IMPVA: 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.
IMPVA
Largest movements
- Tangible fixed assets -€83,011
down €83,011 (-8.0%), from €1.0m to €961,078
of which Land and buildings: -€76,367
- Receivables within one year +€17,499
up €17,499 (+45.2%), from €38,720 to €56,219
- Other debts -€50,659
no longer reported in 2025 (was €50,659)
- Debts after one year -€28,667
down €28,667 (-10.8%), from €265,167 to €236,500
- Reserves +€19,699
up €19,699 (+2.7%), from €716,867 to €736,566
of which Distributable reserves: +€19,699
- Gross operating margin -€19,739
down €19,739 (-12.5%), from €157,415 to €137,676
- Taxes -€10,956
down €10,956 (-54.4%), from €20,136 to €9,180
- Financial charges -€2,406
down €2,406 (-16.8%), from €14,277 to €11,872
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 | €1,145,013 | €1,069,174 | -€75,838 | -6.6% |
| Fixed assets | 21/28 | €1,044,089 | €961,078 | -€83,011 | -8.0% |
| Tangible fixed assets | 22/27 | €1,044,089 | €961,078 | -€83,011 | -8.0% |
| Land and buildings | 22 | €1,018,885 | €942,519 | -€76,367 | -7.5% |
| Plant, machinery and equipment | 23 | €12,534 | €7,783 | -€4,751 | -37.9% |
| Furniture and vehicles | 24 | €12,669 | €10,776 | -€1,893 | -14.9% |
| Current assets | 29/58 | €100,924 | €108,096 | +€7,172 | +7.1% |
| Amounts receivable within one year | 40/41 | €38,720 | €56,219 | +€17,499 | +45.2% |
| Other amounts receivable | 41 | €38,720 | €56,219 | +€17,499 | +45.2% |
| Cash at bank and in hand | 54/58 | €62,204 | €51,878 | -€10,326 | -16.6% |
| Total equity and liabilities | 10/49 | €1,145,013 | €1,069,174 | -€75,838 | -6.6% |
| Equity | 10/15 | €778,840 | €798,539 | +€19,699 | +2.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €716,867 | €736,566 | +€19,699 | +2.7% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €710,669 | €730,368 | +€19,699 | +2.8% |
| Amounts payable | 17/49 | €366,173 | €270,635 | -€95,537 | -26.1% |
| Amounts payable after more than one year | 17 | €265,167 | €236,500 | -€28,667 | -10.8% |
| Financial debts | 170/4 | €265,167 | €236,500 | -€28,667 | -10.8% |
| Amounts payable within one year | 42/48 | €98,804 | €34,135 | -€64,669 | -65.5% |
| Current portion of amounts payable after more than one year | 42 | €28,667 | €28,667 | = | 0.0% |
| Trade debts | 44 | €13,459 | €2,823 | -€10,637 | -79.0% |
| Suppliers | 440/4 | €13,459 | €2,823 | -€10,637 | -79.0% |
| Taxes, remuneration and social security | 45 | €6,019 | €2,646 | -€3,373 | -56.0% |
| Taxes | 450/3 | €6,019 | €2,646 | -€3,373 | -56.0% |
| Other amounts payable | 47/48 | €50,659 | - | -€50,659 | |
| Accrued charges and deferred income | 492/3 | €2,202 | - | -€2,202 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,192 | €85,371 | +€179 | +0.2% |
| Other operating charges | 640/8 | €11,407 | €11,558 | +€151 | +1.3% |
| Gross operating margin | 9900 | €157,415 | €137,676 | -€19,739 | -12.5% |
| Operating profit (loss) | 9901 | €60,816 | €40,747 | -€20,069 | -33.0% |
| Financial income | 75/76B | €249 | €3 | -€246 | -98.7% |
| Recurring financial income | 75 | €249 | €3 | -€246 | -98.7% |
| Financial charges | 65/66B | €14,277 | €11,872 | -€2,406 | -16.8% |
| Recurring financial charges | 65 | €14,277 | €11,872 | -€2,406 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €46,788 | €28,879 | -€17,909 | -38.3% |
| Income taxes | 67/77 | €20,136 | €9,180 | -€10,956 | -54.4% |
| Profit (loss) for the period | 9904 | €26,652 | €19,699 | -€6,953 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,652 | €19,699 | -€6,953 | -26.1% |
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 28 September 2026 via checked.be.