IECH: 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.
IECH
Largest movements
- Tangible fixed assets -€64,654
down €64,654 (-30.4%), from €212,863 to €148,209
of which Leasing and similar rights: -€36,077
- Stocks and contracts -€60,484
down €60,484 (-30.6%), from €197,371 to €136,888
- Cash -€38,583
down €38,583 (-85.5%), from €45,124 to €6,542
mainly Contributions, distributions and other (-€175,000) and Net result for the year (-€112,920)
- Receivables within one year +€14,039
up €14,039 (+3.1%), from €455,681 to €469,719
of which Trade receivables: +€48,389
- Receivables after one year -€10,907
down €10,907 (-100.0%), from €10,907 to €0
- Reserves -€287,920
down €287,920 (-49.9%), from €576,772 to €288,852
of which Distributable reserves: -€180,617
- Other debts +€175,000
up €175,000, from €0 to €175,000
- Short-term financial debts +€82,220
up €82,220 (+809.7%), from €10,155 to €92,375
- Provisions -€63,767
down €63,767 (-100.0%), from €63,767 to €0
of which Deferred taxes: -€35,148
- Tax, wage and social debts -€39,622
down €39,622 (-43.9%), from €90,275 to €50,654
of which Remuneration and social security: -€35,817
- Gross operating margin -€336,765
down €336,765 (-42.4%), from €794,286 to €457,521
- Write-downs -€103,042
down €103,042, from €81,763 to -€21,279
- Staff costs -€83,954
down €83,954 (-12.1%), from €691,268 to €607,315
- Provisions -€22,259
down €22,259 (-349.9%), from -€6,361 to -€28,619
- Depreciation -€9,001
down €9,001 (-19.6%), from €45,891 to €36,891
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 | €925,999 | €766,126 | -€159,873 | -17.3% |
| Fixed assets | 21/28 | €212,863 | €148,209 | -€64,654 | -30.4% |
| Tangible fixed assets | 22/27 | €212,863 | €148,209 | -€64,654 | -30.4% |
| Land and buildings | 22 | €89,600 | €79,465 | -€10,135 | -11.3% |
| Plant, machinery and equipment | 23 | €4,468 | €2,552 | -€1,916 | -42.9% |
| Furniture and vehicles | 24 | €58,368 | €41,843 | -€16,525 | -28.3% |
| Leasing and similar rights | 25 | €60,426 | €24,349 | -€36,077 | -59.7% |
| Current assets | 29/58 | €713,136 | €617,917 | -€95,219 | -13.4% |
| Amounts receivable after more than one year | 29 | €10,907 | €0 | -€10,907 | -100.0% |
| Other amounts receivable | 291 | €10,907 | €0 | -€10,907 | -100.0% |
| Stocks and contracts in progress | 3 | €197,371 | €136,888 | -€60,484 | -30.6% |
| Stocks | 30/36 | €197,371 | €136,888 | -€60,484 | -30.6% |
| Amounts receivable within one year | 40/41 | €455,681 | €469,719 | +€14,039 | +3.1% |
| Trade receivables | 40 | €210,282 | €258,670 | +€48,389 | +23.0% |
| Other amounts receivable | 41 | €245,399 | €211,049 | -€34,350 | -14.0% |
| Cash at bank and in hand | 54/58 | €45,124 | €6,542 | -€38,583 | -85.5% |
| Deferred charges and accrued income | 490/1 | €4,053 | €4,768 | +€715 | +17.6% |
| Total equity and liabilities | 10/49 | €925,999 | €766,126 | -€159,873 | -17.3% |
| Equity | 10/15 | €595,364 | €307,444 | -€287,920 | -48.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €576,772 | €288,852 | -€287,920 | -49.9% |
| Non-distributable reserves | 130/1 | €1,859 | €0 | -€1,859 | -100.0% |
| Reserves not available under the articles | 1311 | €1,859 | €0 | -€1,859 | -100.0% |
