IMALVER: 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.
IMALVER
Largest movements
- Receivables within one year -€274,833
down €274,833 (-53.0%), from €518,989 to €244,156
of which Other amounts receivable: -€274,893
- Cash +€267,074
up €267,074 (+751.2%), from €35,551 to €302,625
mainly Receivables within one year (+€274,833) and Other debts (+€26,331)
- Short-term financial debts -€34,628
down €34,628 (-87.4%), from €39,628 to €5,000
- Other debts +€26,331
up €26,331 (+71.5%), from €36,802 to €63,133
- Debts after one year -€21,333
down €21,333 (-8.6%), from €249,188 to €227,855
- Profit (loss) carried forward +€11,315
up €11,315 (+5.3%), from €215,490 to €226,806
- Gross operating margin +€19,723
up €19,723 (+54.9%), from €35,938 to €55,662
- Other operating charges -€12,735
down €12,735 (-40.9%), from €31,158 to €18,424
- Depreciation -€5,275
down €5,275 (-43.7%), from €12,072 to €6,797
- Financial income -€2,451
down €2,451 (-38.0%), from €6,453 to €4,003
- Financial charges +€2,069
up €2,069 (+17.6%), from €11,730 to €13,799
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 | €766,217 | €746,822 | -€19,395 | -2.5% |
| Fixed assets | 21/28 | €201,654 | €194,858 | -€6,797 | -3.4% |
| Tangible fixed assets | 22/27 | €201,654 | €194,858 | -€6,797 | -3.4% |
| Land and buildings | 22 | €201,654 | €194,858 | -€6,797 | -3.4% |
| Current assets | 29/58 | €564,563 | €551,965 | -€12,598 | -2.2% |
| Amounts receivable within one year | 40/41 | €518,989 | €244,156 | -€274,833 | -53.0% |
| Trade receivables | 40 | - | €60 | +€60 | |
| Other amounts receivable | 41 | €518,989 | €244,096 | -€274,893 | -53.0% |
| Current investments | 50/53 | €286 | €0 | -€286 | -100.0% |
| Cash at bank and in hand | 54/58 | €35,551 | €302,625 | +€267,074 | +751.2% |
| Deferred charges and accrued income | 490/1 | €9,737 | €5,184 | -€4,553 | -46.8% |
| Total equity and liabilities | 10/49 | €766,217 | €746,822 | -€19,395 | -2.5% |
| Equity | 10/15 | €387,509 | €398,824 | +€11,315 | +2.9% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €23,282 | €23,282 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Distributable reserves | 133 | €8,409 | €8,409 | = | 0.0% |
| Profit (loss) carried forward | 14 | €215,490 | €226,806 | +€11,315 | +5.3% |
| Amounts payable | 17/49 | €378,708 | €347,998 | -€30,710 | -8.1% |
| Amounts payable after more than one year | 17 | €249,188 | €227,855 | -€21,333 | -8.6% |
| Financial debts | 170/4 | €249,188 | €227,855 | -€21,333 | -8.6% |
| Amounts payable within one year | 42/48 | €116,519 | €108,857 | -€7,662 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €20,769 | €21,333 | +€564 | +2.7% |
| Financial debts | 43 | €39,628 | €5,000 | -€34,628 | -87.4% |
| Credit institutions | 430/8 | €39,628 | €5,000 | -€34,628 | -87.4% |
| Trade debts | 44 | €19,320 | €19,391 | +€71 | +0.4% |
| Suppliers | 440/4 | €19,320 | €19,391 | +€71 | +0.4% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €36,802 | €63,133 | +€26,331 | +71.5% |
| Accrued charges and deferred income | 492/3 | €13,001 | €11,286 | -€1,715 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,072 | €6,797 | -€5,275 | -43.7% |
| Other operating charges | 640/8 | €31,158 | €18,424 | -€12,735 | -40.9% |
| Gross operating margin | 9900 | €35,938 | €55,662 | +€19,723 | +54.9% |
| Operating profit (loss) | 9901 | -€7,291 | €30,441 | +€37,733 | |
| Financial income | 75/76B | €6,453 | €4,003 | -€2,451 | -38.0% |
| Recurring financial income | 75 | €6,453 | €4,003 | -€2,451 | -38.0% |
| Financial charges | 65/66B | €11,730 | €13,799 | +€2,069 | +17.6% |
| Recurring financial charges | 65 | €11,730 | €13,799 | +€2,069 | +17.6% |
| Profit (loss) for the period before taxes | 9903 | -€12,568 | €20,645 | +€33,213 | |
| Income taxes | 67/77 | €189 | €329 | +€141 | +74.5% |
| Profit (loss) for the period | 9904 | -€12,757 | €20,315 | +€33,072 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,757 | €20,315 | +€33,072 |
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 9 October 2026 via checked.be.