IECK: 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.
IECK
Largest movements
- Current investments +€499,999
up €499,999 (+476.2%), from €105,000 to €604,999
- Receivables within one year +€439,150
up €439,150 (+28.2%), from €1.6m to €2.0m
of which Other amounts receivable: +€352,151
- Cash -€381,441
down €381,441 (-52.5%), from €726,291 to €344,850
mainly Contributions, distributions and other (-€538,500) and Current investments (-€499,999)
- Tangible fixed assets -€160,333
down €160,333 (-25.2%), from €636,617 to €476,284
of which Land and buildings: -€96,810
- Other debts +€372,112
up €372,112 (+883.0%), from €42,142 to €414,254
- Tax, wage and social debts +€71,200
up €71,200 (+44.4%), from €160,242 to €231,442
of which Taxes: +€63,277
- Debts after one year -€64,135
down €64,135 (-32.7%), from €196,229 to €132,094
- Trade debts +€50,968
up €50,968 (+32.9%), from €155,043 to €206,012
- Reserves -€43,706
down €43,706 (-1.7%), from €2.6m to €2.6m
- Gross operating margin +€174,387
up €174,387 (+16.6%), from €1.1m to €1.2m
- Staff costs +€51,003
up €51,003 (+13.0%), from €392,063 to €443,066
- Write-downs +€50,319
up €50,319, from -€29,634 to €20,686
- Depreciation +€25,374
up €25,374 (+37.0%), from €68,558 to €93,932
- Taxes +€15,516
up €15,516 (+6.8%), from €228,681 to €244,197
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 | €3,267,841 | €3,651,662 | +€383,821 | +11.7% |
| Fixed assets | 21/28 | €641,115 | €481,712 | -€159,403 | -24.9% |
| Intangible fixed assets | 21 | €4,498 | €5,428 | +€930 | +20.7% |
| Tangible fixed assets | 22/27 | €636,617 | €476,284 | -€160,333 | -25.2% |
| Land and buildings | 22 | €357,500 | €260,690 | -€96,810 | -27.1% |
| Plant, machinery and equipment | 23 | €12,086 | €7,617 | -€4,468 | -37.0% |
| Furniture and vehicles | 24 | €267,032 | €207,977 | -€59,055 | -22.1% |
| Current assets | 29/58 | €2,626,726 | €3,169,950 | +€543,224 | +20.7% |
| Stocks and contracts in progress | 3 | €219,141 | €204,950 | -€14,191 | -6.5% |
| Stocks | 30/36 | €219,141 | €204,950 | -€14,191 | -6.5% |
| Amounts receivable within one year | 40/41 | €1,558,766 | €1,997,916 | +€439,150 | +28.2% |
| Trade receivables | 40 | €316,746 | €403,745 | +€86,999 | +27.5% |
| Other amounts receivable | 41 | €1,242,020 | €1,594,171 | +€352,151 | +28.4% |
| Current investments | 50/53 | €105,000 | €604,999 | +€499,999 | +476.2% |
| Cash at bank and in hand | 54/58 | €726,291 | €344,850 | -€381,441 | -52.5% |
| Deferred charges and accrued income | 490/1 | €17,528 | €17,234 | -€293 | -1.7% |
| Total equity and liabilities | 10/49 | €3,267,841 | €3,651,662 | +€383,821 | +11.7% |
| Equity | 10/15 | €2,642,139 | €2,596,873 | -€45,266 | -1.7% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €2,597,980 | €2,554,274 | -€43,706 | -1.7% |
| Distributable reserves | 133 | €2,597,980 | €2,554,274 | -€43,706 | -1.7% |
| Profit (loss) carried forward | 14 | €11,228 | €11,228 | = | 0.0% |
| Investment grants | 15 | €12,480 | €10,920 | -€1,560 | -12.5% |
| Amounts payable | 17/49 | €625,701 | €1,054,789 | +€429,087 | +68.6% |
| Amounts payable after more than one year | 17 | €196,229 | €132,094 | -€64,135 | -32.7% |
| Financial debts | 170/4 | €196,229 | €132,094 | -€64,135 | -32.7% |
| Amounts payable within one year | 42/48 | €419,357 | €915,843 | +€496,486 | +118.4% |
| Current portion of amounts payable after more than one year | 42 | €61,930 | €64,135 | +€2,205 | +3.6% |
| Trade debts | 44 | €155,043 | €206,012 | +€50,968 | +32.9% |
| Suppliers | 440/4 | €155,043 | €206,012 | +€50,968 | +32.9% |
| Taxes, remuneration and social security | 45 | €160,242 | €231,442 | +€71,200 | +44.4% |
| Taxes | 450/3 | €77,573 | €140,850 | +€63,277 | +81.6% |
| Remuneration and social security | 454/9 | €82,669 | €90,592 | +€7,923 | +9.6% |
| Other amounts payable | 47/48 | €42,142 | €414,254 | +€372,112 | +883.0% |
| Accrued charges and deferred income | 492/3 | €10,116 | €6,852 | -€3,264 | -32.3% |
| Remuneration, social security and pensions | 62 | €392,063 | €443,066 | +€51,003 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,558 | €93,932 | +€25,374 | +37.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€29,634 | €20,686 | +€50,319 | |
| Other operating charges | 640/8 | €11,840 | €10,857 | -€983 | -8.3% |
| Gross operating margin | 9900 | €1,050,951 | €1,225,338 | +€174,387 | +16.6% |
| Operating profit (loss) | 9901 | €608,123 | €656,797 | +€48,674 | +8.0% |
| Financial income | 75/76B | €113,992 | €102,142 | -€11,850 | -10.4% |
| Recurring financial income | 75 | €113,992 | €102,142 | -€11,850 | -10.4% |
| Financial charges | 65/66B | €25,098 | €21,507 | -€3,590 | -14.3% |
| Recurring financial charges | 65 | €25,098 | €21,507 | -€3,590 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €697,017 | €737,431 | +€40,414 | +5.8% |
| Income taxes | 67/77 | €228,681 | €244,197 | +€15,516 | +6.8% |
| Profit (loss) for the period | 9904 | €468,336 | €493,234 | +€24,898 | +5.3% |
| Transfer from tax-exempt reserves | 789 | €1,560 | €1,560 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €469,896 | €494,794 | +€24,898 | +5.3% |
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 10 October 2026 via checked.be.