IBXL: 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.
IBXL
Largest movements
- Financial fixed assets +€1.7m
new in 2025: €1.7m
- Stocks and contracts +€325,978
up €325,978 (+23.8%), from €1.4m to €1.7m
- Tangible fixed assets -€170,660
down €170,660 (-4.1%), from €4.2m to €4.0m
of which Land and buildings: -€170,660
- Current investments +€100,328
up €100,328 (+97.2%), from €103,226 to €203,554
- Other debts +€2.1m
up €2.1m (+31.6%), from €6.5m to €8.5m
- Write-downs +€136,955
up €136,955, from -€136,955 to €0
- Gross operating margin -€12,207
down €12,207 (-9.0%), from €135,744 to €123,537
- Financial income +€5,668
up €5,668 (+653.4%), from €868 to €6,536
- Other operating charges -€3,905
down €3,905 (-88.1%), from €4,434 to €528
- Depreciation -€3,298
down €3,298 (-1.9%), from €173,958 to €170,660
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 | €6,052,523 | €8,069,895 | +€2.0m | +33.3% |
| Fixed assets | 21/28 | €4,199,515 | €5,726,608 | +€1.5m | +36.4% |
| Tangible fixed assets | 22/27 | €4,199,515 | €4,028,855 | -€170,660 | -4.1% |
| Land and buildings | 22 | €4,199,515 | €4,028,855 | -€170,660 | -4.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | - | €1,697,753 | +€1.7m | |
| Current assets | 29/58 | €1,853,008 | €2,343,286 | +€490,278 | +26.5% |
| Stocks and contracts in progress | 3 | €1,370,128 | €1,696,107 | +€325,978 | +23.8% |
| Stocks | 30/36 | €1,370,128 | €1,696,107 | +€325,978 | +23.8% |
| Amounts receivable within one year | 40/41 | €19,211 | €18,212 | -€999 | -5.2% |
| Trade receivables | 40 | - | €1,541 | +€1,541 | |
| Other amounts receivable | 41 | €19,211 | €16,671 | -€2,540 | -13.2% |
| Current investments | 50/53 | €103,226 | €203,554 | +€100,328 | +97.2% |
| Cash at bank and in hand | 54/58 | €314,038 | €377,870 | +€63,832 | +20.3% |
| Deferred charges and accrued income | 490/1 | €46,404 | €47,543 | +€1,140 | +2.5% |
| Total equity and liabilities | 10/49 | €6,052,523 | €8,069,895 | +€2.0m | +33.3% |
| Equity | 10/15 | -€449,667 | -€494,887 | -€45,220 | -10.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€469,667 | -€514,887 | -€45,220 | -9.6% |
| Amounts payable | 17/49 | €6,502,190 | €8,564,781 | +€2.1m | +31.7% |
| Amounts payable within one year | 42/48 | €6,493,012 | €8,543,254 | +€2.1m | +31.6% |
| Trade debts | 44 | €107 | €348 | +€241 | +225.4% |
| Suppliers | 440/4 | €107 | €348 | +€241 | +225.4% |
| Taxes, remuneration and social security | 45 | €817 | €817 | = | 0.0% |
| Taxes | 450/3 | €817 | €817 | = | 0.0% |
| Other amounts payable | 47/48 | €6,492,089 | €8,542,089 | +€2.1m | +31.6% |
| Accrued charges and deferred income | 492/3 | €9,178 | €21,528 | +€12,350 | +134.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,958 | €170,660 | -€3,298 | -1.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€136,955 | €0 | +€136,955 | |
| Other operating charges | 640/8 | €4,434 | €528 | -€3,905 | -88.1% |
| Gross operating margin | 9900 | €135,744 | €123,537 | -€12,207 | -9.0% |
| Operating profit (loss) | 9901 | €94,308 | -€47,652 | -€141,959 | |
| Financial income | 75/76B | €868 | €6,536 | +€5,668 | +653.4% |
| Recurring financial income | 75 | €868 | €6,536 | +€5,668 | +653.4% |
| Financial charges | 65/66B | €326 | €3,354 | +€3,028 | +927.9% |
| Recurring financial charges | 65 | €326 | €3,354 | +€3,028 | +927.9% |
| Profit (loss) for the period before taxes | 9903 | €94,849 | -€44,470 | -€139,319 | |
| Income taxes | 67/77 | €817 | €749 | -€67 | -8.3% |
| Profit (loss) for the period | 9904 | €94,032 | -€45,220 | -€139,252 | |
| Profit (loss) for the period to be appropriated | 9905 | €94,032 | -€45,220 | -€139,252 |
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 5 October 2026 via checked.be.