I.E.A.C.: 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.
I.E.A.C.
Largest movements
- Tangible fixed assets -€133,767
down €133,767 (-50.6%), from €264,481 to €130,714
of which Land and buildings: -€147,976
- Receivables within one year +€18,055
up €18,055 (+25.6%), from €70,438 to €88,493
of which Trade receivables: +€11,797
- Cash +€8,156
up €8,156 (+316.1%), from €2,580 to €10,736
mainly Investment in fixed assets (net) (+€113,133) and Net result for the year (+€23,733)
- Current portion of long-term debt -€46,980
down €46,980 (-69.7%), from €67,388 to €20,408
- Reserves -€43,046
down €43,046 (-23.9%), from €180,487 to €137,441
- Short-term financial debts -€17,322
down €17,322 (-100.0%), from €17,322 to €0
- Tax, wage and social debts -€14,296
down €14,296 (-68.3%), from €20,935 to €6,638
of which Taxes: -€12,127
- Debts after one year +€13,569
up €13,569 (+41.2%), from €32,971 to €46,541
- Gross operating margin -€54,428
down €54,428 (-30.8%), from €176,842 to €122,414
- Taxes -€18,204
down €18,204 (-65.6%), from €27,749 to €9,545
- Depreciation +€15,554
up €15,554 (+306.2%), from €5,080 to €20,634
- Other operating charges -€2,312
down €2,312 (-37.0%), from €6,258 to €3,946
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 | €351,626 | €241,646 | -€109,980 | -31.3% |
| Fixed assets | 21/28 | €264,481 | €130,714 | -€133,767 | -50.6% |
| Tangible fixed assets | 22/27 | €264,481 | €130,714 | -€133,767 | -50.6% |
| Land and buildings | 22 | €200,874 | €52,898 | -€147,976 | -73.7% |
| Furniture and vehicles | 24 | €63,607 | €77,815 | +€14,209 | +22.3% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €87,145 | €110,932 | +€23,787 | +27.3% |
| Stocks and contracts in progress | 3 | €14,127 | €11,703 | -€2,424 | -17.2% |
| Stocks | 30/36 | €14,127 | €11,703 | -€2,424 | -17.2% |
| Amounts receivable within one year | 40/41 | €70,438 | €88,493 | +€18,055 | +25.6% |
| Trade receivables | 40 | €53,360 | €65,156 | +€11,797 | +22.1% |
| Other amounts receivable | 41 | €17,078 | €23,336 | +€6,258 | +36.6% |
| Cash at bank and in hand | 54/58 | €2,580 | €10,736 | +€8,156 | +316.1% |
| Total equity and liabilities | 10/49 | €351,626 | €241,646 | -€109,980 | -31.3% |
| Equity | 10/15 | €186,687 | €143,641 | -€43,046 | -23.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €180,487 | €137,441 | -€43,046 | -23.9% |
| Distributable reserves | 133 | €180,487 | €137,441 | -€43,046 | -23.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €164,939 | €98,005 | -€66,934 | -40.6% |
| Amounts payable after more than one year | 17 | €32,971 | €46,541 | +€13,569 | +41.2% |
| Financial debts | 170/4 | €32,971 | €46,541 | +€13,569 | +41.2% |
| Amounts payable within one year | 42/48 | €131,968 | €51,464 | -€80,504 | -61.0% |
| Current portion of amounts payable after more than one year | 42 | €67,388 | €20,408 | -€46,980 | -69.7% |
| Financial debts | 43 | €17,322 | €0 | -€17,322 | -100.0% |
| Credit institutions | 430/8 | €17,322 | €0 | -€17,322 | -100.0% |
| Trade debts | 44 | €26,323 | €24,418 | -€1,905 | -7.2% |
| Suppliers | 440/4 | €26,323 | €24,418 | -€1,905 | -7.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €20,935 | €6,638 | -€14,296 | -68.3% |
| Taxes | 450/3 | €16,876 | €4,749 | -€12,127 | -71.9% |
| Remuneration and social security | 454/9 | €4,059 | €1,890 | -€2,169 | -53.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €19,324 | +€19,324 | |
| Remuneration, social security and pensions | 62 | €60,553 | €59,317 | -€1,235 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,080 | €20,634 | +€15,554 | +306.2% |
| Other operating charges | 640/8 | €6,258 | €3,946 | -€2,312 | -37.0% |
| Gross operating margin | 9900 | €176,842 | €122,414 | -€54,428 | -30.8% |
| Operating profit (loss) | 9901 | €104,951 | €38,517 | -€66,434 | -63.3% |
| Financial income | 75/76B | €376 | €610 | +€233 | +62.0% |
| Recurring financial income | 75 | €376 | €610 | +€233 | +62.0% |
| Financial charges | 65/66B | €7,463 | €5,849 | -€1,614 | -21.6% |
| Recurring financial charges | 65 | €7,463 | €5,849 | -€1,614 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €97,865 | €33,278 | -€64,587 | -66.0% |
| Income taxes | 67/77 | €27,749 | €9,545 | -€18,204 | -65.6% |
| Profit (loss) for the period | 9904 | €70,116 | €23,733 | -€46,383 | -66.2% |
| Profit (loss) for the period to be appropriated | 9905 | €70,116 | €23,733 | -€46,383 | -66.2% |
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 12 October 2026 via checked.be.