IFactor: 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.
IFactor
Largest movements
- Tangible fixed assets -€51,174
down €51,174 (-6.9%), from €740,519 to €689,345
of which Land and buildings: -€46,156
- Cash +€26,798
up €26,798 (+17.3%), from €155,214 to €182,012
mainly Depreciation (+€51,174) and Net result for the year (+€29,195)
- Debts after one year -€30,966
down €30,966 (-4.9%), from €625,681 to €594,715
of which Financial debts: -€27,866
- Profit (loss) carried forward +€29,195
up €29,195 (+9.3%), from €314,396 to €343,591
- Tax, wage and social debts -€11,802
down €11,802 (-58.4%), from €20,204 to €8,402
of which Taxes: -€13,452
- Gross operating margin -€18,840
down €18,840 (-14.0%), from €134,909 to €116,069
- Depreciation -€15,861
down €15,861 (-23.7%), from €67,035 to €51,174
- Financial charges +€12,720
up €12,720 (+87.4%), from €14,545 to €27,265
- Financial income -€3,697
down €3,697 (-69.5%), from €5,319 to €1,622
- Taxes -€3,229
down €3,229 (-27.4%), from €11,795 to €8,566
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 | €1,007,087 | €998,927 | -€8,160 | -0.8% |
| Fixed assets | 21/28 | €746,719 | €695,545 | -€51,174 | -6.9% |
| Tangible fixed assets | 22/27 | €740,519 | €689,345 | -€51,174 | -6.9% |
| Land and buildings | 22 | €719,954 | €673,798 | -€46,156 | -6.4% |
| Furniture and vehicles | 24 | €20,565 | €15,547 | -€5,018 | -24.4% |
| Financial fixed assets | 28 | €6,200 | €6,200 | = | 0.0% |
| Current assets | 29/58 | €260,368 | €303,382 | +€43,014 | +16.5% |
| Amounts receivable within one year | 40/41 | €30,625 | €36,654 | +€6,029 | +19.7% |
| Trade receivables | 40 | €25,828 | €22,180 | -€3,648 | -14.1% |
| Other amounts receivable | 41 | €4,797 | €14,474 | +€9,677 | +201.7% |
| Current investments | 50/53 | €71,794 | €79,195 | +€7,401 | +10.3% |
| Cash at bank and in hand | 54/58 | €155,214 | €182,012 | +€26,798 | +17.3% |
| Deferred charges and accrued income | 490/1 | €2,735 | €5,521 | +€2,786 | +101.9% |
| Total equity and liabilities | 10/49 | €1,007,087 | €998,927 | -€8,160 | -0.8% |
| Equity | 10/15 | €318,396 | €347,591 | +€29,195 | +9.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €314,396 | €343,591 | +€29,195 | +9.3% |
| Amounts payable | 17/49 | €688,691 | €651,336 | -€37,355 | -5.4% |
| Amounts payable after more than one year | 17 | €625,681 | €594,715 | -€30,966 | -4.9% |
| Financial debts | 170/4 | €622,581 | €594,715 | -€27,866 | -4.5% |
| Other amounts payable | 178/9 | €3,100 | - | -€3,100 | |
| Amounts payable within one year | 42/48 | €63,010 | €56,333 | -€6,677 | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €31,580 | €32,717 | +€1,137 | +3.6% |
| Financial debts | 43 | €5,074 | €5,060 | -€14 | -0.3% |
| Credit institutions | 430/8 | €5,074 | €5,060 | -€14 | -0.3% |
| Trade debts | 44 | €2,585 | €6,503 | +€3,918 | +151.6% |
| Suppliers | 440/4 | €2,585 | €6,503 | +€3,918 | +151.6% |
| Taxes, remuneration and social security | 45 | €20,204 | €8,402 | -€11,802 | -58.4% |
| Taxes | 450/3 | €18,204 | €4,752 | -€13,452 | -73.9% |
| Remuneration and social security | 454/9 | €2,000 | €3,650 | +€1,650 | +82.5% |
| Other amounts payable | 47/48 | €3,566 | €3,651 | +€85 | +2.4% |
| Accrued charges and deferred income | 492/3 | - | €288 | +€288 | |
| Non-recurring operating income | 76A | - | €2,577 | +€2,577 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,035 | €51,174 | -€15,861 | -23.7% |
| Other operating charges | 640/8 | €1,379 | €1,491 | +€112 | +8.1% |
| Non-recurring operating charges | 66A | €873 | - | -€873 | |
| Gross operating margin | 9900 | €134,909 | €116,069 | -€18,840 | -14.0% |
| Operating profit (loss) | 9901 | €65,623 | €63,404 | -€2,219 | -3.4% |
| Financial income | 75/76B | €5,319 | €1,622 | -€3,697 | -69.5% |
| Recurring financial income | 75 | €5,319 | €1,622 | -€3,697 | -69.5% |
| Financial charges | 65/66B | €14,545 | €27,265 | +€12,720 | +87.4% |
| Recurring financial charges | 65 | €14,545 | €27,265 | +€12,720 | +87.4% |
| Profit (loss) for the period before taxes | 9903 | €56,396 | €37,761 | -€18,635 | -33.0% |
| Income taxes | 67/77 | €11,795 | €8,566 | -€3,229 | -27.4% |
| Profit (loss) for the period | 9904 | €44,601 | €29,195 | -€15,406 | -34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €44,601 | €29,195 | -€15,406 | -34.5% |
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.