IMBAVCO: 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.
IMBAVCO
Largest movements
- Tangible fixed assets -€207,476
down €207,476 (-6.0%), from €3.4m to €3.2m
of which Land and buildings: -€149,552
- Receivables within one year +€44,641
up €44,641 (+2621.8%), from €1,703 to €46,343
- Reserves -€109,231
down €109,231 (-5.4%), from €2.0m to €1.9m
of which Tax-exempt reserves: -€109,231
- Other debts +€82,067
up €82,067 (+15.7%), from €522,325 to €604,392
- Debts after one year -€81,798
down €81,798 (-75.9%), from €107,766 to €25,968
- Profit (loss) carried forward -€44,530
down €44,530 (-6.1%), from -€728,225 to -€772,756
- Provisions -€36,410
down €36,410 (-5.8%), from €628,316 to €591,906
- Financial charges -€39,919
down €39,919 (-55.9%), from €71,400 to €31,481
- Gross operating margin -€39,635
down €39,635 (-31.5%), from €125,728 to €86,093
- Other operating charges +€13,756
up €13,756 (+103.6%), from €13,279 to €27,035
- Depreciation -€4,092
down €4,092 (-2.7%), from €154,192 to €150,099
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 | €3,477,123 | €3,300,059 | -€177,064 | -5.1% |
| Fixed assets | 21/28 | €3,438,773 | €3,231,297 | -€207,476 | -6.0% |
| Tangible fixed assets | 22/27 | €3,438,773 | €3,231,297 | -€207,476 | -6.0% |
| Land and buildings | 22 | €3,379,419 | €3,229,867 | -€149,552 | -4.4% |
| Furniture and vehicles | 24 | €53,514 | €1,430 | -€52,084 | -97.3% |
| Other tangible fixed assets | 26 | €5,841 | €0 | -€5,841 | -100.0% |
| Current assets | 29/58 | €38,350 | €68,762 | +€30,412 | +79.3% |
| Amounts receivable within one year | 40/41 | €1,703 | €46,343 | +€44,641 | +2621.8% |
| Trade receivables | 40 | €1,703 | €46,343 | +€44,641 | +2621.8% |
| Cash at bank and in hand | 54/58 | €12,341 | €6,577 | -€5,764 | -46.7% |
| Deferred charges and accrued income | 490/1 | €24,306 | €15,842 | -€8,464 | -34.8% |
| Total equity and liabilities | 10/49 | €3,477,123 | €3,300,059 | -€177,064 | -5.1% |
| Equity | 10/15 | €1,446,565 | €1,292,804 | -€153,761 | -10.6% |
| Contributions | 10/11 | €133,730 | €133,730 | = | 0.0% |
| Reserves | 13 | €2,041,060 | €1,931,829 | -€109,231 | -5.4% |
| Tax-exempt reserves | 132 | €1,884,948 | €1,775,717 | -€109,231 | -5.8% |
| Distributable reserves | 133 | €156,112 | €156,112 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€728,225 | -€772,756 | -€44,530 | -6.1% |
| Provisions and deferred taxes | 16 | €628,316 | €591,906 | -€36,410 | -5.8% |
| Deferred taxes | 168 | €628,316 | €591,906 | -€36,410 | -5.8% |
| Amounts payable | 17/49 | €1,402,243 | €1,415,349 | +€13,107 | +0.9% |
| Amounts payable after more than one year | 17 | €107,766 | €25,968 | -€81,798 | -75.9% |
| Financial debts | 170/4 | €107,766 | €25,968 | -€81,798 | -75.9% |
| Amounts payable within one year | 42/48 | €1,294,477 | €1,389,381 | +€94,905 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €80,445 | €81,798 | +€1,353 | +1.7% |
| Financial debts | 43 | €650,000 | €650,000 | = | 0.0% |
| Credit institutions | 430/8 | €650,000 | €650,000 | = | 0.0% |
| Trade debts | 44 | €20,161 | €33,314 | +€13,153 | +65.2% |
| Suppliers | 440/4 | €20,161 | €33,314 | +€13,153 | +65.2% |
| Taxes, remuneration and social security | 45 | €21,546 | €19,877 | -€1,668 | -7.7% |
| Taxes | 450/3 | €10,567 | €14,827 | +€4,260 | +40.3% |
| Remuneration and social security | 454/9 | €10,979 | €5,050 | -€5,928 | -54.0% |
| Other amounts payable | 47/48 | €522,325 | €604,392 | +€82,067 | +15.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €43,999 | €43,934 | -€65 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,192 | €150,099 | -€4,092 | -2.7% |
| Other operating charges | 640/8 | €13,279 | €27,035 | +€13,756 | +103.6% |
| Non-recurring operating charges | 66A | €1,905 | €23,655 | +€21,751 | +1142.0% |
| Gross operating margin | 9900 | €125,728 | €86,093 | -€39,635 | -31.5% |
| Operating profit (loss) | 9901 | -€87,646 | -€158,631 | -€70,984 | -81.0% |
| Financial income | 75/76B | €1 | €0 | -€1 | -98.8% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -98.8% |
| Financial charges | 65/66B | €71,400 | €31,481 | -€39,919 | -55.9% |
| Recurring financial charges | 65 | €71,400 | €31,481 | -€39,919 | -55.9% |
| Profit (loss) for the period before taxes | 9903 | -€159,046 | -€190,112 | -€31,066 | -19.5% |
| Transfer from deferred taxes | 780 | €36,712 | €36,410 | -€302 | -0.8% |
| Income taxes | 67/77 | - | €59 | +€59 | |
| Profit (loss) for the period | 9904 | -€122,334 | -€153,761 | -€31,427 | -25.7% |
| Transfer from tax-exempt reserves | 789 | €110,136 | €109,231 | -€905 | -0.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,198 | -€44,530 | -€32,332 | -265.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.