IAFARA: 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.
IAFARA
Largest movements
- Cash +€35,404
up €35,404 (+23.5%), from €150,536 to €185,940
mainly Net result for the year (+€23,780) and Tax, wage and social debts (+€12,572)
- Stocks and contracts +€5,359
up €5,359 (+470%), from €1,141 to €6,500
- Receivables within one year -€3,270
down €3,270 (-73.7%), from €4,439 to €1,169
of which Trade receivables: -€4,434
- Reserves +€23,780
up €23,780 (+39.3%), from €60,460 to €84,240
of which Distributable reserves: +€23,780
- Tax, wage and social debts +€12,572
up €12,572 (+31.7%), from €39,679 to €52,251
of which Taxes: +€12,704
- Trade debts +€4,777
up €4,777 (+203%), from €2,356 to €7,133
- Advances received -€4,700
no longer reported in 2025 (was €4,700)
- Gross operating margin -€33,685
down €33,685 (-27.1%), from €124,335 to €90,650
- Staff costs +€19,460
up €19,460 (+90.9%), from €21,397 to €40,857
- Taxes -€18,845
down €18,845 (-57.5%), from €32,773 to €13,928
- Other operating charges -€3,354
down €3,354 (-35.4%), from €9,464 to €6,110
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 | €163,668 | €200,109 | +€36,441 | +22.3% |
| Fixed assets | 21/28 | €7,552 | €6,343 | -€1,209 | -16.0% |
| Tangible fixed assets | 22/27 | €3,962 | €2,753 | -€1,209 | -30.5% |
| Plant, machinery and equipment | 23 | €1,657 | €2,057 | +€400 | +24.1% |
| Other tangible fixed assets | 26 | €2,305 | €696 | -€1,609 | -69.8% |
| Financial fixed assets | 28 | €3,590 | €3,590 | = | 0.0% |
| Current assets | 29/58 | €156,116 | €193,766 | +€37,650 | +24.1% |
| Stocks and contracts in progress | 3 | €1,141 | €6,500 | +€5,359 | +470% |
| Stocks | 30/36 | €1,141 | €6,500 | +€5,359 | +470% |
| Amounts receivable within one year | 40/41 | €4,439 | €1,169 | -€3,270 | -73.7% |
| Trade receivables | 40 | €4,434 | - | -€4,434 | |
| Other amounts receivable | 41 | €5 | €1,169 | +€1,164 | +23,280% |
| Cash at bank and in hand | 54/58 | €150,536 | €185,940 | +€35,404 | +23.5% |
| Deferred charges and accrued income | 490/1 | - | €157 | +€157 | |
| Total equity and liabilities | 10/49 | €163,668 | €200,109 | +€36,441 | +22.3% |
| Equity | 10/15 | €116,467 | €140,247 | +€23,780 | +20.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €60,460 | €84,240 | +€23,780 | +39.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €58,600 | €82,380 | +€23,780 | +40.6% |
| Profit (loss) carried forward | 14 | €37,415 | €37,415 | = | 0.0% |
| Amounts payable | 17/49 | €47,201 | €59,862 | +€12,661 | +26.8% |
| Amounts payable within one year | 42/48 | €46,735 | €59,384 | +€12,649 | +27.1% |
| Trade debts | 44 | €2,356 | €7,133 | +€4,777 | +203% |
| Suppliers | 440/4 | €2,356 | €7,133 | +€4,777 | +203% |
| Advances received on contracts in progress | 46 | €4,700 | - | -€4,700 | |
| Taxes, remuneration and social security | 45 | €39,679 | €52,251 | +€12,572 | +31.7% |
| Taxes | 450/3 | €33,783 | €46,487 | +€12,704 | +37.6% |
| Remuneration and social security | 454/9 | €5,896 | €5,764 | -€132 | -2.2% |
| Accrued charges and deferred income | 492/3 | €466 | €478 | +€12 | +2.6% |
| Remuneration, social security and pensions | 62 | €21,397 | €40,857 | +€19,460 | +90.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,400 | €2,333 | -€67 | -2.8% |
| Other operating charges | 640/8 | €9,464 | €6,110 | -€3,354 | -35.4% |
| Non-recurring operating charges | 66A | €466 | €2,142 | +€1,676 | +360% |
| Gross operating margin | 9900 | €124,335 | €90,650 | -€33,685 | -27.1% |
| Operating profit (loss) | 9901 | €90,608 | €39,208 | -€51,400 | -56.7% |
| Financial income | 75/76B | - | €0 | = | |
| Recurring financial income | 75 | - | €0 | = | |
| Financial charges | 65/66B | €1,235 | €1,500 | +€265 | +21.5% |
| Recurring financial charges | 65 | €1,235 | €1,500 | +€265 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | €89,373 | €37,708 | -€51,665 | -57.8% |
| Income taxes | 67/77 | €32,773 | €13,928 | -€18,845 | -57.5% |
| Profit (loss) for the period | 9904 | €56,600 | €23,780 | -€32,820 | -58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €56,600 | €23,780 | -€32,820 | -58.0% |
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 18 October 2026 via checked.be.