I.M.V.C.: 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.
I.M.V.C.
Largest movements
- Financial fixed assets -€1.6m
down €1.6m (-50.4%), from €3.1m to €1.6m
- Cash +€1.4m
up €1.4m (+1,110%), from €126,492 to €1.5m
mainly Investment in fixed assets (net) (+€590,434) and Stocks and contracts (+€529,828)
- Tangible fixed assets +€810,929
up €810,929 (+38.4%), from €2.1m to €2.9m
- Stocks and contracts -€529,828
down €529,828 (-17.4%), from €3.0m to €2.5m
- Receivables within one year -€197,815
no longer reported in 2025 (was €197,815)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€298,540
down €298,540 (-71.1%), from €420,082 to €121,542
- Taxes -€65,070
no longer reported in 2025 (was €65,070)
- Depreciation +€47,943
up €47,943 (+37.2%), from €129,010 to €176,954
- Financial income -€47,906
down €47,906 (-92.3%), from €51,919 to €4,013
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 | €8,612,286 | €8,520,065 | -€92,221 | -1.1% |
| Fixed assets | 21/28 | €5,243,708 | €4,476,319 | -€767,388 | -14.6% |
| Tangible fixed assets | 22/27 | €2,110,371 | €2,921,300 | +€810,929 | +38.4% |
| Land and buildings | 22 | €2,110,371 | €2,921,300 | +€810,929 | +38.4% |
| Financial fixed assets | 28 | €3,133,337 | €1,555,020 | -€1.6m | -50.4% |
| Current assets | 29/58 | €3,368,578 | €4,043,745 | +€675,167 | +20.0% |
| Stocks and contracts in progress | 3 | €3,040,301 | €2,510,473 | -€529,828 | -17.4% |
| Stocks | 30/36 | €3,040,301 | €2,510,473 | -€529,828 | -17.4% |
| Amounts receivable within one year | 40/41 | €197,815 | - | -€197,815 | |
| Other amounts receivable | 41 | €197,815 | - | -€197,815 | |
| Cash at bank and in hand | 54/58 | €126,492 | €1,530,260 | +€1.4m | +1,110% |
| Deferred charges and accrued income | 490/1 | €3,969 | €3,012 | -€957 | -24.1% |
| Total equity and liabilities | 10/49 | €8,612,286 | €8,520,065 | -€92,221 | -1.1% |
| Equity | 10/15 | €8,500,145 | €8,423,254 | -€76,891 | -0.9% |
| Contributions | 10/11 | €1,860,892 | €1,860,892 | = | 0.0% |
| Capital | 10 | €1,539,419 | €1,539,419 | = | 0.0% |
| Issued capital | 100 | €1,539,419 | €1,539,419 | = | 0.0% |
| Contributions outside capital | 11 | €321,474 | €321,474 | = | 0.0% |
| Share premium | 1100/10 | €321,474 | €321,474 | = | 0.0% |
| Reserves | 13 | €6,608,942 | €6,608,942 | = | 0.0% |
| Non-distributable reserves | 130/1 | €153,942 | €153,942 | = | 0.0% |
| Legal reserve | 130 | €153,942 | €153,942 | = | 0.0% |
| Distributable reserves | 133 | €6,455,000 | €6,455,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,311 | -€46,580 | -€76,891 | |
| Amounts payable | 17/49 | €112,140 | €96,811 | -€15,330 | -13.7% |
| Amounts payable within one year | 42/48 | €106,621 | €92,121 | -€14,500 | -13.6% |
| Trade debts | 44 | - | €3,544 | +€3,544 | |
| Suppliers | 440/4 | - | €3,544 | +€3,544 | |
| Advances received on contracts in progress | 46 | €38,000 | €50,000 | +€12,000 | +31.6% |
| Taxes, remuneration and social security | 45 | €3,972 | €931 | -€3,041 | -76.6% |
| Taxes | 450/3 | €3,972 | €931 | -€3,041 | -76.6% |
| Other amounts payable | 47/48 | €64,649 | €37,646 | -€27,003 | -41.8% |
| Accrued charges and deferred income | 492/3 | €5,519 | €4,690 | -€830 | -15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,010 | €176,954 | +€47,943 | +37.2% |
| Other operating charges | 640/8 | €9,204 | €9,958 | +€754 | +8.2% |
| Gross operating margin | 9900 | €420,082 | €121,542 | -€298,540 | -71.1% |
| Operating profit (loss) | 9901 | €281,867 | -€65,370 | -€347,237 | |
| Financial income | 75/76B | €51,919 | €4,013 | -€47,906 | -92.3% |
| Recurring financial income | 75 | €51,919 | €4,013 | -€47,906 | -92.3% |
| Financial charges | 65/66B | €15,860 | €15,534 | -€326 | -2.1% |
| Recurring financial charges | 65 | €15,860 | €15,534 | -€326 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €317,926 | -€76,891 | -€394,817 | |
| Income taxes | 67/77 | €65,070 | - | -€65,070 | |
| Profit (loss) for the period | 9904 | €252,856 | -€76,891 | -€329,747 | |
| Profit (loss) for the period to be appropriated | 9905 | €252,856 | -€76,891 | -€329,747 |
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.