INTERMADIS: 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.
What changed
INTERMADIS
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.4m
2024 · €1.5m-€75,736
Equity
€13.9m
2024 · €12.5m+€1.4m
Cash
€4.3m
2024 · €5.8m-€1.6m
Balance sheet total
€22.1m
2024 · €19.0m+€3.0m
Largest movements
Assets
- Tangible fixed assets +€2.3m
up €2.3m (+67.6%), from €3.4m to €5.6m
of which Land and buildings: +€2.2m
- Current investments +€2.0m
new in 2025: €2.0m
- Cash -€1.6m
down €1.6m (-26.9%), from €5.8m to €4.3m
mainly Investment in fixed assets (net) (-€3.7m) and Current investments (-€2.0m)
- Receivables within one year -€869,172
down €869,172 (-10.7%), from €8.1m to €7.2m
of which Other amounts receivable: -€667,633
- Financial fixed assets +€718,069
up €718,069 (+906.4%), from €79,221 to €797,290
Equity and liabilities
- Other debts +€2.5m
up €2.5m (+214.6%), from €1.2m to €3.7m
- Profit (loss) carried forward +€987,086
up €987,086 (+12.1%), from €8.2m to €9.1m
- Debts after one year -€449,953
down €449,953 (-28.2%), from €1.6m to €1.1m
of which Financial debts: -€449,953
- Reserves +€399,950
up €399,950 (+9.8%), from €4.1m to €4.5m
of which Distributable reserves: +€436,649
- Trade debts -€395,027
down €395,027 (-14.9%), from €2.7m to €2.3m
Income statement
- Goods and materials -€571,401
down €571,401 (-1.5%), from €36.9m to €36.4m
of which Change in stocks: decrease (increase): -€372,042
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
€1.5m
Turnover
+€17,144
Other operating income
-€351,944
Goods and materials
+€571,401
Services and other goods
-€176,085
Staff costs
-€42,673
Depreciation
+€43,925
Other operating charges
+€43,746
Other operating items
-€29,789
Financial income
+€77,001
Financial charges
-€122,263
Taxes
-€106,199
Result 2025
€1.4m
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.
From operations
+€4.6m
Investment
-€5.7m
Financing
-€443,159
Cash 2024
€5.8m
From operations (derived)
+€4.6m
Net result for the year
+€1.4m
Depreciation
+€734,319
Stocks and contracts
-€302,176
Receivables within one year
+€869,172
Deferred charges and accrued income
-€185,667
Trade debts
-€395,027
Tax, wage and social debts
-€92,420
Other debts
+€2.5m
Accrued charges and deferred income
+€76,672
Investment (derived)
-€5.7m
Investment in fixed assets (net)
-€3.7m
Current investments
-€2.0m
Financing
-€443,159
Debts after one year
-€449,953
Current portion of long-term debt
+€6,794
Cash 2025
€4.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,040,084 | €22,080,279 | +€3.0m | +16.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €3,449,103 | €6,444,582 | +€3.0m | +86.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €3,369,882 | €5,647,292 | +€2.3m | +67.6% |
| Land and buildings | 22 | €2,263,212 | €4,424,901 | +€2.2m | +95.5% |
| Plant, machinery and equipment | 23 | €907,283 | €1,016,054 | +€108,772 | +12.0% |
| Furniture and vehicles | 24 | €188,912 | €206,337 | +€17,424 | +9.2% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €10,475 | - | -€10,475 | |
| Financial fixed assets | 28 | €79,221 | €797,290 | +€718,069 | +906.4% |
| Other financial fixed assets | 284/8 | €79,221 | €797,290 | +€718,069 | +906.4% |
| Amounts receivable and cash guarantees | 285/8 | €79,221 | €797,290 | +€718,069 | +906.4% |
| Current assets | 29/58 | €15,590,981 | €15,635,697 | +€44,716 | +0.3% |
| Stocks and contracts in progress | 3 | €1,528,963 | €1,831,139 | +€302,176 | +19.8% |
| Stocks | 30/36 | €1,528,963 | €1,831,139 | +€302,176 | +19.8% |
| Work in progress | 32 | €11,788 | €47,482 | +€35,694 | +302.8% |
| Goods purchased for resale | 34 | €1,517,175 | €1,783,657 | +€266,482 | +17.6% |
| Amounts receivable within one year | 40/41 | €8,093,459 | €7,224,287 | -€869,172 | -10.7% |
| Trade receivables | 40 | €700,015 | €498,476 | -€201,539 | -28.8% |
| Other amounts receivable | 41 | €7,393,444 | €6,725,811 | -€667,633 | -9.0% |
| Current investments | 50/53 | - | €2,000,000 | +€2.0m | |
| Other investments | 51/53 | - | €2,000,000 | +€2.0m | |
| Cash at bank and in hand | 54/58 | €5,848,142 | €4,274,187 | -€1.6m | -26.9% |
| Deferred charges and accrued income | 490/1 | €120,418 | €306,084 | +€185,667 | +154.2% |
| Total equity and liabilities | 10/49 | €19,040,084 | €22,080,279 | +€3.0m | +16.0% |
