IMVAL: 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.
IMVAL
Largest movements
- Financial fixed assets -€1.6m
down €1.6m (-34.7%), from €4.6m to €3.0m
- Other debts -€1.5m
down €1.5m (-65.6%), from €2.4m to €809,336
- Financial income +€1.6m
up €1.6m (+52841185.7%), from €3 to €1.6m
- Financial charges +€1.6m
up €1.6m (+7770.1%), from €20,165 to €1.6m
of which Non-recurring financial charges: +€1.6m
- Gross operating margin -€8,618
down €8,618 (-28.2%), from -€30,559 to -€39,176
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 | €4,575,430 | €2,990,603 | -€1.6m | -34.6% |
| Fixed assets | 21/28 | €4,571,126 | €2,985,887 | -€1.6m | -34.7% |
| Financial fixed assets | 28 | €4,571,126 | €2,985,887 | -€1.6m | -34.7% |
| Current assets | 29/58 | €4,305 | €4,716 | +€411 | +9.6% |
| Amounts receivable within one year | 40/41 | €0 | €4,318 | +€4,318 | |
| Other amounts receivable | 41 | €0 | €4,318 | +€4,318 | |
| Cash at bank and in hand | 54/58 | €4,305 | €398 | -€3,907 | -90.8% |
| Total equity and liabilities | 10/49 | €4,575,430 | €2,990,603 | -€1.6m | -34.6% |
| Equity | 10/15 | €2,217,964 | €2,175,724 | -€42,240 | -1.9% |
| Contributions | 10/11 | €2,310,000 | €2,310,000 | = | 0.0% |
| Reserves | 13 | €315 | €315 | = | 0.0% |
| Non-distributable reserves | 130/1 | €315 | €315 | = | 0.0% |
| Reserves not available under the articles | 1311 | €315 | €315 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€92,351 | -€134,591 | -€42,240 | -45.7% |
| Amounts payable | 17/49 | €2,357,466 | €814,879 | -€1.5m | -65.4% |
| Amounts payable within one year | 42/48 | €2,357,466 | €814,879 | -€1.5m | -65.4% |
| Trade debts | 44 | €3,660 | €5,543 | +€1,883 | +51.5% |
| Suppliers | 440/4 | €3,660 | €5,543 | +€1,883 | +51.5% |
| Other amounts payable | 47/48 | €2,353,807 | €809,336 | -€1.5m | -65.6% |
| Other operating charges | 640/8 | €1,254 | €1,289 | +€36 | +2.8% |
| Gross operating margin | 9900 | -€30,559 | -€39,176 | -€8,618 | -28.2% |
| Operating profit (loss) | 9901 | -€31,812 | -€40,466 | -€8,653 | -27.2% |
| Financial income | 75/76B | €3 | €1,585,239 | +€1.6m | +52841185.7% |
| Recurring financial income | 75 | €3 | €1,585,239 | +€1.6m | +52841185.7% |
| Financial charges | 65/66B | €20,165 | €1,587,013 | +€1.6m | +7770.1% |
| Recurring financial charges | 65 | €20,165 | €1,774 | -€18,391 | -91.2% |
| Non-recurring financial charges | 66B | - | €1,585,239 | +€1.6m | |
| Profit (loss) for the period before taxes | 9903 | -€51,974 | -€42,240 | +€9,734 | +18.7% |
| Profit (loss) for the period | 9904 | -€51,974 | -€42,240 | +€9,734 | +18.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,974 | -€42,240 | +€9,734 | +18.7% |
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 12 October 2026 via checked.be.