I.R.C.O. Construct: 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.R.C.O. Construct
Largest movements
- Receivables within one year +€41,000
up €41,000 (+17.1%), from €240,061 to €281,061
of which Other amounts receivable: +€52,171
- Tangible fixed assets -€7,473
down €7,473 (-26.8%), from €27,904 to €20,431
- Short-term financial debts +€16,418
new in 2025: €16,418
- Trade debts +€15,945
up €15,945 (+40.0%), from €39,827 to €55,772
of which Bills of exchange payable: +€34,596
- Current portion of long-term debt -€5,144
down €5,144 (-63.5%), from €8,102 to €2,958
- Tax, wage and social debts +€4,765
up €4,765 (+146%), from €3,269 to €8,034
- Profit (loss) carried forward +€4,385
up €4,385 (+2.5%), from €178,081 to €182,466
- Gross operating margin -€54,346
down €54,346 (-79.2%), from €68,597 to €14,250
- Financial income +€33,215
new in 2025: €33,215
- Financial charges -€14,195
down €14,195 (-34.2%), from €41,470 to €27,275
- Depreciation -€1,328
down €1,328 (-15.1%), from €8,801 to €7,473
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 | €270,024 | €303,435 | +€33,411 | +12.4% |
| Fixed assets | 21/28 | €27,904 | €20,431 | -€7,473 | -26.8% |
| Tangible fixed assets | 22/27 | €27,904 | €20,431 | -€7,473 | -26.8% |
| Furniture and vehicles | 24 | €27,904 | €20,431 | -€7,473 | -26.8% |
| Current assets | 29/58 | €242,120 | €283,004 | +€40,884 | +16.9% |
| Amounts receivable within one year | 40/41 | €240,061 | €281,061 | +€41,000 | +17.1% |
| Trade receivables | 40 | €136,984 | €125,814 | -€11,170 | -8.2% |
| Other amounts receivable | 41 | €103,076 | €155,247 | +€52,171 | +50.6% |
| Cash at bank and in hand | 54/58 | €2,060 | €1,943 | -€117 | -5.7% |
| Total equity and liabilities | 10/49 | €270,024 | €303,435 | +€33,411 | +12.4% |
| Equity | 10/15 | €186,941 | €191,326 | +€4,385 | +2.3% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €178,081 | €182,466 | +€4,385 | +2.5% |
| Provisions and deferred taxes | 16 | €7,000 | €7,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €7,000 | €7,000 | = | 0.0% |
| Environmental obligations | 163 | €7,000 | €7,000 | = | 0.0% |
| Amounts payable | 17/49 | €76,083 | €105,109 | +€29,026 | +38.2% |
| Amounts payable after more than one year | 17 | €24,885 | €21,927 | -€2,958 | -11.9% |
| Financial debts | 170/4 | €24,885 | €21,927 | -€2,958 | -11.9% |
| Amounts payable within one year | 42/48 | €51,198 | €83,182 | +€31,984 | +62.5% |
| Current portion of amounts payable after more than one year | 42 | €8,102 | €2,958 | -€5,144 | -63.5% |
| Financial debts | 43 | - | €16,418 | +€16,418 | |
| Credit institutions | 430/8 | - | €16,418 | +€16,418 | |
| Trade debts | 44 | €39,827 | €55,772 | +€15,945 | +40.0% |
| Suppliers | 440/4 | €39,125 | €20,474 | -€18,651 | -47.7% |
| Bills of exchange payable | 441 | €701 | €35,298 | +€34,596 | +4,932% |
| Taxes, remuneration and social security | 45 | €3,269 | €8,034 | +€4,765 | +146% |
| Taxes | 450/3 | €3,269 | €8,034 | +€4,765 | +146% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,801 | €7,473 | -€1,328 | -15.1% |
| Other operating charges | 640/8 | €2,985 | €2,697 | -€287 | -9.6% |
| Gross operating margin | 9900 | €68,597 | €14,250 | -€54,346 | -79.2% |
| Operating profit (loss) | 9901 | €56,811 | €4,080 | -€52,731 | -92.8% |
| Financial income | 75/76B | - | €33,215 | +€33,215 | |
| Recurring financial income | 75 | - | €33,215 | +€33,215 | |
| Financial charges | 65/66B | €41,470 | €27,275 | -€14,195 | -34.2% |
| Recurring financial charges | 65 | €41,470 | €27,275 | -€14,195 | -34.2% |
| Profit (loss) for the period before taxes | 9903 | €15,341 | €10,020 | -€5,321 | -34.7% |
| Income taxes | 67/77 | €5,769 | €5,635 | -€134 | -2.3% |
| Profit (loss) for the period | 9904 | €9,572 | €4,385 | -€5,187 | -54.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,572 | €4,385 | -€5,187 | -54.2% |
Source: filed annual accounts (NBB), financial years ended 31 January 2024 and 31 January 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.