IMVARO: 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.
IMVARO
Largest movements
- Tangible fixed assets +€1.5m
up €1.5m (+70.5%), from €2.1m to €3.6m
of which Land and buildings: +€1.5m
- Debts after one year +€1.6m
up €1.6m (+179.4%), from €916,676 to €2.6m
of which Financial debts: +€1.0m
- Reserves -€90,000
down €90,000 (-13.8%), from €652,587 to €562,586
of which Distributable reserves: -€81,318
- Other debts -€72,897
down €72,897 (-28.9%), from €252,480 to €179,583
- Current portion of long-term debt +€38,769
up €38,769 (+63.5%), from €61,029 to €99,798
- Depreciation +€86,617
up €86,617 (+179.5%), from €48,260 to €134,877
- Financial charges -€20,217
down €20,217 (-43.3%), from €46,668 to €26,451
- Financial income -€4,371
down €4,371 (-100.0%), from €4,371 to €0
- Gross operating margin -€2,174
down €2,174 (-2.8%), from €78,513 to €76,339
- Other operating charges +€1,482
up €1,482 (+23.1%), from €6,424 to €7,906
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 | €2,151,870 | €3,649,506 | +€1.5m | +69.6% |
| Fixed assets | 21/28 | €2,129,668 | €3,632,067 | +€1.5m | +70.5% |
| Tangible fixed assets | 22/27 | €2,129,668 | €3,632,067 | +€1.5m | +70.5% |
| Land and buildings | 22 | €2,120,768 | €3,623,167 | +€1.5m | +70.8% |
| Other tangible fixed assets | 26 | €8,900 | €8,900 | = | 0.0% |
| Current assets | 29/58 | €22,202 | €17,439 | -€4,763 | -21.5% |
| Amounts receivable within one year | 40/41 | €12,015 | €12,539 | +€524 | +4.4% |
| Other amounts receivable | 41 | €12,015 | €12,539 | +€524 | +4.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €8,490 | €2,940 | -€5,550 | -65.4% |
| Deferred charges and accrued income | 490/1 | €1,697 | €1,960 | +€263 | +15.5% |
| Total equity and liabilities | 10/49 | €2,151,870 | €3,649,506 | +€1.5m | +69.6% |
| Equity | 10/15 | €722,587 | €632,586 | -€90,000 | -12.5% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €652,587 | €562,586 | -€90,000 | -13.8% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Legal reserve | 130 | €7,000 | €7,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €455,399 | €446,717 | -€8,682 | -1.9% |
| Distributable reserves | 133 | €190,188 | €108,870 | -€81,318 | -42.8% |
| Provisions and deferred taxes | 16 | €151,800 | €148,906 | -€2,894 | -1.9% |
| Deferred taxes | 168 | €151,800 | €148,906 | -€2,894 | -1.9% |
| Amounts payable | 17/49 | €1,277,483 | €2,868,014 | +€1.6m | +124.5% |
| Amounts payable after more than one year | 17 | €916,676 | €2,560,741 | +€1.6m | +179.4% |
| Financial debts | 170/4 | €916,676 | €1,960,741 | +€1.0m | +113.9% |
| Other amounts payable | 178/9 | - | €600,000 | +€600,000 | |
| Amounts payable within one year | 42/48 | €327,867 | €307,273 | -€20,594 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €61,029 | €99,798 | +€38,769 | +63.5% |
| Trade debts | 44 | €8,546 | €18,961 | +€10,414 | +121.9% |
| Suppliers | 440/4 | €8,546 | €18,961 | +€10,414 | +121.9% |
| Taxes, remuneration and social security | 45 | €5,812 | €8,932 | +€3,120 | +53.7% |
| Taxes | 450/3 | €5,812 | €8,932 | +€3,120 | +53.7% |
| Other amounts payable | 47/48 | €252,480 | €179,583 | -€72,897 | -28.9% |
| Accrued charges and deferred income | 492/3 | €32,940 | €0 | -€32,940 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,260 | €134,877 | +€86,617 | +179.5% |
| Other operating charges | 640/8 | €6,424 | €7,906 | +€1,482 | +23.1% |
| Gross operating margin | 9900 | €78,513 | €76,339 | -€2,174 | -2.8% |
| Operating profit (loss) | 9901 | €23,828 | -€66,443 | -€90,272 | |
| Financial income | 75/76B | €4,371 | €0 | -€4,371 | -100.0% |
| Recurring financial income | 75 | €4,371 | €0 | -€4,371 | -100.0% |
| Financial charges | 65/66B | €46,668 | €26,451 | -€20,217 | -43.3% |
| Recurring financial charges | 65 | €46,668 | €26,451 | -€20,217 | -43.3% |
| Profit (loss) for the period before taxes | 9903 | -€18,469 | -€92,895 | -€74,426 | -403.0% |
| Transfer from deferred taxes | 780 | €2,120 | €2,894 | +€774 | +36.5% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €271 | €0 | -€271 | -100.0% |
| Profit (loss) for the period | 9904 | -€16,620 | -€90,000 | -€73,380 | -441.5% |
| Transfer from tax-exempt reserves | 789 | €6,359 | €8,682 | +€2,323 | +36.5% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,261 | -€81,318 | -€71,057 | -692.5% |
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 3 October 2026 via checked.be.