IBEL PROJECTS: 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.
IBEL PROJECTS
Largest movements
- Cash +€78,088
new in 2025: €78,088
mainly Trade debts (+€76,181) and Net result for the year (+€32,784)
- Receivables within one year +€47,948
up €47,948 (+34.0%), from €140,848 to €188,796
of which Trade receivables: +€37,785
- Tangible fixed assets -€3,714
down €3,714 (-10.2%), from €36,496 to €32,782
of which Furniture and vehicles: -€3,414
- Trade debts +€76,181
up €76,181 (+63.1%), from €120,673 to €196,853
- Profit (loss) carried forward +€32,784
up €32,784 (+134%), from €24,510 to €57,294
- Short-term financial debts +€19,418
up €19,418 (+2,043%), from €950 to €20,368
- Current portion of long-term debt -€10,470
no longer reported in 2025 (was €10,470)
- Debts after one year +€4,520
up €4,520 (+505%), from €896 to €5,416
- Gross operating margin +€31,600
up €31,600 (+73.1%), from €43,254 to €74,854
- Taxes +€8,498
up €8,498 (+93.0%), from €9,132 to €17,630
- Financial charges -€5,280
down €5,280 (-43.2%), from €12,226 to €6,946
- Depreciation +€818
up €818 (+5.5%), from €14,897 to €15,714
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 | €182,182 | €304,245 | +€122,063 | +67.0% |
| Fixed assets | 21/28 | €38,496 | €34,782 | -€3,714 | -9.6% |
| Tangible fixed assets | 22/27 | €36,496 | €32,782 | -€3,714 | -10.2% |
| Plant, machinery and equipment | 23 | €849 | €549 | -€300 | -35.3% |
| Furniture and vehicles | 24 | €35,647 | €32,233 | -€3,414 | -9.6% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €143,686 | €269,463 | +€125,777 | +87.5% |
| Amounts receivable within one year | 40/41 | €140,848 | €188,796 | +€47,948 | +34.0% |
| Trade receivables | 40 | €126,338 | €164,123 | +€37,785 | +29.9% |
| Other amounts receivable | 41 | €14,509 | €24,673 | +€10,164 | +70.0% |
| Cash at bank and in hand | 54/58 | - | €78,088 | +€78,088 | |
| Deferred charges and accrued income | 490/1 | €2,839 | €2,579 | -€259 | -9.1% |
| Total equity and liabilities | 10/49 | €182,182 | €304,245 | +€122,063 | +67.0% |
| Equity | 10/15 | €36,857 | €69,641 | +€32,784 | +88.9% |
| Contributions | 10/11 | €12,348 | €12,348 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,510 | €57,294 | +€32,784 | +134% |
| Amounts payable | 17/49 | €145,325 | €234,604 | +€89,279 | +61.4% |
| Amounts payable after more than one year | 17 | €896 | €5,416 | +€4,520 | +505% |
| Financial debts | 170/4 | €896 | €5,416 | +€4,520 | +505% |
| Amounts payable within one year | 42/48 | €144,429 | €229,188 | +€84,759 | +58.7% |
| Current portion of amounts payable after more than one year | 42 | €10,470 | - | -€10,470 | |
| Financial debts | 43 | €950 | €20,368 | +€19,418 | +2,043% |
| Credit institutions | 430/8 | €950 | €20,368 | +€19,418 | +2,043% |
| Trade debts | 44 | €120,673 | €196,853 | +€76,181 | +63.1% |
| Suppliers | 440/4 | €120,673 | €196,853 | +€76,181 | +63.1% |
| Taxes, remuneration and social security | 45 | €12,317 | €11,752 | -€565 | -4.6% |
| Taxes | 450/3 | €12,317 | €11,752 | -€565 | -4.6% |
| Other amounts payable | 47/48 | €19 | €214 | +€195 | +1,015% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,897 | €15,714 | +€818 | +5.5% |
| Other operating charges | 640/8 | €1,385 | €2,050 | +€664 | +47.9% |
| Gross operating margin | 9900 | €43,254 | €74,854 | +€31,600 | +73.1% |
| Operating profit (loss) | 9901 | €26,972 | €57,090 | +€30,118 | +112% |
| Financial income | 75/76B | €74 | €270 | +€195 | +263% |
| Recurring financial income | 75 | €74 | €270 | +€195 | +263% |
| Financial charges | 65/66B | €12,226 | €6,946 | -€5,280 | -43.2% |
| Recurring financial charges | 65 | €12,226 | €6,946 | -€5,280 | -43.2% |
| Profit (loss) for the period before taxes | 9903 | €14,821 | €50,414 | +€35,593 | +240% |
| Income taxes | 67/77 | €9,132 | €17,630 | +€8,498 | +93.0% |
| Profit (loss) for the period | 9904 | €5,688 | €32,784 | +€27,096 | +476% |
| Profit (loss) for the period to be appropriated | 9905 | €5,688 | €32,784 | +€27,096 | +476% |
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 25 October 2026 via checked.be.