IMULCON: 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
IMULCON
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€33,879
2024 · €13,769+€20,110
Equity
€1.6m
2024 · €1.6m+€33,879
Cash
€59,014
2024 · €74,708-€15,694
Balance sheet total
€2.0m
2024 · €2.0m-€36,380
Largest movements
Assets
- Receivables after one year +€52,960
up €52,960 (+19.3%), from €274,951 to €327,911
- Current investments -€50,000
down €50,000 (-5.6%), from €900,000 to €850,000
- Tangible fixed assets -€20,455
down €20,455 (-2.7%), from €767,958 to €747,503
Equity and liabilities
- Tax, wage and social debts -€68,111
down €68,111 (-77.9%), from €87,440 to €19,329
- Reserves +€33,879
up €33,879 (+2.4%), from €1.4m to €1.5m
of which Distributable reserves: +€33,879
Income statement
- Taxes -€72,508
down €72,508 (-79.8%), from €90,843 to €18,336
- Gross operating margin -€19,904
down €19,904 (-19.4%), from €102,501 to €82,597
- Financial income +€18,506
up €18,506 (+108%), from €17,133 to €35,639
- Other operating charges +€1,281
up €1,281 (+24.8%), from €5,161 to €6,442
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
€13,769
Gross operating margin
-€19,904
Depreciation
+€937
Other operating charges
-€1,281
Financial income
+€18,506
Financial charges
-€90
Taxes
+€72,508
Deferred taxes and other
-€50,566
Result 2025
€33,879
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
-€15,994
Investment
+€16,729
Financing
-€16,429
Cash 2024
€74,708
From operations (derived)
-€15,994
Net result for the year
+€33,879
Depreciation
+€53,726
Receivables after one year
-€52,960
Deferred charges and accrued income
+€3,192
Trade debts
+€17,212
Tax, wage and social debts
-€68,111
Other debts
-€6,780
Accrued charges and deferred income
+€3,849
Investment (derived)
+€16,729
Investment in fixed assets (net)
-€33,271
Current investments
+€50,000
Financing
-€16,429
Debts after one year
-€16,796
Current portion of long-term debt
+€367
Cash 2025
€59,014
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,025,383 | €1,989,002 | -€36,380 | -1.8% |
| Fixed assets | 21/28 | €767,958 | €747,503 | -€20,455 | -2.7% |
| Tangible fixed assets | 22/27 | €767,958 | €747,503 | -€20,455 | -2.7% |
| Land and buildings | 22 | €728,021 | €718,845 | -€9,176 | -1.3% |
| Plant, machinery and equipment | 23 | €33,379 | €24,624 | -€8,754 | -26.2% |
| Furniture and vehicles | 24 | €6,558 | €4,034 | -€2,525 | -38.5% |
| Current assets | 29/58 | €1,257,424 | €1,241,499 | -€15,925 | -1.3% |
| Amounts receivable after more than one year | 29 | €274,951 | €327,911 | +€52,960 | +19.3% |
| Other amounts receivable | 291 | €274,951 | €327,911 | +€52,960 | +19.3% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €900,000 | €850,000 | -€50,000 | -5.6% |
| Cash at bank and in hand | 54/58 | €74,708 | €59,014 | -€15,694 | -21.0% |
| Deferred charges and accrued income | 490/1 | €7,765 | €4,573 | -€3,192 | -41.1% |
| Total equity and liabilities | 10/49 | €2,025,383 | €1,989,002 | -€36,380 | -1.8% |
| Equity | 10/15 | €1,574,863 | €1,608,743 | +€33,879 | +2.2% |
| 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% |
| Revaluation surpluses | 12 | €80,114 | €80,114 | = | 0.0% |
| Reserves | 13 | €1,432,750 | €1,466,629 | +€33,879 | +2.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €304,003 | €304,003 | = | 0.0% |
| Distributable reserves | 133 | €1,122,546 | €1,156,426 | +€33,879 | +3.0% |
| Provisions and deferred taxes | 16 | €101,334 | €101,334 | = | 0.0% |
| Deferred taxes | 168 | €101,334 | €101,334 | = | 0.0% |
| Amounts payable | 17/49 | €349,185 | €278,925 | -€70,260 | -20.1% |
| Amounts payable after more than one year | 17 | €228,218 | €211,422 | -€16,796 | -7.4% |
| Financial debts | 170/4 | €228,218 | €211,422 | -€16,796 | -7.4% |
| Amounts payable within one year | 42/48 | €120,967 | €63,654 | -€57,313 | -47.4% |
| Current portion of amounts payable after more than one year | 42 | €16,429 | €16,796 | +€367 | +2.2% |
| Trade debts | 44 | €10,317 | €27,529 | +€17,212 | +167% |
| Suppliers | 440/4 | €10,317 | €27,529 | +€17,212 | +167% |
| Taxes, remuneration and social security | 45 | €87,440 | €19,329 | -€68,111 | -77.9% |
| Taxes | 450/3 | €87,440 | €19,329 | -€68,111 | -77.9% |
| Other amounts payable | 47/48 | €6,780 | €0 | -€6,780 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | €3,849 | +€3,849 | |
| Non-recurring operating income | 76A | €32,877 | €32,877 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,663 | €53,726 | -€937 | -1.7% |
| Other operating charges | 640/8 | €5,161 | €6,442 | +€1,281 | +24.8% |
| Gross operating margin | 9900 | €102,501 | €82,597 | -€19,904 | -19.4% |
| Operating profit (loss) | 9901 | €42,677 | €22,429 | -€20,248 | -47.4% |
| Financial income | 75/76B | €17,133 | €35,639 | +€18,506 | +108% |
| Recurring financial income | 75 | €17,133 | €35,639 | +€18,506 | +108% |
| Financial charges | 65/66B | €5,763 | €5,853 | +€90 | +1.6% |
| Recurring financial charges | 65 | €5,763 | €5,853 | +€90 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €54,047 | €52,215 | -€1,832 | -3.4% |
| Transfer from deferred taxes | 780 | €50,566 | €0 | -€50,566 | -100% |
| Income taxes | 67/77 | €90,843 | €18,336 | -€72,508 | -79.8% |
| Profit (loss) for the period | 9904 | €13,769 | €33,879 | +€20,110 | +146% |
| Transfer from tax-exempt reserves | 789 | €151,697 | €0 | -€151,697 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €165,467 | €33,879 | -€131,587 | -79.5% |
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 17 October 2026 via checked.be.