| Tax-exempt reserves | 132 | €124,194 | €18,750 | -€105,444 | -84.9% |
| Distributable reserves | 133 | €450,719 | €270,102 | -€180,617 | -40.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €63,767 | €0 | -€63,767 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €28,619 | €0 | -€28,619 | -100.0% |
| Environmental obligations | 163 | - | €0 | = | |
| Other liabilities and charges | 164/5 | €28,619 | - | -€28,619 | |
| Deferred taxes | 168 | €35,148 | €0 | -€35,148 | -100.0% |
| Amounts payable | 17/49 | €266,867 | €458,681 | +€191,814 | +71.9% |
| Amounts payable after more than one year | 17 | €46,001 | €15,503 | -€30,498 | -66.3% |
| Financial debts | 170/4 | €46,001 | €15,503 | -€30,498 | -66.3% |
| Amounts payable within one year | 42/48 | €220,867 | €442,052 | +€221,186 | +100.1% |
| Current portion of amounts payable after more than one year | 42 | €13,424 | €7,608 | -€5,816 | -43.3% |
| Financial debts | 43 | €10,155 | €92,375 | +€82,220 | +809.7% |
| Credit institutions | 430/8 | €10,155 | €92,375 | +€82,220 | +809.7% |
| Trade debts | 44 | €92,012 | €116,416 | +€24,403 | +26.5% |
| Suppliers | 440/4 | €92,012 | €116,416 | +€24,403 | +26.5% |
| Advances received on contracts in progress | 46 | €15,000 | €0 | -€15,000 | -100.0% |
| Taxes, remuneration and social security | 45 | €90,275 | €50,654 | -€39,622 | -43.9% |
| Taxes | 450/3 | €7,669 | €3,865 | -€3,804 | -49.6% |
| Remuneration and social security | 454/9 | €82,606 | €46,789 | -€35,817 | -43.4% |
| Other amounts payable | 47/48 | €0 | €175,000 | +€175,000 | |
| Accrued charges and deferred income | 492/3 | €0 | €1,126 | +€1,126 | |
| Non-recurring operating income | 76A | €4,362 | €4,959 | +€597 | +13.7% |
| Remuneration, social security and pensions | 62 | €691,268 | €607,315 | -€83,954 | -12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,891 | €36,891 | -€9,001 | -19.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €81,763 | -€21,279 | -€103,042 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€6,361 | -€28,619 | -€22,259 | -349.9% |
| Other operating charges | 640/8 | €7,194 | €9,196 | +€2,002 | +27.8% |
| Non-recurring operating charges | 66A | - | €656 | +€656 | |
| Gross operating margin | 9900 | €794,286 | €457,521 | -€336,765 | -42.4% |
| Operating profit (loss) | 9901 | -€25,471 | -€146,638 | -€121,167 | -475.7% |
| Financial income | 75/76B | €8,459 | €6,881 | -€1,578 | -18.7% |
| Recurring financial income | 75 | €8,459 | €6,881 | -€1,578 | -18.7% |
| Financial charges | 65/66B | €5,914 | €7,564 | +€1,650 | +27.9% |
| Recurring financial charges | 65 | €5,914 | €7,564 | +€1,650 | +27.9% |
| Profit (loss) for the period before taxes | 9903 | -€22,926 | -€147,321 | -€124,395 | -542.6% |
| Transfer from deferred taxes | 780 | €6,959 | €35,148 | +€28,189 | +405.1% |
| Income taxes | 67/77 | €4,431 | €747 | -€3,684 | -83.1% |
| Profit (loss) for the period | 9904 | -€20,398 | -€112,920 | -€92,522 | -453.6% |
| Transfer from tax-exempt reserves | 789 | €20,877 | €105,444 | +€84,567 | +405.1% |
| Profit (loss) for the period to be appropriated | 9905 | €479 | -€7,476 | -€7,955 |
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 7 October 2026 via checked.be.