I.R.V.R.: 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.V.R.
Largest movements
- Cash -€120,319
down €120,319 (-68.4%), from €175,874 to €55,554
mainly Contributions, distributions and other (-€172,083) and Debts after one year (-€66,250)
- Tangible fixed assets -€53,145
down €53,145 (-2.9%), from €1.8m to €1.8m
of which Land and buildings: -€50,678
- Debts after one year -€66,250
down €66,250 (-16.3%), from €406,733 to €340,483
of which Financial debts: -€66,250
- Tax, wage and social debts -€47,353
down €47,353 (-73.4%), from €64,556 to €17,203
- Accrued charges and deferred income -€40,539
down €40,539 (-28.6%), from €141,972 to €101,433
- Reserves -€40,095
down €40,095 (-4.8%), from €836,823 to €796,728
of which Distributable reserves: -€40,095
- Trade debts +€22,811
up €22,811 (+30.8%), from €74,070 to €96,881
- Financial charges -€15,002
down €15,002 (-53.3%), from €28,151 to €13,149
- Taxes +€4,087
up €4,087 (+7.3%), from €56,108 to €60,195
- Depreciation -€2,876
down €2,876 (-5.1%), from €56,021 to €53,145
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 | €2,133,138 | €1,965,174 | -€167,964 | -7.9% |
| Fixed assets | 21/28 | €1,819,375 | €1,766,230 | -€53,145 | -2.9% |
| Tangible fixed assets | 22/27 | €1,819,375 | €1,766,230 | -€53,145 | -2.9% |
| Land and buildings | 22 | €1,813,821 | €1,763,143 | -€50,678 | -2.8% |
| Plant, machinery and equipment | 23 | €5,554 | €3,087 | -€2,467 | -44.4% |
| Current assets | 29/58 | €313,763 | €198,944 | -€114,819 | -36.6% |
| Amounts receivable within one year | 40/41 | €135,450 | €141,327 | +€5,877 | +4.3% |
| Trade receivables | 40 | €135,303 | €141,327 | +€6,024 | +4.5% |
| Other amounts receivable | 41 | €147 | - | -€147 | |
| Cash at bank and in hand | 54/58 | €175,874 | €55,554 | -€120,319 | -68.4% |
| Deferred charges and accrued income | 490/1 | €2,439 | €2,063 | -€377 | -15.4% |
| Total equity and liabilities | 10/49 | €2,133,138 | €1,965,174 | -€167,964 | -7.9% |
| Equity | 10/15 | €1,298,823 | €1,258,728 | -€40,095 | -3.1% |
| Contributions | 10/11 | €462,000 | €462,000 | = | 0.0% |
| Capital | 10 | €462,000 | €462,000 | = | 0.0% |
| Issued capital | 100 | €462,000 | €462,000 | = | 0.0% |
| Reserves | 13 | €836,823 | €796,728 | -€40,095 | -4.8% |
| Non-distributable reserves | 130/1 | €46,200 | €46,200 | = | 0.0% |
| Legal reserve | 130 | €46,200 | €46,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €27,936 | €27,936 | = | 0.0% |
| Distributable reserves | 133 | €762,687 | €722,592 | -€40,095 | -5.3% |
| Amounts payable | 17/49 | €834,315 | €706,446 | -€127,869 | -15.3% |
| Amounts payable after more than one year | 17 | €406,733 | €340,483 | -€66,250 | -16.3% |
| Financial debts | 170/4 | €391,833 | €325,583 | -€66,250 | -16.9% |
| Other amounts payable | 178/9 | €14,900 | €14,900 | = | 0.0% |
| Amounts payable within one year | 42/48 | €285,610 | €264,530 | -€21,080 | -7.4% |
| Current portion of amounts payable after more than one year | 42 | €144,028 | €145,306 | +€1,277 | +0.9% |
| Financial debts | 43 | €2,954 | €2,971 | +€17 | +0.6% |
| Credit institutions | 430/8 | €2,954 | €2,971 | +€17 | +0.6% |
| Trade debts | 44 | €74,070 | €96,881 | +€22,811 | +30.8% |
| Suppliers | 440/4 | €74,070 | €96,881 | +€22,811 | +30.8% |
| Taxes, remuneration and social security | 45 | €64,556 | €17,203 | -€47,353 | -73.4% |
| Taxes | 450/3 | €64,556 | €17,203 | -€47,353 | -73.4% |
| Other amounts payable | 47/48 | - | €2,169 | +€2,169 | |
| Accrued charges and deferred income | 492/3 | €141,972 | €101,433 | -€40,539 | -28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,021 | €53,145 | -€2,876 | -5.1% |
| Other operating charges | 640/8 | €25,838 | €26,795 | +€957 | +3.7% |
| Gross operating margin | 9900 | €286,284 | €285,271 | -€1,012 | -0.4% |
| Operating profit (loss) | 9901 | €204,425 | €205,332 | +€907 | +0.4% |
| Financial income | 75/76B | €65 | €0 | -€65 | -99.5% |
| Recurring financial income | 75 | €65 | €0 | -€65 | -99.5% |
| Financial charges | 65/66B | €28,151 | €13,149 | -€15,002 | -53.3% |
| Recurring financial charges | 65 | €28,151 | €13,149 | -€15,002 | -53.3% |
| Profit (loss) for the period before taxes | 9903 | €176,340 | €192,183 | +€15,844 | +9.0% |
| Income taxes | 67/77 | €56,108 | €60,195 | +€4,087 | +7.3% |
| Profit (loss) for the period | 9904 | €120,232 | €131,989 | +€11,757 | +9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €120,232 | €131,989 | +€11,757 | +9.8% |
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 1 November 2026 via checked.be.