IMSA: 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.
IMSA
Largest movements
- Stocks and contracts -€14,008
down €14,008 (-29.0%), from €48,323 to €34,315
- Tangible fixed assets -€4,380
down €4,380 (-1.7%), from €251,966 to €247,587
of which Land and buildings: -€2,569
- Receivables within one year +€4,086
up €4,086 (+155%), from €2,637 to €6,723
of which Other amounts receivable: +€5,489
- Debts after one year -€13,962
down €13,962 (-5.2%), from €269,783 to €255,821
- Trade debts -€4,512
down €4,512 (-48.4%), from €9,316 to €4,803
- Gross operating margin +€10,214
up €10,214 (+64.3%), from €15,885 to €26,099
- Depreciation +€4,892
up €4,892 (+78.5%), from €6,230 to €11,122
- Other operating charges -€3,082
down €3,082 (-61.0%), from €5,049 to €1,967
- Financial charges +€1,400
up €1,400 (+12.5%), from €11,246 to €12,647
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €306,846 | €289,611 | -€17,235 | -5.6% |
| Fixed assets | 21/28 | €251,966 | €247,587 | -€4,380 | -1.7% |
| Tangible fixed assets | 22/27 | €251,966 | €247,587 | -€4,380 | -1.7% |
| Land and buildings | 22 | €247,349 | €244,780 | -€2,569 | -1.0% |
| Plant, machinery and equipment | 23 | €4,618 | €2,807 | -€1,810 | -39.2% |
| Current assets | 29/58 | €54,880 | €42,024 | -€12,855 | -23.4% |
| Stocks and contracts in progress | 3 | €48,323 | €34,315 | -€14,008 | -29.0% |
| Stocks | 30/36 | €48,323 | €34,315 | -€14,008 | -29.0% |
| Amounts receivable within one year | 40/41 | €2,637 | €6,723 | +€4,086 | +155% |
| Trade receivables | 40 | €1,656 | €253 | -€1,403 | -84.7% |
| Other amounts receivable | 41 | €981 | €6,470 | +€5,489 | +559% |
| Cash at bank and in hand | 54/58 | €3,195 | €453 | -€2,742 | -85.8% |
| Deferred charges and accrued income | 490/1 | €725 | €534 | -€192 | -26.4% |
| Total equity and liabilities | 10/49 | €306,846 | €289,611 | -€17,235 | -5.6% |
| Equity | 10/15 | -€2,198 | -€1,884 | +€314 | +14.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,798 | -€24,484 | +€314 | +1.3% |
| Amounts payable | 17/49 | €309,044 | €291,496 | -€17,548 | -5.7% |
| Amounts payable after more than one year | 17 | €269,783 | €255,821 | -€13,962 | -5.2% |
| Financial debts | 170/4 | €269,783 | €255,821 | -€13,962 | -5.2% |
| Amounts payable within one year | 42/48 | €39,261 | €35,674 | -€3,587 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €13,435 | €13,962 | +€526 | +3.9% |
| Financial debts | 43 | €6,242 | €8,249 | +€2,007 | +32.2% |
| Credit institutions | 430/8 | €6,242 | €8,249 | +€2,007 | +32.2% |
| Trade debts | 44 | €9,316 | €4,803 | -€4,512 | -48.4% |
| Suppliers | 440/4 | €9,316 | €4,803 | -€4,512 | -48.4% |
| Taxes, remuneration and social security | 45 | €10,269 | €8,661 | -€1,607 | -15.7% |
| Taxes | 450/3 | €8,869 | €8,661 | -€207 | -2.3% |
| Remuneration and social security | 454/9 | €1,400 | - | -€1,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,230 | €11,122 | +€4,892 | +78.5% |
| Other operating charges | 640/8 | €5,049 | €1,967 | -€3,082 | -61.0% |
| Gross operating margin | 9900 | €15,885 | €26,099 | +€10,214 | +64.3% |
| Operating profit (loss) | 9901 | €4,607 | €13,010 | +€8,404 | +182% |
| Financial income | 75/76B | €134 | €90 | -€44 | -32.8% |
| Recurring financial income | 75 | €134 | €90 | -€44 | -32.8% |
| Financial charges | 65/66B | €11,246 | €12,647 | +€1,400 | +12.5% |
| Recurring financial charges | 65 | €11,246 | €12,647 | +€1,400 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | -€6,506 | €453 | +€6,960 | |
| Income taxes | 67/77 | €132 | €140 | +€8 | +6.1% |
| Profit (loss) for the period | 9904 | -€6,638 | €314 | +€6,952 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,638 | €314 | +€6,952 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.