IBOVAST: 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.
IBOVAST
Largest movements
- Receivables within one year +€18,688
up €18,688 (+30.6%), from €60,984 to €79,672
of which Other amounts receivable: +€18,688
- Cash -€10,161
down €10,161 (-33.1%), from €30,666 to €20,505
mainly Receivables within one year (-€18,688) and Debts after one year (-€13,283)
- Tangible fixed assets -€8,837
down €8,837 (-8.1%), from €109,419 to €100,581
of which Land and buildings: -€8,274
- Profit (loss) carried forward +€18,222
up €18,222 (+33.3%), from €54,724 to €72,946
- Debts after one year -€13,283
down €13,283 (-15.8%), from €83,873 to €70,590
- Current portion of long-term debt -€3,347
down €3,347 (-18.4%), from €18,143 to €14,796
- Other debts -€2,787
no longer reported in 2025 (was €2,787)
- Gross operating margin +€2,528
up €2,528 (+7.4%), from €34,140 to €36,668
- Taxes -€609
down €609 (-7.8%), from €7,769 to €7,160
- Financial charges -€399
down €399 (-17.3%), from €2,312 to €1,913
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 | €201,069 | €200,759 | -€310 | -0.2% |
| Fixed assets | 21/28 | €109,419 | €100,581 | -€8,837 | -8.1% |
| Tangible fixed assets | 22/27 | €109,419 | €100,581 | -€8,837 | -8.1% |
| Land and buildings | 22 | €99,289 | €91,015 | -€8,274 | -8.3% |
| Plant, machinery and equipment | 23 | €10,130 | €9,566 | -€563 | -5.6% |
| Current assets | 29/58 | €91,651 | €100,178 | +€8,527 | +9.3% |
| Amounts receivable within one year | 40/41 | €60,984 | €79,672 | +€18,688 | +30.6% |
| Trade receivables | 40 | €8,470 | €8,470 | = | 0.0% |
| Other amounts receivable | 41 | €52,514 | €71,202 | +€18,688 | +35.6% |
| Cash at bank and in hand | 54/58 | €30,666 | €20,505 | -€10,161 | -33.1% |
| Total equity and liabilities | 10/49 | €201,069 | €200,759 | -€310 | -0.2% |
| Equity | 10/15 | €82,021 | €100,243 | +€18,222 | +22.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €14,897 | €14,897 | = | 0.0% |
| Distributable reserves | 133 | €14,897 | €14,897 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,724 | €72,946 | +€18,222 | +33.3% |
| Amounts payable | 17/49 | €119,048 | €100,516 | -€18,532 | -15.6% |
| Amounts payable after more than one year | 17 | €83,873 | €70,590 | -€13,283 | -15.8% |
| Financial debts | 170/4 | €83,873 | €70,590 | -€13,283 | -15.8% |
| Amounts payable within one year | 42/48 | €35,175 | €29,926 | -€5,249 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €18,143 | €14,796 | -€3,347 | -18.4% |
| Trade debts | 44 | €9,968 | €10,597 | +€630 | +6.3% |
| Suppliers | 440/4 | €9,968 | €10,597 | +€630 | +6.3% |
| Taxes, remuneration and social security | 45 | €4,278 | €4,533 | +€255 | +6.0% |
| Taxes | 450/3 | €4,278 | €4,533 | +€255 | +6.0% |
| Other amounts payable | 47/48 | €2,787 | - | -€2,787 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,837 | €8,837 | = | 0.0% |
| Other operating charges | 640/8 | €331 | €544 | +€213 | +64.3% |
| Gross operating margin | 9900 | €34,140 | €36,668 | +€2,528 | +7.4% |
| Operating profit (loss) | 9901 | €24,971 | €27,287 | +€2,315 | +9.3% |
| Financial income | 75/76B | €6 | €8 | +€2 | +33.6% |
| Recurring financial income | 75 | €6 | €8 | +€2 | +33.6% |
| Financial charges | 65/66B | €2,312 | €1,913 | -€399 | -17.3% |
| Recurring financial charges | 65 | €2,312 | €1,913 | -€399 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €22,666 | €25,382 | +€2,716 | +12.0% |
| Income taxes | 67/77 | €7,769 | €7,160 | -€609 | -7.8% |
| Profit (loss) for the period | 9904 | €14,897 | €18,222 | +€3,325 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €14,897 | €18,222 | +€3,325 | +22.3% |
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 10 October 2026 via checked.be.