I.V.E. Projects: 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.V.E. Projects
Largest movements
- Stocks and contracts +€71,945
up €71,945 (+21.2%), from €338,949 to €410,894
- Cash -€12,207
down €12,207 (-50.0%), from €24,433 to €12,226
mainly Debts after one year (-€240,000) and Stocks and contracts (-€71,945)
- Receivables within one year -€7,062
down €7,062 (-87.9%), from €8,032 to €970
of which Trade receivables: -€4,500
- Short-term financial debts +€305,000
new in 2025: €305,000
- Debts after one year -€240,000
down €240,000 (-100.0%), from €240,000 to €0
- Other debts +€34,015
up €34,015 (+41.0%), from €83,031 to €117,046
- Profit (loss) carried forward -€24,791
down €24,791 (-108.8%), from -€22,791 to -€47,583
- Advances received -€20,000
down €20,000 (-100.0%), from €20,000 to €0
- Gross operating margin +€9,406
up €9,406 (+68.4%), from -€13,758 to -€4,352
- Financial charges +€5,362
up €5,362 (+44.1%), from €12,170 to €17,533
- Depreciation -€983
down €983 (-78.6%), from €1,252 to €268
- Other operating charges -€677
down €677 (-20.4%), from €3,315 to €2,638
- Write-downs -€580
down €580 (-100.0%), from €580 to €0
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 | €372,108 | €424,516 | +€52,407 | +14.1% |
| Fixed assets | 21/28 | €694 | €426 | -€268 | -38.6% |
| Tangible fixed assets | 22/27 | €644 | €376 | -€268 | -41.6% |
| Plant, machinery and equipment | 23 | €592 | €376 | -€216 | -36.5% |
| Furniture and vehicles | 24 | €52 | €0 | -€52 | -100.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €371,414 | €424,090 | +€52,676 | +14.2% |
| Stocks and contracts in progress | 3 | €338,949 | €410,894 | +€71,945 | +21.2% |
| Stocks | 30/36 | €338,949 | €410,894 | +€71,945 | +21.2% |
| Amounts receivable within one year | 40/41 | €8,032 | €970 | -€7,062 | -87.9% |
| Trade receivables | 40 | €5,469 | €970 | -€4,500 | -82.3% |
| Other amounts receivable | 41 | €2,563 | €0 | -€2,563 | -100.0% |
| Cash at bank and in hand | 54/58 | €24,433 | €12,226 | -€12,207 | -50.0% |
| Total equity and liabilities | 10/49 | €372,108 | €424,516 | +€52,407 | +14.1% |
| Equity | 10/15 | €24,001 | -€790 | -€24,791 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €28,193 | €28,193 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €26,333 | €26,333 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,791 | -€47,583 | -€24,791 | -108.8% |
| Amounts payable | 17/49 | €348,107 | €425,306 | +€77,199 | +22.2% |
| Amounts payable after more than one year | 17 | €240,000 | €0 | -€240,000 | -100.0% |
| Financial debts | 170/4 | €240,000 | €0 | -€240,000 | -100.0% |
| Amounts payable within one year | 42/48 | €108,107 | €425,306 | +€317,199 | +293.4% |
| Financial debts | 43 | - | €305,000 | +€305,000 | |
| Credit institutions | 430/8 | - | €305,000 | +€305,000 | |
| Trade debts | 44 | €3,570 | €0 | -€3,570 | -100.0% |
| Suppliers | 440/4 | €3,570 | €0 | -€3,570 | -100.0% |
| Advances received on contracts in progress | 46 | €20,000 | €0 | -€20,000 | -100.0% |
| Taxes, remuneration and social security | 45 | €1,506 | €3,260 | +€1,754 | +116.5% |
| Taxes | 450/3 | €1,506 | €3,260 | +€1,754 | +116.5% |
| Other amounts payable | 47/48 | €83,031 | €117,046 | +€34,015 | +41.0% |
| Non-recurring operating income | 76A | - | €1,038 | +€1,038 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,252 | €268 | -€983 | -78.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €580 | €0 | -€580 | -100.0% |
| Other operating charges | 640/8 | €3,315 | €2,638 | -€677 | -20.4% |
| Gross operating margin | 9900 | -€13,758 | -€4,352 | +€9,406 | +68.4% |
| Operating profit (loss) | 9901 | -€18,905 | -€7,259 | +€11,646 | +61.6% |
| Financial income | 75/76B | €0 | €0 | +€0 | +333.3% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +333.3% |
| Financial charges | 65/66B | €12,170 | €17,533 | +€5,362 | +44.1% |
| Recurring financial charges | 65 | €12,170 | €17,533 | +€5,362 | +44.1% |
| Profit (loss) for the period before taxes | 9903 | -€31,075 | -€24,791 | +€6,284 | +20.2% |
| Income taxes | 67/77 | €253 | €0 | -€253 | -100.0% |
| Profit (loss) for the period | 9904 | -€31,329 | -€24,791 | +€6,537 | +20.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,329 | -€24,791 | +€6,537 | +20.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.