IMVERGO: 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.
IMVERGO
Largest movements
- Current investments -€600,000
down €600,000 (-100.0%), from €600,000 to €0
- Receivables within one year +€312,051
up €312,051 (+83.8%), from €372,321 to €684,372
of which Trade receivables: +€287,917
- Tangible fixed assets -€190,999
down €190,999 (-2.5%), from €7.5m to €7.3m
of which Land and buildings: -€261,958
- Other debts -€206,984
down €206,984 (-11.4%), from €1.8m to €1.6m
- Current portion of long-term debt -€161,331
down €161,331 (-50.7%), from €318,376 to €157,045
- Debts after one year -€120,378
down €120,378 (-40.9%), from €294,454 to €174,076
of which Financial debts: -€157,045
- Gross operating margin -€180,911
down €180,911 (-12.9%), from €1.4m to €1.2m
- Depreciation -€39,934
down €39,934 (-8.8%), from €454,582 to €414,648
- Taxes -€37,874
down €37,874 (-20.4%), from €186,056 to €148,182
- Other operating charges +€22,658
up €22,658 (+16.7%), from €135,670 to €158,328
- Financial charges -€17,974
down €17,974 (-31.2%), from €57,585 to €39,610
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 | €8,769,873 | €8,284,892 | -€484,980 | -5.5% |
| Fixed assets | 21/28 | €7,521,926 | €7,330,927 | -€190,999 | -2.5% |
| Tangible fixed assets | 22/27 | €7,521,926 | €7,330,927 | -€190,999 | -2.5% |
| Land and buildings | 22 | €7,521,926 | €7,259,968 | -€261,958 | -3.5% |
| Furniture and vehicles | 24 | - | €70,959 | +€70,959 | |
| Current assets | 29/58 | €1,247,947 | €953,965 | -€293,981 | -23.6% |
| Amounts receivable within one year | 40/41 | €372,321 | €684,372 | +€312,051 | +83.8% |
| Trade receivables | 40 | €363,779 | €651,696 | +€287,917 | +79.1% |
| Other amounts receivable | 41 | €8,542 | €32,676 | +€24,134 | +282.5% |
| Current investments | 50/53 | €600,000 | €0 | -€600,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €273,006 | €269,594 | -€3,413 | -1.3% |
| Deferred charges and accrued income | 490/1 | €2,619 | €0 | -€2,619 | -100.0% |
| Total equity and liabilities | 10/49 | €8,769,873 | €8,284,892 | -€484,980 | -5.5% |
| Equity | 10/15 | €6,217,451 | €6,223,833 | +€6,382 | +0.1% |
| Contributions | 10/11 | €1,362,000 | €1,362,000 | = | 0.0% |
| Reserves | 13 | €138,667 | €138,667 | = | 0.0% |
| Distributable reserves | 133 | €138,667 | €138,667 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,716,784 | €4,723,166 | +€6,382 | +0.1% |
| Amounts payable | 17/49 | €2,552,421 | €2,061,059 | -€491,362 | -19.3% |
| Amounts payable after more than one year | 17 | €294,454 | €174,076 | -€120,378 | -40.9% |
| Financial debts | 170/4 | €183,712 | €26,667 | -€157,045 | -85.5% |
| Other amounts payable | 178/9 | €110,742 | €147,409 | +€36,667 | +33.1% |
| Amounts payable within one year | 42/48 | €2,257,867 | €1,866,890 | -€390,976 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €318,376 | €157,045 | -€161,331 | -50.7% |
| Financial debts | 43 | - | €6,442 | +€6,442 | |
| Credit institutions | 430/8 | - | €6,442 | +€6,442 | |
| Trade debts | 44 | €31,220 | €36,333 | +€5,113 | +16.4% |
| Suppliers | 440/4 | €31,220 | €36,333 | +€5,113 | +16.4% |
| Taxes, remuneration and social security | 45 | €87,008 | €52,792 | -€34,216 | -39.3% |
| Taxes | 450/3 | €87,008 | €52,792 | -€34,216 | -39.3% |
| Other amounts payable | 47/48 | €1,821,262 | €1,614,278 | -€206,984 | -11.4% |
| Accrued charges and deferred income | 492/3 | €101 | €20,093 | +€19,992 | +19807.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €454,582 | €414,648 | -€39,934 | -8.8% |
| Other operating charges | 640/8 | €135,670 | €158,328 | +€22,658 | +16.7% |
| Gross operating margin | 9900 | €1,397,342 | €1,216,430 | -€180,911 | -12.9% |
| Operating profit (loss) | 9901 | €807,089 | €643,454 | -€163,635 | -20.3% |
| Financial income | 75/76B | €8,944 | €720 | -€8,224 | -92.0% |
| Recurring financial income | 75 | €8,944 | €720 | -€8,224 | -92.0% |
| Financial charges | 65/66B | €57,585 | €39,610 | -€17,974 | -31.2% |
| Recurring financial charges | 65 | €57,585 | €39,610 | -€17,974 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €758,449 | €604,564 | -€153,885 | -20.3% |
| Income taxes | 67/77 | €186,056 | €148,182 | -€37,874 | -20.4% |
| Profit (loss) for the period | 9904 | €572,393 | €456,382 | -€116,011 | -20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €572,393 | €456,382 | -€116,011 | -20.3% |
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 10 October 2026 via checked.be.