IMSCAV: 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.
IMSCAV
Largest movements
- Receivables within one year -€552,747
down €552,747 (-98.8%), from €559,195 to €6,448
- Current investments +€523,340
up €523,340 (+248%), from €210,825 to €734,165
- Tangible fixed assets -€23,208
down €23,208 (-3.6%), from €648,611 to €625,403
of which Land and buildings: -€21,968
- Reserves +€673,901
up €673,901 (+146%), from €460,605 to €1.1m
of which Distributable reserves: +€678,966
- Profit (loss) carried forward -€658,541
down €658,541 (-100%), from €658,541 to €0
- Other debts -€52,106
down €52,106 (-100%), from €52,106 to €0
- Gross operating margin -€471,646
down €471,646 (-96.5%), from €488,844 to €17,198
- Taxes -€141,657
down €141,657 (-94.3%), from €150,196 to €8,538
- Financial income +€24,329
up €24,329 (+302%), from €8,050 to €32,379
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 | €1,437,054 | €1,394,486 | -€42,568 | -3.0% |
| Fixed assets | 21/28 | €648,611 | €625,403 | -€23,208 | -3.6% |
| Tangible fixed assets | 22/27 | €648,611 | €625,403 | -€23,208 | -3.6% |
| Land and buildings | 22 | €644,948 | €622,980 | -€21,968 | -3.4% |
| Plant, machinery and equipment | 23 | €3,663 | €2,423 | -€1,240 | -33.9% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €788,443 | €769,083 | -€19,360 | -2.5% |
| Amounts receivable within one year | 40/41 | €559,195 | €6,448 | -€552,747 | -98.8% |
| Other amounts receivable | 41 | €559,195 | €6,448 | -€552,747 | -98.8% |
| Current investments | 50/53 | €210,825 | €734,165 | +€523,340 | +248% |
| Cash at bank and in hand | 54/58 | €18,422 | €28,470 | +€10,048 | +54.5% |
| Total equity and liabilities | 10/49 | €1,437,054 | €1,394,486 | -€42,568 | -3.0% |
| Equity | 10/15 | €1,180,646 | €1,196,006 | +€15,360 | +1.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €460,605 | €1,134,506 | +€673,901 | +146% |
| Tax-exempt reserves | 132 | €93,468 | €88,403 | -€5,065 | -5.4% |
| Distributable reserves | 133 | €367,136 | €1,046,102 | +€678,966 | +185% |
| Profit (loss) carried forward | 14 | €658,541 | €0 | -€658,541 | -100% |
| Provisions and deferred taxes | 16 | €48,129 | €45,521 | -€2,608 | -5.4% |
| Deferred taxes | 168 | €48,129 | €45,521 | -€2,608 | -5.4% |
| Amounts payable | 17/49 | €208,279 | €152,960 | -€55,319 | -26.6% |
| Amounts payable within one year | 42/48 | €201,771 | €151,944 | -€49,827 | -24.7% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €149,665 | €151,944 | +€2,279 | +1.5% |
| Taxes | 450/3 | €149,665 | €151,944 | +€2,279 | +1.5% |
| Other amounts payable | 47/48 | €52,106 | €0 | -€52,106 | -100% |
| Accrued charges and deferred income | 492/3 | €6,508 | €1,016 | -€5,492 | -84.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,510 | €23,208 | +€698 | +3.1% |
| Other operating charges | 640/8 | €4,684 | €4,522 | -€162 | -3.4% |
| Gross operating margin | 9900 | €488,844 | €17,198 | -€471,646 | -96.5% |
| Operating profit (loss) | 9901 | €461,650 | -€10,532 | -€472,182 | |
| Financial income | 75/76B | €8,050 | €32,379 | +€24,329 | +302% |
| Recurring financial income | 75 | €8,050 | €32,379 | +€24,329 | +302% |
| Financial charges | 65/66B | €256 | €557 | +€302 | +118% |
| Recurring financial charges | 65 | €256 | €557 | +€302 | +118% |
| Profit (loss) for the period before taxes | 9903 | €469,445 | €21,290 | -€448,155 | -95.5% |
| Transfer from deferred taxes | 780 | €2,608 | €2,608 | = | 0.0% |
| Income taxes | 67/77 | €150,196 | €8,538 | -€141,657 | -94.3% |
| Profit (loss) for the period | 9904 | €321,857 | €15,360 | -€306,498 | -95.2% |
| Transfer from tax-exempt reserves | 789 | €5,065 | €5,065 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €326,922 | €20,425 | -€306,498 | -93.8% |
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 16 October 2026 via checked.be.