Imvap: 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.
What changed
Imvap
NACE 68.204, Real estate activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€344,194
2024 · €739,638-€395,444
Equity
€10.9m
2024 · €10.6m+€344,194
Cash
€49,311
2024 · €64,678-€15,368
Balance sheet total
€51.2m
2024 · €58.3m-€7.0m
Largest movements
Assets
- Receivables after one year -€6.9m
down €6.9m (-92.3%), from €7.5m to €573,570
- Current investments +€1.6m
new in 2025: €1.6m
- Financial fixed assets -€1.2m
down €1.2m (-2.9%), from €41.6m to €40.3m
Equity and liabilities
- Other debts -€7.7m
down €7.7m (-99.0%), from €7.7m to €80,276
- Reserves +€1.6m
up €1.6m (+391%), from €399,197 to €2.0m
of which Non-distributable reserves: +€1.6m
- Provisions +€1.5m
new in 2025: €1.5m
- Debts after one year -€1.3m
down €1.3m (-4.0%), from €33.7m to €32.3m
of which Financial debts: -€4.2m
- Profit (loss) carried forward -€1.2m
down €1.2m (-13.3%), from €9.2m to €7.9m
Income statement
- Financial income -€609,704
down €609,704 (-22.4%), from €2.7m to €2.1m
- Financial charges +€562,305
up €562,305 (+27.9%), from €2.0m to €2.6m
of which Non-recurring financial charges: +€1.3m
- Turnover +€178,333
up €178,333 (+13.5%), from €1.3m to €1.5m
- Depreciation +€167,107
up €167,107 (+26.3%), from €635,648 to €802,755
- Services and other goods -€158,970
down €158,970 (-32.9%), from €482,538 to €323,569
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
€739,638
Turnover
+€178,333
Other operating income
+€91,212
Services and other goods
+€158,970
Staff costs
+€468
Depreciation
-€167,107
Other operating charges
+€26,183
Other operating items
+€488,506
Financial income
-€609,704
Financial charges
-€562,305
Result 2025
€344,194
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.8m
Investment
-€896,532
Financing
-€914,858
Cash 2024
€64,678
From operations (derived)
+€1.8m
Net result for the year
+€344,194
Depreciation
+€802,755
Receivables after one year
+€6.9m
Receivables within one year
+€195,225
Deferred charges and accrued income
+€45,972
Provisions
+€1.5m
Trade debts
-€302,164
Tax, wage and social debts
+€650
Other debts
-€7.7m
Accrued charges and deferred income
-€56,891
Investment (derived)
-€896,532
Investment in fixed assets (net)
+€663,136
Current investments
-€1.6m
Financing
-€914,858
Debts after one year
-€1.3m
Current portion of long-term debt
+€160,534
Short-term financial debts
+€261,046
Cash 2025
€49,311
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €58,259,832 | €51,212,855 | -€7.0m | -12.1% |
| Fixed assets | 21/28 | €50,424,423 | €48,958,531 | -€1.5m | -2.9% |
| Tangible fixed assets | 22/27 | €8,863,797 | €8,613,918 | -€249,879 | -2.8% |
| Land and buildings | 22 | €4,959,980 | €4,950,026 | -€9,954 | -0.2% |
| Plant, machinery and equipment | 23 | €2,257,147 | €2,100,302 | -€156,845 | -6.9% |
| Furniture and vehicles | 24 | €854,813 | €860,847 | +€6,035 | +0.7% |
| Leasing and similar rights | 25 | €764,195 | €615,410 | -€148,785 | -19.5% |
| Other tangible fixed assets | 26 | €27,662 | €27,662 | = | 0.0% |
| Assets under construction and advance payments | 27 | - | €59,671 | +€59,671 | |
| Financial fixed assets | 28 | €41,560,626 | €40,344,613 | -€1.2m | -2.9% |
| Affiliated companies | 280/1 | €41,560,626 | €40,344,613 | -€1.2m | -2.9% |
| Participating interests | 280 | €41,560,626 | €40,344,613 | -€1.2m | -2.9% |
| Current assets | 29/58 | €7,835,410 | €2,254,324 | -€5.6m | -71.2% |
| Amounts receivable after more than one year | 29 | €7,457,759 | €573,570 | -€6.9m | -92.3% |
| Other amounts receivable | 291 | €7,457,759 | €573,570 | -€6.9m | -92.3% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €262,060 | €66,836 | -€195,225 | -74.5% |
| Trade receivables | 40 | €195,966 | €55,099 | -€140,867 | -71.9% |
| Other amounts receivable | 41 | €66,094 | €11,737 | -€54,358 | -82.2% |
| Current investments | 50/53 | - | €1,559,669 | +€1.6m | |
| Own shares | 50 | - | €1,559,669 | +€1.6m | |
| Cash at bank and in hand | 54/58 | €64,678 | €49,311 | -€15,368 | -23.8% |
| Deferred charges and accrued income | 490/1 | €50,912 | €4,940 | -€45,972 | -90.3% |
| Total equity and liabilities | 10/49 | €58,259,832 | €51,212,855 | -€7.0m | -12.1% |
