I.B.E.: 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
I.B.E.
NACE 46.841, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€8,485
2024 · -€87,040+€95,525
Equity
€2.3m
2024 · €2.3m+€8,485
Cash
€100,871
2024 · €79,752+€21,119
Balance sheet total
€2.7m
2024 · €2.8m-€45,789
Largest movements
Assets
- Current investments -€135,197
down €135,197 (-9.7%), from €1.4m to €1.3m
- Stocks and contracts +€79,999
up €79,999 (+14.6%), from €546,771 to €626,770
- Tangible fixed assets -€70,009
down €70,009 (-14.4%), from €484,726 to €414,717
- Receivables within one year +€50,159
up €50,159 (+24.1%), from €208,415 to €258,575
of which Trade receivables: +€30,824
Equity and liabilities
- Debts after one year -€45,732
down €45,732 (-28.7%), from €159,130 to €113,398
Income statement
- Taxes -€98,758
down €98,758 (-95.2%), from €103,684 to €4,926
- Financial income -€54,378
down €54,378 (-82.8%), from €65,682 to €11,304
- Staff costs -€26,265
down €26,265 (-12.3%), from €213,588 to €187,323
- Gross operating margin +€21,194
up €21,194 (+7.5%), from €280,844 to €302,038
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
-€87,040
Gross operating margin
+€21,194
Staff costs
+€26,265
Depreciation
+€1,218
Other operating charges
-€418
Financial income
-€54,378
Financial charges
+€2,887
Taxes
+€98,758
Result 2025
€8,485
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
-€60,926
Investment
+€127,166
Financing
-€45,121
Cash 2024
€79,752
From operations (derived)
-€60,926
Net result for the year
+€8,485
Depreciation
+€78,039
Stocks and contracts
-€79,999
Receivables within one year
-€50,159
Deferred charges and accrued income
-€8,138
Trade debts
+€10,570
Tax, wage and social debts
-€19,723
Investment (derived)
+€127,166
Investment in fixed assets (net)
-€8,030
Current investments
+€135,197
Financing
-€45,121
Debts after one year
-€45,732
Current portion of long-term debt
+€611
Cash 2025
€100,871
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,751,704 | €2,705,915 | -€45,789 | -1.7% |
| Fixed assets | 21/28 | €484,726 | €414,717 | -€70,009 | -14.4% |
| Tangible fixed assets | 22/27 | €484,726 | €414,717 | -€70,009 | -14.4% |
| Land and buildings | 22 | €339,884 | €306,930 | -€32,955 | -9.7% |
| Plant, machinery and equipment | 23 | €38,145 | €33,908 | -€4,237 | -11.1% |
| Furniture and vehicles | 24 | €106,696 | €73,880 | -€32,817 | -30.8% |
| Current assets | 29/58 | €2,266,978 | €2,291,198 | +€24,220 | +1.1% |
| Stocks and contracts in progress | 3 | €546,771 | €626,770 | +€79,999 | +14.6% |
| Stocks | 30/36 | €546,771 | €626,770 | +€79,999 | +14.6% |
| Amounts receivable within one year | 40/41 | €208,415 | €258,575 | +€50,159 | +24.1% |
| Trade receivables | 40 | €87,277 | €118,101 | +€30,824 | +35.3% |
| Other amounts receivable | 41 | €121,138 | €140,474 | +€19,336 | +16.0% |
| Current investments | 50/53 | €1,400,059 | €1,264,862 | -€135,197 | -9.7% |
| Cash at bank and in hand | 54/58 | €79,752 | €100,871 | +€21,119 | +26.5% |
| Deferred charges and accrued income | 490/1 | €31,981 | €40,119 | +€8,138 | +25.4% |
| Total equity and liabilities | 10/49 | €2,751,704 | €2,705,915 | -€45,789 | -1.7% |
| Equity | 10/15 | €2,307,752 | €2,316,237 | +€8,485 | +0.4% |
| Contributions | 10/11 | €13,014 | €13,014 | = | 0.0% |
| Reserves | 13 | €2,373,698 | €2,381,698 | +€8,000 | +0.3% |
| Non-distributable reserves | 130/1 | €14,382 | €14,382 | = | 0.0% |
| Other | 1319 | €14,382 | €14,382 | = | 0.0% |
| Tax-exempt reserves | 132 | €619,936 | €619,936 | = | 0.0% |
| Distributable reserves | 133 | €1,739,380 | €1,747,380 | +€8,000 | +0.5% |
| Profit (loss) carried forward | 14 | -€78,960 | -€78,476 | +€485 | +0.6% |
| Amounts payable | 17/49 | €443,952 | €389,678 | -€54,274 | -12.2% |
| Amounts payable after more than one year | 17 | €159,130 | €113,398 | -€45,732 | -28.7% |
| Financial debts | 170/4 | €159,130 | €113,398 | -€45,732 | -28.7% |
| Amounts payable within one year | 42/48 | €284,822 | €276,280 | -€8,542 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €45,121 | €45,732 | +€611 | +1.4% |
| Trade debts | 44 | €96,872 | €107,442 | +€10,570 | +10.9% |
| Suppliers | 440/4 | €96,872 | €107,442 | +€10,570 | +10.9% |
| Taxes, remuneration and social security | 45 | €122,711 | €102,988 | -€19,723 | -16.1% |
| Taxes | 450/3 | €96,064 | €88,546 | -€7,519 | -7.8% |
| Remuneration and social security | 454/9 | €26,647 | €14,443 | -€12,204 | -45.8% |
| Other amounts payable | 47/48 | €20,117 | €20,117 | = | 0.0% |
| Non-recurring operating income | 76A | €24,812 | - | -€24,812 | |
| Remuneration, social security and pensions | 62 | €213,588 | €187,323 | -€26,265 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,257 | €78,039 | -€1,218 | -1.5% |
| Other operating charges | 640/8 | €9,392 | €9,810 | +€418 | +4.4% |
| Gross operating margin | 9900 | €280,844 | €302,038 | +€21,194 | +7.5% |
| Operating profit (loss) | 9901 | -€21,393 | €26,866 | +€48,259 | |
| Financial income | 75/76B | €65,682 | €11,304 | -€54,378 | -82.8% |
| Recurring financial income | 75 | €65,682 | €11,304 | -€54,378 | -82.8% |
| Financial charges | 65/66B | €27,646 | €24,759 | -€2,887 | -10.4% |
| Recurring financial charges | 65 | €27,646 | €24,759 | -€2,887 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €16,644 | €13,411 | -€3,233 | -19.4% |
| Income taxes | 67/77 | €103,684 | €4,926 | -€98,758 | -95.2% |
| Profit (loss) for the period | 9904 | -€87,040 | €8,485 | +€95,525 | |
| Profit (loss) for the period to be appropriated | 9905 | -€87,040 | €8,485 | +€95,525 |
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 15 October 2026 via checked.be.