ImaVal: 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.
ImaVal
Largest movements
- Receivables within one year +€45,925
up €45,925 (+40.4%), from €113,708 to €159,632
of which Other amounts receivable: +€44,222
- Tangible fixed assets +€32,253
up €32,253 (+10,263%), from €314 to €32,567
- Cash -€2,709
down €2,709 (-41.3%), from €6,564 to €3,855
mainly Receivables within one year (-€45,925) and Investment in fixed assets (net) (-€33,204)
- Reserves +€62,750
up €62,750 (+102%), from €61,683 to €124,432
of which Distributable reserves: +€62,750
- Debts after one year +€16,579
up €16,579 (+179%), from €9,248 to €25,827
- Trade debts +€14,296
up €14,296 (+142%), from €10,069 to €24,365
- Tax, wage and social debts -€8,981
down €8,981 (-30.5%), from €29,447 to €20,466
- Short-term financial debts -€8,000
down €8,000 (-80.0%), from €10,000 to €2,000
of which Credit institutions: -€10,000
- Depreciation -€4,034
down €4,034 (-80.9%), from €4,985 to €951
- Taxes -€3,374
down €3,374 (-10.6%), from €31,981 to €28,607
- Financial charges +€3,088
up €3,088 (+203%), from €1,523 to €4,611
- Financial income -€1,015
down €1,015 (-13.3%), from €7,611 to €6,597
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €152,778 | €227,873 | +€75,095 | +49.2% |
| Fixed assets | 21/28 | €31,514 | €63,767 | +€32,253 | +102% |
| Tangible fixed assets | 22/27 | €314 | €32,567 | +€32,253 | +10,263% |
| Furniture and vehicles | 24 | €314 | €32,567 | +€32,253 | +10,263% |
| Financial fixed assets | 28 | €31,200 | €31,200 | = | 0.0% |
| Current assets | 29/58 | €121,264 | €164,106 | +€42,842 | +35.3% |
| Amounts receivable within one year | 40/41 | €113,708 | €159,632 | +€45,925 | +40.4% |
| Trade receivables | 40 | €14,090 | €15,794 | +€1,703 | +12.1% |
| Other amounts receivable | 41 | €99,617 | €143,839 | +€44,222 | +44.4% |
| Cash at bank and in hand | 54/58 | €6,564 | €3,855 | -€2,709 | -41.3% |
| Deferred charges and accrued income | 490/1 | €993 | €619 | -€374 | -37.7% |
| Total equity and liabilities | 10/49 | €152,778 | €227,873 | +€75,095 | +49.2% |
| Equity | 10/15 | €81,683 | €144,432 | +€62,750 | +76.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €61,683 | €124,432 | +€62,750 | +102% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €61,683 | €124,432 | +€62,750 | +102% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €71,095 | €83,441 | +€12,345 | +17.4% |
| Amounts payable after more than one year | 17 | €9,248 | €25,827 | +€16,579 | +179% |
| Financial debts | 170/4 | €9,248 | €25,827 | +€16,579 | +179% |
| Amounts payable within one year | 42/48 | €61,115 | €57,613 | -€3,502 | -5.7% |
| Current portion of amounts payable after more than one year | 42 | €11,599 | €10,783 | -€816 | -7.0% |
| Financial debts | 43 | €10,000 | €2,000 | -€8,000 | -80.0% |
| Credit institutions | 430/8 | €10,000 | €0 | -€10,000 | -100% |
| Other loans | 439 | - | €2,000 | +€2,000 | |
| Trade debts | 44 | €10,069 | €24,365 | +€14,296 | +142% |
| Suppliers | 440/4 | €10,069 | €24,365 | +€14,296 | +142% |
| Taxes, remuneration and social security | 45 | €29,447 | €20,466 | -€8,981 | -30.5% |
| Taxes | 450/3 | €29,447 | €20,466 | -€8,981 | -30.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €732 | €0 | -€732 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,985 | €951 | -€4,034 | -80.9% |
| Other operating charges | 640/8 | €1,437 | €1,389 | -€49 | -3.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €91,769 | €91,710 | -€58 | -0.1% |
| Operating profit (loss) | 9901 | €85,347 | €89,371 | +€4,024 | +4.7% |
| Financial income | 75/76B | €7,611 | €6,597 | -€1,015 | -13.3% |
| Recurring financial income | 75 | €7,611 | €6,597 | -€1,015 | -13.3% |
| Financial charges | 65/66B | €1,523 | €4,611 | +€3,088 | +203% |
| Recurring financial charges | 65 | €1,523 | €4,611 | +€3,088 | +203% |
| Profit (loss) for the period before taxes | 9903 | €91,435 | €91,356 | -€79 | -0.1% |
| Income taxes | 67/77 | €31,981 | €28,607 | -€3,374 | -10.6% |
| Profit (loss) for the period | 9904 | €59,454 | €62,750 | +€3,295 | +5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €59,454 | €62,750 | +€3,295 | +5.5% |
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 1 November 2026 via checked.be.