IMCOFIN: 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.
IMCOFIN
Largest movements
- Receivables within one year +€300,000
up €300,000 (+171%), from €175,000 to €475,000
- Tangible fixed assets -€58,650
down €58,650 (-13.2%), from €443,264 to €384,614
of which Furniture and vehicles: -€29,734
- Cash +€28,874
up €28,874 (+153%), from €18,858 to €47,732
mainly Short-term financial debts (+€300,000) and Depreciation (+€63,221)
- Short-term financial debts +€300,000
up €300,000 (+150%), from €200,000 to €500,000
- Debts after one year -€35,285
down €35,285 (-28.0%), from €125,872 to €90,587
- Financial charges +€9,130
up €9,130 (+46.9%), from €19,466 to €28,596
- Gross operating margin -€6,334
down €6,334 (-6.8%), from €93,044 to €86,710
- Financial income +€4,654
up €4,654 (+41.2%), from €11,288 to €15,942
- Depreciation +€3,993
up €3,993 (+6.7%), from €59,228 to €63,221
- Taxes -€2,517
down €2,517 (-100%), from €2,517 to €0
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 | €1,626,753 | €1,885,690 | +€258,937 | +15.9% |
| Fixed assets | 21/28 | €1,421,607 | €1,362,958 | -€58,650 | -4.1% |
| Tangible fixed assets | 22/27 | €443,264 | €384,614 | -€58,650 | -13.2% |
| Land and buildings | 22 | €327,137 | €298,222 | -€28,915 | -8.8% |
| Furniture and vehicles | 24 | €116,127 | €86,393 | -€29,734 | -25.6% |
| Financial fixed assets | 28 | €978,343 | €978,343 | = | 0.0% |
| Current assets | 29/58 | €205,146 | €522,732 | +€317,587 | +155% |
| Amounts receivable within one year | 40/41 | €175,000 | €475,000 | +€300,000 | +171% |
| Other amounts receivable | 41 | €175,000 | €475,000 | +€300,000 | +171% |
| Cash at bank and in hand | 54/58 | €18,858 | €47,732 | +€28,874 | +153% |
| Deferred charges and accrued income | 490/1 | €11,288 | €0 | -€11,288 | -100% |
| Total equity and liabilities | 10/49 | €1,626,753 | €1,885,690 | +€258,937 | +15.9% |
| Equity | 10/15 | €1,104,724 | €1,095,831 | -€8,893 | -0.8% |
| Contributions | 10/11 | €924,907 | €924,907 | = | 0.0% |
| Reserves | 13 | €179,817 | €170,924 | -€8,893 | -4.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €44,360 | €44,360 | = | 0.0% |
| Distributable reserves | 133 | €135,457 | €126,564 | -€8,893 | -6.6% |
| Amounts payable | 17/49 | €522,029 | €789,859 | +€267,830 | +51.3% |
| Amounts payable after more than one year | 17 | €125,872 | €90,587 | -€35,285 | -28.0% |
| Financial debts | 170/4 | €125,872 | €90,587 | -€35,285 | -28.0% |
| Amounts payable within one year | 42/48 | €389,133 | €685,273 | +€296,140 | +76.1% |
| Current portion of amounts payable after more than one year | 42 | €35,149 | €35,285 | +€136 | +0.4% |
| Financial debts | 43 | €200,000 | €500,000 | +€300,000 | +150% |
| Credit institutions | 430/8 | €200,000 | €500,000 | +€300,000 | +150% |
| Trade debts | 44 | €9,753 | €4,511 | -€5,242 | -53.8% |
| Suppliers | 440/4 | €9,753 | €4,511 | -€5,242 | -53.8% |
| Taxes, remuneration and social security | 45 | €4,763 | €6,159 | +€1,396 | +29.3% |
| Taxes | 450/3 | €4,763 | €6,159 | +€1,396 | +29.3% |
| Other amounts payable | 47/48 | €139,468 | €139,318 | -€150 | -0.1% |
| Accrued charges and deferred income | 492/3 | €7,024 | €13,999 | +€6,976 | +99.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,228 | €63,221 | +€3,993 | +6.7% |
| Other operating charges | 640/8 | €19,189 | €19,727 | +€538 | +2.8% |
| Gross operating margin | 9900 | €93,044 | €86,710 | -€6,334 | -6.8% |
| Operating profit (loss) | 9901 | €14,627 | €3,761 | -€10,865 | -74.3% |
| Financial income | 75/76B | €11,288 | €15,942 | +€4,654 | +41.2% |
| Recurring financial income | 75 | €11,288 | €15,942 | +€4,654 | +41.2% |
| Financial charges | 65/66B | €19,466 | €28,596 | +€9,130 | +46.9% |
| Recurring financial charges | 65 | €19,466 | €28,596 | +€9,130 | +46.9% |
| Profit (loss) for the period before taxes | 9903 | €6,448 | -€8,893 | -€15,341 | |
| Income taxes | 67/77 | €2,517 | €0 | -€2,517 | -100% |
| Profit (loss) for the period | 9904 | €3,930 | -€8,893 | -€12,824 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,930 | -€8,893 | -€12,824 |
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 19 October 2026 via checked.be.