I-PROJECTS SYSTEMS: what changed
I-PROJECTS SYSTEMS
Largest movements
- Receivables within one year +€44,846
up €44,846 (+21.6%), from €207,342 to €252,188
of which Other amounts receivable: +€44,702
- Cash -€40,515
down €40,515 (-47.8%), from €84,739 to €44,225
mainly Trade debts (-€74,219) and Receivables within one year (-€44,846)
- Tangible fixed assets -€22,663
down €22,663 (-31.3%), from €72,414 to €49,752
- Stocks and contracts +€13,454
up €13,454 (+12.2%), from €110,286 to €123,740
of which Contracts in progress: +€10,274
- Trade debts -€74,219
down €74,219 (-38.9%), from €190,847 to €116,628
- Reserves +€54,269
up €54,269 (+125%), from €43,360 to €97,630
- Current portion of long-term debt +€21,657
up €21,657 (+23.8%), from €91,059 to €112,715
- Accrued charges and deferred income +€17,382
new in 2026: €17,382
- Debts after one year -€9,061
down €9,061 (-10.4%), from €86,848 to €77,787
- Gross operating margin +€30,647
up €30,647 (+19.1%), from €160,657 to €191,303
- Taxes +€10,308
up €10,308 (+76.0%), from €13,557 to €23,865
- Other operating charges +€4,428
up €4,428 (+423%), from €1,047 to €5,475
- Financial charges +€3,812
up €3,812 (+19.8%), from €19,248 to €23,059
- Depreciation +€2,418
up €2,418 (+10.0%), from €24,245 to €26,663
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €474,782 | €469,904 | -€4,878 | -1.0% |
| Fixed assets | 21/28 | €72,414 | €49,752 | -€22,663 | -31.3% |
| Tangible fixed assets | 22/27 | €72,414 | €49,752 | -€22,663 | -31.3% |
| Plant, machinery and equipment | 23 | €72,414 | €49,752 | -€22,663 | -31.3% |
| Current assets | 29/58 | €402,368 | €420,152 | +€17,785 | +4.4% |
| Stocks and contracts in progress | 3 | €110,286 | €123,740 | +€13,454 | +12.2% |
| Stocks | 30/36 | €42,120 | €45,300 | +€3,180 | +7.5% |
| Contracts in progress | 37 | €68,166 | €78,440 | +€10,274 | +15.1% |
| Amounts receivable within one year | 40/41 | €207,342 | €252,188 | +€44,846 | +21.6% |
| Trade receivables | 40 | €183,358 | €183,501 | +€144 | +0.1% |
| Other amounts receivable | 41 | €23,985 | €68,686 | +€44,702 | +186% |
| Cash at bank and in hand | 54/58 | €84,739 | €44,225 | -€40,515 | -47.8% |
| Total equity and liabilities | 10/49 | €474,782 | €469,904 | -€4,878 | -1.0% |
| Equity | 10/15 | €53,360 | €107,630 | +€54,269 | +102% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €43,360 | €97,630 | +€54,269 | +125% |
| Distributable reserves | 133 | €43,360 | €97,630 | +€54,269 | +125% |
| Amounts payable | 17/49 | €421,422 | €362,274 | -€59,147 | -14.0% |
| Amounts payable after more than one year | 17 | €86,848 | €77,787 | -€9,061 | -10.4% |
| Financial debts | 170/4 | €86,848 | €77,787 | -€9,061 | -10.4% |
| Amounts payable within one year | 42/48 | €334,574 | €267,105 | -€67,468 | -20.2% |
| Current portion of amounts payable after more than one year | 42 | €91,059 | €112,715 | +€21,657 | +23.8% |
| Trade debts | 44 | €190,847 | €116,628 | -€74,219 | -38.9% |
| Suppliers | 440/4 | €190,847 | €116,628 | -€74,219 | -38.9% |
| Advances received on contracts in progress | 46 | €4,240 | - | -€4,240 | |
| Taxes, remuneration and social security | 45 | €23,396 | €15,380 | -€8,016 | -34.3% |
| Taxes | 450/3 | €17,840 | €9,141 | -€8,699 | -48.8% |
| Remuneration and social security | 454/9 | €5,556 | €6,239 | +€683 | +12.3% |
| Other amounts payable | 47/48 | €25,032 | €22,382 | -€2,650 | -10.6% |
| Accrued charges and deferred income | 492/3 | - | €17,382 | +€17,382 | |
| Non-recurring operating income | 76A | €6,890 | - | -€6,890 | |
| Remuneration, social security and pensions | 62 | €58,227 | €60,391 | +€2,164 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,245 | €26,663 | +€2,418 | +10.0% |
| Other operating charges | 640/8 | €1,047 | €5,475 | +€4,428 | +423% |
| Gross operating margin | 9900 | €160,657 | €191,303 | +€30,647 | +19.1% |
| Operating profit (loss) | 9901 | €77,139 | €98,774 | +€21,636 | +28.0% |
| Financial income | 75/76B | €1,034 | €2,419 | +€1,386 | +134% |
| Recurring financial income | 75 | €1,034 | €2,419 | +€1,386 | +134% |
| Financial charges | 65/66B | €19,248 | €23,059 | +€3,812 | +19.8% |
| Recurring financial charges | 65 | €19,248 | €23,059 | +€3,812 | +19.8% |
| Profit (loss) for the period before taxes | 9903 | €58,924 | €78,135 | +€19,210 | +32.6% |
| Income taxes | 67/77 | €13,557 | €23,865 | +€10,308 | +76.0% |
| Profit (loss) for the period | 9904 | €45,367 | €54,269 | +€8,902 | +19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €45,367 | €54,269 | +€8,902 | +19.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.