IECE: 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.
IECE
Largest movements
- Current investments -€108,468
down €108,468 (-60.7%), from €178,605 to €70,138
- Cash +€22,211
up €22,211 (+192.4%), from €11,546 to €33,757
mainly Current investments (+€108,468) and Net result for the year (+€60,485)
- Tangible fixed assets -€2,280
down €2,280 (-85.7%), from €2,662 to €382
of which Furniture and vehicles: -€2,157
- Other debts -€150,723
down €150,723 (-95.3%), from €158,158 to €7,435
- Reserves +€60,485
up €60,485 (+284.7%), from €21,243 to €81,727
of which Distributable reserves: +€31,015
- Depreciation -€9,955
down €9,955 (-81.4%), from €12,235 to €2,280
- Gross operating margin +€7,720
up €7,720 (+10.4%), from €74,261 to €81,981
- Taxes +€3,410
up €3,410 (+21.6%), from €15,823 to €19,234
- Financial charges +€2,230
up €2,230, from -€1,311 to €920
- Financial income +€1,243
up €1,243 (+233.4%), from €533 to €1,776
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 | €205,354 | €116,366 | -€88,988 | -43.3% |
| Fixed assets | 21/28 | €2,662 | €382 | -€2,280 | -85.7% |
| Tangible fixed assets | 22/27 | €2,662 | €382 | -€2,280 | -85.7% |
| Plant, machinery and equipment | 23 | €305 | €182 | -€123 | -40.3% |
| Furniture and vehicles | 24 | €2,357 | €200 | -€2,157 | -91.5% |
| Current assets | 29/58 | €202,692 | €115,984 | -€86,708 | -42.8% |
| Amounts receivable within one year | 40/41 | €11,150 | €10,566 | -€584 | -5.2% |
| Trade receivables | 40 | €11,116 | €10,566 | -€550 | -5.0% |
| Other amounts receivable | 41 | €34 | €0 | -€34 | -100.0% |
| Current investments | 50/53 | €178,605 | €70,138 | -€108,468 | -60.7% |
| Cash at bank and in hand | 54/58 | €11,546 | €33,757 | +€22,211 | +192.4% |
| Deferred charges and accrued income | 490/1 | €1,391 | €1,524 | +€133 | +9.6% |
| Total equity and liabilities | 10/49 | €205,354 | €116,366 | -€88,988 | -43.3% |
| Equity | 10/15 | €39,843 | €100,327 | +€60,485 | +151.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €21,243 | €81,727 | +€60,485 | +284.7% |
| Tax-exempt reserves | 132 | €21,050 | €50,520 | +€29,470 | +140.0% |
| Distributable reserves | 133 | €193 | €31,207 | +€31,015 | +16083.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €165,511 | €16,038 | -€149,472 | -90.3% |
| Amounts payable within one year | 42/48 | €165,082 | €15,592 | -€149,489 | -90.6% |
| Trade debts | 44 | €647 | €2,292 | +€1,645 | +254.2% |
| Suppliers | 440/4 | €647 | €2,292 | +€1,645 | +254.2% |
| Advances received on contracts in progress | 46 | €1,661 | €0 | -€1,661 | -100.0% |
| Taxes, remuneration and social security | 45 | €4,616 | €5,865 | +€1,249 | +27.1% |
| Taxes | 450/3 | €4,616 | €5,865 | +€1,249 | +27.1% |
| Other amounts payable | 47/48 | €158,158 | €7,435 | -€150,723 | -95.3% |
| Accrued charges and deferred income | 492/3 | €429 | €446 | +€17 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,235 | €2,280 | -€9,955 | -81.4% |
| Other operating charges | 640/8 | €756 | €840 | +€84 | +11.2% |
| Gross operating margin | 9900 | €74,261 | €81,981 | +€7,720 | +10.4% |
| Operating profit (loss) | 9901 | €61,270 | €78,861 | +€17,591 | +28.7% |
| Financial income | 75/76B | €533 | €1,776 | +€1,243 | +233.4% |
| Recurring financial income | 75 | €533 | €1,776 | +€1,243 | +233.4% |
| Financial charges | 65/66B | -€1,311 | €920 | +€2,230 | |
| Recurring financial charges | 65 | -€1,311 | €920 | +€2,230 | |
| Profit (loss) for the period before taxes | 9903 | €63,114 | €79,718 | +€16,604 | +26.3% |
| Income taxes | 67/77 | €15,823 | €19,234 | +€3,410 | +21.6% |
| Profit (loss) for the period | 9904 | €47,291 | €60,485 | +€13,194 | +27.9% |
| Transfer to tax-exempt reserves | 689 | - | €29,470 | +€29,470 | |
| Profit (loss) for the period to be appropriated | 9905 | €47,291 | €31,015 | -€16,276 | -34.4% |
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 6 October 2026 via checked.be.