IFCS: 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.
IFCS
Largest movements
- Tangible fixed assets -€41,211
down €41,211 (-8.9%), from €460,678 to €419,466
of which Land and buildings: -€39,351
- Receivables within one year -€6,079
down €6,079 (-21.4%), from €28,437 to €22,358
of which Trade receivables: -€7,991
- Cash +€5,677
up €5,677 (+34.7%), from €16,382 to €22,059
mainly Depreciation (+€46,109) and Receivables within one year (+€6,079)
- Debts after one year -€37,962
down €37,962 (-10.2%), from €371,303 to €333,341
- Trade debts -€6,743
down €6,743 (-81.4%), from €8,288 to €1,545
- Staff costs +€30,950
up €30,950 (+97.7%), from €31,685 to €62,635
- Gross operating margin +€28,217
up €28,217 (+27.6%), from €102,203 to €130,419
- Other operating charges +€3,048
up €3,048 (+51.4%), from €5,924 to €8,972
- Taxes -€1,771
down €1,771 (-40.6%), from €4,358 to €2,587
- Financial charges -€1,383
down €1,383 (-20.6%), from €6,698 to €5,315
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 | €543,686 | €502,385 | -€41,301 | -7.6% |
| Fixed assets | 21/28 | €465,678 | €424,466 | -€41,211 | -8.8% |
| Tangible fixed assets | 22/27 | €460,678 | €419,466 | -€41,211 | -8.9% |
| Land and buildings | 22 | €439,954 | €400,603 | -€39,351 | -8.9% |
| Plant, machinery and equipment | 23 | €20,019 | €18,505 | -€1,514 | -7.6% |
| Furniture and vehicles | 24 | €705 | €359 | -€346 | -49.1% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €78,009 | €77,918 | -€90 | -0.1% |
| Amounts receivable within one year | 40/41 | €28,437 | €22,358 | -€6,079 | -21.4% |
| Trade receivables | 40 | €28,437 | €20,446 | -€7,991 | -28.1% |
| Other amounts receivable | 41 | - | €1,913 | +€1,913 | |
| Current investments | 50/53 | €31,850 | €31,850 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €16,382 | €22,059 | +€5,677 | +34.7% |
| Deferred charges and accrued income | 490/1 | €1,340 | €1,651 | +€311 | +23.2% |
| Total equity and liabilities | 10/49 | €543,686 | €502,385 | -€41,301 | -7.6% |
| Equity | 10/15 | €93,454 | €98,255 | +€4,801 | +5.1% |
| Contributions | 10/11 | €7,726 | €7,726 | = | 0.0% |
| Capital | 10 | €7,726 | - | -€7,726 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €10,874 | - | -€10,874 | |
| Reserves | 13 | €72,328 | €72,328 | = | 0.0% |
| Non-distributable reserves | 130/1 | €33,710 | €31,850 | -€1,860 | -5.5% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Own shares acquired | 1312 | €31,850 | €31,850 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,468 | €5,468 | = | 0.0% |
| Distributable reserves | 133 | €33,150 | €35,010 | +€1,860 | +5.6% |
| Profit (loss) carried forward | 14 | €13,400 | €18,202 | +€4,801 | +35.8% |
| Amounts payable | 17/49 | €450,232 | €404,130 | -€46,103 | -10.2% |
| Amounts payable after more than one year | 17 | €371,303 | €333,341 | -€37,962 | -10.2% |
| Financial debts | 170/4 | €371,303 | €333,341 | -€37,962 | -10.2% |
| Amounts payable within one year | 42/48 | €54,638 | €45,910 | -€8,728 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €37,458 | €37,962 | +€504 | +1.3% |
| Trade debts | 44 | €8,288 | €1,545 | -€6,743 | -81.4% |
| Suppliers | 440/4 | €8,288 | €1,545 | -€6,743 | -81.4% |
| Taxes, remuneration and social security | 45 | €6,820 | €6,403 | -€417 | -6.1% |
| Taxes | 450/3 | €4,360 | - | -€4,360 | |
| Remuneration and social security | 454/9 | €2,460 | €6,403 | +€3,943 | +160% |
| Other amounts payable | 47/48 | €2,072 | - | -€2,072 | |
| Accrued charges and deferred income | 492/3 | €24,291 | €24,878 | +€587 | +2.4% |
| Remuneration, social security and pensions | 62 | €31,685 | €62,635 | +€30,950 | +97.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,320 | €46,109 | +€788 | +1.7% |
| Other operating charges | 640/8 | €5,924 | €8,972 | +€3,048 | +51.4% |
| Gross operating margin | 9900 | €102,203 | €130,419 | +€28,217 | +27.6% |
| Operating profit (loss) | 9901 | €19,273 | €12,704 | -€6,570 | -34.1% |
| Financial charges | 65/66B | €6,698 | €5,315 | -€1,383 | -20.6% |
| Recurring financial charges | 65 | €6,698 | €5,315 | -€1,383 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €12,576 | €7,389 | -€5,187 | -41.2% |
| Income taxes | 67/77 | €4,358 | €2,587 | -€1,771 | -40.6% |
| Profit (loss) for the period | 9904 | €8,217 | €4,801 | -€3,416 | -41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €8,217 | €4,801 | -€3,416 | -41.6% |
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 28 October 2026 via checked.be.