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IMAGON: 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

IMAGON

BE 0428.009.134
NACE 74.201, Photography, excluding press photography
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€2,742
2024 · €432-€3,173
Equity
€915,705
2024 · €938,447-€22,742
Cash
€62,199
2024 · €218,615-€156,416
Balance sheet total
€1.1m
2024 · €1.2m-€89,769

Largest movements

2024 to 2025
Assets
  • Cash -€156,416

    down €156,416 (-71.5%), from €218,615 to €62,199

    mainly Investment in fixed assets (net) (-€119,497) and Tax, wage and social debts (-€59,175)

  • Tangible fixed assets +€100,121

    up €100,121 (+14.2%), from €704,427 to €804,548

    of which Land and buildings: +€65,665

  • Receivables within one year -€28,724

    down €28,724 (-24.9%), from €115,453 to €86,729

    of which Other amounts receivable: -€40,267

Equity and liabilities
  • Tax, wage and social debts -€59,175

    down €59,175 (-95.4%), from €61,996 to €2,821

  • Reserves -€22,742

    down €22,742 (-2.5%), from €901,263 to €878,521

    of which Distributable reserves: -€17,135

Income statement
  • Gross operating margin +€11,556

    up €11,556 (+397%), from €2,909 to €14,465

  • Financial income -€9,487

    down €9,487 (-64.8%), from €14,639 to €5,152

  • Depreciation +€5,998

    up €5,998 (+44.8%), from €13,378 to €19,376

  • Other operating charges +€565

    up €565 (+37.5%), from €1,509 to €2,075

  • Taxes -€274

    down €274 (-9.2%), from €2,981 to €2,708

From the 2024 result to the 2025 result

effect on the 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 €432
Gross operating margin +€11,556
Depreciation -€5,998
Other operating charges -€565
Financial income -€9,487
Financial charges +€18
Taxes +€274
Deferred taxes and other +€1,029
Result 2025 -€2,742
raises the resultlowers the resultnot broken down further in the accounts

Derived cash bridge

cash 2024 to 2025

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 -€16,919
Investment -€119,497
Financing -€20,000
Cash 2024 €218,615
Net result for the year -€2,742
Depreciation +€19,376
Receivables within one year +€28,724
Deferred charges and accrued income +€4,750
Provisions -€2,106
Trade debts -€4,709
Tax, wage and social debts -€59,175
Advances received -€1,035
Accrued charges and deferred income -€2
Investment in fixed assets (net) -€119,497
Contributions, distributions and other -€20,000
Cash 2025 €62,199
brings cash intakes cash out
Every line side by side 46 lines
Line Code 2024 2025 Change %
Total assets 20/58 €1,187,826 €1,098,057 -€89,769 -7.6%
Fixed assets 21/28 €704,427 €804,548 +€100,121 +14.2%
Tangible fixed assets 22/27 €704,427 €804,548 +€100,121 +14.2%
Land and buildings 22 €525,315 €590,981 +€65,665 +12.5%
Plant, machinery and equipment 23 €481 €251 -€229 -47.7%
Furniture and vehicles 24 €1,791 €6,379 +€4,588 +256%
Other tangible fixed assets 26 €900 €900 = 0.0%
Assets under construction and advance payments 27 €175,940 €206,038 +€30,097 +17.1%
Current assets 29/58 €483,399 €293,509 -€189,890 -39.3%
Amounts receivable after more than one year 29 €140,000 €140,000 = 0.0%
Other amounts receivable 291 €140,000 €140,000 = 0.0%
Amounts receivable within one year 40/41 €115,453 €86,729 -€28,724 -24.9%
Trade receivables 40 €6,050 €17,593 +€11,543 +191%
Other amounts receivable 41 €109,403 €69,136 -€40,267 -36.8%
Cash at bank and in hand 54/58 €218,615 €62,199 -€156,416 -71.5%
Deferred charges and accrued income 490/1 €9,330 €4,580 -€4,750 -50.9%
Total equity and liabilities 10/49 €1,187,826 €1,098,057 -€89,769 -7.6%
Equity 10/15 €938,447 €915,705 -€22,742 -2.4%
Contributions 10/11 €37,184 €37,184 = 0.0%
Reserves 13 €901,263 €878,521 -€22,742 -2.5%
Tax-exempt reserves 132 €525,294 €519,687 -€5,607 -1.1%
Distributable reserves 133 €375,969 €358,834 -€17,135 -4.6%
Provisions and deferred taxes 16 €174,581 €172,474 -€2,106 -1.2%
Deferred taxes 168 €174,581 €172,474 -€2,106 -1.2%
Amounts payable 17/49 €74,798 €9,877 -€64,921 -86.8%
Amounts payable within one year 42/48 €73,078 €8,159 -€64,919 -88.8%
Trade debts 44 €9,582 €4,873 -€4,709 -49.1%
Suppliers 440/4 €9,582 €4,873 -€4,709 -49.1%
Advances received on contracts in progress 46 €1,500 €465 -€1,035 -69.0%
Taxes, remuneration and social security 45 €61,996 €2,821 -€59,175 -95.4%
Taxes 450/3 €61,996 €2,821 -€59,175 -95.4%
Accrued charges and deferred income 492/3 €1,720 €1,718 -€2 -0.1%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €13,378 €19,376 +€5,998 +44.8%
Other operating charges 640/8 €1,509 €2,075 +€565 +37.5%
Gross operating margin 9900 €2,909 €14,465 +€11,556 +397%
Operating profit (loss) 9901 -€11,979 -€6,985 +€4,993 +41.7%
Financial income 75/76B €14,639 €5,152 -€9,487 -64.8%
Recurring financial income 75 €14,639 €5,152 -€9,487 -64.8%
Financial charges 65/66B €325 €307 -€18 -5.6%
Recurring financial charges 65 €325 €307 -€18 -5.6%
Profit (loss) for the period before taxes 9903 €2,335 -€2,140 -€4,476
Transfer from deferred taxes 780 €1,077 €2,106 +€1,029 +95.5%
Income taxes 67/77 €2,981 €2,708 -€274 -9.2%
Profit (loss) for the period 9904 €432 -€2,742 -€3,173
Transfer from tax-exempt reserves 789 €2,861 €5,607 +€2,745 +95.9%
Profit (loss) for the period to be appropriated 9905 €3,293 €2,865 -€428 -13.0%

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 25 October 2026 via checked.be.