INTERNATIONAL MODEL MANAGEMENT: 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.
INTERNATIONAL MODEL MANAGEMENT
Largest movements
- Receivables within one year -€34,313
down €34,313 (-18.1%), from €189,906 to €155,593
of which Trade receivables: -€29,668
- Cash -€5,693
down €5,693 (-55.1%), from €10,335 to €4,642
mainly Trade debts (-€58,057) and Tax, wage and social debts (-€18,479)
- Tangible fixed assets +€3,500
up €3,500 (+1,167%), from €300 to €3,800
of which Furniture and vehicles: +€3,650
- Trade debts -€58,057
down €58,057 (-21.3%), from €272,503 to €214,446
- Short-term financial debts +€25,605
new in 2025: €25,605
- Tax, wage and social debts -€18,479
down €18,479 (-86.8%), from €21,288 to €2,810
of which Remuneration and social security: -€10,404
- Profit (loss) carried forward +€14,425
up €14,425 (+13.1%), from -€110,052 to -€95,627
- Staff costs -€94,902
down €94,902, from €92,196 to -€2,707
- Gross operating margin -€47,110
down €47,110 (-49.0%), from €96,193 to €49,083
- Financial charges +€45,955
up €45,955 (+1,072%), from €4,288 to €50,243
- Financial income +€10,515
up €10,515 (+321%), from €3,278 to €13,793
- Taxes -€2,706
no longer reported in 2025 (was €2,706)
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 | €203,986 | €167,480 | -€36,506 | -17.9% |
| Fixed assets | 21/28 | €3,745 | €7,245 | +€3,500 | +93.5% |
| Tangible fixed assets | 22/27 | €300 | €3,800 | +€3,500 | +1,167% |
| Furniture and vehicles | 24 | - | €3,650 | +€3,650 | |
| Other tangible fixed assets | 26 | €300 | €150 | -€150 | -50.0% |
| Financial fixed assets | 28 | €3,445 | €3,445 | = | 0.0% |
| Current assets | 29/58 | €200,241 | €160,235 | -€40,006 | -20.0% |
| Amounts receivable within one year | 40/41 | €189,906 | €155,593 | -€34,313 | -18.1% |
| Trade receivables | 40 | €178,039 | €148,372 | -€29,668 | -16.7% |
| Other amounts receivable | 41 | €11,867 | €7,221 | -€4,645 | -39.1% |
| Cash at bank and in hand | 54/58 | €10,335 | €4,642 | -€5,693 | -55.1% |
| Total equity and liabilities | 10/49 | €203,986 | €167,480 | -€36,506 | -17.9% |
| Equity | 10/15 | -€89,806 | -€75,381 | +€14,425 | +16.1% |
| Contributions | 10/11 | €18,386 | €18,386 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€110,052 | -€95,627 | +€14,425 | +13.1% |
| Amounts payable | 17/49 | €293,792 | €242,861 | -€50,930 | -17.3% |
| Amounts payable within one year | 42/48 | €293,792 | €242,861 | -€50,930 | -17.3% |
| Financial debts | 43 | - | €25,605 | +€25,605 | |
| Credit institutions | 430/8 | - | €25,605 | +€25,605 | |
| Trade debts | 44 | €272,503 | €214,446 | -€58,057 | -21.3% |
| Suppliers | 440/4 | €272,503 | €214,446 | -€58,057 | -21.3% |
| Taxes, remuneration and social security | 45 | €21,288 | €2,810 | -€18,479 | -86.8% |
| Taxes | 450/3 | €9,684 | €1,610 | -€8,075 | -83.4% |
| Remuneration and social security | 454/9 | €11,604 | €1,200 | -€10,404 | -89.7% |
| Non-recurring operating income | 76A | €33,975 | €25,511 | -€8,464 | -24.9% |
| Remuneration, social security and pensions | 62 | €92,196 | -€2,707 | -€94,902 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150 | €904 | +€754 | +503% |
| Other operating charges | 640/8 | €2,380 | €11 | -€2,370 | -99.5% |
| Gross operating margin | 9900 | €96,193 | €49,083 | -€47,110 | -49.0% |
| Operating profit (loss) | 9901 | €1,467 | €50,875 | +€49,408 | +3,368% |
| Financial income | 75/76B | €3,278 | €13,793 | +€10,515 | +321% |
| Recurring financial income | 75 | €3,278 | €13,793 | +€10,515 | +321% |
| Financial charges | 65/66B | €4,288 | €50,243 | +€45,955 | +1,072% |
| Recurring financial charges | 65 | €4,288 | €50,243 | +€45,955 | +1,072% |
| Profit (loss) for the period before taxes | 9903 | €457 | €14,425 | +€13,968 | +3,059% |
| Income taxes | 67/77 | €2,706 | - | -€2,706 | |
| Profit (loss) for the period | 9904 | -€2,250 | €14,425 | +€16,674 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,250 | €14,425 | +€16,674 |
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 30 October 2026 via checked.be.