I4F LICENSING: 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.
What changed
I4F LICENSING
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€13.4m
2024 · -€15.6m+€2.2m
Equity
€512.3m
2024 · €525.7m-€13.4m
Cash
€8.3m
2024 · €2.7m+€5.7m
Balance sheet total
€684.0m
2024 · €701.1m-€17.1m
Largest movements
Assets
- Intangible fixed assets -€42.4m
down €42.4m (-6.4%), from €667.4m to €625.1m
- Financial fixed assets +€16.1m
new in 2025: €16.1m
Equity and liabilities
- Profit (loss) carried forward -€13.4m
down €13.4m (-14.7%), from -€91.0m to -€104.4m
Income statement
- Turnover +€4.3m
up €4.3m (+8.8%), from €48.9m to €53.1m
- Financial charges +€1.1m
up €1.1m (+16.9%), from €6.7m to €7.8m
- Services and other goods +€556,553
up €556,553 (+8.7%), from €6.4m to €7.0m
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.
Result 2024
-€15.6m
Turnover
+€4.3m
Other operating income
-€214,248
Goods and materials
+€236,593
Services and other goods
-€556,553
Staff costs
-€183,711
Depreciation
-€185,467
Write-downs
-€436,626
Other operating charges
+€118,884
Financial income
+€351,665
Financial charges
-€1.1m
Taxes
-€87,682
Result 2025
-€13.4m
raises the resultlowers the result
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.
From operations
+€32.1m
Investment
-€19.8m
Financing
-€6.7m
Cash 2024
€2.7m
From operations (derived)
+€32.1m
Net result for the year
-€13.4m
Depreciation
+€45.9m
Stocks and contracts
-€126,627
Receivables within one year
-€3.2m
Smaller working-capital items
-€997
Trade debts
+€5.5m
Advances received
-€557,654
Other debts
-€2.0m
Investment (derived)
-€19.8m
Investment in fixed assets (net)
-€19.8m
Financing
-€6.7m
Debts after one year
-€6.8m
Current portion of long-term debt
+€54,522
Cash 2025
€8.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €701,053,615 | €683,958,791 | -€17.1m | -2.4% |
| Fixed assets | 21/28 | €673,761,940 | €647,618,075 | -€26.1m | -3.9% |
| Intangible fixed assets | 21 | €667,436,090 | €625,052,473 | -€42.4m | -6.4% |
| Tangible fixed assets | 22/27 | €6,325,850 | €6,418,643 | +€92,793 | +1.5% |
| Plant, machinery and equipment | 23 | €1,998,379 | €2,176,190 | +€177,811 | +8.9% |
| Furniture and vehicles | 24 | €447,935 | €364,201 | -€83,734 | -18.7% |
| Leasing and similar rights | 25 | €3,765,694 | €3,580,676 | -€185,018 | -4.9% |
| Other tangible fixed assets | 26 | €111,235 | €78,928 | -€32,307 | -29.0% |
| Assets under construction and advance payments | 27 | €2,607 | €218,648 | +€216,041 | +8,286% |
| Financial fixed assets | 28 | - | €16,146,960 | +€16.1m | |
| Affiliated companies | 280/1 | - | €16,146,960 | +€16.1m | |
| Amounts receivable | 281 | - | €16,146,960 | +€16.1m | |
| Current assets | 29/58 | €27,291,675 | €36,340,716 | +€9.0m | +33.2% |
| Stocks and contracts in progress | 3 | €311,523 | €438,150 | +€126,627 | +40.6% |
| Stocks | 30/36 | €311,523 | €438,150 | +€126,627 | +40.6% |
| Raw materials and consumables | 30/31 | €152,023 | €245,863 | +€93,840 | +61.7% |
| Advance payments | 36 | €159,500 | €192,287 | +€32,787 | +20.6% |
| Amounts receivable within one year | 40/41 | €23,490,252 | €26,702,660 | +€3.2m | +13.7% |
| Trade receivables | 40 | €17,938,753 | €20,871,558 | +€2.9m | +16.3% |
| Other amounts receivable | 41 | €5,551,499 | €5,831,102 | +€279,603 | +5.0% |
| Cash at bank and in hand | 54/58 | €2,672,808 | €8,331,675 | +€5.7m | +212% |
| Deferred charges and accrued income | 490/1 | €817,092 | €868,232 | +€51,140 | +6.3% |
| Total equity and liabilities | 10/49 | €701,053,615 | €683,958,791 | -€17.1m | -2.4% |
| Equity | 10/15 | €525,695,768 | €512,279,047 | -€13.4m | -2.6% |
| Contributions | 10/11 | €616,664,600 | €616,664,600 | = | 0.0% |
| Capital | 10 | €1,061,500 | €1,061,500 | = | 0.0% |
