IFA: 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.
IFA
Largest movements
- Current investments +€197,047
up €197,047 (+18.5%), from €1.1m to €1.3m
- Receivables within one year -€110,691
down €110,691 (-59.1%), from €187,399 to €76,708
of which Trade receivables: -€105,015
- Cash +€33,680
up €33,680 (+39.3%), from €85,782 to €119,462
mainly Receivables within one year (+€110,691) and Net result for the year (+€90,894)
- Tangible fixed assets -€24,469
down €24,469 (-34.1%), from €71,755 to €47,286
of which Furniture and vehicles: -€19,955
- Other debts +€40,457
new in 2025: €40,457
- Reserves +€35,894
up €35,894 (+2.6%), from €1.4m to €1.4m
- Tax, wage and social debts +€18,390
up €18,390 (+168.6%), from €10,906 to €29,295
- Financial income -€126,770
down €126,770 (-98.6%), from €128,555 to €1,785
- Gross operating margin +€108,373
up €108,373 (+217.9%), from €49,740 to €158,113
- Taxes +€22,100
up €22,100 (+106.9%), from €20,681 to €42,780
- Depreciation -€3,057
down €3,057 (-11.1%), from €27,526 to €24,469
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 | €1,410,466 | €1,506,033 | +€95,567 | +6.8% |
| Fixed assets | 21/28 | €71,755 | €47,286 | -€24,469 | -34.1% |
| Tangible fixed assets | 22/27 | €71,755 | €47,286 | -€24,469 | -34.1% |
| Land and buildings | 22 | €4,389 | €380 | -€4,010 | -91.4% |
| Plant, machinery and equipment | 23 | €1,428 | €924 | -€504 | -35.3% |
| Furniture and vehicles | 24 | €65,937 | €45,982 | -€19,955 | -30.3% |
| Current assets | 29/58 | €1,338,711 | €1,458,747 | +€120,036 | +9.0% |
| Amounts receivable within one year | 40/41 | €187,399 | €76,708 | -€110,691 | -59.1% |
| Trade receivables | 40 | €175,880 | €70,865 | -€105,015 | -59.7% |
| Other amounts receivable | 41 | €11,519 | €5,843 | -€5,676 | -49.3% |
| Current investments | 50/53 | €1,065,530 | €1,262,578 | +€197,047 | +18.5% |
| Cash at bank and in hand | 54/58 | €85,782 | €119,462 | +€33,680 | +39.3% |
| Total equity and liabilities | 10/49 | €1,410,466 | €1,506,033 | +€95,567 | +6.8% |
| Equity | 10/15 | €1,397,386 | €1,433,280 | +€35,894 | +2.6% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €1,384,886 | €1,420,780 | +€35,894 | +2.6% |
| Distributable reserves | 133 | €1,384,886 | €1,420,780 | +€35,894 | +2.6% |
| Amounts payable | 17/49 | €13,080 | €72,753 | +€59,673 | +456.2% |
| Amounts payable within one year | 42/48 | €13,080 | €72,753 | +€59,673 | +456.2% |
| Trade debts | 44 | €2,174 | €3,001 | +€827 | +38.0% |
| Suppliers | 440/4 | €2,174 | €3,001 | +€827 | +38.0% |
| Taxes, remuneration and social security | 45 | €10,906 | €29,295 | +€18,390 | +168.6% |
| Taxes | 450/3 | €10,906 | €29,295 | +€18,390 | +168.6% |
| Other amounts payable | 47/48 | - | €40,457 | +€40,457 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,526 | €24,469 | -€3,057 | -11.1% |
| Other operating charges | 640/8 | €1,800 | €1,638 | -€162 | -9.0% |
| Gross operating margin | 9900 | €49,740 | €158,113 | +€108,373 | +217.9% |
| Operating profit (loss) | 9901 | €20,414 | €132,006 | +€111,592 | +546.7% |
| Financial income | 75/76B | €128,555 | €1,785 | -€126,770 | -98.6% |
| Recurring financial income | 75 | €128,555 | €1,785 | -€126,770 | -98.6% |
| Financial charges | 65/66B | €210 | €116 | -€94 | -44.6% |
| Recurring financial charges | 65 | €210 | €116 | -€94 | -44.6% |
| Profit (loss) for the period before taxes | 9903 | €148,759 | €133,674 | -€15,084 | -10.1% |
| Income taxes | 67/77 | €20,681 | €42,780 | +€22,100 | +106.9% |
| Profit (loss) for the period | 9904 | €128,078 | €90,894 | -€37,184 | -29.0% |
| Transfer from tax-exempt reserves | 789 | €12,380 | - | -€12,380 | |
| Profit (loss) for the period to be appropriated | 9905 | €140,458 | €90,894 | -€49,564 | -35.3% |
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.