IMVADOS: 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.
What changed
IMVADOS
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€28,932
2024 · €13,663-€42,595
Equity
€608,422
2024 · €637,354-€28,932
Cash
€14,663
2024 · €5,533+€9,130
Balance sheet total
€1.5m
2024 · €1.4m+€84,129
Largest movements
Assets
- Tangible fixed assets +€86,779
up €86,779 (+6.3%), from €1.4m to €1.5m
of which Land and buildings: +€87,228
Equity and liabilities
- Debts after one year +€102,135
up €102,135 (+20.3%), from €504,115 to €606,250
- Reserves -€22,041
down €22,041 (-4.0%), from €552,590 to €530,549
of which Tax-exempt reserves: -€22,041
Income statement
- Depreciation +€18,309
up €18,309 (+40.5%), from €45,243 to €63,551
- Gross operating margin -€11,359
down €11,359 (-17.3%), from €65,648 to €54,289
- Financial charges +€4,942
up €4,942 (+42.6%), from €11,601 to €16,543
- Other operating charges +€3,845
up €3,845 (+47.2%), from €8,145 to €11,990
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.
Result 2024
€13,663
Gross operating margin
-€11,359
Depreciation
-€18,309
Other operating charges
-€3,845
Financial income
-€17
Financial charges
-€4,942
Taxes
+€15
Deferred taxes and other
-€4,139
Result 2025
-€28,932
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.
From operations
+€52,051
Investment
-€150,331
Financing
+€107,410
Cash 2024
€5,533
From operations (derived)
+€52,051
Net result for the year
-€28,932
Depreciation
+€63,551
Receivables within one year
+€11,803
Deferred charges and accrued income
-€23
Provisions
-€8,831
Trade debts
+€8,770
Tax, wage and social debts
-€474
Other debts
+€2,326
Accrued charges and deferred income
+€3,862
Investment (derived)
-€150,331
Investment in fixed assets (net)
-€150,331
Financing
+€107,410
Debts after one year
+€102,135
Current portion of long-term debt
+€5,275
Cash 2025
€14,663
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,395,124 | €1,479,253 | +€84,129 | +6.0% |
| Fixed assets | 21/28 | €1,376,357 | €1,463,136 | +€86,779 | +6.3% |
| Tangible fixed assets | 22/27 | €1,376,357 | €1,463,136 | +€86,779 | +6.3% |
| Land and buildings | 22 | €1,370,788 | €1,458,016 | +€87,228 | +6.4% |
| Furniture and vehicles | 24 | €5,569 | €5,120 | -€449 | -8.1% |
| Current assets | 29/58 | €18,767 | €16,117 | -€2,650 | -14.1% |
| Amounts receivable within one year | 40/41 | €12,733 | €929 | -€11,803 | -92.7% |
| Other amounts receivable | 41 | €12,733 | €929 | -€11,803 | -92.7% |
| Cash at bank and in hand | 54/58 | €5,533 | €14,663 | +€9,130 | +165.0% |
| Deferred charges and accrued income | 490/1 | €502 | €525 | +€23 | +4.6% |
| Total equity and liabilities | 10/49 | €1,395,124 | €1,479,253 | +€84,129 | +6.0% |
| Equity | 10/15 | €637,354 | €608,422 | -€28,932 | -4.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €552,590 | €530,549 | -€22,041 | -4.0% |
| Non-distributable reserves | 130/1 | €20,939 | €20,939 | = | 0.0% |
| Legal reserve | 130 | €20,939 | €20,939 | = | 0.0% |
| Tax-exempt reserves | 132 | €531,651 | €509,610 | -€22,041 | -4.1% |
| Profit (loss) carried forward | 14 | €23,265 | €16,373 | -€6,892 | -29.6% |
| Provisions and deferred taxes | 16 | €208,356 | €199,525 | -€8,831 | -4.2% |
| Deferred taxes | 168 | €208,356 | €199,525 | -€8,831 | -4.2% |
| Amounts payable | 17/49 | €549,413 | €671,306 | +€121,893 | +22.2% |
| Amounts payable after more than one year | 17 | €504,115 | €606,250 | +€102,135 | +20.3% |
| Financial debts | 170/4 | €504,115 | €606,250 | +€102,135 | +20.3% |
| Amounts payable within one year | 42/48 | €45,297 | €61,194 | +€15,897 | +35.1% |
| Current portion of amounts payable after more than one year | 42 | €40,958 | €46,233 | +€5,275 | +12.9% |
| Trade debts | 44 | €3,865 | €12,635 | +€8,770 | +226.9% |
| Suppliers | 440/4 | €3,865 | €12,635 | +€8,770 | +226.9% |
| Taxes, remuneration and social security | 45 | €474 | €0 | -€474 | -100.0% |
| Taxes | 450/3 | €474 | €0 | -€474 | -100.0% |
| Other amounts payable | 47/48 | - | €2,326 | +€2,326 | |
| Accrued charges and deferred income | 492/3 | €0 | €3,862 | +€3,862 | |
| Non-recurring operating income | 76A | - | €153 | +€153 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,243 | €63,551 | +€18,309 | +40.5% |
| Other operating charges | 640/8 | €8,145 | €11,990 | +€3,845 | +47.2% |
| Gross operating margin | 9900 | €65,648 | €54,289 | -€11,359 | -17.3% |
| Operating profit (loss) | 9901 | €12,260 | -€21,252 | -€33,512 | |
| Financial income | 75/76B | €48 | €31 | -€17 | -35.2% |
| Recurring financial income | 75 | €48 | €31 | -€17 | -35.2% |
| Financial charges | 65/66B | €11,601 | €16,543 | +€4,942 | +42.6% |
| Recurring financial charges | 65 | €11,601 | €16,543 | +€4,942 | +42.6% |
| Profit (loss) for the period before taxes | 9903 | €708 | -€37,763 | -€38,471 | |
| Transfer from deferred taxes | 780 | €12,970 | €8,831 | -€4,139 | -31.9% |
| Income taxes | 67/77 | €15 | €0 | -€15 | -100.0% |
| Profit (loss) for the period | 9904 | €13,663 | -€28,932 | -€42,595 | |
| Transfer from tax-exempt reserves | 789 | €29,999 | €22,041 | -€7,958 | -26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €43,662 | -€6,892 | -€50,553 |
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 4 October 2026 via checked.be.