IBELCO: 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.
IBELCO
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year -€96,024
down €96,024 (-2.6%), from €3.8m to €3.7m
- Other operating charges -€112,436
down €112,436 (-80.0%), from €140,623 to €28,187
- Gross operating margin -€68,130
down €68,130 (-26.6%), from €255,808 to €187,678
- Financial charges -€35,087
down €35,087 (-16.9%), from €208,075 to €172,989
- Depreciation -€3,538
down €3,538 (-7.9%), from €44,549 to €41,011
- Financial income +€2,952
up €2,952 (+9.1%), from €32,475 to €35,426
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 | €5,630,353 | €5,550,155 | -€80,198 | -1.4% |
| Fixed assets | 21/28 | €4,607,889 | €4,566,879 | -€41,011 | -0.9% |
| Tangible fixed assets | 22/27 | €4,607,889 | €4,566,879 | -€41,011 | -0.9% |
| Land and buildings | 22 | €4,607,889 | €4,566,879 | -€41,011 | -0.9% |
| Current assets | 29/58 | €1,022,463 | €983,277 | -€39,187 | -3.8% |
| Amounts receivable within one year | 40/41 | €1,005,330 | €953,956 | -€51,374 | -5.1% |
| Other amounts receivable | 41 | €1,005,330 | €953,956 | -€51,374 | -5.1% |
| Cash at bank and in hand | 54/58 | €14,528 | €26,569 | +€12,041 | +82.9% |
| Deferred charges and accrued income | 490/1 | €2,606 | €2,752 | +€146 | +5.6% |
| Total equity and liabilities | 10/49 | €5,630,353 | €5,550,155 | -€80,198 | -1.4% |
| Equity | 10/15 | €1,323,938 | €1,304,856 | -€19,082 | -1.4% |
| Contributions | 10/11 | €1,127,915 | €1,127,915 | = | 0.0% |
| Capital | 10 | €1,127,915 | €1,127,915 | = | 0.0% |
| Issued capital | 100 | €1,127,915 | €1,127,915 | = | 0.0% |
| Reserves | 13 | €288,843 | €288,843 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,100 | €15,100 | = | 0.0% |
| Legal reserve | 130 | €15,100 | €15,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €273,743 | €273,743 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€92,820 | -€111,902 | -€19,082 | -20.6% |
| Provisions and deferred taxes | 16 | €140,330 | €140,330 | = | 0.0% |
| Deferred taxes | 168 | €140,330 | €140,330 | = | 0.0% |
| Amounts payable | 17/49 | €4,166,085 | €4,104,969 | -€61,115 | -1.5% |
| Amounts payable after more than one year | 17 | €3,759,564 | €3,663,540 | -€96,024 | -2.6% |
| Financial debts | 170/4 | €3,759,564 | €3,663,540 | -€96,024 | -2.6% |
| Amounts payable within one year | 42/48 | €402,194 | €426,524 | +€24,331 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €96,455 | €100,531 | +€4,075 | +4.2% |
| Trade debts | 44 | €129,375 | €154,845 | +€25,470 | +19.7% |
| Suppliers | 440/4 | €129,375 | €154,845 | +€25,470 | +19.7% |
| Advances received on contracts in progress | 46 | €47,108 | €41,485 | -€5,623 | -11.9% |
| Other amounts payable | 47/48 | €129,255 | €129,664 | +€408 | +0.3% |
| Accrued charges and deferred income | 492/3 | €4,327 | €14,904 | +€10,578 | +244.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,549 | €41,011 | -€3,538 | -7.9% |
| Other operating charges | 640/8 | €140,623 | €28,187 | -€112,436 | -80.0% |
| Gross operating margin | 9900 | €255,808 | €187,678 | -€68,130 | -26.6% |
| Operating profit (loss) | 9901 | €70,636 | €118,480 | +€47,844 | +67.7% |
| Financial income | 75/76B | €32,475 | €35,426 | +€2,952 | +9.1% |
| Recurring financial income | 75 | €32,475 | €35,426 | +€2,952 | +9.1% |
| Financial charges | 65/66B | €208,075 | €172,989 | -€35,087 | -16.9% |
| Recurring financial charges | 65 | €208,075 | €172,989 | -€35,087 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | -€104,965 | -€19,082 | +€85,883 | +81.8% |
| Profit (loss) for the period | 9904 | -€104,965 | -€19,082 | +€85,883 | +81.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€104,965 | -€19,082 | +€85,883 | +81.8% |
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 1 October 2026 via checked.be.