IMMAVO: 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.
IMMAVO
Largest movements
- Tangible fixed assets -€85,190
down €85,190 (-3.4%), from €2.5m to €2.4m
of which Land and buildings: -€69,458
- Cash +€33,065
up €33,065 (+48.6%), from €67,990 to €101,055
mainly Depreciation (+€85,190) and Net result for the year (+€24,093)
- Debts after one year -€77,422
down €77,422 (-8.6%), from €898,367 to €820,945
- Gross operating margin -€15,385
down €15,385 (-8.6%), from €179,435 to €164,050
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 | €2,597,030 | €2,561,019 | -€36,010 | -1.4% |
| Fixed assets | 21/28 | €2,500,913 | €2,415,723 | -€85,190 | -3.4% |
| Tangible fixed assets | 22/27 | €2,500,913 | €2,415,723 | -€85,190 | -3.4% |
| Land and buildings | 22 | €2,383,650 | €2,314,192 | -€69,458 | -2.9% |
| Other tangible fixed assets | 26 | €117,263 | €101,530 | -€15,732 | -13.4% |
| Current assets | 29/58 | €96,117 | €145,297 | +€49,179 | +51.2% |
| Amounts receivable within one year | 40/41 | €26,290 | €42,345 | +€16,055 | +61.1% |
| Trade receivables | 40 | €26,290 | €42,345 | +€16,055 | +61.1% |
| Cash at bank and in hand | 54/58 | €67,990 | €101,055 | +€33,065 | +48.6% |
| Deferred charges and accrued income | 490/1 | €1,837 | €1,897 | +€59 | +3.2% |
| Total equity and liabilities | 10/49 | €2,597,030 | €2,561,019 | -€36,010 | -1.4% |
| Equity | 10/15 | €211,424 | €235,517 | +€24,093 | +11.4% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €115,170 | €115,170 | = | 0.0% |
| Distributable reserves | 133 | €115,170 | €115,170 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€73,745 | -€49,653 | +€24,093 | +32.7% |
| Amounts payable | 17/49 | €2,385,606 | €2,325,502 | -€60,103 | -2.5% |
| Amounts payable after more than one year | 17 | €898,367 | €820,945 | -€77,422 | -8.6% |
| Financial debts | 170/4 | €898,367 | €820,945 | -€77,422 | -8.6% |
| Amounts payable within one year | 42/48 | €1,487,239 | €1,504,557 | +€17,319 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €76,608 | €77,422 | +€814 | +1.1% |
| Trade debts | 44 | €11,039 | €20,027 | +€8,989 | +81.4% |
| Suppliers | 440/4 | €11,039 | €20,027 | +€8,989 | +81.4% |
| Other amounts payable | 47/48 | €1,399,592 | €1,407,108 | +€7,516 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,170 | €85,190 | +€20 | 0.0% |
| Other operating charges | 640/8 | €36,052 | €37,724 | +€1,671 | +4.6% |
| Gross operating margin | 9900 | €179,435 | €164,050 | -€15,385 | -8.6% |
| Operating profit (loss) | 9901 | €58,212 | €41,137 | -€17,076 | -29.3% |
| Financial income | 75/76B | €50 | €0 | -€50 | -99.5% |
| Recurring financial income | 75 | €50 | €0 | -€50 | -99.5% |
| Financial charges | 65/66B | €17,848 | €17,044 | -€804 | -4.5% |
| Recurring financial charges | 65 | €17,848 | €17,044 | -€804 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €40,415 | €24,093 | -€16,322 | -40.4% |
| Profit (loss) for the period | 9904 | €40,415 | €24,093 | -€16,322 | -40.4% |
| Profit (loss) for the period to be appropriated | 9905 | €40,415 | €24,093 | -€16,322 | -40.4% |
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 1 October 2026 via checked.be.