| Equity | 10/15 | €10,597,506 | €10,941,700 | +€344,194 | +3.2% |
| Contributions | 10/11 | €1,045,982 | €1,045,982 | = | 0.0% |
| Capital | 10 | €1,045,982 | €1,045,982 | = | 0.0% |
| Issued capital | 100 | €1,045,982 | €1,045,982 | = | 0.0% |
| Reserves | 13 | €399,197 | €1,958,866 | +€1.6m | +391% |
| Non-distributable reserves | 130/1 | €104,598 | €1,664,267 | +€1.6m | +1,491% |
| Legal reserve | 130 | €104,598 | €104,598 | = | 0.0% |
| Own shares acquired | 1312 | - | €1,559,669 | +€1.6m | |
| Tax-exempt reserves | 132 | €12,824 | €12,824 | = | 0.0% |
| Distributable reserves | 133 | €281,775 | €281,775 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,152,327 | €7,936,853 | -€1.2m | -13.3% |
| Provisions and deferred taxes | 16 | - | €1,543,676 | +€1.5m | |
| Provisions for liabilities and charges | 160/5 | - | €1,543,676 | +€1.5m | |
| Other liabilities and charges | 164/5 | - | €1,543,676 | +€1.5m | |
| Amounts payable | 17/49 | €47,662,326 | €38,727,480 | -€8.9m | -18.7% |
| Amounts payable after more than one year | 17 | €33,671,560 | €32,335,121 | -€1.3m | -4.0% |
| Financial debts | 170/4 | €12,696,553 | €8,475,791 | -€4.2m | -33.2% |
| Subordinated loans | 170 | €2,500,000 | €2,549,100 | +€49,100 | +2.0% |
| Leasing and similar obligations | 172 | €221,369 | €0 | -€221,369 | -100% |
| Credit institutions | 173 | €9,975,183 | €5,926,691 | -€4.0m | -40.6% |
| Other amounts payable | 178/9 | €20,975,008 | €23,859,329 | +€2.9m | +13.8% |
| Amounts payable within one year | 42/48 | €12,466,871 | €4,925,355 | -€7.5m | -60.5% |
| Current portion of amounts payable after more than one year | 42 | €4,090,544 | €4,251,079 | +€160,534 | +3.9% |
| Financial debts | 43 | - | €261,046 | +€261,046 | |
| Credit institutions | 430/8 | - | €261,046 | +€261,046 | |
| Trade debts | 44 | €623,198 | €321,034 | -€302,164 | -48.5% |
| Suppliers | 440/4 | €623,198 | €321,034 | -€302,164 | -48.5% |
| Taxes, remuneration and social security | 45 | €11,270 | €11,920 | +€650 | +5.8% |
| Taxes | 450/3 | €11,270 | €11,920 | +€650 | +5.8% |
| Other amounts payable | 47/48 | €7,741,859 | €80,276 | -€7.7m | -99.0% |
| Accrued charges and deferred income | 492/3 | €1,523,895 | €1,467,004 | -€56,891 | -3.7% |
| Operating income | 70/76A | €1,325,784 | €2,142,925 | +€817,141 | +61.6% |
| Turnover | 70 | €1,316,400 | €1,494,733 | +€178,333 | +13.5% |
| Other operating income | 74 | €9,384 | €100,596 | +€91,212 | +972% |
| Non-recurring operating income | 76A | - | €547,596 | +€547,596 | |
| Operating charges | 60/66A | €1,286,556 | €1,327,132 | +€40,576 | +3.2% |
| Services and other goods | 61 | €482,538 | €323,569 | -€158,970 | -32.9% |
| Remuneration, social security and pensions | 62 | €62,406 | €61,938 | -€468 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €635,648 | €802,755 | +€167,107 | +26.3% |
| Other operating charges | 640/8 | €105,963 | €79,780 | -€26,183 | -24.7% |
| Non-recurring operating charges | 66A | €0 | €59,090 | +€59,090 | |
| Operating profit (loss) | 9901 | €39,228 | €815,793 | +€776,564 | +1,980% |
| Financial income | 75/76B | €2,718,836 | €2,109,132 | -€609,704 | -22.4% |
| Recurring financial income | 75 | €2,718,836 | €2,109,132 | -€609,704 | -22.4% |
| Income from financial fixed assets | 750 | €2,301,254 | €2,001,000 | -€300,254 | -13.0% |
| Income from current assets | 751 | €417,582 | €108,132 | -€309,450 | -74.1% |
| Other financial income | 752/9 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €2,018,426 | €2,580,731 | +€562,305 | +27.9% |
| Recurring financial charges | 65 | €2,018,426 | €1,315,618 | -€702,808 | -34.8% |
| Debt charges | 650 | €2,012,864 | €1,307,989 | -€704,875 | -35.0% |
| Other financial charges | 652/9 | €5,562 | €7,629 | +€2,067 | +37.2% |
| Non-recurring financial charges | 66B | - | €1,265,113 | +€1.3m | |
| Profit (loss) for the period before taxes | 9903 | €739,638 | €344,194 | -€395,444 | -53.5% |
| Profit (loss) for the period | 9904 | €739,638 | €344,194 | -€395,444 | -53.5% |
| Profit (loss) for the period to be appropriated | 9905 | €739,638 | €344,194 | -€395,444 | -53.5% |
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 15 October 2026 via checked.be.