IEReCa: 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.
IEReCa
Largest movements
- Receivables within one year +€56,312
up €56,312 (+239%), from €23,575 to €79,887
of which Trade receivables: +€60,810
- Cash +€9,578
up €9,578 (+11.5%), from €82,947 to €92,526
mainly Net result for the year (+€177,237) and Other debts (+€43,630)
- Tangible fixed assets -€7,075
down €7,075 (-4.2%), from €168,889 to €161,814
of which Land and buildings: -€8,404
- Other debts +€43,630
up €43,630 (+39.6%), from €110,170 to €153,801
- Tax, wage and social debts +€24,282
up €24,282 (+260%), from €9,323 to €33,605
- Debts after one year -€8,676
down €8,676 (-5.8%), from €148,411 to €139,736
- Gross operating margin +€81,447
up €81,447 (+46.4%), from €175,698 to €257,145
- Taxes +€25,894
up €25,894 (+71.7%), from €36,120 to €62,013
- Depreciation -€21,625
down €21,625 (-67.3%), from €32,128 to €10,502
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.
Derived cash bridge
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 | €279,438 | €338,857 | +€59,420 | +21.3% |
| Fixed assets | 21/28 | €168,889 | €161,814 | -€7,075 | -4.2% |
| Tangible fixed assets | 22/27 | €168,889 | €161,814 | -€7,075 | -4.2% |
| Land and buildings | 22 | €162,764 | €154,360 | -€8,404 | -5.2% |
| Plant, machinery and equipment | 23 | - | €2,293 | +€2,293 | |
| Furniture and vehicles | 24 | €6,125 | €5,161 | -€964 | -15.7% |
| Current assets | 29/58 | €110,549 | €177,044 | +€66,495 | +60.1% |
| Amounts receivable within one year | 40/41 | €23,575 | €79,887 | +€56,312 | +239% |
| Trade receivables | 40 | €19,077 | €79,887 | +€60,810 | +319% |
| Other amounts receivable | 41 | €4,498 | - | -€4,498 | |
| Cash at bank and in hand | 54/58 | €82,947 | €92,526 | +€9,578 | +11.5% |
| Deferred charges and accrued income | 490/1 | €4,026 | €4,631 | +€605 | +15.0% |
| Total equity and liabilities | 10/49 | €279,438 | €338,857 | +€59,420 | +21.3% |
| Equity | 10/15 | €1,500 | €1,500 | = | 0.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Amounts payable | 17/49 | €277,938 | €337,357 | +€59,420 | +21.4% |
| Amounts payable after more than one year | 17 | €148,411 | €139,736 | -€8,676 | -5.8% |
| Financial debts | 170/4 | €148,411 | €139,736 | -€8,676 | -5.8% |
| Amounts payable within one year | 42/48 | €129,526 | €197,622 | +€68,096 | +52.6% |
| Current portion of amounts payable after more than one year | 42 | €8,357 | €8,676 | +€319 | +3.8% |
| Financial debts | 43 | €29 | - | -€29 | |
| Credit institutions | 430/8 | €29 | - | -€29 | |
| Trade debts | 44 | €1,647 | €1,540 | -€107 | -6.5% |
| Suppliers | 440/4 | €1,647 | €1,540 | -€107 | -6.5% |
| Taxes, remuneration and social security | 45 | €9,323 | €33,605 | +€24,282 | +260% |
| Taxes | 450/3 | €9,323 | €33,605 | +€24,282 | +260% |
| Other amounts payable | 47/48 | €110,170 | €153,801 | +€43,630 | +39.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,128 | €10,502 | -€21,625 | -67.3% |
| Other operating charges | 640/8 | €3,012 | €1,093 | -€1,919 | -63.7% |
| Gross operating margin | 9900 | €175,698 | €257,145 | +€81,447 | +46.4% |
| Operating profit (loss) | 9901 | €140,558 | €245,549 | +€104,991 | +74.7% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €4,449 | €6,301 | +€1,852 | +41.6% |
| Recurring financial charges | 65 | €4,449 | €6,301 | +€1,852 | +41.6% |
| Profit (loss) for the period before taxes | 9903 | €136,109 | €239,251 | +€103,142 | +75.8% |
| Income taxes | 67/77 | €36,120 | €62,013 | +€25,894 | +71.7% |
| Profit (loss) for the period | 9904 | €99,989 | €177,237 | +€77,248 | +77.3% |
| Profit (loss) for the period to be appropriated | 9905 | €99,989 | €177,237 | +€77,248 | +77.3% |
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 18 October 2026 via checked.be.