IMVENA: 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
IMVENA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€467,419
2024 · -€296,442-€170,977
Equity
€52,300
2024 · €519,719-€467,419
Cash
€481
2024 · €283+€199
Balance sheet total
€2.2m
2024 · €3.5m-€1.3m
Largest movements
Assets
- Receivables within one year -€1.3m
down €1.3m (-99.8%), from €1.3m to €2,651
of which Other amounts receivable: -€1.3m
- Tangible fixed assets -€126,109
down €126,109 (-6.9%), from €1.8m to €1.7m
of which Land and buildings: -€123,460
- Financial fixed assets +€108,000
up €108,000 (+30.7%), from €352,000 to €460,000
Equity and liabilities
- Other debts -€760,316
down €760,316 (-99.8%), from €761,477 to €1,161
- Profit (loss) carried forward -€452,466
down €452,466 (-44.1%), from -€1.0m to -€1.5m
- Debts after one year -€62,269
down €62,269 (-10.6%), from €588,262 to €525,993
- Revaluation surpluses -€45,808
down €45,808 (-7.5%), from €606,952 to €561,144
Income statement
- Write-downs +€556,530
new in 2025: €556,530
- Taxes -€211,609
down €211,609 (-92.1%), from €229,832 to €18,223
- Financial charges -€167,893
down €167,893 (-73.1%), from €229,564 to €61,671
- Gross operating margin -€40,750
down €40,750 (-16.9%), from €241,702 to €200,952
- Financial income +€24,632
up €24,632 (+48.5%), from €50,748 to €75,381
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
-€296,442
Gross operating margin
-€40,750
Staff costs
-€8,052
Depreciation
+€7,063
Write-downs
-€556,530
Other operating charges
+€23,158
Financial income
+€24,632
Financial charges
+€167,893
Taxes
+€211,609
Result 2025
-€467,419
raises the resultlowers the result
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
+€130,086
Investment
-€74,697
Financing
-€55,190
Cash 2024
€283
From operations (derived)
+€130,086
Net result for the year
-€467,419
Depreciation
+€92,806
Receivables within one year
+€1.3m
Smaller working-capital items
-€2,364
Provisions
-€3,738
Trade debts
+€19,992
Tax, wage and social debts
-€14,729
Other debts
-€760,316
Investment (derived)
-€74,697
Investment in fixed assets (net)
-€74,697
Financing
-€55,190
Debts after one year
-€62,269
Current portion of long-term debt
+€1,306
Short-term financial debts
+€5,774
Cash 2025
€481
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,452,634 | €2,168,133 | -€1.3m | -37.2% |
| Fixed assets | 21/28 | €2,177,922 | €2,159,813 | -€18,109 | -0.8% |
| Tangible fixed assets | 22/27 | €1,825,922 | €1,699,813 | -€126,109 | -6.9% |
| Land and buildings | 22 | €1,819,940 | €1,696,480 | -€123,460 | -6.8% |
| Plant, machinery and equipment | 23 | €1,260 | €668 | -€592 | -47.0% |
| Furniture and vehicles | 24 | €4,722 | €2,665 | -€2,057 | -43.6% |
| Financial fixed assets | 28 | €352,000 | €460,000 | +€108,000 | +30.7% |
| Current assets | 29/58 | €1,274,712 | €8,319 | -€1.3m | -99.3% |
| Amounts receivable within one year | 40/41 | €1,268,503 | €2,651 | -€1.3m | -99.8% |
| Trade receivables | 40 | €6,463 | €2,651 | -€3,813 | -59.0% |
| Other amounts receivable | 41 | €1,262,040 | €0 | -€1.3m | -100% |
| Cash at bank and in hand | 54/58 | €283 | €481 | +€199 | +70.2% |
| Deferred charges and accrued income | 490/1 | €5,926 | €5,187 | -€739 | -12.5% |
