IMVAS II: 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
IMVAS II
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€23,124
2024 · €195,618-€172,494
Equity
€804,399
2024 · €781,275+€23,124
Cash
€8,844
2024 · €17,470-€8,625
Balance sheet total
€2.7m
2024 · €2.4m+€331,733
Largest movements
Assets
- Tangible fixed assets +€339,940
up €339,940 (+14.5%), from €2.3m to €2.7m
Equity and liabilities
- Debts after one year +€258,412
up €258,412 (+27.8%), from €930,879 to €1.2m
- Other debts +€66,848
up €66,848 (+16.9%), from €395,588 to €462,435
- Profit (loss) carried forward +€34,638
up €34,638, from -€14,134 to €20,504
Income statement
- Gross operating margin -€193,717
down €193,717 (-51.1%), from €378,894 to €185,177
- Depreciation +€42,730
up €42,730 (+64.8%), from €65,922 to €108,652
- Financial charges -€13,078
down €13,078 (-20.2%), from €64,604 to €51,526
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
€195,618
Gross operating margin
-€193,717
Depreciation
-€42,730
Other operating charges
-€15
Financial charges
+€13,078
Deferred taxes and other
+€50,890
Result 2025
€23,124
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.
From operations
+€192,777
Investment
-€448,592
Financing
+€247,190
Cash 2024
€17,470
From operations (derived)
+€192,777
Net result for the year
+€23,124
Depreciation
+€108,652
Deferred charges and accrued income
-€419
Provisions
-€3,838
Trade debts
+€1,279
Other debts
+€66,848
Accrued charges and deferred income
-€2,869
Investment (derived)
-€448,592
Investment in fixed assets (net)
-€448,592
Financing
+€247,190
Debts after one year
+€258,412
Current portion of long-term debt
-€11,223
Cash 2025
€8,844
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,354,001 | €2,685,734 | +€331,733 | +14.1% |
| Fixed assets | 21/28 | €2,336,370 | €2,676,310 | +€339,940 | +14.5% |
| Tangible fixed assets | 22/27 | €2,336,370 | €2,676,310 | +€339,940 | +14.5% |
| Land and buildings | 22 | €2,336,370 | €2,676,310 | +€339,940 | +14.5% |
| Current assets | 29/58 | €17,631 | €9,424 | -€8,207 | -46.5% |
| Amounts receivable within one year | 40/41 | €44 | €44 | = | 0.0% |
| Other amounts receivable | 41 | €44 | €44 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,470 | €8,844 | -€8,625 | -49.4% |
| Deferred charges and accrued income | 490/1 | €117 | €536 | +€419 | +357.1% |
| Total equity and liabilities | 10/49 | €2,354,001 | €2,685,734 | +€331,733 | +14.1% |
| Equity | 10/15 | €781,275 | €804,399 | +€23,124 | +3.0% |
| Contributions | 10/11 | €448,687 | €448,687 | = | 0.0% |
| Reserves | 13 | €346,722 | €335,208 | -€11,514 | -3.3% |
| Tax-exempt reserves | 132 | €346,722 | €335,208 | -€11,514 | -3.3% |
| Profit (loss) carried forward | 14 | -€14,134 | €20,504 | +€34,638 | |
| Provisions and deferred taxes | 16 | €115,574 | €111,736 | -€3,838 | -3.3% |
| Deferred taxes | 168 | €115,574 | €111,736 | -€3,838 | -3.3% |
| Amounts payable | 17/49 | €1,457,152 | €1,769,599 | +€312,447 | +21.4% |
| Amounts payable after more than one year | 17 | €930,879 | €1,189,291 | +€258,412 | +27.8% |
| Financial debts | 170/4 | €930,879 | €1,189,291 | +€258,412 | +27.8% |
| Amounts payable within one year | 42/48 | €500,707 | €557,610 | +€56,904 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €105,119 | €93,897 | -€11,223 | -10.7% |
| Trade debts | 44 | - | €1,279 | +€1,279 | |
| Suppliers | 440/4 | - | €1,279 | +€1,279 | |
| Other amounts payable | 47/48 | €395,588 | €462,435 | +€66,848 | +16.9% |
| Accrued charges and deferred income | 492/3 | €25,566 | €22,697 | -€2,869 | -11.2% |
| Non-recurring operating income | 76A | €666 | €0 | -€666 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,922 | €108,652 | +€42,730 | +64.8% |
| Other operating charges | 640/8 | €5,698 | €5,713 | +€15 | +0.3% |
| Gross operating margin | 9900 | €378,894 | €185,177 | -€193,717 | -51.1% |
| Operating profit (loss) | 9901 | €307,275 | €70,812 | -€236,462 | -77.0% |
| Financial charges | 65/66B | €64,604 | €51,526 | -€13,078 | -20.2% |
| Recurring financial charges | 65 | €64,604 | €51,526 | -€13,078 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €242,670 | €19,286 | -€223,384 | -92.1% |
| Transfer from deferred taxes | 780 | €4,067 | €3,838 | -€229 | -5.6% |
| Transfer to deferred taxes | 680 | €51,119 | €0 | -€51,119 | -100.0% |
| Profit (loss) for the period | 9904 | €195,618 | €23,124 | -€172,494 | -88.2% |
| Transfer from tax-exempt reserves | 789 | €12,201 | €11,514 | -€688 | -5.6% |
| Transfer to tax-exempt reserves | 689 | €153,357 | €0 | -€153,357 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,463 | €34,638 | -€19,825 | -36.4% |
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 11 October 2026 via checked.be.