IMAVO: 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.
IMAVO
Largest movements
- Tangible fixed assets -€91,812
down €91,812 (-26.2%), from €350,858 to €259,046
of which Plant, machinery and equipment: -€50,327
- Stocks and contracts -€15,921
down €15,921 (-5.7%), from €280,241 to €264,320
- Receivables within one year +€12,242
up €12,242 (+19.6%), from €62,477 to €74,719
of which Trade receivables: +€34,431
- Debts after one year -€67,007
down €67,007 (-16.4%), from €409,137 to €342,130
- Trade debts -€55,378
down €55,378 (-38.8%), from €142,832 to €87,453
- Tax, wage and social debts +€16,345
up €16,345 (+50.5%), from €32,360 to €48,705
of which Remuneration and social security: +€10,546
- Gross operating margin +€32,633
up €32,633 (+4.9%), from €663,418 to €696,051
- Staff costs +€18,117
up €18,117 (+3.3%), from €548,253 to €566,370
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 | €899,663 | €802,006 | -€97,657 | -10.9% |
| Fixed assets | 21/28 | €351,032 | €259,220 | -€91,812 | -26.2% |
| Tangible fixed assets | 22/27 | €350,858 | €259,046 | -€91,812 | -26.2% |
| Land and buildings | 22 | €169,522 | €131,164 | -€38,357 | -22.6% |
| Plant, machinery and equipment | 23 | €165,059 | €114,732 | -€50,327 | -30.5% |
| Furniture and vehicles | 24 | €5,099 | €4,889 | -€210 | -4.1% |
| Leasing and similar rights | 25 | €11,179 | €8,261 | -€2,918 | -26.1% |
| Financial fixed assets | 28 | €174 | €174 | = | 0.0% |
| Current assets | 29/58 | €548,631 | €542,786 | -€5,845 | -1.1% |
| Stocks and contracts in progress | 3 | €280,241 | €264,320 | -€15,921 | -5.7% |
| Stocks | 30/36 | €280,241 | €264,320 | -€15,921 | -5.7% |
| Amounts receivable within one year | 40/41 | €62,477 | €74,719 | +€12,242 | +19.6% |
| Trade receivables | 40 | €4,443 | €38,874 | +€34,431 | +775.0% |
| Other amounts receivable | 41 | €58,034 | €35,845 | -€22,189 | -38.2% |
| Cash at bank and in hand | 54/58 | €184,063 | €182,762 | -€1,301 | -0.7% |
| Deferred charges and accrued income | 490/1 | €21,850 | €20,986 | -€865 | -4.0% |
| Total equity and liabilities | 10/49 | €899,663 | €802,006 | -€97,657 | -10.9% |
| Equity | 10/15 | €234,136 | €241,710 | +€7,574 | +3.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €223,701 | €223,701 | = | 0.0% |
| Distributable reserves | 133 | €223,701 | €223,701 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,157 | -€583 | +€7,574 | +92.9% |
| Amounts payable | 17/49 | €665,527 | €560,296 | -€105,231 | -15.8% |
| Amounts payable after more than one year | 17 | €409,137 | €342,130 | -€67,007 | -16.4% |
| Financial debts | 170/4 | €409,137 | €342,130 | -€67,007 | -16.4% |
| Amounts payable within one year | 42/48 | €255,714 | €218,165 | -€37,549 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €65,523 | €67,007 | +€1,484 | +2.3% |
| Financial debts | 43 | €15,000 | €15,000 | = | 0.0% |
| Credit institutions | 430/8 | €15,000 | €15,000 | = | 0.0% |
| Trade debts | 44 | €142,832 | €87,453 | -€55,378 | -38.8% |
| Suppliers | 440/4 | €142,832 | €87,453 | -€55,378 | -38.8% |
| Taxes, remuneration and social security | 45 | €32,360 | €48,705 | +€16,345 | +50.5% |
| Taxes | 450/3 | €484 | €6,284 | +€5,799 | +1198.0% |
| Remuneration and social security | 454/9 | €31,876 | €42,422 | +€10,546 | +33.1% |
| Accrued charges and deferred income | 492/3 | €675 | - | -€675 | |
| Non-recurring operating income | 76A | €5,018 | €3,752 | -€1,266 | -25.2% |
| Remuneration, social security and pensions | 62 | €548,253 | €566,370 | +€18,117 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,832 | €104,258 | -€574 | -0.5% |
| Other operating charges | 640/8 | €3,396 | €3,872 | +€476 | +14.0% |
| Gross operating margin | 9900 | €663,418 | €696,051 | +€32,633 | +4.9% |
| Operating profit (loss) | 9901 | €6,937 | €21,552 | +€14,615 | +210.7% |
| Financial income | 75/76B | €37 | €0 | -€37 | -99.9% |
| Recurring financial income | 75 | €37 | €0 | -€37 | -99.9% |
| Financial charges | 65/66B | €14,747 | €13,500 | -€1,247 | -8.5% |
| Recurring financial charges | 65 | €14,747 | €13,500 | -€1,247 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | -€7,773 | €8,052 | +€15,825 | |
| Income taxes | 67/77 | €384 | €478 | +€95 | +24.7% |
| Profit (loss) for the period | 9904 | -€8,157 | €7,574 | +€15,731 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,157 | €7,574 | +€15,731 |
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.