| Issued capital | 100 | €1,061,500 | €1,061,500 | = | 0.0% |
| Contributions outside capital | 11 | €615,603,100 | €615,603,100 | = | 0.0% |
| Share premium | 1100/10 | €615,603,100 | €615,603,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€90,968,832 | -€104,385,553 | -€13.4m | -14.7% |
| Amounts payable | 17/49 | €175,357,847 | €171,679,744 | -€3.7m | -2.1% |
| Amounts payable after more than one year | 17 | €153,390,197 | €146,599,650 | -€6.8m | -4.4% |
| Financial debts | 170/4 | €153,390,197 | €146,599,650 | -€6.8m | -4.4% |
| Leasing and similar obligations | 172 | €2,990,197 | €2,762,336 | -€227,861 | -7.6% |
| Credit institutions | 173 | - | €49,937,314 | +€49.9m | |
| Other loans | 174 | €150,400,000 | €93,900,000 | -€56.5m | -37.6% |
| Amounts payable within one year | 42/48 | €20,939,222 | €23,980,330 | +€3.0m | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €223,339 | €277,861 | +€54,522 | +24.4% |
| Trade debts | 44 | €1,583,750 | €7,121,964 | +€5.5m | +350% |
| Suppliers | 440/4 | €1,583,750 | €7,121,964 | +€5.5m | +350% |
| Advances received on contracts in progress | 46 | €2,277,511 | €1,719,857 | -€557,654 | -24.5% |
| Taxes, remuneration and social security | 45 | €673,807 | €652,612 | -€21,194 | -3.1% |
| Taxes | 450/3 | €161,588 | €73,778 | -€87,810 | -54.3% |
| Remuneration and social security | 454/9 | €512,218 | €578,834 | +€66,616 | +13.0% |
| Other amounts payable | 47/48 | €16,180,815 | €14,208,036 | -€2.0m | -12.2% |
| Accrued charges and deferred income | 492/3 | €1,028,427 | €1,099,764 | +€71,337 | +6.9% |
| Operating income | 70/76A | €49,304,638 | €53,383,791 | +€4.1m | +8.3% |
| Turnover | 70 | €48,852,234 | €53,145,636 | +€4.3m | +8.8% |
| Other operating income | 74 | €452,404 | €238,156 | -€214,248 | -47.4% |
| Operating charges | 60/66A | €58,481,936 | €59,488,816 | +€1.0m | +1.7% |
| Goods for resale, raw materials and consumables | 60 | €1,252,728 | €1,016,135 | -€236,593 | -18.9% |
| Purchases | 600/8 | €1,193,315 | €1,109,975 | -€83,339 | -7.0% |
| Change in stocks: decrease (increase) | 609 | €59,414 | -€93,840 | -€153,254 | |
| Services and other goods | 61 | €6,424,641 | €6,981,194 | +€556,553 | +8.7% |
| Remuneration, social security and pensions | 62 | €2,744,567 | €2,928,278 | +€183,711 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,713,009 | €45,898,477 | +€185,467 | +0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€391,820 | €44,807 | +€436,626 | |
| Other operating charges | 640/8 | €2,738,809 | €2,619,925 | -€118,884 | -4.3% |
| Operating profit (loss) | 9901 | -€9,177,297 | -€6,105,025 | +€3.1m | +33.5% |
| Financial income | 75/76B | €41,977 | €393,642 | +€351,665 | +838% |
| Recurring financial income | 75 | €41,977 | €393,642 | +€351,665 | +838% |
| Income from financial fixed assets | 750 | - | €393,642 | +€393,642 | |
| Other financial income | 752/9 | €41,977 | - | -€41,977 | |
| Financial charges | 65/66B | €6,677,701 | €7,807,706 | +€1.1m | +16.9% |
| Recurring financial charges | 65 | €6,677,701 | €7,807,706 | +€1.1m | +16.9% |
| Debt charges | 650 | €6,653,936 | €6,447,986 | -€205,950 | -3.1% |
| Other financial charges | 652/9 | €23,765 | €1,359,720 | +€1.3m | +5,622% |
| Profit (loss) for the period before taxes | 9903 | -€15,813,022 | -€13,519,089 | +€2.3m | +14.5% |
| Income taxes | 67/77 | -€190,050 | -€102,368 | +€87,682 | +46.1% |
| Tax adjustments and reversals of tax provisions | 77 | €190,050 | €102,368 | -€87,682 | -46.1% |
| Profit (loss) for the period | 9904 | -€15,622,972 | -€13,416,721 | +€2.2m | +14.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,622,972 | -€13,416,721 | +€2.2m | +14.1% |
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 13 October 2026 via checked.be.