IMVERSA: 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.
IMVERSA
Largest movements
- Cash +€708,131
up €708,131 (+2829.3%), from €25,029 to €733,160
mainly Net result for the year (+€609,894) and Receivables within one year (+€159,366)
- Receivables within one year -€159,366
down €159,366 (-13.9%), from €1.2m to €990,999
of which Trade receivables: -€137,615
- Tangible fixed assets -€45,854
down €45,854 (-14.6%), from €313,512 to €267,657
- Reserves +€439,894
up €439,894 (+76.0%), from €578,775 to €1.0m
- Other debts +€149,785
up €149,785 (+411.1%), from €36,437 to €186,222
- Trade debts -€41,914
down €41,914 (-7.3%), from €574,693 to €532,779
- Current portion of long-term debt -€31,307
down €31,307 (-46.0%), from €68,088 to €36,781
- Gross operating margin +€816,076
up €816,076 (+67.3%), from €1.2m to €2.0m
- Taxes +€129,327
up €129,327 (+6281.2%), from €2,059 to €131,386
- Staff costs -€57,833
down €57,833 (-4.8%), from €1.2m to €1.2m
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 | €1,741,480 | €2,250,684 | +€509,205 | +29.2% |
| Fixed assets | 21/28 | €333,525 | €282,579 | -€50,946 | -15.3% |
| Intangible fixed assets | 21 | €17,093 | €12,001 | -€5,092 | -29.8% |
| Tangible fixed assets | 22/27 | €313,512 | €267,657 | -€45,854 | -14.6% |
| Plant, machinery and equipment | 23 | €57,219 | €42,881 | -€14,338 | -25.1% |
| Furniture and vehicles | 24 | €69,000 | €52,048 | -€16,953 | -24.6% |
| Leasing and similar rights | 25 | €187,292 | €172,728 | -€14,564 | -7.8% |
| Financial fixed assets | 28 | €2,920 | €2,920 | = | 0.0% |
| Current assets | 29/58 | €1,407,955 | €1,968,106 | +€560,151 | +39.8% |
| Stocks and contracts in progress | 3 | €232,561 | €243,947 | +€11,385 | +4.9% |
| Stocks | 30/36 | €232,561 | €243,947 | +€11,385 | +4.9% |
| Amounts receivable within one year | 40/41 | €1,150,365 | €990,999 | -€159,366 | -13.9% |
| Trade receivables | 40 | €885,784 | €748,170 | -€137,615 | -15.5% |
| Other amounts receivable | 41 | €264,581 | €242,829 | -€21,752 | -8.2% |
| Cash at bank and in hand | 54/58 | €25,029 | €733,160 | +€708,131 | +2829.3% |
| Total equity and liabilities | 10/49 | €1,741,480 | €2,250,684 | +€509,205 | +29.2% |
| Equity | 10/15 | €584,975 | €1,024,869 | +€439,894 | +75.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €578,775 | €1,018,669 | +€439,894 | +76.0% |
| Distributable reserves | 133 | €578,775 | €1,018,669 | +€439,894 | +76.0% |
| Amounts payable | 17/49 | €1,156,505 | €1,225,816 | +€69,311 | +6.0% |
| Amounts payable after more than one year | 17 | €362,963 | €376,212 | +€13,249 | +3.7% |
| Financial debts | 170/4 | €362,963 | €376,212 | +€13,249 | +3.7% |
| Amounts payable within one year | 42/48 | €793,542 | €849,604 | +€56,062 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €68,088 | €36,781 | -€31,307 | -46.0% |
| Financial debts | 43 | €58,164 | €48,081 | -€10,083 | -17.3% |
| Credit institutions | 430/8 | €58,164 | €48,081 | -€10,083 | -17.3% |
| Trade debts | 44 | €574,693 | €532,779 | -€41,914 | -7.3% |
| Suppliers | 440/4 | €574,693 | €532,779 | -€41,914 | -7.3% |
| Taxes, remuneration and social security | 45 | €56,161 | €45,741 | -€10,420 | -18.6% |
| Taxes | 450/3 | €21,847 | €25,441 | +€3,594 | +16.5% |
| Remuneration and social security | 454/9 | €34,314 | €20,300 | -€14,014 | -40.8% |
| Other amounts payable | 47/48 | €36,437 | €186,222 | +€149,785 | +411.1% |
| Non-recurring operating income | 76A | €3,306 | €17,558 | +€14,253 | +431.1% |
| Remuneration, social security and pensions | 62 | €1,210,947 | €1,153,113 | -€57,833 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,432 | €87,464 | +€3,031 | +3.6% |
| Other operating charges | 640/8 | €10,181 | €9,975 | -€206 | -2.0% |
| Gross operating margin | 9900 | €1,212,064 | €2,028,141 | +€816,076 | +67.3% |
| Operating profit (loss) | 9901 | -€93,495 | €777,589 | +€871,084 | |
| Financial income | 75/76B | €594 | €391 | -€203 | -34.2% |
| Recurring financial income | 75 | €594 | €391 | -€203 | -34.2% |
| Financial charges | 65/66B | €21,024 | €36,700 | +€15,676 | +74.6% |
| Recurring financial charges | 65 | €21,024 | €36,700 | +€15,676 | +74.6% |
| Profit (loss) for the period before taxes | 9903 | -€113,925 | €741,280 | +€855,205 | |
| Income taxes | 67/77 | €2,059 | €131,386 | +€129,327 | +6281.2% |
| Profit (loss) for the period | 9904 | -€115,984 | €609,894 | +€725,878 | |
| Profit (loss) for the period to be appropriated | 9905 | -€115,984 | €609,894 | +€725,878 |
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 30 September 2026 via checked.be.