IanCo: 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.
IanCo
Largest movements
- Tangible fixed assets +€320,938
up €320,938 (+490%), from €65,465 to €386,402
of which Land and buildings: +€355,278
- Reserves +€188,162
up €188,162 (+211%), from €89,073 to €277,236
of which Distributable reserves: +€103,962
- Debts after one year +€168,542
up €168,542 (+19.7%), from €853,685 to €1.0m
- Other debts -€74,827
down €74,827 (-19.5%), from €384,000 to €309,173
- Current portion of long-term debt +€58,383
up €58,383 (+37.8%), from €154,622 to €213,005
- Advances received -€20,000
no longer reported in 2025 (was €20,000)
- Gross operating margin +€144,202
up €144,202 (+81.1%), from €177,726 to €321,928
- Taxes +€31,993
up €31,993 (+106%), from €30,152 to €62,146
- Depreciation +€9,949
up €9,949 (+393%), from €2,531 to €12,479
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 | €1,577,732 | €1,914,786 | +€337,054 | +21.4% |
| Fixed assets | 21/28 | €1,565,465 | €1,886,402 | +€320,938 | +20.5% |
| Tangible fixed assets | 22/27 | €65,465 | €386,402 | +€320,938 | +490% |
| Land and buildings | 22 | - | €355,278 | +€355,278 | |
| Furniture and vehicles | 24 | €39,144 | €1,625 | -€37,519 | -95.8% |
| Other tangible fixed assets | 26 | - | €29,499 | +€29,499 | |
| Assets under construction and advance payments | 27 | €26,321 | - | -€26,321 | |
| Financial fixed assets | 28 | €1,500,000 | €1,500,000 | = | 0.0% |
| Current assets | 29/58 | €12,267 | €28,383 | +€16,116 | +131% |
| Amounts receivable within one year | 40/41 | €5,121 | €12,699 | +€7,578 | +148% |
| Trade receivables | 40 | €5,121 | €2,699 | -€2,422 | -47.3% |
| Other amounts receivable | 41 | - | €10,000 | +€10,000 | |
| Current investments | 50/53 | - | €1,897 | +€1,897 | |
| Cash at bank and in hand | 54/58 | €6,471 | €13,788 | +€7,317 | +113% |
| Deferred charges and accrued income | 490/1 | €675 | - | -€675 | |
| Total equity and liabilities | 10/49 | €1,577,732 | €1,914,786 | +€337,054 | +21.4% |
| Equity | 10/15 | €90,073 | €278,236 | +€188,162 | +209% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €89,073 | €277,236 | +€188,162 | +211% |
| Tax-exempt reserves | 132 | - | €84,200 | +€84,200 | |
| Distributable reserves | 133 | €89,073 | €193,036 | +€103,962 | +117% |
| Amounts payable | 17/49 | €1,487,658 | €1,636,550 | +€148,892 | +10.0% |
| Amounts payable after more than one year | 17 | €853,685 | €1,022,227 | +€168,542 | +19.7% |
| Financial debts | 170/4 | €853,685 | €1,022,227 | +€168,542 | +19.7% |
| Amounts payable within one year | 42/48 | €633,973 | €607,951 | -€26,022 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €154,622 | €213,005 | +€58,383 | +37.8% |
| Trade debts | 44 | €21,512 | €19,747 | -€1,766 | -8.2% |
| Suppliers | 440/4 | €21,512 | €19,747 | -€1,766 | -8.2% |
| Advances received on contracts in progress | 46 | €20,000 | - | -€20,000 | |
| Taxes, remuneration and social security | 45 | €53,838 | €66,026 | +€12,187 | +22.6% |
| Taxes | 450/3 | €53,700 | €66,026 | +€12,326 | +23.0% |
| Remuneration and social security | 454/9 | €139 | - | -€139 | |
| Other amounts payable | 47/48 | €384,000 | €309,173 | -€74,827 | -19.5% |
| Accrued charges and deferred income | 492/3 | - | €6,372 | +€6,372 | |
| Non-recurring operating income | 76A | - | €931 | +€931 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,531 | €12,479 | +€9,949 | +393% |
| Other operating charges | 640/8 | €281 | €2,871 | +€2,590 | +922% |
| Gross operating margin | 9900 | €177,726 | €321,928 | +€144,202 | +81.1% |
| Operating profit (loss) | 9901 | €174,914 | €306,577 | +€131,663 | +75.3% |
| Financial income | 75/76B | €6 | €189 | +€182 | +2,874% |
| Recurring financial income | 75 | €6 | €189 | +€182 | +2,874% |
| Financial charges | 65/66B | €55,695 | €56,458 | +€763 | +1.4% |
| Recurring financial charges | 65 | €55,695 | €56,458 | +€763 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €119,226 | €250,308 | +€131,082 | +110% |
| Income taxes | 67/77 | €30,152 | €62,146 | +€31,993 | +106% |
| Profit (loss) for the period | 9904 | €89,073 | €188,162 | +€99,089 | +111% |
| Transfer to tax-exempt reserves | 689 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €89,073 | €103,962 | +€14,889 | +16.7% |
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 22 October 2026 via checked.be.