I.V.J.H.: 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.J.H.
Largest movements
- Cash -€93,021
down €93,021 (-70.5%), from €131,873 to €38,853
mainly Contributions, distributions and other (-€104,505) and Other debts (-€54,475)
- Tangible fixed assets -€34,279
down €34,279 (-4.0%), from €866,712 to €832,433
of which Land and buildings: -€28,873
- Receivables within one year +€10,164
new in 2025: €10,164
- Reserves -€74,586
down €74,586 (-15.5%), from €482,534 to €407,948
of which Distributable reserves: -€74,586
- Other debts -€54,475
down €54,475 (-35.1%), from €155,377 to €100,902
- Tax, wage and social debts +€17,944
up €17,944 (+207%), from €8,648 to €26,592
- Gross operating margin +€89,955
up €89,955 (+2,594%), from €3,468 to €93,422
- Depreciation +€6,609
up €6,609 (+14.1%), from €46,905 to €53,514
- Taxes +€2,992
new in 2025: €2,992
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 | €1,000,740 | €887,942 | -€112,798 | -11.3% |
| Fixed assets | 21/28 | €867,275 | €833,237 | -€34,038 | -3.9% |
| Tangible fixed assets | 22/27 | €866,712 | €832,433 | -€34,279 | -4.0% |
| Land and buildings | 22 | €855,383 | €826,510 | -€28,873 | -3.4% |
| Plant, machinery and equipment | 23 | €2,421 | €1,681 | -€739 | -30.5% |
| Furniture and vehicles | 24 | €8,909 | €4,242 | -€4,667 | -52.4% |
| Financial fixed assets | 28 | €563 | €804 | +€241 | +42.9% |
| Current assets | 29/58 | €133,465 | €54,705 | -€78,760 | -59.0% |
| Amounts receivable within one year | 40/41 | - | €10,164 | +€10,164 | |
| Trade receivables | 40 | - | €10,164 | +€10,164 | |
| Cash at bank and in hand | 54/58 | €131,873 | €38,853 | -€93,021 | -70.5% |
| Deferred charges and accrued income | 490/1 | €1,592 | €5,689 | +€4,097 | +257% |
| Total equity and liabilities | 10/49 | €1,000,740 | €887,942 | -€112,798 | -11.3% |
| Equity | 10/15 | €833,589 | €759,004 | -€74,586 | -8.9% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €482,534 | €407,948 | -€74,586 | -15.5% |
| Non-distributable reserves | 130/1 | €15,230 | €15,230 | = | 0.0% |
| Other | 1319 | €15,230 | €15,230 | = | 0.0% |
| Tax-exempt reserves | 132 | €46,885 | €46,885 | = | 0.0% |
| Distributable reserves | 133 | €420,419 | €345,834 | -€74,586 | -17.7% |
| Profit (loss) carried forward | 14 | €330,055 | €330,055 | = | 0.0% |
| Amounts payable | 17/49 | €167,151 | €128,939 | -€38,212 | -22.9% |
| Amounts payable within one year | 42/48 | €166,126 | €127,884 | -€38,242 | -23.0% |
| Trade debts | 44 | €2,100 | €390 | -€1,711 | -81.4% |
| Suppliers | 440/4 | €2,100 | €390 | -€1,711 | -81.4% |
| Taxes, remuneration and social security | 45 | €8,648 | €26,592 | +€17,944 | +207% |
| Taxes | 450/3 | €8,648 | €26,592 | +€17,944 | +207% |
| Other amounts payable | 47/48 | €155,377 | €100,902 | -€54,475 | -35.1% |
| Accrued charges and deferred income | 492/3 | €1,025 | €1,055 | +€30 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,905 | €53,514 | +€6,609 | +14.1% |
| Other operating charges | 640/8 | €6,995 | €6,955 | -€40 | -0.6% |
| Gross operating margin | 9900 | €3,468 | €93,422 | +€89,955 | +2,594% |
| Operating profit (loss) | 9901 | -€50,433 | €32,953 | +€83,386 | |
| Financial income | 75/76B | - | €13 | +€13 | |
| Recurring financial income | 75 | - | €13 | +€13 | |
| Financial charges | 65/66B | €49 | €55 | +€6 | +12.6% |
| Recurring financial charges | 65 | €49 | €55 | +€6 | +12.6% |
| Profit (loss) for the period before taxes | 9903 | -€50,481 | €32,911 | +€83,392 | |
| Income taxes | 67/77 | - | €2,992 | +€2,992 | |
| Profit (loss) for the period | 9904 | -€50,481 | €29,919 | +€80,400 | |
| Profit (loss) for the period to be appropriated | 9905 | -€50,481 | €29,919 | +€80,400 |
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 30 October 2026 via checked.be.