Ibrahimovic - Vanhaeren: 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.
Ibrahimovic - Vanhaeren
Largest movements
- Intangible fixed assets -€154,391
down €154,391 (-16.1%), from €960,963 to €806,572
- Cash -€121,807
down €121,807 (-54.5%), from €223,425 to €101,618
mainly Contributions, distributions and other (-€220,843) and Debts after one year (-€124,659)
- Current investments +€99,043
new in 2025: €99,043
- Receivables within one year +€54,638
new in 2025: €54,638
- Deferred charges and accrued income -€31,219
down €31,219 (-78.4%), from €39,813 to €8,594
- Debts after one year -€124,659
down €124,659 (-9.8%), from €1.3m to €1.1m
- Other debts -€56,191
down €56,191 (-21.4%), from €262,191 to €206,000
- Tax, wage and social debts +€49,173
up €49,173 (+135%), from €36,379 to €85,552
of which Remuneration and social security: +€32,870
- Trade debts -€42,097
down €42,097 (-52.0%), from €80,976 to €38,880
- Reserves +€25,000
up €25,000 (+100%), from €25,000 to €50,000
- Gross operating margin +€219,947
up €219,947 (+34.7%), from €633,095 to €853,042
- Staff costs +€125,116
up €125,116 (+62.7%), from €199,476 to €324,592
- Depreciation +€93,427
up €93,427 (+72.5%), from €128,924 to €222,351
- Financial charges +€26,520
up €26,520 (+153%), from €17,293 to €43,813
- Taxes +€15,400
new in 2025: €15,400
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.
Derived cash bridge
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 | €1,811,005 | €1,669,775 | -€141,230 | -7.8% |
| Fixed assets | 21/28 | €1,547,767 | €1,405,883 | -€141,884 | -9.2% |
| Intangible fixed assets | 21 | €960,963 | €806,572 | -€154,391 | -16.1% |
| Tangible fixed assets | 22/27 | €586,804 | €599,311 | +€12,507 | +2.1% |
| Plant, machinery and equipment | 23 | €586,804 | €3,698 | -€583,107 | -99.4% |
| Other tangible fixed assets | 26 | - | €595,614 | +€595,614 | |
| Current assets | 29/58 | €263,238 | €263,892 | +€654 | +0.2% |
| Amounts receivable within one year | 40/41 | - | €54,638 | +€54,638 | |
| Other amounts receivable | 41 | - | €54,638 | +€54,638 | |
| Current investments | 50/53 | - | €99,043 | +€99,043 | |
| Cash at bank and in hand | 54/58 | €223,425 | €101,618 | -€121,807 | -54.5% |
| Deferred charges and accrued income | 490/1 | €39,813 | €8,594 | -€31,219 | -78.4% |
| Total equity and liabilities | 10/49 | €1,811,005 | €1,669,775 | -€141,230 | -7.8% |
| Equity | 10/15 | €45,000 | €71,648 | +€26,648 | +59.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €50,000 | +€25,000 | +100% |
| Distributable reserves | 133 | €25,000 | €50,000 | +€25,000 | +100% |
| Profit (loss) carried forward | 14 | €0 | €1,648 | +€1,648 | |
| Amounts payable | 17/49 | €1,766,005 | €1,598,127 | -€167,879 | -9.5% |
| Amounts payable after more than one year | 17 | €1,267,695 | €1,143,035 | -€124,659 | -9.8% |
| Financial debts | 170/4 | €1,267,695 | €1,143,035 | -€124,659 | -9.8% |
| Amounts payable within one year | 42/48 | €498,310 | €455,091 | -€43,219 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €118,764 | €124,659 | +€5,895 | +5.0% |
| Trade debts | 44 | €80,976 | €38,880 | -€42,097 | -52.0% |
| Suppliers | 440/4 | €80,976 | €38,880 | -€42,097 | -52.0% |
| Taxes, remuneration and social security | 45 | €36,379 | €85,552 | +€49,173 | +135% |
| Taxes | 450/3 | - | €16,303 | +€16,303 | |
| Remuneration and social security | 454/9 | €36,379 | €69,249 | +€32,870 | +90.4% |
| Other amounts payable | 47/48 | €262,191 | €206,000 | -€56,191 | -21.4% |
| Remuneration, social security and pensions | 62 | €199,476 | €324,592 | +€125,116 | +62.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,924 | €222,351 | +€93,427 | +72.5% |
| Other operating charges | 640/8 | €449 | €0 | -€449 | -100% |
| Gross operating margin | 9900 | €633,095 | €853,042 | +€219,947 | +34.7% |
| Operating profit (loss) | 9901 | €304,246 | €306,099 | +€1,853 | +0.6% |
| Financial income | 75/76B | €237 | €605 | +€368 | +155% |
| Recurring financial income | 75 | €237 | €605 | +€368 | +155% |
| Financial charges | 65/66B | €17,293 | €43,813 | +€26,520 | +153% |
| Recurring financial charges | 65 | €17,293 | €43,813 | +€26,520 | +153% |
| Profit (loss) for the period before taxes | 9903 | €287,191 | €262,891 | -€24,299 | -8.5% |
| Income taxes | 67/77 | - | €15,400 | +€15,400 | |
| Profit (loss) for the period | 9904 | €287,191 | €247,491 | -€39,699 | -13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €287,191 | €247,491 | -€39,699 | -13.8% |
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 28 October 2026 via checked.be.