IBTISAM: 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.
IBTISAM
Largest movements
- Receivables within one year +€42,331
up €42,331 (+93.7%), from €45,191 to €87,522
of which Trade receivables: +€43,850
- Cash -€13,537
down €13,537 (-44.0%), from €30,798 to €17,261
mainly Receivables within one year (-€42,331) and Investment in fixed assets (net) (-€3,277)
- Stocks and contracts -€5,000
no longer reported in 2025 (was €5,000)
- Financial fixed assets +€2,000
new in 2025: €2,000
- Profit (loss) carried forward +€14,095
up €14,095 (+35.2%), from €40,094 to €54,189
- Debts after one year +€6,800
new in 2025: €6,800
- Tax, wage and social debts +€6,426
up €6,426 (+17.0%), from €37,910 to €44,337
- Trade debts -€1,443
no longer reported in 2025 (was €1,443)
- Staff costs +€22,967
up €22,967 (+27.1%), from €84,783 to €107,750
- Taxes -€8,019
down €8,019 (-53.3%), from €15,052 to €7,033
- Gross operating margin -€5,109
down €5,109 (-3.6%), from €140,590 to €135,481
- Depreciation -€1,780
down €1,780 (-56.6%), from €3,143 to €1,363
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 | €86,447 | €112,326 | +€25,879 | +29.9% |
| Fixed assets | 21/28 | €5,458 | €7,371 | +€1,913 | +35.1% |
| Tangible fixed assets | 22/27 | €5,458 | €5,371 | -€87 | -1.6% |
| Plant, machinery and equipment | 23 | €3,451 | €2,575 | -€877 | -25.4% |
| Furniture and vehicles | 24 | €2,007 | €2,797 | +€790 | +39.4% |
| Financial fixed assets | 28 | - | €2,000 | +€2,000 | |
| Current assets | 29/58 | €80,989 | €104,955 | +€23,966 | +29.6% |
| Stocks and contracts in progress | 3 | €5,000 | - | -€5,000 | |
| Stocks | 30/36 | €5,000 | - | -€5,000 | |
| Amounts receivable within one year | 40/41 | €45,191 | €87,522 | +€42,331 | +93.7% |
| Trade receivables | 40 | €24,988 | €68,838 | +€43,850 | +175.5% |
| Other amounts receivable | 41 | €20,204 | €18,684 | -€1,520 | -7.5% |
| Cash at bank and in hand | 54/58 | €30,798 | €17,261 | -€13,537 | -44.0% |
| Deferred charges and accrued income | 490/1 | - | €172 | +€172 | |
| Total equity and liabilities | 10/49 | €86,447 | €112,326 | +€25,879 | +29.9% |
| Equity | 10/15 | €47,094 | €61,189 | +€14,095 | +29.9% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,094 | €54,189 | +€14,095 | +35.2% |
| Amounts payable | 17/49 | €39,353 | €51,137 | +€11,784 | +29.9% |
| Amounts payable after more than one year | 17 | - | €6,800 | +€6,800 | |
| Financial debts | 170/4 | - | €6,800 | +€6,800 | |
| Amounts payable within one year | 42/48 | €39,353 | €44,337 | +€4,984 | +12.7% |
| Trade debts | 44 | €1,443 | - | -€1,443 | |
| Suppliers | 440/4 | €1,443 | - | -€1,443 | |
| Taxes, remuneration and social security | 45 | €37,910 | €44,337 | +€6,426 | +17.0% |
| Taxes | 450/3 | €37,910 | €44,337 | +€6,426 | +17.0% |
| Remuneration, social security and pensions | 62 | €84,783 | €107,750 | +€22,967 | +27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,143 | €1,363 | -€1,780 | -56.6% |
| Other operating charges | 640/8 | €2,759 | €2,070 | -€689 | -25.0% |
| Gross operating margin | 9900 | €140,590 | €135,481 | -€5,109 | -3.6% |
| Operating profit (loss) | 9901 | €49,904 | €24,297 | -€25,607 | -51.3% |
| Financial income | 75/76B | - | €438 | +€438 | |
| Recurring financial income | 75 | - | €438 | +€438 | |
| Financial charges | 65/66B | €2,455 | €3,608 | +€1,153 | +47.0% |
| Recurring financial charges | 65 | €2,455 | €3,608 | +€1,153 | +47.0% |
| Profit (loss) for the period before taxes | 9903 | €47,450 | €21,128 | -€26,322 | -55.5% |
| Income taxes | 67/77 | €15,052 | €7,033 | -€8,019 | -53.3% |
| Profit (loss) for the period | 9904 | €32,398 | €14,095 | -€18,303 | -56.5% |
| Profit (loss) for the period to be appropriated | 9905 | €32,398 | €14,095 | -€18,303 | -56.5% |
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.