IBEXA: 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.
IBEXA
Largest movements
- Tangible fixed assets +€86,700
up €86,700 (+198.6%), from €43,649 to €130,349
of which Furniture and vehicles: +€74,165
- Cash -€85,181
down €85,181 (-77.6%), from €109,762 to €24,581
mainly Investment in fixed assets (net) (-€110,306) and Current investments (-€84,639)
- Current investments +€84,639
up €84,639, from €0 to €84,639
- Receivables within one year +€4,762
up €4,762 (+152.2%), from €3,129 to €7,891
of which Other amounts receivable: +€6,478
- Debts after one year +€55,536
new in 2025: €55,536
- Current portion of long-term debt +€21,079
new in 2025: €21,079
- Other debts +€16,961
up €16,961 (+3620.2%), from €469 to €17,429
- Short-term financial debts -€3,230
down €3,230 (-68.0%), from €4,750 to €1,520
- Financial charges +€87,007
up €87,007 (+16425.7%), from €530 to €87,537
- Taxes -€17,360
down €17,360 (-94.8%), from €18,312 to €952
- Depreciation +€12,349
up €12,349 (+109.7%), from €11,257 to €23,607
- Gross operating margin +€5,526
up €5,526 (+5.3%), from €103,796 to €109,322
- Staff costs -€4,852
no longer reported in 2025 (was €4,852)
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 | €156,988 | €248,972 | +€91,985 | +58.6% |
| Fixed assets | 21/28 | €43,649 | €130,349 | +€86,700 | +198.6% |
| Tangible fixed assets | 22/27 | €43,649 | €130,349 | +€86,700 | +198.6% |
| Furniture and vehicles | 24 | €31,892 | €106,057 | +€74,165 | +232.5% |
| Other tangible fixed assets | 26 | €11,757 | €24,292 | +€12,535 | +106.6% |
| Current assets | 29/58 | €113,339 | €118,623 | +€5,285 | +4.7% |
| Amounts receivable within one year | 40/41 | €3,129 | €7,891 | +€4,762 | +152.2% |
| Trade receivables | 40 | €1,750 | €34 | -€1,716 | -98.0% |
| Other amounts receivable | 41 | €1,379 | €7,857 | +€6,478 | +469.8% |
| Current investments | 50/53 | €0 | €84,639 | +€84,639 | |
| Cash at bank and in hand | 54/58 | €109,762 | €24,581 | -€85,181 | -77.6% |
| Deferred charges and accrued income | 490/1 | €447 | €1,512 | +€1,065 | +238.0% |
| Total equity and liabilities | 10/49 | €156,988 | €248,972 | +€91,985 | +58.6% |
| Equity | 10/15 | €141,206 | €142,105 | +€899 | +0.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €70,000 | €70,000 | = | 0.0% |
| Distributable reserves | 133 | €70,000 | €70,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €70,206 | €71,105 | +€899 | +1.3% |
| Amounts payable | 17/49 | €15,782 | €106,867 | +€91,085 | +577.2% |
| Amounts payable after more than one year | 17 | - | €55,536 | +€55,536 | |
| Financial debts | 170/4 | - | €55,536 | +€55,536 | |
| Amounts payable within one year | 42/48 | €15,782 | €51,331 | +€35,549 | +225.3% |
| Current portion of amounts payable after more than one year | 42 | - | €21,079 | +€21,079 | |
| Financial debts | 43 | €4,750 | €1,520 | -€3,230 | -68.0% |
| Credit institutions | 430/8 | €4,750 | €1,520 | -€3,230 | -68.0% |
| Trade debts | 44 | €1,510 | €1,917 | +€407 | +26.9% |
| Suppliers | 440/4 | €1,510 | €1,917 | +€407 | +26.9% |
| Taxes, remuneration and social security | 45 | €9,053 | €9,386 | +€333 | +3.7% |
| Taxes | 450/3 | €9,053 | €9,386 | +€333 | +3.7% |
| Other amounts payable | 47/48 | €469 | €17,429 | +€16,961 | +3620.2% |
| Remuneration, social security and pensions | 62 | €4,852 | - | -€4,852 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,257 | €23,607 | +€12,349 | +109.7% |
| Other operating charges | 640/8 | €670 | €815 | +€144 | +21.5% |
| Gross operating margin | 9900 | €103,796 | €109,322 | +€5,526 | +5.3% |
| Operating profit (loss) | 9901 | €87,016 | €84,901 | -€2,115 | -2.4% |
| Financial income | 75/76B | €1,629 | €4,487 | +€2,858 | +175.5% |
| Recurring financial income | 75 | €1,629 | €4,487 | +€2,858 | +175.5% |
| Financial charges | 65/66B | €530 | €87,537 | +€87,007 | +16425.7% |
| Recurring financial charges | 65 | €530 | €87,537 | +€87,007 | +16425.7% |
| Profit (loss) for the period before taxes | 9903 | €88,115 | €1,851 | -€86,264 | -97.9% |
| Income taxes | 67/77 | €18,312 | €952 | -€17,360 | -94.8% |
| Profit (loss) for the period | 9904 | €69,804 | €899 | -€68,904 | -98.7% |
| Profit (loss) for the period to be appropriated | 9905 | €69,804 | €899 | -€68,904 | -98.7% |
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 9 October 2026 via checked.be.