I.BOU: 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.BOU
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€157,436
2024 · €88,640+€68,796
Equity
€3.3m
2024 · €3.3m+€436
Cash
€119,803
2024 · €66,482+€53,321
Balance sheet total
€4.0m
2024 · €4.0m-€14,074
Largest movements
Assets
- Cash +€53,321
up €53,321 (+80.2%), from €66,482 to €119,803
mainly Net result for the year (+€157,436) and Depreciation (+€107,347)
- Current investments -€49,888
down €49,888 (-1.8%), from €2.7m to €2.7m
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial income +€42,219
up €42,219 (+132%), from €31,927 to €74,147
- Gross operating margin +€17,528
up €17,528 (+6.2%), from €284,543 to €302,071
- Financial charges -€15,709
down €15,709 (-86.0%), from €18,274 to €2,565
- Taxes +€12,968
up €12,968 (+35.6%), from €36,454 to €49,422
- Depreciation -€3,436
down €3,436 (-3.1%), from €110,782 to €107,347
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
€88,640
Gross operating margin
+€17,528
Depreciation
+€3,436
Other operating charges
+€2,872
Financial income
+€42,219
Financial charges
+€15,709
Taxes
-€12,968
Result 2025
€157,436
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
+€313,308
Investment
-€41,740
Financing
-€218,248
Cash 2024
€66,482
From operations (derived)
+€313,308
Net result for the year
+€157,436
Depreciation
+€107,347
Receivables after one year
+€6,295
Receivables within one year
-€5,501
Deferred charges and accrued income
+€994
Trade debts
+€38,947
Tax, wage and social debts
+€6,807
Other debts
+€984
Investment (derived)
-€41,740
Investment in fixed assets (net)
-€91,628
Current investments
+€49,888
Financing
-€218,248
Debts after one year
-€38,641
Current portion of long-term debt
-€12,489
Short-term financial debts
-€10,118
Contributions, distributions and other
-€157,000
Cash 2025
€119,803
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,025,467 | €4,011,393 | -€14,074 | -0.3% |
| Fixed assets | 21/28 | €1,160,636 | €1,144,917 | -€15,719 | -1.4% |
| Tangible fixed assets | 22/27 | €1,160,636 | €1,144,917 | -€15,719 | -1.4% |
| Land and buildings | 22 | €1,154,420 | €1,139,914 | -€14,506 | -1.3% |
| Plant, machinery and equipment | 23 | €2,365 | €2,128 | -€237 | -10.0% |
| Furniture and vehicles | 24 | €3,850 | €2,874 | -€976 | -25.3% |
| Current assets | 29/58 | €2,864,831 | €2,866,476 | +€1,645 | +0.1% |
| Amounts receivable after more than one year | 29 | €20,041 | €13,747 | -€6,295 | -31.4% |
| Other amounts receivable | 291 | €20,041 | €13,747 | -€6,295 | -31.4% |
| Amounts receivable within one year | 40/41 | €57,669 | €63,170 | +€5,501 | +9.5% |
| Trade receivables | 40 | €29,500 | €51,389 | +€21,889 | +74.2% |
| Other amounts receivable | 41 | €28,169 | €11,781 | -€16,388 | -58.2% |
| Current investments | 50/53 | €2,700,511 | €2,650,623 | -€49,888 | -1.8% |
| Cash at bank and in hand | 54/58 | €66,482 | €119,803 | +€53,321 | +80.2% |
| Deferred charges and accrued income | 490/1 | €20,128 | €19,134 | -€994 | -4.9% |
| Total equity and liabilities | 10/49 | €4,025,467 | €4,011,393 | -€14,074 | -0.3% |
| Equity | 10/15 | €3,346,493 | €3,346,928 | +€436 | 0.0% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €3,221,493 | €3,221,928 | +€436 | 0.0% |
| Non-distributable reserves | 130/1 | €1,053,381 | €1,053,381 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Own shares acquired | 1312 | €1,040,881 | €1,040,881 | = | 0.0% |
| Distributable reserves | 133 | €2,168,112 | €2,168,547 | +€436 | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €678,975 | €664,465 | -€14,510 | -2.1% |
| Amounts payable after more than one year | 17 | €38,641 | €0 | -€38,641 | -100% |
| Financial debts | 170/4 | €38,641 | €0 | -€38,641 | -100% |
| Amounts payable within one year | 42/48 | €640,334 | €664,465 | +€24,131 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €51,129 | €38,641 | -€12,489 | -24.4% |
| Financial debts | 43 | €17,668 | €7,550 | -€10,118 | -57.3% |
| Other loans | 439 | €17,668 | €7,550 | -€10,118 | -57.3% |
| Trade debts | 44 | €23,665 | €62,612 | +€38,947 | +165% |
| Suppliers | 440/4 | €23,665 | €62,612 | +€38,947 | +165% |
| Taxes, remuneration and social security | 45 | €10,935 | €17,741 | +€6,807 | +62.2% |
| Taxes | 450/3 | €10,935 | €17,741 | +€6,807 | +62.2% |
| Other amounts payable | 47/48 | €536,937 | €537,921 | +€984 | +0.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,782 | €107,347 | -€3,436 | -3.1% |
| Other operating charges | 640/8 | €62,320 | €59,448 | -€2,872 | -4.6% |
| Gross operating margin | 9900 | €284,543 | €302,071 | +€17,528 | +6.2% |
| Operating profit (loss) | 9901 | €111,441 | €135,277 | +€23,836 | +21.4% |
| Financial income | 75/76B | €31,927 | €74,147 | +€42,219 | +132% |
| Recurring financial income | 75 | €31,927 | €74,147 | +€42,219 | +132% |
| Financial charges | 65/66B | €18,274 | €2,565 | -€15,709 | -86.0% |
| Recurring financial charges | 65 | €18,274 | €2,565 | -€15,709 | -86.0% |
| Profit (loss) for the period before taxes | 9903 | €125,094 | €206,858 | +€81,764 | +65.4% |
| Income taxes | 67/77 | €36,454 | €49,422 | +€12,968 | +35.6% |
| Profit (loss) for the period | 9904 | €88,640 | €157,436 | +€68,796 | +77.6% |
| Profit (loss) for the period to be appropriated | 9905 | €88,640 | €157,436 | +€68,796 | +77.6% |
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 19 October 2026 via checked.be.