IBW: 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.
What changed
IBW
NACE 18.130, Pre-press and pre-media services
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€910,190
2024 · -€1.2m+€2.1m
Equity
€78,045
2024 · -€832,145+€910,190
Cash
€4,684
2024 · €17,787-€13,103
Balance sheet total
€2.4m
2024 · €2.3m+€36,963
Largest movements
Assets
- Receivables within one year +€341,859
up €341,859 (+41.2%), from €829,248 to €1.2m
of which Other amounts receivable: +€578,599
- Tangible fixed assets -€222,129
down €222,129 (-19.2%), from €1.2m to €932,202
of which Leasing and similar rights: -€263,515
- Stocks and contracts -€57,394
down €57,394 (-18.0%), from €319,695 to €262,301
of which Contracts in progress: -€42,818
Equity and liabilities
- Profit (loss) carried forward +€910,190
up €910,190 (+76.1%), from -€1.2m to -€285,086
- Other debts -€778,665
down €778,665 (-100.0%), from €778,665 to €0
- Tax, wage and social debts +€504,929
up €504,929 (+72.2%), from €699,449 to €1.2m
of which Taxes: +€335,823
- Trade debts -€341,183
down €341,183 (-46.1%), from €740,649 to €399,466
- Debts after one year -€267,336
down €267,336 (-38.1%), from €701,624 to €434,288
Income statement
- Other operating income +€2.4m
up €2.4m (+552.2%), from €431,445 to €2.8m
- Financial charges -€769,994
down €769,994 (-71.7%), from €1.1m to €304,352
of which Financial charges: -€608,604
- Turnover +€759,645
up €759,645 (+15.5%), from €4.9m to €5.7m
- Services and other goods +€597,987
up €597,987 (+41.0%), from €1.5m to €2.1m
- Financial income -€185,094
down €185,094 (-45.4%), from €407,669 to €222,575
of which Non-recurring financial income: -€151,535
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.
Result 2024
-€1.2m
Turnover
+€759,645
Other operating income
+€2.4m
Goods and materials
+€67,598
Services and other goods
-€597,987
Staff costs
-€113,873
Depreciation
-€41,463
Other operating charges
-€2,591
Other operating items
-€923,818
Financial income
-€185,094
Financial charges
+€769,994
Taxes
-€1,652
Deferred taxes and other
-€7,931
Result 2025
€910,190
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.
From operations
+€351,699
Investment
-€106,494
Financing
-€258,307
Cash 2024
€17,787
From operations (derived)
+€351,699
Net result for the year
+€910,190
Depreciation
+€333,624
Stocks and contracts
+€57,394
Receivables within one year
-€341,859
Deferred charges and accrued income
+€7,270
Trade debts
-€341,183
Tax, wage and social debts
+€504,929
Other debts
-€778,665
Investment (derived)
-€106,494
Investment in fixed assets (net)
-€111,494
Current investments
+€5,000
Financing
-€258,307
Debts after one year
-€267,336
Current portion of long-term debt
+€9,028
Cash 2025
€4,684
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,346,550 | €2,383,512 | +€36,963 | +1.6% |
| Fixed assets | 21/28 | €1,154,332 | €932,202 | -€222,130 | -19.2% |
| Tangible fixed assets | 22/27 | €1,154,331 | €932,202 | -€222,129 | -19.2% |
| Plant, machinery and equipment | 23 | €182,241 | €82,477 | -€99,763 | -54.7% |
| Furniture and vehicles | 24 | €32,932 | €29,560 | -€3,372 | -10.2% |
| Leasing and similar rights | 25 | €939,158 | €675,643 | -€263,515 | -28.1% |
| Other tangible fixed assets | 26 | - | €144,522 | +€144,522 | |
| Financial fixed assets | 28 | €1 | €0 | -€1 | -100.0% |
| Affiliated companies | 280/1 | €1 | €0 | -€1 | -100.0% |
| Participating interests | 280 | €1 | €0 | -€1 | -100.0% |
| Current assets | 29/58 | €1,192,218 | €1,451,311 | +€259,093 | +21.7% |
| Stocks and contracts in progress | 3 | €319,695 | €262,301 | -€57,394 | -18.0% |
| Stocks | 30/36 | €261,117 | €246,541 | -€14,576 | -5.6% |
| Raw materials and consumables | 30/31 | €261,117 | €246,541 | -€14,576 | -5.6% |
| Contracts in progress | 37 | €58,578 | €15,760 | -€42,818 | -73.1% |
| Amounts receivable within one year | 40/41 | €829,248 | €1,171,107 | +€341,859 | +41.2% |
| Trade receivables | 40 | €802,763 | €566,023 | -€236,740 | -29.5% |
| Other amounts receivable | 41 | €26,485 | €605,084 | +€578,599 | +2184.7% |
| Current investments | 50/53 | €5,000 | €0 | -€5,000 | -100.0% |
| Own shares | 50 | €5,000 | €0 | -€5,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €17,787 | €4,684 | -€13,103 | -73.7% |
| Deferred charges and accrued income | 490/1 | €20,489 | €13,219 | -€7,270 | -35.5% |