| Equity | 10/15 | €12,502,444 | €13,889,480 | +€1.4m | +11.1% |
| Contributions | 10/11 | €248,000 | €248,000 | = | 0.0% |
| Capital | 10 | €248,000 | €248,000 | = | 0.0% |
| Issued capital | 100 | €248,000 | €248,000 | = | 0.0% |
| Reserves | 13 | €4,101,401 | €4,501,351 | +€399,950 | +9.8% |
| Non-distributable reserves | 130/1 | €24,800 | €24,800 | = | 0.0% |
| Legal reserve | 130 | €24,800 | €24,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,098,414 | €3,061,715 | -€36,699 | -1.2% |
| Distributable reserves | 133 | €978,187 | €1,414,836 | +€436,649 | +44.6% |
| Profit (loss) carried forward | 14 | €8,153,044 | €9,140,129 | +€987,086 | +12.1% |
| Amounts payable | 17/49 | €6,537,640 | €8,190,799 | +€1.7m | +25.3% |
| Amounts payable after more than one year | 17 | €1,594,026 | €1,144,073 | -€449,953 | -28.2% |
| Financial debts | 170/4 | €1,584,210 | €1,134,257 | -€449,953 | -28.4% |
| Credit institutions | 173 | €1,584,210 | €1,134,257 | -€449,953 | -28.4% |
| Other amounts payable | 178/9 | €9,817 | €9,817 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,806,782 | €6,833,222 | +€2.0m | +42.2% |
| Current portion of amounts payable after more than one year | 42 | €443,159 | €449,953 | +€6,794 | +1.5% |
| Trade debts | 44 | €2,659,403 | €2,264,376 | -€395,027 | -14.9% |
| Suppliers | 440/4 | €2,659,403 | €2,264,376 | -€395,027 | -14.9% |
| Taxes, remuneration and social security | 45 | €536,036 | €443,616 | -€92,420 | -17.2% |
| Taxes | 450/3 | €249,559 | €155,332 | -€94,227 | -37.8% |
| Remuneration and social security | 454/9 | €286,477 | €288,284 | +€1,807 | +0.6% |
| Other amounts payable | 47/48 | €1,168,183 | €3,675,277 | +€2.5m | +214.6% |
| Accrued charges and deferred income | 492/3 | €136,832 | €213,504 | +€76,672 | +56.0% |
| Operating income | 70/76A | €47,795,037 | €47,431,262 | -€363,775 | -0.8% |
| Turnover | 70 | €46,757,867 | €46,775,010 | +€17,144 | 0.0% |
| Other operating income | 74 | €990,913 | €638,969 | -€351,944 | -35.5% |
| Non-recurring operating income | 76A | €46,258 | €17,283 | -€28,975 | -62.6% |
| Operating charges | 60/66A | €45,749,739 | €45,310,239 | -€439,500 | -1.0% |
| Goods for resale, raw materials and consumables | 60 | €36,935,924 | €36,364,522 | -€571,401 | -1.5% |
| Purchases | 600/8 | €36,866,058 | €36,666,698 | -€199,359 | -0.5% |
| Change in stocks: decrease (increase) | 609 | €69,866 | -€302,176 | -€372,042 | |
| Services and other goods | 61 | €5,303,367 | €5,479,452 | +€176,085 | +3.3% |
| Remuneration, social security and pensions | 62 | €2,347,655 | €2,390,329 | +€42,673 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €778,244 | €734,319 | -€43,925 | -5.6% |
| Other operating charges | 640/8 | €380,219 | €336,472 | -€43,746 | -11.5% |
| Non-recurring operating charges | 66A | €4,330 | €5,144 | +€814 | +18.8% |
| Operating profit (loss) | 9901 | €2,045,298 | €2,121,024 | +€75,725 | +3.7% |
| Financial income | 75/76B | €224,945 | €301,947 | +€77,001 | +34.2% |
| Recurring financial income | 75 | €224,945 | €301,947 | +€77,001 | +34.2% |
| Income from current assets | 751 | €111,240 | €176,976 | +€65,736 | +59.1% |
| Other financial income | 752/9 | €113,706 | €124,971 | +€11,265 | +9.9% |
| Financial charges | 65/66B | €412,431 | €534,694 | +€122,263 | +29.6% |
| Recurring financial charges | 65 | €369,743 | €487,335 | +€117,592 | +31.8% |
| Debt charges | 650 | €146,210 | €260,407 | +€114,196 | +78.1% |
| Other financial charges | 652/9 | €223,533 | €226,928 | +€3,395 | +1.5% |
| Non-recurring financial charges | 66B | €42,688 | €47,360 | +€4,672 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €1,857,812 | €1,888,276 | +€30,463 | +1.6% |
| Income taxes | 67/77 | €395,041 | €501,240 | +€106,199 | +26.9% |
| Taxes | 670/3 | €492,032 | €502,612 | +€10,580 | +2.2% |
| Tax adjustments and reversals of tax provisions | 77 | €96,991 | €1,372 | -€95,619 | -98.6% |
| Profit (loss) for the period | 9904 | €1,462,772 | €1,387,036 | -€75,736 | -5.2% |
| Transfer from tax-exempt reserves | 789 | - | €436,649 | +€436,649 | |
| Transfer to tax-exempt reserves | 689 | €999,997 | €399,950 | -€600,047 | -60.0% |
| Profit (loss) for the period to be appropriated | 9905 | €462,775 | €1,423,735 | +€960,960 | +207.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.