IBEX ADVISORY: 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.
IBEX ADVISORY
Largest movements
- Receivables within one year +€142,954
up €142,954 (+66.9%), from €213,638 to €356,592
of which Other amounts receivable: +€187,854
- Receivables after one year -€21,329
no longer reported in 2025 (was €21,329)
- Cash -€4,489
down €4,489 (-99.9%), from €4,493 to €4
mainly Receivables within one year (-€142,954) and Tax, wage and social debts (-€23,613)
- Trade debts +€86,204
up €86,204 (+865.4%), from €9,961 to €96,165
- Profit (loss) carried forward +€56,634
new in 2025: €56,634
- Tax, wage and social debts -€23,613
no longer reported in 2025 (was €23,613)
- Gross operating margin -€131,750
down €131,750 (-72.3%), from €182,190 to €50,440
- Taxes -€22,270
no longer reported in 2025 (was €22,270)
- Depreciation -€8,106
no longer reported in 2025 (was €8,106)
- Financial income +€5,129
up €5,129 (+452.2%), from €1,134 to €6,264
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 | €239,460 | €356,596 | +€117,136 | +48.9% |
| Current assets | 29/58 | €239,460 | €356,596 | +€117,136 | +48.9% |
| Amounts receivable after more than one year | 29 | €21,329 | - | -€21,329 | |
| Other amounts receivable | 291 | €21,329 | - | -€21,329 | |
| Amounts receivable within one year | 40/41 | €213,638 | €356,592 | +€142,954 | +66.9% |
| Trade receivables | 40 | €191,619 | €146,719 | -€44,900 | -23.4% |
| Other amounts receivable | 41 | €22,019 | €209,873 | +€187,854 | +853.2% |
| Cash at bank and in hand | 54/58 | €4,493 | €4 | -€4,489 | -99.9% |
| Total equity and liabilities | 10/49 | €239,460 | €356,596 | +€117,136 | +48.9% |
| Equity | 10/15 | €203,796 | €260,431 | +€56,634 | +27.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €191,396 | €191,396 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €189,536 | €191,396 | +€1,860 | +1.0% |
| Profit (loss) carried forward | 14 | - | €56,634 | +€56,634 | |
| Amounts payable | 17/49 | €35,664 | €96,165 | +€60,501 | +169.6% |
| Amounts payable within one year | 42/48 | €35,664 | €96,165 | +€60,501 | +169.6% |
| Trade debts | 44 | €9,961 | €96,165 | +€86,204 | +865.4% |
| Suppliers | 440/4 | €9,961 | €96,165 | +€86,204 | +865.4% |
| Taxes, remuneration and social security | 45 | €23,613 | - | -€23,613 | |
| Taxes | 450/3 | €23,613 | - | -€23,613 | |
| Other amounts payable | 47/48 | €2,090 | - | -€2,090 | |
| Non-recurring operating income | 76A | €40,392 | - | -€40,392 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,106 | - | -€8,106 | |
| Other operating charges | 640/8 | €963 | €69 | -€894 | -92.8% |
| Non-recurring operating charges | 66A | €2,369 | - | -€2,369 | |
| Gross operating margin | 9900 | €182,190 | €50,440 | -€131,750 | -72.3% |
| Operating profit (loss) | 9901 | €170,752 | €50,371 | -€120,381 | -70.5% |
| Financial income | 75/76B | €1,134 | €6,264 | +€5,129 | +452.2% |
| Recurring financial income | 75 | €1,134 | €6,264 | +€5,129 | +452.2% |
| Financial charges | 65/66B | €640 | - | -€640 | |
| Recurring financial charges | 65 | €640 | - | -€640 | |
| Profit (loss) for the period before taxes | 9903 | €171,246 | €56,634 | -€114,612 | -66.9% |
| Income taxes | 67/77 | €22,270 | - | -€22,270 | |
| Profit (loss) for the period | 9904 | €148,977 | €56,634 | -€92,342 | -62.0% |
| Profit (loss) for the period to be appropriated | 9905 | €148,977 | €56,634 | -€92,342 | -62.0% |
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.