I.E. INVEST: 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. INVEST
Largest movements
- Cash -€89,266
down €89,266 (-93.8%), from €95,130 to €5,864
mainly Investment in fixed assets (net) (-€71,401) and Net result for the year (-€32,980)
- Tangible fixed assets +€58,279
up €58,279 (+370%), from €15,733 to €74,011
of which Furniture and vehicles: +€55,354
- Receivables within one year -€49,586
down €49,586 (-35.3%), from €140,656 to €91,070
of which Trade receivables: -€53,187
- Receivables after one year +€28,938
up €28,938 (+27.3%), from €105,878 to €134,816
- Debts after one year +€37,679
up €37,679 (+251%), from €15,024 to €52,703
- Profit (loss) carried forward -€32,980
down €32,980 (-21.3%), from €155,148 to €122,167
- Trade debts -€24,625
down €24,625 (-30.6%), from €80,561 to €55,937
- Tax, wage and social debts -€22,122
down €22,122 (-75.2%), from €29,429 to €7,307
of which Taxes: -€25,538
- Advances received -€21,529
down €21,529 (-27.6%), from €78,073 to €56,544
- Gross operating margin -€17,570
down €17,570 (-51.7%), from €33,961 to €16,391
- Depreciation +€9,205
up €9,205 (+235%), from €3,917 to €13,122
- Financial charges +€5,528
up €5,528 (+75.7%), from €7,307 to €12,835
- Staff costs +€3,219
up €3,219 (+18.8%), from €17,100 to €20,318
- Taxes -€1,346
down €1,346 (-93.8%), from €1,435 to €89
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 | €385,516 | €333,279 | -€52,237 | -13.5% |
| Fixed assets | 21/28 | €15,783 | €74,061 | +€58,279 | +369% |
| Tangible fixed assets | 22/27 | €15,733 | €74,011 | +€58,279 | +370% |
| Plant, machinery and equipment | 23 | €3,920 | €6,844 | +€2,924 | +74.6% |
| Furniture and vehicles | 24 | €11,813 | €67,167 | +€55,354 | +469% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €369,734 | €259,218 | -€110,516 | -29.9% |
| Amounts receivable after more than one year | 29 | €105,878 | €134,816 | +€28,938 | +27.3% |
| Trade receivables | 290 | €105,878 | €134,816 | +€28,938 | +27.3% |
| Stocks and contracts in progress | 3 | €27,467 | €27,467 | = | 0.0% |
| Stocks | 30/36 | €27,467 | €27,467 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €140,656 | €91,070 | -€49,586 | -35.3% |
| Trade receivables | 40 | €118,514 | €65,327 | -€53,187 | -44.9% |
| Other amounts receivable | 41 | €22,142 | €25,743 | +€3,601 | +16.3% |
| Cash at bank and in hand | 54/58 | €95,130 | €5,864 | -€89,266 | -93.8% |
| Deferred charges and accrued income | 490/1 | €602 | - | -€602 | |
| Total equity and liabilities | 10/49 | €385,516 | €333,279 | -€52,237 | -13.5% |
| Equity | 10/15 | €165,283 | €132,303 | -€32,980 | -20.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €3,935 | €3,935 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,935 | €1,935 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,935 | €1,935 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €155,148 | €122,167 | -€32,980 | -21.3% |
| Amounts payable | 17/49 | €220,233 | €200,976 | -€19,256 | -8.7% |
| Amounts payable after more than one year | 17 | €15,024 | €52,703 | +€37,679 | +251% |
| Financial debts | 170/4 | €15,024 | €52,703 | +€37,679 | +251% |
| Amounts payable within one year | 42/48 | €205,209 | €148,273 | -€56,936 | -27.7% |
| Current portion of amounts payable after more than one year | 42 | €6,523 | €16,919 | +€10,396 | +159% |
| Financial debts | 43 | €3,000 | €3,944 | +€944 | +31.5% |
| Credit institutions | 430/8 | €3,000 | €3,944 | +€944 | +31.5% |
| Trade debts | 44 | €80,561 | €55,937 | -€24,625 | -30.6% |
| Suppliers | 440/4 | €80,561 | €55,937 | -€24,625 | -30.6% |
| Advances received on contracts in progress | 46 | €78,073 | €56,544 | -€21,529 | -27.6% |
| Taxes, remuneration and social security | 45 | €29,429 | €7,307 | -€22,122 | -75.2% |
| Taxes | 450/3 | €25,664 | €126 | -€25,538 | -99.5% |
| Remuneration and social security | 454/9 | €3,765 | €7,181 | +€3,416 | +90.7% |
| Other amounts payable | 47/48 | €7,623 | €7,623 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €17,100 | €20,318 | +€3,219 | +18.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,917 | €13,122 | +€9,205 | +235% |
| Other operating charges | 640/8 | €2,053 | €3,007 | +€954 | +46.4% |
| Gross operating margin | 9900 | €33,961 | €16,391 | -€17,570 | -51.7% |
| Operating profit (loss) | 9901 | €10,890 | -€20,056 | -€30,947 | |
| Financial charges | 65/66B | €7,307 | €12,835 | +€5,528 | +75.7% |
| Recurring financial charges | 65 | €7,307 | €12,835 | +€5,528 | +75.7% |
| Profit (loss) for the period before taxes | 9903 | €3,583 | -€32,892 | -€36,475 | |
| Income taxes | 67/77 | €1,435 | €89 | -€1,346 | -93.8% |
| Profit (loss) for the period | 9904 | €2,148 | -€32,980 | -€35,128 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,148 | -€32,980 | -€35,128 |
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 14 October 2026 via checked.be.