IMMAVO: 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.
IMMAVO
Largest movements
- Tangible fixed assets +€3.2m
up €3.2m (+190.0%), from €1.7m to €4.8m
of which Land and buildings: +€3.2m
- Cash +€486,365
up €486,365 (+4926.3%), from €9,873 to €496,238
mainly Debts after one year (+€2.9m) and Trade debts (+€652,753)
- Debts after one year +€2.9m
up €2.9m (+2744.8%), from €104,575 to €3.0m
- Trade debts +€652,753
up €652,753 (+1858.2%), from €35,129 to €687,882
- Reserves +€130,047
up €130,047 (+10.9%), from €1.2m to €1.3m
- Other debts -€124,847
down €124,847 (-18.4%), from €676,704 to €551,858
- Current portion of long-term debt +€81,703
up €81,703 (+135.5%), from €60,316 to €142,019
- Gross operating margin +€108,141
up €108,141 (+46.4%), from €232,854 to €340,995
- Financial charges +€50,754
up €50,754 (+387.9%), from €13,085 to €63,838
- Depreciation +€46,410
up €46,410 (+68.2%), from €68,060 to €114,470
- Taxes -€19,989
down €19,989 (-60.6%), from €32,993 to €13,005
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 | €2,921,129 | €6,527,256 | +€3.6m | +123.4% |
| Fixed assets | 21/28 | €2,847,748 | €6,002,733 | +€3.2m | +110.8% |
| Tangible fixed assets | 22/27 | €1,660,651 | €4,815,637 | +€3.2m | +190.0% |
| Land and buildings | 22 | €1,659,678 | €4,814,847 | +€3.2m | +190.1% |
| Furniture and vehicles | 24 | €973 | €790 | -€183 | -18.8% |
| Financial fixed assets | 28 | €1,187,097 | €1,187,097 | = | 0.0% |
| Current assets | 29/58 | €73,381 | €524,522 | +€451,141 | +614.8% |
| Amounts receivable within one year | 40/41 | €63,508 | €28,285 | -€35,223 | -55.5% |
| Trade receivables | 40 | €63,508 | €28,023 | -€35,486 | -55.9% |
| Other amounts receivable | 41 | - | €262 | +€262 | |
| Cash at bank and in hand | 54/58 | €9,873 | €496,238 | +€486,365 | +4926.3% |
| Total equity and liabilities | 10/49 | €2,921,129 | €6,527,256 | +€3.6m | +123.4% |
| Equity | 10/15 | €2,000,603 | €2,130,650 | +€130,047 | +6.5% |
| Contributions | 10/11 | €190,000 | €190,000 | = | 0.0% |
| Reserves | 13 | €1,198,526 | €1,328,573 | +€130,047 | +10.9% |
| Distributable reserves | 133 | €1,198,526 | €1,328,573 | +€130,047 | +10.9% |
| Profit (loss) carried forward | 14 | €612,078 | €612,078 | = | 0.0% |
| Amounts payable | 17/49 | €920,526 | €4,396,606 | +€3.5m | +377.6% |
| Amounts payable after more than one year | 17 | €104,575 | €2,974,996 | +€2.9m | +2744.8% |
| Financial debts | 170/4 | €104,575 | €2,974,996 | +€2.9m | +2744.8% |
| Amounts payable within one year | 42/48 | €815,950 | €1,421,609 | +€605,659 | +74.2% |
| Current portion of amounts payable after more than one year | 42 | €60,316 | €142,019 | +€81,703 | +135.5% |
| Trade debts | 44 | €35,129 | €687,882 | +€652,753 | +1858.2% |
| Suppliers | 440/4 | €35,129 | €687,882 | +€652,753 | +1858.2% |
| Taxes, remuneration and social security | 45 | €43,801 | €39,851 | -€3,950 | -9.0% |
| Taxes | 450/3 | €43,801 | €32,009 | -€11,792 | -26.9% |
| Remuneration and social security | 454/9 | - | €7,841 | +€7,841 | |
| Other amounts payable | 47/48 | €676,704 | €551,858 | -€124,847 | -18.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,060 | €114,470 | +€46,410 | +68.2% |
| Other operating charges | 640/8 | €19,040 | €19,635 | +€595 | +3.1% |
| Gross operating margin | 9900 | €232,854 | €340,995 | +€108,141 | +46.4% |
| Operating profit (loss) | 9901 | €145,753 | €206,890 | +€61,136 | +41.9% |
| Financial income | 75/76B | €0 | €0 | +€0 | +14.3% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +14.3% |
| Financial charges | 65/66B | €13,085 | €63,838 | +€50,754 | +387.9% |
| Recurring financial charges | 65 | €13,085 | €63,838 | +€50,754 | +387.9% |
| Profit (loss) for the period before taxes | 9903 | €132,669 | €143,052 | +€10,383 | +7.8% |
| Income taxes | 67/77 | €32,993 | €13,005 | -€19,989 | -60.6% |
| Profit (loss) for the period | 9904 | €99,676 | €130,047 | +€30,371 | +30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €99,676 | €130,047 | +€30,371 | +30.5% |
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 10 October 2026 via checked.be.