IMOVAC: 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.
IMOVAC
Largest movements
- Current investments -€900,000
no longer reported in 2025 (was €900,000)
- Cash +€881,568
up €881,568 (+45.9%), from €1.9m to €2.8m
mainly Current investments (+€900,000) and Receivables after one year (+€127,104)
- Receivables after one year -€127,104
down €127,104 (-32.3%), from €393,028 to €265,924
- Receivables within one year -€50,075
down €50,075 (-17.0%), from €293,820 to €243,745
of which Other amounts receivable: -€52,523
- Profit (loss) carried forward -€114,606
down €114,606 (-3.7%), from €3.1m to €3.0m
- Other debts -€67,085
down €67,085 (-20.7%), from €324,209 to €257,124
- Short-term financial debts -€63,413
no longer reported in 2025 (was €63,413)
- Financial income -€73,997
down €73,997 (-60.0%), from €123,272 to €49,274
- Taxes -€23,725
down €23,725 (-53.5%), from €44,338 to €20,612
- Gross operating margin +€7,616
up €7,616 (+7.0%), from €108,031 to €115,647
- Depreciation +€2,012
up €2,012 (+6.2%), from €32,666 to €34,679
- Financial charges -€1,685
down €1,685 (-14.1%), from €11,940 to €10,255
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.
Derived cash bridge
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 | €4,675,144 | €4,454,609 | -€220,535 | -4.7% |
| Fixed assets | 21/28 | €1,157,558 | €1,140,643 | -€16,916 | -1.5% |
| Tangible fixed assets | 22/27 | €1,157,558 | €1,140,643 | -€16,916 | -1.5% |
| Land and buildings | 22 | €1,129,510 | €1,103,837 | -€25,672 | -2.3% |
| Plant, machinery and equipment | 23 | - | €15,987 | +€15,987 | |
| Furniture and vehicles | 24 | €28,048 | €20,818 | -€7,230 | -25.8% |
| Current assets | 29/58 | €3,517,586 | €3,313,967 | -€203,620 | -5.8% |
| Amounts receivable after more than one year | 29 | €393,028 | €265,924 | -€127,104 | -32.3% |
| Other amounts receivable | 291 | €393,028 | €265,924 | -€127,104 | -32.3% |
| Amounts receivable within one year | 40/41 | €293,820 | €243,745 | -€50,075 | -17.0% |
| Trade receivables | 40 | €33,525 | €35,972 | +€2,448 | +7.3% |
| Other amounts receivable | 41 | €260,295 | €207,772 | -€52,523 | -20.2% |
| Current investments | 50/53 | €900,000 | - | -€900,000 | |
| Cash at bank and in hand | 54/58 | €1,921,706 | €2,803,274 | +€881,568 | +45.9% |
| Deferred charges and accrued income | 490/1 | €9,032 | €1,024 | -€8,008 | -88.7% |
| Total equity and liabilities | 10/49 | €4,675,144 | €4,454,609 | -€220,535 | -4.7% |
| Equity | 10/15 | €3,656,166 | €3,586,560 | -€69,606 | -1.9% |
| Contributions | 10/11 | €427,002 | €427,002 | = | 0.0% |
| Capital | 10 | €427,002 | €427,002 | = | 0.0% |
| Issued capital | 100 | €427,002 | €427,002 | = | 0.0% |
| Reserves | 13 | €130,200 | €175,200 | +€45,000 | +34.6% |
| Non-distributable reserves | 130/1 | €42,700 | €42,700 | = | 0.0% |
| Legal reserve | 130 | €42,700 | €42,700 | = | 0.0% |
| Distributable reserves | 133 | €87,500 | €132,500 | +€45,000 | +51.4% |
| Profit (loss) carried forward | 14 | €3,098,963 | €2,984,357 | -€114,606 | -3.7% |
| Amounts payable | 17/49 | €1,018,979 | €868,050 | -€150,929 | -14.8% |
| Amounts payable after more than one year | 17 | €580,193 | €580,193 | = | 0.0% |
| Financial debts | 170/4 | €580,193 | €580,193 | = | 0.0% |
| Amounts payable within one year | 42/48 | €434,747 | €287,250 | -€147,498 | -33.9% |
| Financial debts | 43 | €63,413 | - | -€63,413 | |
| Credit institutions | 430/8 | €63,413 | - | -€63,413 | |
| Trade debts | 44 | €2,977 | €7,198 | +€4,221 | +142% |
| Suppliers | 440/4 | €2,977 | €7,198 | +€4,221 | +142% |
| Taxes, remuneration and social security | 45 | €44,149 | €22,927 | -€21,221 | -48.1% |
| Taxes | 450/3 | €44,149 | €22,927 | -€21,221 | -48.1% |
| Other amounts payable | 47/48 | €324,209 | €257,124 | -€67,085 | -20.7% |
| Accrued charges and deferred income | 492/3 | €4,038 | €607 | -€3,431 | -85.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,666 | €34,679 | +€2,012 | +6.2% |
| Other operating charges | 640/8 | €54,336 | €53,981 | -€355 | -0.7% |
| Gross operating margin | 9900 | €108,031 | €115,647 | +€7,616 | +7.0% |
| Operating profit (loss) | 9901 | €21,029 | €26,988 | +€5,959 | +28.3% |
| Financial income | 75/76B | €123,272 | €49,274 | -€73,997 | -60.0% |
| Recurring financial income | 75 | €123,272 | €49,274 | -€73,997 | -60.0% |
| Financial charges | 65/66B | €11,940 | €10,255 | -€1,685 | -14.1% |
| Recurring financial charges | 65 | €11,940 | €10,255 | -€1,685 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €132,361 | €66,006 | -€66,354 | -50.1% |
| Income taxes | 67/77 | €44,338 | €20,612 | -€23,725 | -53.5% |
| Profit (loss) for the period | 9904 | €88,023 | €45,394 | -€42,629 | -48.4% |
| Profit (loss) for the period to be appropriated | 9905 | €88,023 | €45,394 | -€42,629 | -48.4% |
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 21 October 2026 via checked.be.