IBELIN: 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.
IBELIN
Largest movements
- Current investments -€410,953
down €410,953 (-97.9%), from €419,741 to €8,788
- Cash +€61,950
up €61,950 (+70.7%), from €87,567 to €149,517
mainly Current investments (+€410,953) and Net result for the year (+€99,671)
- Intangible fixed assets -€50,000
down €50,000 (-38.8%), from €128,767 to €78,767
- Tangible fixed assets -€32,223
down €32,223 (-6.0%), from €540,446 to €508,223
of which Other tangible fixed assets: -€16,903
- Reserves -€367,651
down €367,651 (-62.0%), from €593,323 to €225,673
- Debts after one year -€53,627
down €53,627 (-15.0%), from €357,019 to €303,392
- Current portion of long-term debt -€15,834
down €15,834 (-28.1%), from €56,308 to €40,475
- Financial charges -€53,521
down €53,521 (-74.4%), from €71,908 to €18,386
- Depreciation -€31,061
down €31,061 (-27.4%), from €113,284 to €82,223
- Gross operating margin -€30,529
down €30,529 (-13.3%), from €229,546 to €199,018
- Other operating charges +€3,350
up €3,350 (+108.2%), from €3,095 to €6,445
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 | €1,304,310 | €864,333 | -€439,976 | -33.7% |
| Fixed assets | 21/28 | €669,213 | €586,990 | -€82,223 | -12.3% |
| Intangible fixed assets | 21 | €128,767 | €78,767 | -€50,000 | -38.8% |
| Tangible fixed assets | 22/27 | €540,446 | €508,223 | -€32,223 | -6.0% |
| Plant, machinery and equipment | 23 | €2,026 | €1,677 | -€349 | -17.2% |
| Furniture and vehicles | 24 | €57,628 | €42,657 | -€14,971 | -26.0% |
| Other tangible fixed assets | 26 | €480,792 | €463,889 | -€16,903 | -3.5% |
| Current assets | 29/58 | €635,096 | €277,343 | -€357,753 | -56.3% |
| Amounts receivable within one year | 40/41 | €123,333 | €113,769 | -€9,564 | -7.8% |
| Trade receivables | 40 | €16,308 | €25,575 | +€9,267 | +56.8% |
| Other amounts receivable | 41 | €107,025 | €88,195 | -€18,831 | -17.6% |
| Current investments | 50/53 | €419,741 | €8,788 | -€410,953 | -97.9% |
| Cash at bank and in hand | 54/58 | €87,567 | €149,517 | +€61,950 | +70.7% |
| Deferred charges and accrued income | 490/1 | €4,455 | €5,268 | +€814 | +18.3% |
| Total equity and liabilities | 10/49 | €1,304,310 | €864,333 | -€439,976 | -33.7% |
| Equity | 10/15 | €867,374 | €499,723 | -€367,651 | -42.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €593,323 | €225,673 | -€367,651 | -62.0% |
| Distributable reserves | 133 | €593,323 | €225,673 | -€367,651 | -62.0% |
| Profit (loss) carried forward | 14 | €255,450 | €255,450 | = | 0.0% |
| Amounts payable | 17/49 | €436,936 | €364,610 | -€72,326 | -16.6% |
| Amounts payable after more than one year | 17 | €357,019 | €303,392 | -€53,627 | -15.0% |
| Financial debts | 170/4 | €357,019 | €303,392 | -€53,627 | -15.0% |
| Amounts payable within one year | 42/48 | €78,492 | €59,743 | -€18,749 | -23.9% |
| Current portion of amounts payable after more than one year | 42 | €56,308 | €40,475 | -€15,834 | -28.1% |
| Trade debts | 44 | €1,857 | €1,586 | -€272 | -14.6% |
| Suppliers | 440/4 | €1,857 | €1,586 | -€272 | -14.6% |
| Taxes, remuneration and social security | 45 | €20,327 | €17,683 | -€2,644 | -13.0% |
| Taxes | 450/3 | €20,327 | €17,683 | -€2,644 | -13.0% |
| Accrued charges and deferred income | 492/3 | €1,425 | €1,475 | +€50 | +3.5% |
| Non-recurring operating income | 76A | €17,768 | - | -€17,768 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,284 | €82,223 | -€31,061 | -27.4% |
| Other operating charges | 640/8 | €3,095 | €6,445 | +€3,350 | +108.2% |
| Non-recurring operating charges | 66A | €444 | - | -€444 | |
| Gross operating margin | 9900 | €229,546 | €199,018 | -€30,529 | -13.3% |
| Operating profit (loss) | 9901 | €112,723 | €110,349 | -€2,373 | -2.1% |
| Financial income | 75/76B | €44,749 | €42,964 | -€1,785 | -4.0% |
| Recurring financial income | 75 | €44,749 | €42,964 | -€1,785 | -4.0% |
| Financial charges | 65/66B | €71,908 | €18,386 | -€53,521 | -74.4% |
| Recurring financial charges | 65 | €71,908 | €18,386 | -€53,521 | -74.4% |
| Profit (loss) for the period before taxes | 9903 | €85,564 | €134,927 | +€49,363 | +57.7% |
| Income taxes | 67/77 | €36,422 | €35,256 | -€1,166 | -3.2% |
| Profit (loss) for the period | 9904 | €49,142 | €99,671 | +€50,529 | +102.8% |
| Profit (loss) for the period to be appropriated | 9905 | €49,142 | €99,671 | +€50,529 | +102.8% |
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 9 October 2026 via checked.be.