IMAVEST: 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.
IMAVEST
Largest movements
- Receivables within one year -€188,368
down €188,368 (-99.2%), from €189,867 to €1,499
of which Other amounts receivable: -€177,273
- Tangible fixed assets -€32,568
down €32,568 (-6.4%), from €506,918 to €474,349
of which Land and buildings: -€16,942
- Cash +€14,594
up €14,594 (+51.8%), from €28,164 to €42,758
mainly Receivables within one year (+€188,368) and Depreciation (+€30,556)
- Profit (loss) carried forward -€145,624
down €145,624 (-35.3%), from -€412,678 to -€558,301
- Debts after one year -€34,050
down €34,050 (-10.4%), from €326,885 to €292,836
- Other debts -€33,366
down €33,366 (-41.7%), from €80,093 to €46,727
- Financial charges -€321,383
down €321,383 (-67.1%), from €479,186 to €157,803
of which Non-recurring financial charges: -€321,940
- Gross operating margin -€12,060
down €12,060 (-17.1%), from €70,575 to €58,515
- Depreciation -€8,407
down €8,407 (-21.6%), from €38,963 to €30,556
- Taxes -€6,786
down €6,786 (-96.6%), from €7,029 to €242
- Other operating charges -€2,773
down €2,773 (-59.0%), from €4,701 to €1,928
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 | €1,187,891 | €979,461 | -€208,429 | -17.5% |
| Fixed assets | 21/28 | €506,919 | €474,350 | -€32,568 | -6.4% |
| Tangible fixed assets | 22/27 | €506,918 | €474,349 | -€32,568 | -6.4% |
| Land and buildings | 22 | €422,354 | €405,413 | -€16,942 | -4.0% |
| Plant, machinery and equipment | 23 | €15,256 | €12,266 | -€2,991 | -19.6% |
| Furniture and vehicles | 24 | €69,307 | €56,671 | -€12,636 | -18.2% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €680,972 | €505,111 | -€175,861 | -25.8% |
| Amounts receivable after more than one year | 29 | €460,000 | €460,000 | = | 0.0% |
| Other amounts receivable | 291 | €460,000 | €460,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €189,867 | €1,499 | -€188,368 | -99.2% |
| Trade receivables | 40 | €11,700 | €605 | -€11,095 | -94.8% |
| Other amounts receivable | 41 | €178,167 | €894 | -€177,273 | -99.5% |
| Cash at bank and in hand | 54/58 | €28,164 | €42,758 | +€14,594 | +51.8% |
| Deferred charges and accrued income | 490/1 | €2,942 | €855 | -€2,087 | -70.9% |
| Total equity and liabilities | 10/49 | €1,187,891 | €979,461 | -€208,429 | -17.5% |
| Equity | 10/15 | €733,333 | €586,198 | -€147,136 | -20.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,139,811 | €1,138,299 | -€1,512 | -0.1% |
| Tax-exempt reserves | 132 | €24,979 | €23,466 | -€1,512 | -6.1% |
| Distributable reserves | 133 | €1,114,833 | €1,114,833 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€412,678 | -€558,301 | -€145,624 | -35.3% |
| Provisions and deferred taxes | 16 | €8,326 | €7,822 | -€504 | -6.1% |
| Deferred taxes | 168 | €8,326 | €7,822 | -€504 | -6.1% |
| Amounts payable | 17/49 | €446,231 | €385,442 | -€60,789 | -13.6% |
| Amounts payable after more than one year | 17 | €326,885 | €292,836 | -€34,050 | -10.4% |
| Financial debts | 170/4 | €326,885 | €292,836 | -€34,050 | -10.4% |
| Amounts payable within one year | 42/48 | €118,611 | €91,871 | -€26,740 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €33,676 | €34,050 | +€373 | +1.1% |
| Trade debts | 44 | €2,488 | €1,561 | -€928 | -37.3% |
| Suppliers | 440/4 | €2,488 | €1,561 | -€928 | -37.3% |
| Taxes, remuneration and social security | 45 | €2,354 | €9,534 | +€7,180 | +305% |
| Taxes | 450/3 | €2,354 | €7,106 | +€4,752 | +202% |
| Remuneration and social security | 454/9 | €0 | €2,428 | +€2,428 | |
| Other amounts payable | 47/48 | €80,093 | €46,727 | -€33,366 | -41.7% |
| Accrued charges and deferred income | 492/3 | €735 | €735 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,963 | €30,556 | -€8,407 | -21.6% |
| Other operating charges | 640/8 | €4,701 | €1,928 | -€2,773 | -59.0% |
| Non-recurring operating charges | 66A | - | €22,688 | +€22,688 | |
| Gross operating margin | 9900 | €70,575 | €58,515 | -€12,060 | -17.1% |
| Operating profit (loss) | 9901 | €26,912 | €3,343 | -€23,568 | -87.6% |
| Financial income | 75/76B | €8,150 | €7,062 | -€1,087 | -13.3% |
| Recurring financial income | 75 | €8,150 | €7,062 | -€1,087 | -13.3% |
| Financial charges | 65/66B | €479,186 | €157,803 | -€321,383 | -67.1% |
| Recurring financial charges | 65 | €10,386 | €10,943 | +€557 | +5.4% |
| Non-recurring financial charges | 66B | €468,800 | €146,860 | -€321,940 | -68.7% |
| Profit (loss) for the period before taxes | 9903 | -€444,125 | -€147,398 | +€296,727 | +66.8% |
| Transfer from deferred taxes | 780 | €2,138 | €504 | -€1,634 | -76.4% |
| Income taxes | 67/77 | €7,029 | €242 | -€6,786 | -96.6% |
| Profit (loss) for the period | 9904 | -€449,016 | -€147,136 | +€301,880 | +67.2% |
| Transfer from tax-exempt reserves | 789 | €6,414 | €1,512 | -€4,902 | -76.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€442,602 | -€145,624 | +€296,978 | +67.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.