IMVALO: 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.
IMVALO
Largest movements
- Current investments +€150,000
new in 2025: €150,000
- Cash -€147,700
down €147,700 (-12.3%), from €1.2m to €1.1m
mainly Current investments (-€150,000) and Tax, wage and social debts (-€70,837)
- Receivables within one year -€77,627
down €77,627 (-79.5%), from €97,696 to €20,069
of which Other amounts receivable: -€77,082
- Tax, wage and social debts -€70,837
down €70,837 (-81.9%), from €86,501 to €15,663
of which Taxes: -€78,337
- Gross operating margin -€1.3m
down €1.3m (-99.6%), from €1.3m to €4,710
- Taxes -€355,291
down €355,291 (-100.0%), from €355,291 to €0
- Depreciation -€38,095
down €38,095 (-100.0%), from €38,095 to €0
- Other operating charges -€23,096
down €23,096 (-67.5%), from €34,240 to €11,144
- Financial income -€18,728
down €18,728 (-82.3%), from €22,743 to €4,016
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 | €3,151,513 | €3,081,333 | -€70,180 | -2.2% |
| Fixed assets | 21/28 | €1,852,062 | €1,857,209 | +€5,148 | +0.3% |
| Tangible fixed assets | 22/27 | €1,852,062 | €1,857,209 | +€5,148 | +0.3% |
| Land and buildings | 22 | €1,369,353 | €1,369,353 | = | 0.0% |
| Plant, machinery and equipment | 23 | €5,698 | €6,757 | +€1,059 | +18.6% |
| Furniture and vehicles | 24 | €45,139 | €49,227 | +€4,088 | +9.1% |
| Other tangible fixed assets | 26 | €431,872 | €431,872 | = | 0.0% |
| Current assets | 29/58 | €1,299,452 | €1,224,124 | -€75,327 | -5.8% |
| Amounts receivable within one year | 40/41 | €97,696 | €20,069 | -€77,627 | -79.5% |
| Trade receivables | 40 | €14,409 | €13,864 | -€545 | -3.8% |
| Other amounts receivable | 41 | €83,287 | €6,205 | -€77,082 | -92.6% |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €1,201,756 | €1,054,056 | -€147,700 | -12.3% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €3,151,513 | €3,081,333 | -€70,180 | -2.2% |
| Equity | 10/15 | €2,293,542 | €2,290,728 | -€2,813 | -0.1% |
| Contributions | 10/11 | €1,100,246 | €1,100,246 | = | 0.0% |
| Reserves | 13 | €1,193,295 | €1,190,482 | -€2,813 | -0.2% |
| Tax-exempt reserves | 132 | €213 | €213 | = | 0.0% |
| Distributable reserves | 133 | €1,193,082 | €1,190,269 | -€2,813 | -0.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €857,972 | €790,605 | -€67,367 | -7.9% |
| Amounts payable within one year | 42/48 | €857,972 | €790,605 | -€67,367 | -7.9% |
| Trade debts | 44 | €1,335 | €1,181 | -€154 | -11.5% |
| Suppliers | 440/4 | €1,335 | €1,181 | -€154 | -11.5% |
| Taxes, remuneration and social security | 45 | €86,501 | €15,663 | -€70,837 | -81.9% |
| Taxes | 450/3 | €78,337 | €0 | -€78,337 | -100.0% |
| Remuneration and social security | 454/9 | €8,163 | €15,663 | +€7,500 | +91.9% |
| Other amounts payable | 47/48 | €770,136 | €773,761 | +€3,625 | +0.5% |
| Non-recurring operating income | 76A | €1,368,455 | €0 | -€1.4m | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,095 | €0 | -€38,095 | -100.0% |
| Other operating charges | 640/8 | €34,240 | €11,144 | -€23,096 | -67.5% |
| Gross operating margin | 9900 | €1,321,849 | €4,710 | -€1.3m | -99.6% |
| Operating profit (loss) | 9901 | €1,249,515 | -€6,434 | -€1.3m | |
| Financial income | 75/76B | €22,743 | €4,016 | -€18,728 | -82.3% |
| Recurring financial income | 75 | €22,743 | €4,016 | -€18,728 | -82.3% |
| Financial charges | 65/66B | €507 | €395 | -€112 | -22.1% |
| Recurring financial charges | 65 | €507 | €395 | -€112 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €1,271,751 | -€2,813 | -€1.3m | |
| Income taxes | 67/77 | €355,291 | €0 | -€355,291 | -100.0% |
| Profit (loss) for the period | 9904 | €916,460 | -€2,813 | -€919,273 | |
| Profit (loss) for the period to be appropriated | 9905 | €916,460 | -€2,813 | -€919,273 |
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 5 October 2026 via checked.be.