IMROVAM: 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.
IMROVAM
Largest movements
- Cash -€132,369
down €132,369 (-51.3%), from €258,261 to €125,892
mainly Other debts (-€140,960) and Investment in fixed assets (net) (-€113,105)
- Current investments -€103,960
down €103,960 (-6.3%), from €1.7m to €1.5m
- Tangible fixed assets +€69,530
up €69,530 (+13.0%), from €534,011 to €603,540
- Other debts -€140,960
down €140,960 (-84.5%), from €166,726 to €25,765
- Debts after one year -€101,401
down €101,401 (-19.0%), from €533,787 to €432,385
- Short-term financial debts +€50,856
new in 2025: €50,856
- Reserves +€32,312
up €32,312 (+2.1%), from €1.6m to €1.6m
of which Distributable reserves: +€32,312
- Financial income -€40,454
down €40,454 (-60.1%), from €67,304 to €26,850
- Depreciation +€9,135
up €9,135 (+26.5%), from €34,440 to €43,576
- Taxes -€8,171
down €8,171 (-44.2%), from €18,465 to €10,294
- Other operating charges -€6,645
down €6,645 (-85.9%), from €7,733 to €1,088
- Financial charges -€6,010
down €6,010 (-20.1%), from €29,896 to €23,886
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 | €2,445,909 | €2,280,467 | -€165,443 | -6.8% |
| Fixed assets | 21/28 | €534,011 | €603,540 | +€69,530 | +13.0% |
| Tangible fixed assets | 22/27 | €534,011 | €603,540 | +€69,530 | +13.0% |
| Land and buildings | 22 | €534,011 | €603,540 | +€69,530 | +13.0% |
| Current assets | 29/58 | €1,911,898 | €1,676,926 | -€234,972 | -12.3% |
| Current investments | 50/53 | €1,653,638 | €1,549,677 | -€103,960 | -6.3% |
| Cash at bank and in hand | 54/58 | €258,261 | €125,892 | -€132,369 | -51.3% |
| Deferred charges and accrued income | 490/1 | - | €1,357 | +€1,357 | |
| Total equity and liabilities | 10/49 | €2,445,909 | €2,280,467 | -€165,443 | -6.8% |
| Equity | 10/15 | €1,621,033 | €1,653,344 | +€32,312 | +2.0% |
| 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 | €1,559,033 | €1,591,344 | +€32,312 | +2.1% |
| Non-distributable reserves | 130/1 | €44,621 | €44,621 | = | 0.0% |
| Legal reserve | 130 | €44,621 | €44,621 | = | 0.0% |
| Distributable reserves | 133 | €1,514,412 | €1,546,723 | +€32,312 | +2.1% |
| Amounts payable | 17/49 | €824,877 | €627,122 | -€197,754 | -24.0% |
| Amounts payable after more than one year | 17 | €533,787 | €432,385 | -€101,401 | -19.0% |
| Financial debts | 170/4 | €533,787 | €432,385 | -€101,401 | -19.0% |
| Amounts payable within one year | 42/48 | €288,590 | €192,237 | -€96,353 | -33.4% |
| Current portion of amounts payable after more than one year | 42 | €98,551 | €101,401 | +€2,850 | +2.9% |
| Financial debts | 43 | - | €50,856 | +€50,856 | |
| Credit institutions | 430/8 | - | €50,856 | +€50,856 | |
| Trade debts | 44 | €15,980 | €9,939 | -€6,040 | -37.8% |
| Suppliers | 440/4 | €15,980 | €9,939 | -€6,040 | -37.8% |
| Taxes, remuneration and social security | 45 | €7,333 | €4,275 | -€3,058 | -41.7% |
| Taxes | 450/3 | €7,333 | €4,275 | -€3,058 | -41.7% |
| Other amounts payable | 47/48 | €166,726 | €25,765 | -€140,960 | -84.5% |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,440 | €43,576 | +€9,135 | +26.5% |
| Other operating charges | 640/8 | €7,733 | €1,088 | -€6,645 | -85.9% |
| Gross operating margin | 9900 | €85,795 | €84,306 | -€1,490 | -1.7% |
| Operating profit (loss) | 9901 | €43,622 | €39,642 | -€3,980 | -9.1% |
| Financial income | 75/76B | €67,304 | €26,850 | -€40,454 | -60.1% |
| Recurring financial income | 75 | €67,304 | €26,850 | -€40,454 | -60.1% |
| Financial charges | 65/66B | €29,896 | €23,886 | -€6,010 | -20.1% |
| Recurring financial charges | 65 | €29,896 | €23,886 | -€6,010 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €81,030 | €42,606 | -€38,424 | -47.4% |
| Income taxes | 67/77 | €18,465 | €10,294 | -€8,171 | -44.2% |
| Profit (loss) for the period | 9904 | €62,565 | €32,312 | -€30,254 | -48.4% |
| Profit (loss) for the period to be appropriated | 9905 | €62,565 | €32,312 | -€30,254 | -48.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.