IBELMO: 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.
IBELMO
Largest movements
- Tangible fixed assets -€536,603
down €536,603 (-6.3%), from €8.6m to €8.0m
of which Land and buildings: -€518,680
- Receivables within one year -€213,444
down €213,444 (-14.3%), from €1.5m to €1.3m
of which Other amounts receivable: -€205,702
- Cash +€180,755
up €180,755 (+72.1%), from €250,665 to €431,420
mainly Depreciation (+€750,574) and Net result for the year (+€343,326)
- Debts after one year -€436,623
down €436,623 (-26.0%), from €1.7m to €1.2m
- Reserves +€343,326
up €343,326 (+5.3%), from €6.4m to €6.8m
of which Distributable reserves: +€343,326
- Other debts -€288,018
down €288,018 (-25.1%), from €1.1m to €858,306
- Trade debts -€120,862
down €120,862 (-94.4%), from €128,043 to €7,181
- Gross operating margin -€671,151
down €671,151 (-34.7%), from €1.9m to €1.3m
- Taxes -€93,304
down €93,304 (-43.7%), from €213,371 to €120,067
- Financial income +€47,748
up €47,748 (+407756.5%), from €12 to €47,760
- Other operating charges -€46,348
down €46,348 (-46.1%), from €100,575 to €54,227
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 | €10,341,846 | €9,760,518 | -€581,328 | -5.6% |
| Fixed assets | 21/28 | €8,583,412 | €8,046,809 | -€536,603 | -6.3% |
| Tangible fixed assets | 22/27 | €8,583,412 | €8,046,809 | -€536,603 | -6.3% |
| Land and buildings | 22 | €8,463,959 | €7,945,279 | -€518,680 | -6.1% |
| Plant, machinery and equipment | 23 | €4,436 | €4,574 | +€137 | +3.1% |
| Furniture and vehicles | 24 | €115,016 | €96,956 | -€18,060 | -15.7% |
| Current assets | 29/58 | €1,758,434 | €1,713,709 | -€44,725 | -2.5% |
| Stocks and contracts in progress | 3 | €12,623 | - | -€12,623 | |
| Stocks | 30/36 | €12,623 | - | -€12,623 | |
| Amounts receivable within one year | 40/41 | €1,494,503 | €1,281,059 | -€213,444 | -14.3% |
| Trade receivables | 40 | €773,871 | €766,129 | -€7,742 | -1.0% |
| Other amounts receivable | 41 | €720,632 | €514,930 | -€205,702 | -28.5% |
| Cash at bank and in hand | 54/58 | €250,665 | €431,420 | +€180,755 | +72.1% |
| Deferred charges and accrued income | 490/1 | €644 | €1,231 | +€587 | +91.2% |
| Total equity and liabilities | 10/49 | €10,341,846 | €9,760,518 | -€581,328 | -5.6% |
| Equity | 10/15 | €6,486,994 | €6,830,320 | +€343,326 | +5.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,424,994 | €6,768,320 | +€343,326 | +5.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €387,935 | €387,935 | = | 0.0% |
| Distributable reserves | 133 | €6,030,859 | €6,374,185 | +€343,326 | +5.7% |
| Amounts payable | 17/49 | €3,854,852 | €2,930,198 | -€924,654 | -24.0% |
| Amounts payable after more than one year | 17 | €1,680,312 | €1,243,689 | -€436,623 | -26.0% |
| Financial debts | 170/4 | €1,680,312 | €1,243,689 | -€436,623 | -26.0% |
| Amounts payable within one year | 42/48 | €2,174,540 | €1,686,509 | -€488,031 | -22.4% |
| Current portion of amounts payable after more than one year | 42 | €524,377 | €436,623 | -€87,754 | -16.7% |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €128,043 | €7,181 | -€120,862 | -94.4% |
| Suppliers | 440/4 | €128,043 | €7,181 | -€120,862 | -94.4% |
| Taxes, remuneration and social security | 45 | €375,797 | €284,399 | -€91,398 | -24.3% |
| Taxes | 450/3 | €375,797 | €284,399 | -€91,398 | -24.3% |
| Other amounts payable | 47/48 | €1,146,323 | €858,306 | -€288,018 | -25.1% |
| Non-recurring operating income | 76A | - | €500 | +€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €751,802 | €750,574 | -€1,228 | -0.2% |
| Other operating charges | 640/8 | €100,575 | €54,227 | -€46,348 | -46.1% |
| Gross operating margin | 9900 | €1,931,402 | €1,260,251 | -€671,151 | -34.7% |
| Operating profit (loss) | 9901 | €1,079,025 | €455,450 | -€623,575 | -57.8% |
| Financial income | 75/76B | €12 | €47,760 | +€47,748 | +407756.5% |
| Recurring financial income | 75 | €12 | €47,760 | +€47,748 | +407756.5% |
| Financial charges | 65/66B | €54,431 | €39,816 | -€14,614 | -26.8% |
| Recurring financial charges | 65 | €54,431 | €39,816 | -€14,614 | -26.8% |
| Profit (loss) for the period before taxes | 9903 | €1,024,606 | €463,394 | -€561,212 | -54.8% |
| Income taxes | 67/77 | €213,371 | €120,067 | -€93,304 | -43.7% |
| Profit (loss) for the period | 9904 | €811,235 | €343,326 | -€467,908 | -57.7% |
| Profit (loss) for the period to be appropriated | 9905 | €811,235 | €343,326 | -€467,908 | -57.7% |
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 8 October 2026 via checked.be.