IBEL: 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.
What changed
IBEL
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€267,804
2024 · -€3.0m+€3.3m
Equity
€32.3m
2024 · €32.1m+€267,804
Cash
€13,378
2024 · €180,957-€167,578
Balance sheet total
€33.2m
2024 · €33.4m-€208,561
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin +€858,252
up €858,252 (+97.5%), from -€880,502 to -€22,250
- Purchases and services -€858,252
down €858,252 (-97.5%), from €880,502 to €22,250
- Financial income -€150,528
down €150,528 (-31.2%), from €482,873 to €332,344
of which Non-recurring financial income: -€130,529
- Financial charges +€25,887
new in 2025: €25,887
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.
Result 2024
-€3.0m
Gross operating margin
+€858,252
Staff costs
+€1,005
Depreciation
+€322
Other operating charges
+€20
Other operating items
+€2.6m
Financial income
-€150,528
Financial charges
-€25,887
Result 2025
€267,804
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€56,836
Investment
+€40,131
Financing
-€264,545
Cash 2024
€180,957
From operations (derived)
+€56,836
Net result for the year
+€267,804
Receivables within one year
+€852
Trade debts
-€183,060
Tax, wage and social debts
-€28,759
Investment (derived)
+€40,131
Investment in fixed assets (net)
+€40,131
Financing
-€264,545
Short-term financial debts
-€264,545
Cash 2025
€13,378
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €33,376,041 | €33,167,480 | -€208,561 | -0.6% |
| Fixed assets | 21/28 | €33,193,817 | €33,153,685 | -€40,131 | -0.1% |
| Tangible fixed assets | 22/27 | €1,088 | €0 | -€1,088 | -100% |
| Furniture and vehicles | 24 | €1,088 | €0 | -€1,088 | -100% |
| Financial fixed assets | 28 | €33,192,729 | €33,153,685 | -€39,043 | -0.1% |
| Current assets | 29/58 | €182,225 | €13,795 | -€168,430 | -92.4% |
| Amounts receivable within one year | 40/41 | €1,268 | €417 | -€852 | -67.2% |
| Trade receivables | 40 | €704 | €0 | -€704 | -100% |
| Other amounts receivable | 41 | €564 | €417 | -€147 | -26.1% |
| Cash at bank and in hand | 54/58 | €180,957 | €13,378 | -€167,578 | -92.6% |
| Total equity and liabilities | 10/49 | €33,376,041 | €33,167,480 | -€208,561 | -0.6% |
| Equity | 10/15 | €32,061,353 | €32,329,157 | +€267,804 | +0.8% |
| Contributions | 10/11 | €8,397,748 | €8,397,748 | = | 0.0% |
| Capital | 10 | €8,397,748 | €8,397,748 | = | 0.0% |
| Issued capital | 100 | €8,397,748 | €8,397,748 | = | 0.0% |
| Reserves | 13 | €26,918,938 | €26,918,938 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,544,565 | €8,544,565 | = | 0.0% |
| Legal reserve | 130 | €839,775 | €839,775 | = | 0.0% |
| Other | 1319 | €7,704,790 | €7,704,790 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,970,498 | €9,970,498 | = | 0.0% |
| Distributable reserves | 133 | €8,403,876 | €8,403,876 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,255,333 | -€2,987,529 | +€267,804 | +8.2% |
| Amounts payable | 17/49 | €1,314,688 | €838,324 | -€476,365 | -36.2% |
| Amounts payable within one year | 42/48 | €1,314,688 | €838,324 | -€476,365 | -36.2% |
| Financial debts | 43 | €908,834 | €644,288 | -€264,545 | -29.1% |
| Other loans | 439 | €908,834 | €644,288 | -€264,545 | -29.1% |
| Trade debts | 44 | €206,073 | €23,013 | -€183,060 | -88.8% |
| Suppliers | 440/4 | €206,073 | €23,013 | -€183,060 | -88.8% |
| Taxes, remuneration and social security | 45 | €31,552 | €2,794 | -€28,759 | -91.1% |
| Taxes | 450/3 | €31,552 | €2,794 | -€28,759 | -91.1% |
| Other amounts payable | 47/48 | €168,229 | €168,229 | = | 0.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €880,502 | €22,250 | -€858,252 | -97.5% |
| Remuneration, social security and pensions | 62 | €1,005 | €0 | -€1,005 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €322 | €0 | -€322 | -100% |
| Other operating charges | 640/8 | €1,018 | €998 | -€20 | -1.9% |
| Non-recurring operating charges | 66A | €2,636,049 | €15,405 | -€2.6m | -99.4% |
| Gross operating margin | 9900 | -€880,502 | -€22,250 | +€858,252 | +97.5% |
| Operating profit (loss) | 9901 | -€3,518,895 | -€38,654 | +€3.5m | +98.9% |
| Financial income | 75/76B | €482,873 | €332,344 | -€150,528 | -31.2% |
| Recurring financial income | 75 | €212,813 | €192,814 | -€19,999 | -9.4% |
| Non-recurring financial income | 76B | €270,060 | €139,530 | -€130,529 | -48.3% |
| Financial charges | 65/66B | - | €25,887 | +€25,887 | |
| Recurring financial charges | 65 | - | €25,887 | +€25,887 | |
| Profit (loss) for the period before taxes | 9903 | -€3,036,022 | €267,804 | +€3.3m | |
| Profit (loss) for the period | 9904 | -€3,036,022 | €267,804 | +€3.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,036,022 | €267,804 | +€3.3m |
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 15 October 2026 via checked.be.