I.V.G.E.: what changed
Two fiscal 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.
What changed
I.V.G.E.
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
€15,664
2025 · -€30,784+€46,448
Equity
€1.2m
2025 · €1.2m+€15,664
Cash
€6,448
2025 · €120,395-€113,947
Balance sheet total
€2.9m
2025 · €2.6m+€292,609
Largest movements
Assets
- Tangible fixed assets +€406,430
up €406,430 (+16.6%), from €2.4m to €2.9m
of which Land and buildings: +€447,860
- Cash -€113,947
down €113,947 (-94.6%), from €120,395 to €6,448
mainly Investment in fixed assets (net) (-€513,225) and Debts after one year (-€114,429)
Equity and liabilities
- Other debts +€402,947
up €402,947 (+128.0%), from €314,898 to €717,845
- Debts after one year -€114,429
down €114,429 (-25.7%), from €445,860 to €331,431
Income statement
- Depreciation -€35,259
down €35,259 (-24.8%), from €142,054 to €106,795
- Gross operating margin +€33,827
up €33,827 (+18.2%), from €185,716 to €219,543
- Taxes +€12,528
new in 2026: €12,528
- Financial charges +€5,130
up €5,130 (+11.8%), from €43,289 to €48,419
- Other operating charges +€2,413
up €2,413 (+5.1%), from €47,121 to €49,534
From the 2025 result to the 2026 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.
Result 2025
-€30,784
Gross operating margin
+€33,827
Depreciation
+€35,259
Other operating charges
-€2,413
Financial income
+€122
Financial charges
-€5,130
Taxes
-€12,528
Deferred taxes and other
-€2,690
Result 2026
€15,664
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€510,155
Investment
-€513,225
Financing
-€110,877
Cash 2025
€120,395
From operations (derived)
+€510,155
Net result for the year
+€15,664
Depreciation
+€106,795
Receivables within one year
+€1,811
Deferred charges and accrued income
-€1,937
Provisions
-€13,190
Trade debts
-€4,568
Other debts
+€402,947
Accrued charges and deferred income
+€2,633
Investment (derived)
-€513,225
Investment in fixed assets (net)
-€513,225
Financing
-€110,877
Debts after one year
-€114,429
Current portion of long-term debt
+€3,552
Cash 2026
€6,448
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,598,699 | €2,891,309 | +€292,609 | +11.3% |
| Fixed assets | 21/28 | €2,468,884 | €2,875,314 | +€406,430 | +16.5% |
| Tangible fixed assets | 22/27 | €2,447,824 | €2,854,254 | +€406,430 | +16.6% |
| Land and buildings | 22 | €2,073,266 | €2,521,126 | +€447,860 | +21.6% |
| Plant, machinery and equipment | 23 | €374,559 | €333,129 | -€41,430 | -11.1% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €21,060 | €21,060 | = | 0.0% |
| Current assets | 29/58 | €129,815 | €15,994 | -€113,821 | -87.7% |
| Amounts receivable within one year | 40/41 | €9,178 | €7,367 | -€1,811 | -19.7% |
| Trade receivables | 40 | €7,842 | €4,016 | -€3,826 | -48.8% |
| Other amounts receivable | 41 | €1,336 | €3,351 | +€2,015 | +150.8% |
| Cash at bank and in hand | 54/58 | €120,395 | €6,448 | -€113,947 | -94.6% |
| Deferred charges and accrued income | 490/1 | €242 | €2,179 | +€1,937 | +800.6% |
| Total equity and liabilities | 10/49 | €2,598,699 | €2,891,309 | +€292,609 | +11.3% |
| Equity | 10/15 | €1,230,712 | €1,246,376 | +€15,664 | +1.3% |
| Contributions | 10/11 | €275,000 | €275,000 | = | 0.0% |
| Capital | 10 | €275,000 | €275,000 | = | 0.0% |
| Issued capital | 100 | €275,000 | €275,000 | = | 0.0% |
| Reserves | 13 | €955,712 | €971,376 | +€15,664 | +1.6% |
| Non-distributable reserves | 130/1 | €27,500 | €27,500 | = | 0.0% |
| Legal reserve | 130 | €27,500 | €27,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €564,969 | €525,399 | -€39,570 | -7.0% |
| Distributable reserves | 133 | €363,243 | €418,477 | +€55,234 | +15.2% |
| Provisions and deferred taxes | 16 | €483,957 | €470,767 | -€13,190 | -2.7% |
| Provisions for liabilities and charges | 160/5 | €295,634 | €295,634 | = | 0.0% |
| Other liabilities and charges | 164/5 | €295,634 | €295,634 | = | 0.0% |
| Deferred taxes | 168 | €188,323 | €175,133 | -€13,190 | -7.0% |
| Amounts payable | 17/49 | €884,030 | €1,174,165 | +€290,135 | +32.8% |
| Amounts payable after more than one year | 17 | €445,860 | €331,431 | -€114,429 | -25.7% |
| Financial debts | 170/4 | €445,860 | €331,431 | -€114,429 | -25.7% |
| Amounts payable within one year | 42/48 | €430,801 | €832,732 | +€401,931 | +93.3% |
| Current portion of amounts payable after more than one year | 42 | €110,877 | €114,429 | +€3,552 | +3.2% |
| Trade debts | 44 | €5,026 | €458 | -€4,568 | -90.9% |
| Suppliers | 440/4 | €5,026 | €458 | -€4,568 | -90.9% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €314,898 | €717,845 | +€402,947 | +128.0% |
| Accrued charges and deferred income | 492/3 | €7,369 | €10,002 | +€2,633 | +35.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,054 | €106,795 | -€35,259 | -24.8% |
| Other operating charges | 640/8 | €47,121 | €49,534 | +€2,413 | +5.1% |
| Gross operating margin | 9900 | €185,716 | €219,543 | +€33,827 | +18.2% |
| Operating profit (loss) | 9901 | -€3,459 | €63,214 | +€66,674 | |
| Financial income | 75/76B | €85 | €207 | +€122 | +144.1% |
| Recurring financial income | 75 | €85 | €207 | +€122 | +144.1% |
| Financial charges | 65/66B | €43,289 | €48,419 | +€5,130 | +11.8% |
| Recurring financial charges | 65 | €43,289 | €48,419 | +€5,130 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | -€46,664 | €15,003 | +€61,666 | |
| Transfer from deferred taxes | 780 | €15,880 | €13,190 | -€2,690 | -16.9% |
| Income taxes | 67/77 | - | €12,528 | +€12,528 | |
| Profit (loss) for the period | 9904 | -€30,784 | €15,664 | +€46,448 | |
| Transfer from tax-exempt reserves | 789 | €47,639 | €39,570 | -€8,069 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,855 | €55,234 | +€38,379 | +227.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.