IFK-PROJECTS: what changed
IFK-PROJECTS
Largest movements
- Stocks and contracts -€36,522
down €36,522 (-60.1%), from €60,772 to €24,250
of which Contracts in progress: -€19,622
- Cash -€31,853
down €31,853 (-64.0%), from €49,777 to €17,924
mainly Trade debts (-€28,137) and Net result for the year (-€24,595)
- Trade debts -€28,137
down €28,137 (-48.4%), from €58,186 to €30,049
- Reserves -€24,595
down €24,595 (-31.7%), from €77,567 to €52,972
of which Distributable reserves: -€24,595
- Advances received -€21,262
no longer reported in 2025 (was €21,262)
- Other debts +€16,381
new in 2025: €16,381
- Tax, wage and social debts -€13,878
down €13,878 (-77.7%), from €17,863 to €3,985
of which Taxes: -€7,858
- Gross operating margin -€28,468
down €28,468 (-26.1%), from €109,234 to €80,766
- Financial income -€20,404
down €20,404 (-68.1%), from €29,975 to €9,571
of which Financial income: -€28,701
- Other operating charges -€7,448
down €7,448 (-79.2%), from €9,400 to €1,953
- Taxes -€7,392
down €7,392 (-93.5%), from €7,908 to €516
- Financial charges +€5,035
up €5,035 (+73.8%), from €6,824 to €11,860
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €238,916 | €167,277 | -€71,639 | -30.0% |
| Fixed assets | 21/28 | €13,646 | €12,757 | -€889 | -6.5% |
| Tangible fixed assets | 22/27 | €4,231 | €3,342 | -€889 | -21.0% |
| Land and buildings | 22 | €416 | €277 | -€139 | -33.3% |
| Plant, machinery and equipment | 23 | €3,240 | €2,777 | -€463 | -14.3% |
| Furniture and vehicles | 24 | €575 | €288 | -€288 | -50.0% |
| Financial fixed assets | 28 | €9,415 | €9,415 | = | 0.0% |
| Current assets | 29/58 | €225,270 | €154,520 | -€70,750 | -31.4% |
| Stocks and contracts in progress | 3 | €60,772 | €24,250 | -€36,522 | -60.1% |
| Stocks | 30/36 | €41,150 | €24,250 | -€16,900 | -41.1% |
| Contracts in progress | 37 | €19,622 | - | -€19,622 | |
| Amounts receivable within one year | 40/41 | €114,721 | €112,346 | -€2,375 | -2.1% |
| Trade receivables | 40 | €97,511 | €106,274 | +€8,764 | +9.0% |
| Other amounts receivable | 41 | €17,210 | €6,072 | -€11,138 | -64.7% |
| Cash at bank and in hand | 54/58 | €49,777 | €17,924 | -€31,853 | -64.0% |
| Total equity and liabilities | 10/49 | €238,916 | €167,277 | -€71,639 | -30.0% |
| Equity | 10/15 | €83,767 | €59,172 | -€24,595 | -29.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €77,567 | €52,972 | -€24,595 | -31.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €75,707 | €51,112 | -€24,595 | -32.5% |
| Amounts payable | 17/49 | €155,149 | €108,105 | -€47,044 | -30.3% |
| Amounts payable after more than one year | 17 | €7,690 | - | -€7,690 | |
| Financial debts | 170/4 | €7,690 | - | -€7,690 | |
| Amounts payable within one year | 42/48 | €147,459 | €108,105 | -€39,354 | -26.7% |
| Current portion of amounts payable after more than one year | 42 | €10,148 | €7,690 | -€2,458 | -24.2% |
| Financial debts | 43 | €40,000 | €50,000 | +€10,000 | +25.0% |
| Credit institutions | 430/8 | €40,000 | €50,000 | +€10,000 | +25.0% |
| Trade debts | 44 | €58,186 | €30,049 | -€28,137 | -48.4% |
| Suppliers | 440/4 | €58,186 | €30,049 | -€28,137 | -48.4% |
| Advances received on contracts in progress | 46 | €21,262 | - | -€21,262 | |
| Taxes, remuneration and social security | 45 | €17,863 | €3,985 | -€13,878 | -77.7% |
| Taxes | 450/3 | €8,543 | €685 | -€7,858 | -92.0% |
| Remuneration and social security | 454/9 | €9,321 | €3,300 | -€6,021 | -64.6% |
| Other amounts payable | 47/48 | - | €16,381 | +€16,381 | |
| Remuneration, social security and pensions | 62 | €101,322 | €99,714 | -€1,608 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €889 | €889 | = | 0.0% |
| Other operating charges | 640/8 | €9,400 | €1,953 | -€7,448 | -79.2% |
| Gross operating margin | 9900 | €109,234 | €80,766 | -€28,468 | -26.1% |
| Operating profit (loss) | 9901 | -€2,378 | -€21,790 | -€19,412 | -816% |
| Financial income | 75/76B | €29,975 | €9,571 | -€20,404 | -68.1% |
| Recurring financial income | 75 | €29,975 | €1,274 | -€28,701 | -95.7% |
| Non-recurring financial income | 76B | - | €8,297 | +€8,297 | |
| Financial charges | 65/66B | €6,824 | €11,860 | +€5,035 | +73.8% |
| Recurring financial charges | 65 | €6,824 | €11,860 | +€5,035 | +73.8% |
| Profit (loss) for the period before taxes | 9903 | €20,773 | -€24,079 | -€44,851 | |
| Income taxes | 67/77 | €7,908 | €516 | -€7,392 | -93.5% |
| Profit (loss) for the period | 9904 | €12,865 | -€24,595 | -€37,460 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,865 | -€24,595 | -€37,460 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.