IMALVA: 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.
IMALVA
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+44.7%), from €2.5m to €3.6m
of which Land and buildings: +€779,297
- Cash -€206,882
down €206,882 (-64.0%), from €323,465 to €116,583
mainly Investment in fixed assets (net) (-€1.2m) and Short-term financial debts (-€111,137)
- Receivables within one year -€73,270
down €73,270 (-69.5%), from €105,371 to €32,100
of which Trade receivables: -€79,690
- Debts after one year +€452,842
up €452,842 (+95.4%), from €474,708 to €927,550
of which Financial debts: +€452,842
- Current portion of long-term debt +€182,992
new in 2025: €182,992
- Profit (loss) carried forward +€123,284
up €123,284 (+29.2%), from €422,458 to €545,743
- Short-term financial debts -€111,137
no longer reported in 2025 (was €111,137)
- Accrued charges and deferred income +€78,241
up €78,241 (+106.9%), from €73,211 to €151,452
- Gross operating margin -€113,154
down €113,154 (-21.4%), from €528,231 to €415,077
- Taxes -€39,282
down €39,282 (-46.9%), from €83,679 to €44,397
- Depreciation +€29,296
up €29,296 (+28.5%), from €102,739 to €132,035
- Staff costs -€14,793
down €14,793 (-22.1%), from €67,046 to €52,253
- Financial charges +€10,924
up €10,924 (+89.1%), from €12,262 to €23,186
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 | €3,105,742 | €3,922,843 | +€817,102 | +26.3% |
| Fixed assets | 21/28 | €2,564,920 | €3,661,397 | +€1.1m | +42.7% |
| Tangible fixed assets | 22/27 | €2,454,920 | €3,551,397 | +€1.1m | +44.7% |
| Land and buildings | 22 | €2,256,435 | €3,035,732 | +€779,297 | +34.5% |
| Plant, machinery and equipment | 23 | €2,829 | €5,657 | +€2,828 | +100.0% |
| Other tangible fixed assets | 26 | €195,655 | €195,655 | = | 0.0% |
| Assets under construction and advance payments | 27 | - | €314,353 | +€314,353 | |
| Financial fixed assets | 28 | €110,000 | €110,000 | = | 0.0% |
| Current assets | 29/58 | €540,822 | €261,446 | -€279,376 | -51.7% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €105,371 | €32,100 | -€73,270 | -69.5% |
| Trade receivables | 40 | €103,314 | €23,624 | -€79,690 | -77.1% |
| Other amounts receivable | 41 | €2,057 | €8,476 | +€6,419 | +312.1% |
| Cash at bank and in hand | 54/58 | €323,465 | €116,583 | -€206,882 | -64.0% |
| Deferred charges and accrued income | 490/1 | €11,986 | €12,763 | +€777 | +6.5% |
| Total equity and liabilities | 10/49 | €3,105,742 | €3,922,843 | +€817,102 | +26.3% |
| Equity | 10/15 | €920,794 | €1,044,078 | +€123,284 | +13.4% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €98,335 | €98,335 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €96,475 | €96,475 | = | 0.0% |
| Profit (loss) carried forward | 14 | €422,458 | €545,743 | +€123,284 | +29.2% |
| Provisions and deferred taxes | 16 | €28,980 | €28,980 | = | 0.0% |
| Deferred taxes | 168 | €28,980 | €28,980 | = | 0.0% |
| Amounts payable | 17/49 | €2,155,968 | €2,849,785 | +€693,817 | +32.2% |
| Amounts payable after more than one year | 17 | €474,708 | €927,550 | +€452,842 | +95.4% |
| Financial debts | 170/4 | €472,053 | €924,895 | +€452,842 | +95.9% |
| Other amounts payable | 178/9 | €2,655 | €2,655 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,608,049 | €1,770,783 | +€162,734 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | - | €182,992 | +€182,992 | |
| Financial debts | 43 | €111,137 | - | -€111,137 | |
| Credit institutions | 430/8 | €111,137 | - | -€111,137 | |
| Trade debts | 44 | €42,736 | €54,654 | +€11,918 | +27.9% |
| Suppliers | 440/4 | €42,736 | €54,654 | +€11,918 | +27.9% |
| Taxes, remuneration and social security | 45 | €59,161 | €83,822 | +€24,661 | +41.7% |
| Taxes | 450/3 | €51,883 | €76,342 | +€24,459 | +47.1% |
| Remuneration and social security | 454/9 | €7,278 | €7,480 | +€202 | +2.8% |
| Other amounts payable | 47/48 | €1,395,015 | €1,449,315 | +€54,300 | +3.9% |
| Accrued charges and deferred income | 492/3 | €73,211 | €151,452 | +€78,241 | +106.9% |
| Non-recurring operating income | 76A | €33,003 | - | -€33,003 | |
| Remuneration, social security and pensions | 62 | €67,046 | €52,253 | -€14,793 | -22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,739 | €132,035 | +€29,296 | +28.5% |
| Other operating charges | 640/8 | €35,935 | €42,766 | +€6,830 | +19.0% |
| Gross operating margin | 9900 | €528,231 | €415,077 | -€113,154 | -21.4% |
| Operating profit (loss) | 9901 | €322,511 | €188,023 | -€134,487 | -41.7% |
| Financial income | 75/76B | €2,557 | €2,844 | +€286 | +11.2% |
| Recurring financial income | 75 | €2,557 | €2,844 | +€286 | +11.2% |
| Financial charges | 65/66B | €12,262 | €23,186 | +€10,924 | +89.1% |
| Recurring financial charges | 65 | €12,262 | €23,186 | +€10,924 | +89.1% |
| Profit (loss) for the period before taxes | 9903 | €312,806 | €167,681 | -€145,125 | -46.4% |
| Income taxes | 67/77 | €83,679 | €44,397 | -€39,282 | -46.9% |
| Profit (loss) for the period | 9904 | €229,128 | €123,284 | -€105,843 | -46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €229,128 | €123,284 | -€105,843 | -46.2% |
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 1 October 2026 via checked.be.