IMKAVE: 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.
IMKAVE
Largest movements
- Receivables within one year +€168,295
up €168,295 (+228.8%), from €73,566 to €241,861
of which Other amounts receivable: +€108,238
- Cash -€121,056
down €121,056 (-90.2%), from €134,149 to €13,093
mainly Receivables within one year (-€168,295) and Investment in fixed assets (net) (-€161,043)
- Intangible fixed assets -€67,688
down €67,688 (-20.0%), from €338,438 to €270,751
- Tangible fixed assets +€65,314
up €65,314 (+3.8%), from €1.7m to €1.8m
of which Land and buildings: +€69,764
- Trade debts +€44,221
up €44,221 (+1360.9%), from €3,249 to €47,470
- Gross operating margin +€46,164
up €46,164 (+23.7%), from €195,152 to €241,316
- Depreciation +€14,138
up €14,138 (+9.5%), from €149,279 to €163,416
- Taxes +€7,952
up €7,952 (+69.4%), from €11,458 to €19,410
- Other operating charges +€3,226
up €3,226 (+45.7%), from €7,055 to €10,280
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 | €2,334,165 | €2,379,113 | +€44,948 | +1.9% |
| Fixed assets | 21/28 | €2,066,295 | €2,063,921 | -€2,374 | -0.1% |
| Intangible fixed assets | 21 | €338,438 | €270,751 | -€67,688 | -20.0% |
| Tangible fixed assets | 22/27 | €1,727,607 | €1,792,920 | +€65,314 | +3.8% |
| Land and buildings | 22 | €1,718,148 | €1,787,912 | +€69,764 | +4.1% |
| Plant, machinery and equipment | 23 | €1,841 | €1,319 | -€523 | -28.4% |
| Furniture and vehicles | 24 | €7,617 | €3,690 | -€3,927 | -51.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €267,870 | €315,192 | +€47,322 | +17.7% |
| Stocks and contracts in progress | 3 | €28,190 | €28,190 | = | 0.0% |
| Stocks | 30/36 | €28,190 | €28,190 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €73,566 | €241,861 | +€168,295 | +228.8% |
| Trade receivables | 40 | €60,000 | €120,057 | +€60,057 | +100.1% |
| Other amounts receivable | 41 | €13,566 | €121,803 | +€108,238 | +797.9% |
| Cash at bank and in hand | 54/58 | €134,149 | €13,093 | -€121,056 | -90.2% |
| Deferred charges and accrued income | 490/1 | €31,966 | €32,048 | +€82 | +0.3% |
| Total equity and liabilities | 10/49 | €2,334,165 | €2,379,113 | +€44,948 | +1.9% |
| Equity | 10/15 | €398,128 | €397,306 | -€822 | -0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €140,000 | €140,000 | = | 0.0% |
| Reserves | 13 | €351,526 | €339,709 | -€11,817 | -3.4% |
| Tax-exempt reserves | 132 | €188,811 | €176,995 | -€11,817 | -6.3% |
| Distributable reserves | 133 | €162,714 | €162,714 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€111,998 | -€101,003 | +€10,994 | +9.8% |
| Provisions and deferred taxes | 16 | €97,223 | €91,138 | -€6,085 | -6.3% |
| Deferred taxes | 168 | €97,223 | €91,138 | -€6,085 | -6.3% |
| Amounts payable | 17/49 | €1,838,814 | €1,890,670 | +€51,855 | +2.8% |
| Amounts payable after more than one year | 17 | €985,883 | €1,007,519 | +€21,635 | +2.2% |
| Financial debts | 170/4 | €685,883 | €707,519 | +€21,635 | +3.2% |
| Other amounts payable | 178/9 | €300,000 | €300,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €852,931 | €883,151 | +€30,220 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €89,285 | €76,139 | -€13,146 | -14.7% |
| Financial debts | 43 | €18,844 | €19,254 | +€409 | +2.2% |
| Credit institutions | 430/8 | €18,844 | €19,254 | +€409 | +2.2% |
| Trade debts | 44 | €3,249 | €47,470 | +€44,221 | +1360.9% |
| Suppliers | 440/4 | €3,249 | €47,470 | +€44,221 | +1360.9% |
| Taxes, remuneration and social security | 45 | €12,217 | €18,241 | +€6,024 | +49.3% |
| Taxes | 450/3 | €12,217 | €18,241 | +€6,024 | +49.3% |
| Other amounts payable | 47/48 | €729,335 | €722,047 | -€7,288 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,279 | €163,416 | +€14,138 | +9.5% |
| Other operating charges | 640/8 | €7,055 | €10,280 | +€3,226 | +45.7% |
| Gross operating margin | 9900 | €195,152 | €241,316 | +€46,164 | +23.7% |
| Operating profit (loss) | 9901 | €38,819 | €67,619 | +€28,800 | +74.2% |
| Financial income | 75/76B | €604 | €1,648 | +€1,043 | +172.8% |
| Recurring financial income | 75 | €604 | €1,648 | +€1,043 | +172.8% |
| Financial charges | 65/66B | €58,917 | €56,764 | -€2,153 | -3.7% |
| Recurring financial charges | 65 | €58,917 | €56,764 | -€2,153 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | -€19,494 | €12,503 | +€31,997 | |
| Transfer from deferred taxes | 780 | €6,085 | €6,085 | = | 0.0% |
| Income taxes | 67/77 | €11,458 | €19,410 | +€7,952 | +69.4% |
| Profit (loss) for the period | 9904 | -€24,867 | -€822 | +€24,045 | +96.7% |
| Transfer from tax-exempt reserves | 789 | €11,817 | €11,817 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,051 | €10,994 | +€24,045 |
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 8 October 2026 via checked.be.