IBECO: 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.
IBECO
Largest movements
- Financial fixed assets +€429,417
up €429,417 (+12.6%), from €3.4m to €3.8m
- Reserves +€493,238
up €493,238 (+14.9%), from €3.3m to €3.8m
- Other debts -€423,675
down €423,675 (-51.0%), from €831,360 to €407,685
- Debts after one year +€337,706
up €337,706 (+53.0%), from €637,357 to €975,063
- Current portion of long-term debt +€62,500
up €62,500, from €0 to €62,500
- Financial income -€30,924
down €30,924 (-3.9%), from €793,763 to €762,839
- Gross operating margin +€10,923
up €10,923 (+5.6%), from €194,350 to €205,273
- Taxes -€5,914
down €5,914 (-4.5%), from €132,798 to €126,884
- Financial charges +€3,845
up €3,845 (+12.2%), from €31,479 to €35,325
- Depreciation +€3,645
up €3,645 (+15.0%), from €24,355 to €28,000
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 | €4,843,792 | €5,300,729 | +€456,938 | +9.4% |
| Fixed assets | 21/28 | €3,653,738 | €4,067,673 | +€413,935 | +11.3% |
| Tangible fixed assets | 22/27 | €247,205 | €231,724 | -€15,482 | -6.3% |
| Furniture and vehicles | 24 | €61,549 | €43,819 | -€17,730 | -28.8% |
| Other tangible fixed assets | 26 | €185,656 | €187,905 | +€2,248 | +1.2% |
| Financial fixed assets | 28 | €3,406,532 | €3,835,949 | +€429,417 | +12.6% |
| Current assets | 29/58 | €1,190,054 | €1,233,057 | +€43,003 | +3.6% |
| Amounts receivable after more than one year | 29 | - | €10,574 | +€10,574 | |
| Other amounts receivable | 291 | - | €10,574 | +€10,574 | |
| Amounts receivable within one year | 40/41 | €916,894 | €896,504 | -€20,390 | -2.2% |
| Trade receivables | 40 | €93,775 | €45,375 | -€48,400 | -51.6% |
| Other amounts receivable | 41 | €823,119 | €851,129 | +€28,010 | +3.4% |
| Cash at bank and in hand | 54/58 | €271,828 | €322,785 | +€50,957 | +18.7% |
| Deferred charges and accrued income | 490/1 | €1,332 | €3,194 | +€1,862 | +139.8% |
| Total equity and liabilities | 10/49 | €4,843,792 | €5,300,729 | +€456,938 | +9.4% |
| Equity | 10/15 | €3,318,414 | €3,811,652 | +€493,238 | +14.9% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €3,305,914 | €3,799,152 | +€493,238 | +14.9% |
| Distributable reserves | 133 | €3,305,914 | €3,799,152 | +€493,238 | +14.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,525,377 | €1,489,077 | -€36,301 | -2.4% |
| Amounts payable after more than one year | 17 | €637,357 | €975,063 | +€337,706 | +53.0% |
| Other amounts payable | 178/9 | €637,357 | €975,063 | +€337,706 | +53.0% |
| Amounts payable within one year | 42/48 | €888,020 | €514,013 | -€374,006 | -42.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | €62,500 | +€62,500 | |
| Trade debts | 44 | €17,417 | €17,360 | -€56 | -0.3% |
| Suppliers | 440/4 | €17,417 | €17,360 | -€56 | -0.3% |
| Taxes, remuneration and social security | 45 | €39,243 | €26,468 | -€12,775 | -32.6% |
| Taxes | 450/3 | €39,243 | €26,468 | -€12,775 | -32.6% |
| Other amounts payable | 47/48 | €831,360 | €407,685 | -€423,675 | -51.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,355 | €28,000 | +€3,645 | +15.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €1,967 | €3,756 | +€1,789 | +91.0% |
| Gross operating margin | 9900 | €194,350 | €205,273 | +€10,923 | +5.6% |
| Operating profit (loss) | 9901 | €168,029 | €173,518 | +€5,489 | +3.3% |
| Financial income | 75/76B | €793,763 | €762,839 | -€30,924 | -3.9% |
| Recurring financial income | 75 | €793,763 | €762,839 | -€30,924 | -3.9% |
| Financial charges | 65/66B | €31,479 | €35,325 | +€3,845 | +12.2% |
| Recurring financial charges | 65 | €31,479 | €35,325 | +€3,845 | +12.2% |
| Profit (loss) for the period before taxes | 9903 | €930,313 | €901,033 | -€29,280 | -3.1% |
| Income taxes | 67/77 | €132,798 | €126,884 | -€5,914 | -4.5% |
| Profit (loss) for the period | 9904 | €797,515 | €774,149 | -€23,366 | -2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €797,515 | €774,149 | -€23,366 | -2.9% |
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.