Iforge: 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.
Iforge
Largest movements
- Tangible fixed assets +€679,569
up €679,569 (+211%), from €322,005 to €1.0m
of which Land and buildings: +€680,021
- Receivables after one year +€50,000
new in 2025: €50,000
- Cash +€35,916
up €35,916 (+37.2%), from €96,505 to €132,420
mainly Debts after one year (+€546,897) and Net result for the year (+€199,584)
- Receivables within one year +€35,644
up €35,644 (+202%), from €17,679 to €53,323
of which Trade receivables: +€22,426
- Debts after one year +€546,897
up €546,897 (+332%), from €164,842 to €711,738
- Reserves +€117,584
up €117,584 (+143%), from €82,047 to €199,631
- Current portion of long-term debt +€57,239
up €57,239 (+317%), from €18,063 to €75,302
- Other debts +€50,649
up €50,649 (+352%), from €14,380 to €65,029
- Trade debts +€27,085
up €27,085 (+1,203%), from €2,252 to €29,336
- Gross operating margin +€256,464
up €256,464 (+295%), from €87,022 to €343,486
- Taxes +€46,697
up €46,697 (+339%), from €13,761 to €60,457
- Depreciation +€36,629
up €36,629 (+178%), from €20,613 to €57,241
- Financial charges +€11,712
up €11,712 (+110%), from €10,688 to €22,400
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 | €436,189 | €1,237,318 | +€801,128 | +184% |
| Fixed assets | 21/28 | €322,005 | €1,001,574 | +€679,569 | +211% |
| Tangible fixed assets | 22/27 | €322,005 | €1,001,574 | +€679,569 | +211% |
| Land and buildings | 22 | €320,442 | €1,000,463 | +€680,021 | +212% |
| Plant, machinery and equipment | 23 | €1,563 | €1,111 | -€453 | -28.9% |
| Current assets | 29/58 | €114,184 | €235,744 | +€121,560 | +106% |
| Amounts receivable after more than one year | 29 | - | €50,000 | +€50,000 | |
| Other amounts receivable | 291 | - | €50,000 | +€50,000 | |
| Amounts receivable within one year | 40/41 | €17,679 | €53,323 | +€35,644 | +202% |
| Trade receivables | 40 | €5,115 | €27,541 | +€22,426 | +438% |
| Other amounts receivable | 41 | €12,564 | €25,782 | +€13,218 | +105% |
| Cash at bank and in hand | 54/58 | €96,505 | €132,420 | +€35,916 | +37.2% |
| Total equity and liabilities | 10/49 | €436,189 | €1,237,318 | +€801,128 | +184% |
| Equity | 10/15 | €232,047 | €349,631 | +€117,584 | +50.7% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €82,047 | €199,631 | +€117,584 | +143% |
| Distributable reserves | 133 | €82,047 | €199,631 | +€117,584 | +143% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €204,142 | €887,686 | +€683,544 | +335% |
| Amounts payable after more than one year | 17 | €164,842 | €711,738 | +€546,897 | +332% |
| Financial debts | 170/4 | €164,842 | €711,738 | +€546,897 | +332% |
| Amounts payable within one year | 42/48 | €35,604 | €171,109 | +€135,505 | +381% |
| Current portion of amounts payable after more than one year | 42 | €18,063 | €75,302 | +€57,239 | +317% |
| Financial debts | 43 | - | €558 | +€558 | |
| Credit institutions | 430/8 | - | €558 | +€558 | |
| Trade debts | 44 | €2,252 | €29,336 | +€27,085 | +1,203% |
| Suppliers | 440/4 | €2,252 | €29,336 | +€27,085 | +1,203% |
| Taxes, remuneration and social security | 45 | €910 | €883 | -€27 | -2.9% |
| Taxes | 450/3 | €910 | €883 | -€27 | -2.9% |
| Other amounts payable | 47/48 | €14,380 | €65,029 | +€50,649 | +352% |
| Accrued charges and deferred income | 492/3 | €3,696 | €4,838 | +€1,142 | +30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,613 | €57,241 | +€36,629 | +178% |
| Other operating charges | 640/8 | €2,582 | €3,803 | +€1,221 | +47.3% |
| Gross operating margin | 9900 | €87,022 | €343,486 | +€256,464 | +295% |
| Operating profit (loss) | 9901 | €63,827 | €282,442 | +€218,614 | +343% |
| Financial charges | 65/66B | €10,688 | €22,400 | +€11,712 | +110% |
| Recurring financial charges | 65 | €10,688 | €22,400 | +€11,712 | +110% |
| Profit (loss) for the period before taxes | 9903 | €53,139 | €260,042 | +€206,903 | +389% |
| Income taxes | 67/77 | €13,761 | €60,457 | +€46,697 | +339% |
| Profit (loss) for the period | 9904 | €39,378 | €199,584 | +€160,206 | +407% |
| Profit (loss) for the period to be appropriated | 9905 | €39,378 | €199,584 | +€160,206 | +407% |
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 15 October 2026 via checked.be.