IMVERCO: 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.
IMVERCO
Largest movements
- Cash -€97,888
down €97,888 (-89.6%), from €109,296 to €11,409
mainly Other debts (-€99,441) and Debts after one year (-€22,818)
- Tangible fixed assets -€23,787
down €23,787 (-6.1%), from €388,927 to €365,140
of which Land and buildings: -€23,505
- Other debts -€99,441
down €99,441 (-32.8%), from €303,049 to €203,608
- Debts after one year -€22,818
down €22,818 (-25.9%), from €88,219 to €65,401
- Gross operating margin -€10,110
down €10,110 (-20.8%), from €48,633 to €38,522
- Taxes -€3,900
down €3,900 (-71.9%), from €5,424 to €1,524
- Financial charges +€3,887
up €3,887 (+97.2%), from €3,999 to €7,885
- Depreciation -€784
down €784 (-3.2%), from €24,571 to €23,787
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 | €561,717 | €438,171 | -€123,546 | -22.0% |
| Fixed assets | 21/28 | €388,927 | €365,140 | -€23,787 | -6.1% |
| Tangible fixed assets | 22/27 | €388,927 | €365,140 | -€23,787 | -6.1% |
| Land and buildings | 22 | €388,505 | €365,000 | -€23,505 | -6.1% |
| Furniture and vehicles | 24 | €422 | €140 | -€281 | -66.7% |
| Current assets | 29/58 | €172,790 | €73,031 | -€99,759 | -57.7% |
| Amounts receivable within one year | 40/41 | €55,611 | €59,011 | +€3,400 | +6.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €55,611 | €59,011 | +€3,400 | +6.1% |
| Cash at bank and in hand | 54/58 | €109,296 | €11,409 | -€97,888 | -89.6% |
| Deferred charges and accrued income | 490/1 | €7,882 | €2,611 | -€5,271 | -66.9% |
| Total equity and liabilities | 10/49 | €561,717 | €438,171 | -€123,546 | -22.0% |
| Equity | 10/15 | €123,902 | €123,593 | -€309 | -0.2% |
| Contributions | 10/11 | €181,044 | €181,044 | = | 0.0% |
| Capital | 10 | €181,044 | €181,044 | = | 0.0% |
| Issued capital | 100 | €181,044 | €181,044 | = | 0.0% |
| Reserves | 13 | €12,200 | €11,365 | -€835 | -6.8% |
| Non-distributable reserves | 130/1 | €3,540 | €3,540 | = | 0.0% |
| Legal reserve | 130 | €3,540 | €3,540 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,794 | €1,959 | -€835 | -29.9% |
| Distributable reserves | 133 | €5,866 | €5,866 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,341 | -€68,816 | +€525 | +0.8% |
| Provisions and deferred taxes | 16 | €22,043 | €18,745 | -€3,298 | -15.0% |
| Deferred taxes | 168 | €22,043 | €18,745 | -€3,298 | -15.0% |
| Amounts payable | 17/49 | €415,771 | €295,833 | -€119,938 | -28.8% |
| Amounts payable after more than one year | 17 | €88,219 | €65,401 | -€22,818 | -25.9% |
| Financial debts | 170/4 | €88,219 | €65,401 | -€22,818 | -25.9% |
| Amounts payable within one year | 42/48 | €327,552 | €228,375 | -€99,178 | -30.3% |
| Current portion of amounts payable after more than one year | 42 | €22,321 | €22,818 | +€497 | +2.2% |
| Trade debts | 44 | €2,183 | €963 | -€1,219 | -55.9% |
| Suppliers | 440/4 | €2,183 | €963 | -€1,219 | -55.9% |
| Taxes, remuneration and social security | 45 | €0 | €986 | +€986 | |
| Taxes | 450/3 | €0 | €986 | +€986 | |
| Other amounts payable | 47/48 | €303,049 | €203,608 | -€99,441 | -32.8% |
| Accrued charges and deferred income | 492/3 | - | €2,058 | +€2,058 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,571 | €23,787 | -€784 | -3.2% |
| Other operating charges | 640/8 | €9,201 | €9,489 | +€288 | +3.1% |
| Gross operating margin | 9900 | €48,633 | €38,522 | -€10,110 | -20.8% |
| Operating profit (loss) | 9901 | €14,861 | €5,246 | -€9,615 | -64.7% |
| Financial income | 75/76B | €550 | €555 | +€6 | +1.0% |
| Recurring financial income | 75 | €550 | €555 | +€6 | +1.0% |
| Financial charges | 65/66B | €3,999 | €7,885 | +€3,887 | +97.2% |
| Recurring financial charges | 65 | €3,999 | €7,885 | +€3,887 | +97.2% |
| Profit (loss) for the period before taxes | 9903 | €11,412 | -€2,084 | -€13,496 | |
| Transfer from deferred taxes | 780 | €3,298 | €3,298 | = | 0.0% |
| Income taxes | 67/77 | €5,424 | €1,524 | -€3,900 | -71.9% |
| Profit (loss) for the period | 9904 | €9,286 | -€309 | -€9,596 | |
| Transfer from tax-exempt reserves | 789 | €835 | €835 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,121 | €525 | -€9,596 | -94.8% |
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 2 October 2026 via checked.be.