,851 | +€130,449 | +95.6% |
| Current portion of amounts payable after more than one year | 42 | €22,814 | €5,922 | -€16,892 | -74.0% |
| Financial debts | 43 | - | €150,000 | +€150,000 | |
| Credit institutions | 430/8 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €1,138 | €10 | -€1,127 | -99.1% |
| Suppliers | 440/4 | €1,138 | €10 | -€1,127 | -99.1% |
| Taxes, remuneration and social security | 45 | €2,531 | €11,000 | +€8,469 | +335% |
| Taxes | 450/3 | €2,531 | €11,000 | +€8,469 | +335% |
| Other amounts payable | 47/48 | €109,919 | €99,919 | -€10,000 | -9.1% |
| Accrued charges and deferred income | 492/3 | €550 | €550 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | €4,050 | +€4,050 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,984 | €5,560 | -€425 | -7.1% |
| Other operating charges | 640/8 | €45,923 | €8,551 | -€37,372 | -81.4% |
| Gross operating margin | 9900 | €526,967 | -€14,148 | -€541,115 | |
| Operating profit (loss) | 9901 | €475,060 | -€28,259 | -€503,318 | |
| Financial income | 75/76B | €7,370 | €10,551 | +€3,181 | +43.2% |
| Recurring financial income | 75 | €7,370 | €10,551 | +€3,181 | +43.2% |
| Financial charges | 65/66B | €903 | €4,609 | +€3,706 | +410% |
| Recurring financial charges | 65 | €903 | €4,609 | +€3,706 | +410% |
| Profit (loss) for the period before taxes | 9903 | €481,527 | -€22,317 | -€503,843 | |
| Transfer from deferred taxes | 780 | - | €123,013 | +€123,013 | |
| Transfer to deferred taxes | 680 | €123,013 | €0 | -€123,013 | -100% |
| Income taxes | 67/77 | -€1,655 | €135,928 | +€137,582 | |
| Profit (loss) for the period | 9904 | €360,168 | -€35,231 | -€395,399 | |
| Transfer from tax-exempt reserves | 789 | - | €369,040 | +€369,040 | |
| Transfer to tax-exempt reserves | 689 | €369,040 | €0 | -€369,040 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,872 | €333,809 | +€342,681 |
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 16 October 2026 via checked.be.