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
- Receivables within one year -€18,891
down €18,891 (-69.6%), from €27,141 to €8,250
of which Other amounts receivable: -€27,141
- Cash -€17,230
down €17,230 (-45.8%), from €37,633 to €20,403
mainly Other debts (-€47,599) and Net result for the year (-€6,359)
- Tangible fixed assets -€16,422
down €16,422 (-3.8%), from €428,283 to €411,860
- Other debts -€47,599
down €47,599 (-9.6%), from €495,088 to €447,489
- Gross operating margin -€1,765
down €1,765 (-4.1%), from €43,106 to €41,341
- Financial charges +€1,151
up €1,151 (+86.0%), from €1,338 to €2,489
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 | €881,877 | €829,334 | -€52,543 | -6.0% |
| Fixed assets | 21/28 | €817,103 | €800,681 | -€16,422 | -2.0% |
| Tangible fixed assets | 22/27 | €428,283 | €411,860 | -€16,422 | -3.8% |
| Land and buildings | 22 | €428,283 | €411,860 | -€16,422 | -3.8% |
| Financial fixed assets | 28 | €388,820 | €388,820 | = | 0.0% |
| Current assets | 29/58 | €64,773 | €28,653 | -€36,121 | -55.8% |
| Amounts receivable within one year | 40/41 | €27,141 | €8,250 | -€18,891 | -69.6% |
| Trade receivables | 40 | - | €8,250 | +€8,250 | |
| Other amounts receivable | 41 | €27,141 | €0 | -€27,141 | -100.0% |
| Cash at bank and in hand | 54/58 | €37,633 | €20,403 | -€17,230 | -45.8% |
| Total equity and liabilities | 10/49 | €881,877 | €829,334 | -€52,543 | -6.0% |
| Equity | 10/15 | €327,648 | €321,290 | -€6,359 | -1.9% |
| 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 | €266,148 | €259,790 | -€6,359 | -2.4% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €131,074 | €121,309 | -€9,765 | -7.4% |
| Distributable reserves | 133 | €128,925 | €132,331 | +€3,406 | +2.6% |
| Provisions and deferred taxes | 16 | €43,691 | €40,436 | -€3,255 | -7.4% |
| Deferred taxes | 168 | €43,691 | €40,436 | -€3,255 | -7.4% |
| Amounts payable | 17/49 | €510,537 | €467,608 | -€42,929 | -8.4% |
| Amounts payable within one year | 42/48 | €510,537 | €467,608 | -€42,929 | -8.4% |
| Trade debts | 44 | €9,081 | €13,501 | +€4,419 | +48.7% |
| Suppliers | 440/4 | €9,081 | €13,501 | +€4,419 | +48.7% |
| Taxes, remuneration and social security | 45 | €6,367 | €6,617 | +€250 | +3.9% |
| Taxes | 450/3 | €6,367 | €6,617 | +€250 | +3.9% |
| Other amounts payable | 47/48 | €495,088 | €447,489 | -€47,599 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,422 | €16,422 | = | 0.0% |
| Other operating charges | 640/8 | €4,441 | €4,518 | +€77 | +1.7% |
| Non-recurring operating charges | 66A | €28,000 | €25,000 | -€3,000 | -10.7% |
| Gross operating margin | 9900 | €43,106 | €41,341 | -€1,765 | -4.1% |
| Operating profit (loss) | 9901 | -€5,758 | -€4,599 | +€1,159 | +20.1% |
| Financial income | 75/76B | €793 | €501 | -€292 | -36.8% |
| Recurring financial income | 75 | €793 | €501 | -€292 | -36.8% |
| Financial charges | 65/66B | €1,338 | €2,489 | +€1,151 | +86.0% |
| Recurring financial charges | 65 | €1,338 | €2,489 | +€1,151 | +86.0% |
| Profit (loss) for the period before taxes | 9903 | -€6,303 | -€6,587 | -€284 | -4.5% |
| Transfer from deferred taxes | 780 | €3,255 | €3,255 | = | 0.0% |
| Income taxes | 67/77 | €2,918 | €3,027 | +€109 | +3.7% |
| Profit (loss) for the period | 9904 | -€5,966 | -€6,359 | -€393 | -6.6% |
| Transfer from tax-exempt reserves | 789 | €9,765 | €9,765 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,799 | €3,406 | -€393 | -10.3% |
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 9 October 2026 via checked.be.