IAC: 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.
IAC
Largest movements
- Tangible fixed assets +€338,425
up €338,425 (+75.1%), from €450,771 to €789,196
of which Land and buildings: +€359,177
- Debts after one year +€267,786
up €267,786 (+72.5%), from €369,319 to €637,104
- Reserves +€50,000
up €50,000 (+62.5%), from €80,000 to €130,000
- Current portion of long-term debt +€34,957
up €34,957 (+108.7%), from €32,145 to €67,101
- Trade debts -€18,094
down €18,094 (-40.9%), from €44,259 to €26,165
- Staff costs +€16,442
up €16,442 (+100.6%), from €16,347 to €32,789
- Depreciation +€14,655
up €14,655 (+36.2%), from €40,535 to €55,189
- Taxes -€8,444
down €8,444 (-36.6%), from €23,087 to €14,644
- Financial charges +€7,983
up €7,983 (+32.9%), from €24,299 to €32,282
- Other operating charges -€4,490
down €4,490 (-42.0%), from €10,697 to €6,207
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 | €568,810 | €900,701 | +€331,891 | +58.3% |
| Formation expenses | 20 | €408 | - | -€408 | |
| Fixed assets | 21/28 | €450,976 | €790,401 | +€339,425 | +75.3% |
| Tangible fixed assets | 22/27 | €450,771 | €789,196 | +€338,425 | +75.1% |
| Land and buildings | 22 | €317,070 | €676,247 | +€359,177 | +113.3% |
| Plant, machinery and equipment | 23 | €53,074 | €48,148 | -€4,927 | -9.3% |
| Furniture and vehicles | 24 | €1,055 | €3,263 | +€2,208 | +209.4% |
| Leasing and similar rights | 25 | €79,572 | €61,539 | -€18,033 | -22.7% |
| Financial fixed assets | 28 | €205 | €1,205 | +€1,000 | +487.8% |
| Current assets | 29/58 | €117,427 | €110,300 | -€7,126 | -6.1% |
| Stocks and contracts in progress | 3 | €670 | €1,431 | +€761 | +113.5% |
| Stocks | 30/36 | €670 | €1,431 | +€761 | +113.5% |
| Amounts receivable within one year | 40/41 | €41,897 | €41,242 | -€655 | -1.6% |
| Trade receivables | 40 | €40,630 | €14,919 | -€25,711 | -63.3% |
| Other amounts receivable | 41 | €1,266 | €26,323 | +€25,057 | +1978.8% |
| Cash at bank and in hand | 54/58 | €74,859 | €67,627 | -€7,233 | -9.7% |
| Total equity and liabilities | 10/49 | €568,810 | €900,701 | +€331,891 | +58.3% |
| Equity | 10/15 | €89,017 | €141,389 | +€52,372 | +58.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €80,000 | €130,000 | +€50,000 | +62.5% |
| Distributable reserves | 133 | €80,000 | €130,000 | +€50,000 | +62.5% |
| Profit (loss) carried forward | 14 | €7,017 | €9,389 | +€2,372 | +33.8% |
| Amounts payable | 17/49 | €479,793 | €759,312 | +€279,519 | +58.3% |
| Amounts payable after more than one year | 17 | €369,319 | €637,104 | +€267,786 | +72.5% |
| Financial debts | 170/4 | €369,319 | €637,104 | +€267,786 | +72.5% |
| Amounts payable within one year | 42/48 | €109,238 | €120,024 | +€10,786 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €32,145 | €67,101 | +€34,957 | +108.7% |
| Trade debts | 44 | €44,259 | €26,165 | -€18,094 | -40.9% |
| Suppliers | 440/4 | €44,259 | €26,165 | -€18,094 | -40.9% |
| Taxes, remuneration and social security | 45 | €26,365 | €26,758 | +€393 | +1.5% |
| Taxes | 450/3 | €24,086 | €23,656 | -€430 | -1.8% |
| Remuneration and social security | 454/9 | €2,279 | €3,102 | +€823 | +36.1% |
| Other amounts payable | 47/48 | €6,470 | - | -€6,470 | |
| Accrued charges and deferred income | 492/3 | €1,237 | €2,183 | +€947 | +76.6% |
| Remuneration, social security and pensions | 62 | €16,347 | €32,789 | +€16,442 | +100.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,535 | €55,189 | +€14,655 | +36.2% |
| Other operating charges | 640/8 | €10,697 | €6,207 | -€4,490 | -42.0% |
| Non-recurring operating charges | 66A | - | €5,349 | +€5,349 | |
| Gross operating margin | 9900 | €201,981 | €198,832 | -€3,149 | -1.6% |
| Operating profit (loss) | 9901 | €134,403 | €99,298 | -€35,105 | -26.1% |
| Financial charges | 65/66B | €24,299 | €32,282 | +€7,983 | +32.9% |
| Recurring financial charges | 65 | €24,299 | €32,282 | +€7,983 | +32.9% |
| Profit (loss) for the period before taxes | 9903 | €110,104 | €67,016 | -€43,088 | -39.1% |
| Income taxes | 67/77 | €23,087 | €14,644 | -€8,444 | -36.6% |
| Profit (loss) for the period | 9904 | €87,017 | €52,372 | -€34,645 | -39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €87,017 | €52,372 | -€34,645 | -39.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.