IFM10: 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.
IFM10
Largest movements
- Cash -€509,147
down €509,147 (-29.4%), from €1.7m to €1.2m
mainly Contributions, distributions and other (-€449,624) and Debts after one year (-€121,358)
- Tangible fixed assets -€147,264
down €147,264 (-3.6%), from €4.1m to €4.0m
- Reserves -€420,586
down €420,586 (-19.3%), from €2.2m to €1.8m
- Debts after one year -€121,358
down €121,358 (-5.2%), from €2.3m to €2.2m
- Taxes +€70,229
up €70,229 (+102.2%), from €68,740 to €138,969
- Financial income -€35,797
down €35,797 (-72.7%), from €49,241 to €13,444
- Gross operating margin -€29,691
down €29,691 (-9.0%), from €329,130 to €299,439
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 | €5,884,786 | €5,229,368 | -€655,418 | -11.1% |
| Fixed assets | 21/28 | €4,144,591 | €3,997,327 | -€147,264 | -3.6% |
| Tangible fixed assets | 22/27 | €4,144,591 | €3,997,327 | -€147,264 | -3.6% |
| Land and buildings | 22 | €4,144,591 | €3,997,327 | -€147,264 | -3.6% |
| Current assets | 29/58 | €1,740,195 | €1,232,041 | -€508,154 | -29.2% |
| Amounts receivable within one year | 40/41 | €4,528 | €6,064 | +€1,537 | +33.9% |
| Trade receivables | 40 | €4,278 | - | -€4,278 | |
| Other amounts receivable | 41 | €250 | €6,064 | +€5,814 | +2325.8% |
| Cash at bank and in hand | 54/58 | €1,731,450 | €1,222,303 | -€509,147 | -29.4% |
| Deferred charges and accrued income | 490/1 | €4,217 | €3,673 | -€544 | -12.9% |
| Total equity and liabilities | 10/49 | €5,884,786 | €5,229,368 | -€655,418 | -11.1% |
| Equity | 10/15 | €2,236,369 | €1,782,605 | -€453,763 | -20.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,184,591 | €1,764,005 | -€420,586 | -19.3% |
| Tax-exempt reserves | 132 | €2,184,591 | €1,764,005 | -€420,586 | -19.3% |
| Profit (loss) carried forward | 14 | €33,177 | - | -€33,177 | |
| Provisions and deferred taxes | 16 | €612,735 | €588,002 | -€24,734 | -4.0% |
| Deferred taxes | 168 | €612,735 | €588,002 | -€24,734 | -4.0% |
| Amounts payable | 17/49 | €3,035,682 | €2,858,761 | -€176,921 | -5.8% |
| Amounts payable after more than one year | 17 | €2,331,284 | €2,209,927 | -€121,358 | -5.2% |
| Financial debts | 170/4 | €2,331,284 | €2,209,927 | -€121,358 | -5.2% |
| Amounts payable within one year | 42/48 | €693,549 | €638,597 | -€54,953 | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €146,170 | €131,584 | -€14,586 | -10.0% |
| Trade debts | 44 | €548 | €7,808 | +€7,259 | +1323.5% |
| Suppliers | 440/4 | €548 | €7,808 | +€7,259 | +1323.5% |
| Taxes, remuneration and social security | 45 | €2,468 | €2,468 | = | 0.0% |
| Taxes | 450/3 | €2,468 | €2,468 | = | 0.0% |
| Other amounts payable | 47/48 | €544,363 | €496,737 | -€47,626 | -8.7% |
| Accrued charges and deferred income | 492/3 | €10,849 | €10,238 | -€611 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €147,265 | €147,264 | -€0 | 0.0% |
| Other operating charges | 640/8 | €23,167 | €25,131 | +€1,964 | +8.5% |
| Gross operating margin | 9900 | €329,130 | €299,439 | -€29,691 | -9.0% |
| Operating profit (loss) | 9901 | €158,699 | €127,044 | -€31,655 | -19.9% |
| Financial income | 75/76B | €49,241 | €13,444 | -€35,797 | -72.7% |
| Recurring financial income | 75 | €49,241 | €13,444 | -€35,797 | -72.7% |
| Financial charges | 65/66B | €31,913 | €30,392 | -€1,521 | -4.8% |
| Recurring financial charges | 65 | €31,913 | €30,392 | -€1,521 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €176,026 | €110,096 | -€65,930 | -37.5% |
| Transfer from deferred taxes | 780 | €24,734 | €24,734 | = | 0.0% |
| Income taxes | 67/77 | €68,740 | €138,969 | +€70,229 | +102.2% |
| Profit (loss) for the period | 9904 | €132,020 | -€4,139 | -€136,159 | |
| Transfer from tax-exempt reserves | 789 | €74,201 | €420,586 | +€346,386 | +466.8% |
| Profit (loss) for the period to be appropriated | 9905 | €206,220 | €416,447 | +€210,227 | +101.9% |
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 2 October 2026 via checked.be.