| Total equity and liabilities | 10/49 | €2,346,550 | €2,383,512 | +€36,963 | +1.6% |
| Equity | 10/15 | -€832,145 | €78,045 | +€910,190 | |
| Contributions | 10/11 | €221,102 | €221,102 | = | 0.0% |
| Capital | 10 | €221,102 | €221,102 | = | 0.0% |
| Issued capital | 100 | €221,102 | €221,102 | = | 0.0% |
| Reserves | 13 | €142,028 | €142,028 | = | 0.0% |
| Non-distributable reserves | 130/1 | €30,206 | €25,206 | -€5,000 | -16.6% |
| Legal reserve | 130 | €25,206 | €25,206 | = | 0.0% |
| Own shares acquired | 1312 | €5,000 | €0 | -€5,000 | -100.0% |
| Distributable reserves | 133 | €111,822 | €116,822 | +€5,000 | +4.5% |
| Profit (loss) carried forward | 14 | -€1,195,275 | -€285,086 | +€910,190 | +76.1% |
| Investment grants | 15 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €3,178,694 | €2,305,467 | -€873,227 | -27.5% |
| Amounts payable after more than one year | 17 | €701,624 | €434,288 | -€267,336 | -38.1% |
| Financial debts | 170/4 | €701,624 | €434,288 | -€267,336 | -38.1% |
| Leasing and similar obligations | 172 | €701,624 | €434,288 | -€267,336 | -38.1% |
| Amounts payable within one year | 42/48 | €2,477,071 | €1,871,180 | -€605,891 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €258,307 | €267,336 | +€9,028 | +3.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €740,649 | €399,466 | -€341,183 | -46.1% |
| Suppliers | 440/4 | €740,649 | €399,466 | -€341,183 | -46.1% |
| Taxes, remuneration and social security | 45 | €699,449 | €1,204,377 | +€504,929 | +72.2% |
| Taxes | 450/3 | €217,457 | €553,280 | +€335,823 | +154.4% |
| Remuneration and social security | 454/9 | €481,992 | €651,097 | +€169,106 | +35.1% |
| Other amounts payable | 47/48 | €778,665 | €0 | -€778,665 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | €5,398,022 | €8,438,094 | +€3.0m | +56.3% |
| Turnover | 70 | €4,900,407 | €5,660,051 | +€759,645 | +15.5% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €47,338 | -€42,818 | -€90,156 | |
| Other operating income | 74 | €431,445 | €2,814,084 | +€2.4m | +552.2% |
| Non-recurring operating income | 76A | €18,833 | €6,777 | -€12,056 | -64.0% |
| Operating charges | 60/66A | €5,933,819 | €7,443,742 | +€1.5m | +25.4% |
| Goods for resale, raw materials and consumables | 60 | €651,425 | €583,827 | -€67,598 | -10.4% |
| Purchases | 600/8 | €548,190 | €569,251 | +€21,061 | +3.8% |
| Change in stocks: decrease (increase) | 609 | €103,235 | €14,576 | -€88,659 | -85.9% |
| Services and other goods | 61 | €1,460,266 | €2,058,253 | +€597,987 | +41.0% |
| Remuneration, social security and pensions | 62 | €3,525,436 | €3,639,309 | +€113,873 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €292,160 | €333,624 | +€41,463 | +14.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €4,532 | €7,122 | +€2,591 | +57.2% |
| Non-recurring operating charges | 66A | €0 | €821,607 | +€821,607 | |
| Operating profit (loss) | 9901 | -€535,797 | €994,352 | +€1.5m | |
| Financial income | 75/76B | €407,669 | €222,575 | -€185,094 | -45.4% |
| Recurring financial income | 75 | €36,134 | €2,575 | -€33,559 | -92.9% |
| Income from current assets | 751 | €857 | €0 | -€857 | -100.0% |
| Other financial income | 752/9 | €35,277 | €2,575 | -€32,702 | -92.7% |
| Non-recurring financial income | 76B | €371,535 | €220,000 | -€151,535 | -40.8% |
| Financial charges | 65/66B | €1,074,346 | €304,352 | -€769,994 | -71.7% |
| Recurring financial charges | 65 | €692,956 | €84,352 | -€608,604 | -87.8% |
| Debt charges | 650 | €72,498 | €56,894 | -€15,604 | -21.5% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €612,405 | -€673,042 | -€1.3m | |
| Other financial charges | 652/9 | €8,052 | €700,500 | +€692,448 | +8599.4% |
| Non-recurring financial charges | 66B | €381,390 | €220,000 | -€161,390 | -42.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,202,474 | €912,575 | +€2.1m | |
| Transfer from deferred taxes | 780 | €7,931 | €0 | -€7,931 | -100.0% |
| Income taxes | 67/77 | €733 | €2,385 | +€1,652 | +225.4% |
| Taxes | 670/3 | €733 | €2,385 | +€1,652 | +225.4% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€1,195,275 | €910,190 | +€2.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,195,275 | €910,190 | +€2.1m |
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 11 October 2026 via checked.be.