| Total equity and liabilities | 10/49 | €3,452,634 | €2,168,133 | -€1.3m | -37.2% |
| Equity | 10/15 | €519,719 | €52,300 | -€467,419 | -89.9% |
| Contributions | 10/11 | €345,000 | €345,000 | = | 0.0% |
| Revaluation surpluses | 12 | €606,952 | €561,144 | -€45,808 | -7.5% |
| Reserves | 13 | €594,207 | €625,063 | +€30,855 | +5.2% |
| Tax-exempt reserves | 132 | €285,005 | €270,053 | -€14,952 | -5.2% |
| Distributable reserves | 133 | €309,202 | €355,009 | +€45,808 | +14.8% |
| Profit (loss) carried forward | 14 | -€1,026,440 | -€1,478,906 | -€452,466 | -44.1% |
| Provisions and deferred taxes | 16 | €70,001 | €66,263 | -€3,738 | -5.3% |
| Deferred taxes | 168 | €70,001 | €66,263 | -€3,738 | -5.3% |
| Amounts payable | 17/49 | €2,862,914 | €2,049,569 | -€813,345 | -28.4% |
| Amounts payable after more than one year | 17 | €588,262 | €525,993 | -€62,269 | -10.6% |
| Financial debts | 170/4 | €588,262 | €525,993 | -€62,269 | -10.6% |
| Amounts payable within one year | 42/48 | €2,268,144 | €1,520,171 | -€747,973 | -33.0% |
| Current portion of amounts payable after more than one year | 42 | €33,062 | €34,367 | +€1,306 | +3.9% |
| Financial debts | 43 | €1,223,735 | €1,229,509 | +€5,774 | +0.5% |
| Credit institutions | 430/8 | €1,223,735 | €1,229,509 | +€5,774 | +0.5% |
| Trade debts | 44 | €16,001 | €35,993 | +€19,992 | +125% |
| Suppliers | 440/4 | €16,001 | €35,993 | +€19,992 | +125% |
| Taxes, remuneration and social security | 45 | €233,869 | €219,140 | -€14,729 | -6.3% |
| Taxes | 450/3 | €233,869 | €218,167 | -€15,702 | -6.7% |
| Remuneration and social security | 454/9 | - | €973 | +€973 | |
| Other amounts payable | 47/48 | €761,477 | €1,161 | -€760,316 | -99.8% |
| Accrued charges and deferred income | 492/3 | €6,507 | €3,405 | -€3,103 | -47.7% |
| Non-recurring operating income | 76A | €0 | €121,697 | +€121,697 | |
| Remuneration, social security and pensions | 62 | - | €8,052 | +€8,052 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,869 | €92,806 | -€7,063 | -7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €556,530 | +€556,530 | |
| Other operating charges | 640/8 | €33,366 | €10,208 | -€23,158 | -69.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €241,702 | €200,952 | -€40,750 | -16.9% |
| Operating profit (loss) | 9901 | €108,467 | -€466,644 | -€575,111 | |
| Financial income | 75/76B | €50,748 | €75,381 | +€24,632 | +48.5% |
| Recurring financial income | 75 | €50,748 | €75,381 | +€24,632 | +48.5% |
| Financial charges | 65/66B | €229,564 | €61,671 | -€167,893 | -73.1% |
| Recurring financial charges | 65 | €229,564 | €61,671 | -€167,893 | -73.1% |
| Profit (loss) for the period before taxes | 9903 | -€70,348 | -€452,934 | -€382,586 | -544% |
| Transfer from deferred taxes | 780 | €3,738 | €3,738 | = | 0.0% |
| Income taxes | 67/77 | €229,832 | €18,223 | -€211,609 | -92.1% |
| Profit (loss) for the period | 9904 | -€296,442 | -€467,419 | -€170,977 | -57.7% |
| Transfer from tax-exempt reserves | 789 | €14,952 | €14,952 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€281,490 | -€452,466 | -€170,977 | -60.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.