IanM: 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.
IanM
Largest movements
- Tangible fixed assets +€409,796
up €409,796 (+23440.1%), from €1,748 to €411,544
of which Land and buildings: +€398,560
- Receivables within one year +€89,296
up €89,296 (+106.0%), from €84,248 to €173,544
of which Other amounts receivable: +€63,766
- Cash -€14,967
down €14,967 (-37.9%), from €39,512 to €24,545
mainly Investment in fixed assets (net) (-€412,951) and Receivables within one year (-€89,296)
- Debts after one year +€303,643
new in 2025: €303,643
- Reserves +€97,372
up €97,372 (+138.2%), from €70,447 to €167,819
- Current portion of long-term debt +€66,357
new in 2025: €66,357
- Other debts -€42,799
down €42,799 (-80.3%), from €53,328 to €10,529
- Trade debts +€41,850
up €41,850 (+584.5%), from €7,160 to €49,010
- Gross operating margin +€37,451
up €37,451 (+32.5%), from €115,409 to €152,861
- Financial charges +€2,495
up €2,495 (+44.9%), from €5,562 to €8,058
- Other operating charges +€2,372
up €2,372 (+225.3%), from €1,053 to €3,424
- Depreciation +€1,941
up €1,941 (+33.1%), from €5,858 to €7,799
- Taxes +€1,557
up €1,557 (+4.5%), from €34,642 to €36,199
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 | €192,096 | €664,986 | +€472,890 | +246.2% |
| Fixed assets | 21/28 | €12,067 | €417,219 | +€405,152 | +3357.4% |
| Intangible fixed assets | 21 | €10,319 | €5,675 | -€4,644 | -45.0% |
| Tangible fixed assets | 22/27 | €1,748 | €411,544 | +€409,796 | +23440.1% |
| Land and buildings | 22 | - | €398,560 | +€398,560 | |
| Plant, machinery and equipment | 23 | €1,748 | €3,664 | +€1,916 | +109.6% |
| Furniture and vehicles | 24 | - | €9,320 | +€9,320 | |
| Current assets | 29/58 | €180,029 | €247,767 | +€67,738 | +37.6% |
| Stocks and contracts in progress | 3 | €55,360 | €48,816 | -€6,544 | -11.8% |
| Stocks | 30/36 | €55,360 | €48,816 | -€6,544 | -11.8% |
| Amounts receivable within one year | 40/41 | €84,248 | €173,544 | +€89,296 | +106.0% |
| Trade receivables | 40 | €36,975 | €62,505 | +€25,530 | +69.0% |
| Other amounts receivable | 41 | €47,274 | €111,039 | +€63,766 | +134.9% |
| Cash at bank and in hand | 54/58 | €39,512 | €24,545 | -€14,967 | -37.9% |
| Deferred charges and accrued income | 490/1 | €910 | €862 | -€47 | -5.2% |
| Total equity and liabilities | 10/49 | €192,096 | €664,986 | +€472,890 | +246.2% |
| Equity | 10/15 | €90,907 | €188,279 | +€97,372 | +107.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €70,447 | €167,819 | +€97,372 | +138.2% |
| Distributable reserves | 133 | €70,447 | €167,819 | +€97,372 | +138.2% |
| Amounts payable | 17/49 | €101,189 | €476,707 | +€375,518 | +371.1% |
| Amounts payable after more than one year | 17 | - | €303,643 | +€303,643 | |
| Financial debts | 170/4 | - | €303,643 | +€303,643 | |
| Amounts payable within one year | 42/48 | €101,189 | €173,064 | +€71,875 | +71.0% |
| Current portion of amounts payable after more than one year | 42 | - | €66,357 | +€66,357 | |
| Financial debts | 43 | €3,636 | €970 | -€2,666 | -73.3% |
| Credit institutions | 430/8 | €3,636 | €970 | -€2,666 | -73.3% |
| Trade debts | 44 | €7,160 | €49,010 | +€41,850 | +584.5% |
| Suppliers | 440/4 | €7,160 | €49,010 | +€41,850 | +584.5% |
| Taxes, remuneration and social security | 45 | €37,066 | €46,199 | +€9,133 | +24.6% |
| Taxes | 450/3 | €37,066 | €46,199 | +€9,133 | +24.6% |
| Other amounts payable | 47/48 | €53,328 | €10,529 | -€42,799 | -80.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,858 | €7,799 | +€1,941 | +33.1% |
| Other operating charges | 640/8 | €1,053 | €3,424 | +€2,372 | +225.3% |
| Gross operating margin | 9900 | €115,409 | €152,861 | +€37,451 | +32.5% |
| Operating profit (loss) | 9901 | €108,498 | €141,637 | +€33,139 | +30.5% |
| Financial income | 75/76B | €971 | €1,657 | +€686 | +70.7% |
| Recurring financial income | 75 | €971 | €1,657 | +€686 | +70.7% |
| Financial charges | 65/66B | €5,562 | €8,058 | +€2,495 | +44.9% |
| Recurring financial charges | 65 | €5,562 | €8,058 | +€2,495 | +44.9% |
| Profit (loss) for the period before taxes | 9903 | €103,907 | €135,237 | +€31,330 | +30.2% |
| Income taxes | 67/77 | €34,642 | €36,199 | +€1,557 | +4.5% |
| Profit (loss) for the period | 9904 | €69,265 | €99,038 | +€29,773 | +43.0% |
| Profit (loss) for the period to be appropriated | 9905 | €69,265 | €99,038 | +€29,773 | +43.0% |
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 12 October 2026 via checked.be.