I.V.S.: 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.S.
Largest movements
- Receivables within one year +€34,811
up €34,811 (+195%), from €17,849 to €52,660
of which Other amounts receivable: +€31,002
- Cash +€30,519
up €30,519 (+60.2%), from €50,737 to €81,256
mainly Accrued charges and deferred income (+€48,127) and Net result for the year (+€23,755)
- Tangible fixed assets -€17,039
down €17,039 (-17.3%), from €98,303 to €81,264
of which Furniture and vehicles: -€15,630
- Accrued charges and deferred income +€48,127
up €48,127 (+203%), from €23,752 to €71,879
- Short-term financial debts -€20,919
down €20,919 (-14.8%), from €141,050 to €120,131
- Reserves +€19,255
up €19,255 (+8.5%), from €225,518 to €244,773
of which Distributable reserves: +€19,255
- Debts after one year -€9,926
down €9,926 (-12.8%), from €77,365 to €67,438
- Gross operating margin -€47,667
down €47,667 (-41.0%), from €116,170 to €68,503
- Depreciation +€10,254
up €10,254 (+122%), from €8,402 to €18,656
- Financial charges -€3,179
down €3,179 (-28.3%), from €11,242 to €8,063
- Other operating charges +€2,864
up €2,864 (+26.0%), from €11,028 to €13,893
- Financial income +€1,598
up €1,598 (+428%), from €374 to €1,971
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 | €506,619 | €549,967 | +€43,348 | +8.6% |
| Fixed assets | 21/28 | €98,303 | €81,264 | -€17,039 | -17.3% |
| Tangible fixed assets | 22/27 | €98,303 | €81,264 | -€17,039 | -17.3% |
| Land and buildings | 22 | €19,507 | €18,236 | -€1,271 | -6.5% |
| Plant, machinery and equipment | 23 | €992 | €854 | -€138 | -13.9% |
| Furniture and vehicles | 24 | €77,804 | €62,174 | -€15,630 | -20.1% |
| Current assets | 29/58 | €408,316 | €468,703 | +€60,387 | +14.8% |
| Stocks and contracts in progress | 3 | €583 | - | -€583 | |
| Stocks | 30/36 | €583 | - | -€583 | |
| Amounts receivable within one year | 40/41 | €17,849 | €52,660 | +€34,811 | +195% |
| Trade receivables | 40 | €3,753 | €7,562 | +€3,809 | +101% |
| Other amounts receivable | 41 | €14,096 | €45,098 | +€31,002 | +220% |
| Current investments | 50/53 | €13,321 | €13,321 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €50,737 | €81,256 | +€30,519 | +60.2% |
| Deferred charges and accrued income | 490/1 | €325,826 | €321,467 | -€4,359 | -1.3% |
| Total equity and liabilities | 10/49 | €506,619 | €549,967 | +€43,348 | +8.6% |
| Equity | 10/15 | €231,718 | €250,973 | +€19,255 | +8.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €225,518 | €244,773 | +€19,255 | +8.5% |
| Tax-exempt reserves | 132 | €22,285 | €22,285 | = | 0.0% |
| Distributable reserves | 133 | €203,234 | €222,489 | +€19,255 | +9.5% |
| Amounts payable | 17/49 | €274,901 | €298,994 | +€24,093 | +8.8% |
| Amounts payable after more than one year | 17 | €77,365 | €67,438 | -€9,926 | -12.8% |
| Financial debts | 170/4 | €77,365 | €67,438 | -€9,926 | -12.8% |
| Amounts payable within one year | 42/48 | €173,785 | €159,677 | -€14,108 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €9,543 | €9,926 | +€384 | +4.0% |
| Financial debts | 43 | €141,050 | €120,131 | -€20,919 | -14.8% |
| Credit institutions | 430/8 | €141,050 | €120,131 | -€20,919 | -14.8% |
| Trade debts | 44 | €14,275 | €11,701 | -€2,574 | -18.0% |
| Suppliers | 440/4 | €14,275 | €11,701 | -€2,574 | -18.0% |
| Taxes, remuneration and social security | 45 | €8,917 | €13,418 | +€4,501 | +50.5% |
| Taxes | 450/3 | €8,917 | €13,418 | +€4,501 | +50.5% |
| Other amounts payable | 47/48 | - | €4,500 | +€4,500 | |
| Accrued charges and deferred income | 492/3 | €23,752 | €71,879 | +€48,127 | +203% |
| Non-recurring operating income | 76A | €29,258 | - | -€29,258 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,402 | €18,656 | +€10,254 | +122% |
| Other operating charges | 640/8 | €11,028 | €13,893 | +€2,864 | +26.0% |
| Gross operating margin | 9900 | €116,170 | €68,503 | -€47,667 | -41.0% |
| Operating profit (loss) | 9901 | €96,740 | €35,955 | -€60,785 | -62.8% |
| Financial income | 75/76B | €374 | €1,971 | +€1,598 | +428% |
| Recurring financial income | 75 | €374 | €1,971 | +€1,598 | +428% |
| Financial charges | 65/66B | €11,242 | €8,063 | -€3,179 | -28.3% |
| Recurring financial charges | 65 | €11,242 | €8,063 | -€3,179 | -28.3% |
| Profit (loss) for the period before taxes | 9903 | €85,872 | €29,863 | -€56,008 | -65.2% |
| Income taxes | 67/77 | €5,377 | €6,108 | +€732 | +13.6% |
| Profit (loss) for the period | 9904 | €80,495 | €23,755 | -€56,740 | -70.5% |
| Profit (loss) for the period to be appropriated | 9905 | €80,495 | €23,755 | -€56,740 | -70.5% |
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 14 October 2026 via checked.be.