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.
IMPART
Largest movements
- Current investments +€97,502
up €97,502 (+26.5%), from €367,955 to €465,457
- Tangible fixed assets -€62,575
down €62,575 (-12.7%), from €493,110 to €430,535
- Cash -€47,847
down €47,847 (-40.9%), from €116,857 to €69,011
mainly Current investments (-€97,502) and Debts after one year (-€28,518)
- Deferred charges and accrued income -€13,758
down €13,758 (-40.4%), from €34,017 to €20,260
- Debts after one year -€28,518
down €28,518 (-17.9%), from €159,251 to €130,733
of which Financial debts: -€28,518
- Reserves +€27,003
up €27,003 (+3.7%), from €733,230 to €760,233
of which Distributable reserves: +€27,003
- Trade debts -€21,598
down €21,598 (-97.6%), from €22,122 to €524
- Financial income -€29,298
down €29,298 (-58.8%), from €49,860 to €20,563
- Financial charges +€16,811
up €16,811, from -€10,455 to €6,356
- Gross operating margin +€12,932
up €12,932 (+16.1%), from €80,088 to €93,019
- Depreciation -€10,080
down €10,080 (-13.9%), from €72,655 to €62,575
- Taxes -€1,639
down €1,639 (-33.9%), from €4,841 to €3,202
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,015,274 | €988,395 | -€26,879 | -2.6% |
| Fixed assets | 21/28 | €493,110 | €430,535 | -€62,575 | -12.7% |
| Tangible fixed assets | 22/27 | €493,110 | €430,535 | -€62,575 | -12.7% |
| Land and buildings | 22 | €493,110 | €430,535 | -€62,575 | -12.7% |
| Current assets | 29/58 | €522,164 | €557,860 | +€35,696 | +6.8% |
| Amounts receivable within one year | 40/41 | €3,333 | €3,133 | -€201 | -6.0% |
| Trade receivables | 40 | €2,174 | €166 | -€2,009 | -92.4% |
| Other amounts receivable | 41 | €1,159 | €2,967 | +€1,808 | +156.0% |
| Current investments | 50/53 | €367,955 | €465,457 | +€97,502 | +26.5% |
| Cash at bank and in hand | 54/58 | €116,857 | €69,011 | -€47,847 | -40.9% |
| Deferred charges and accrued income | 490/1 | €34,017 | €20,260 | -€13,758 | -40.4% |
| Total equity and liabilities | 10/49 | €1,015,274 | €988,395 | -€26,879 | -2.6% |
| Equity | 10/15 | €795,230 | €822,233 | +€27,003 | +3.4% |
| 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% |
| Reserves | 13 | €733,230 | €760,233 | +€27,003 | +3.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €727,030 | €754,033 | +€27,003 | +3.7% |
| Amounts payable | 17/49 | €220,044 | €166,162 | -€53,882 | -24.5% |
| Amounts payable after more than one year | 17 | €159,251 | €130,733 | -€28,518 | -17.9% |
| Financial debts | 170/4 | €142,591 | €114,073 | -€28,518 | -20.0% |
| Other amounts payable | 178/9 | €16,660 | €16,660 | = | 0.0% |
| Amounts payable within one year | 42/48 | €59,494 | €33,931 | -€25,562 | -43.0% |
| Current portion of amounts payable after more than one year | 42 | €28,518 | €28,518 | = | 0.0% |
| Trade debts | 44 | €22,122 | €524 | -€21,598 | -97.6% |
| Suppliers | 440/4 | €22,122 | €524 | -€21,598 | -97.6% |
| Taxes, remuneration and social security | 45 | €8,853 | €4,841 | -€4,013 | -45.3% |
| Taxes | 450/3 | €8,853 | €4,841 | -€4,013 | -45.3% |
| Other amounts payable | 47/48 | €0 | €48 | +€48 | |
| Accrued charges and deferred income | 492/3 | €1,300 | €1,498 | +€198 | +15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,655 | €62,575 | -€10,080 | -13.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €790 | €0 | -€790 | -100.0% |
| Other operating charges | 640/8 | €13,711 | €14,446 | +€735 | +5.4% |
| Gross operating margin | 9900 | €80,088 | €93,019 | +€12,932 | +16.1% |
| Operating profit (loss) | 9901 | -€7,068 | €15,999 | +€23,067 | |
| Financial income | 75/76B | €49,860 | €20,563 | -€29,298 | -58.8% |
| Recurring financial income | 75 | €49,860 | €20,563 | -€29,298 | -58.8% |
| Financial charges | 65/66B | -€10,455 | €6,356 | +€16,811 | |
| Recurring financial charges | 65 | -€10,455 | €6,356 | +€16,811 | |
| Profit (loss) for the period before taxes | 9903 | €53,247 | €30,205 | -€23,042 | -43.3% |
| Income taxes | 67/77 | €4,841 | €3,202 | -€1,639 | -33.9% |
| Profit (loss) for the period | 9904 | €48,406 | €27,003 | -€21,403 | -44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €48,406 | €27,003 | -€21,403 | -44.2% |
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 28 September 2026 via checked.be.