IFORI: 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.
IFORI
Largest movements
- Receivables within one year +€476,341
up €476,341 (+152%), from €313,016 to €789,357
of which Trade receivables: +€473,223
- Cash -€80,784
down €80,784 (-66.6%), from €121,210 to €40,426
mainly Receivables within one year (-€476,341) and Investment in fixed assets (net) (-€1,376)
- Tangible fixed assets -€17,163
down €17,163 (-41.6%), from €41,281 to €24,118
of which Other tangible fixed assets: -€10,186
- Trade debts +€124,251
up €124,251 (+128%), from €96,912 to €221,163
- Short-term financial debts +€100,048
up €100,048 (+55.0%), from €181,784 to €281,832
- Tax, wage and social debts +€54,764
up €54,764 (+42.3%), from €129,482 to €184,246
of which Remuneration and social security: +€37,306
- Accrued charges and deferred income +€35,275
new in 2026: €35,275
- Reserves +€29,966
up €29,966 (+116%), from €25,833 to €55,799
of which Distributable reserves: +€29,966
- Staff costs +€281,344
up €281,344 (+52.0%), from €540,601 to €821,946
- Gross operating margin +€234,663
up €234,663 (+35.3%), from €664,465 to €899,128
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €483,518 | €857,111 | +€373,593 | +77.3% |
| Fixed assets | 21/28 | €41,281 | €24,118 | -€17,163 | -41.6% |
| Tangible fixed assets | 22/27 | €41,281 | €24,118 | -€17,163 | -41.6% |
| Plant, machinery and equipment | 23 | €794 | - | -€794 | |
| Furniture and vehicles | 24 | €13,639 | €7,457 | -€6,183 | -45.3% |
| Other tangible fixed assets | 26 | €26,847 | €16,661 | -€10,186 | -37.9% |
| Current assets | 29/58 | €442,237 | €832,993 | +€390,756 | +88.4% |
| Amounts receivable within one year | 40/41 | €313,016 | €789,357 | +€476,341 | +152% |
| Trade receivables | 40 | €305,721 | €778,944 | +€473,223 | +155% |
| Other amounts receivable | 41 | €7,295 | €10,413 | +€3,118 | +42.7% |
| Cash at bank and in hand | 54/58 | €121,210 | €40,426 | -€80,784 | -66.6% |
| Deferred charges and accrued income | 490/1 | €8,011 | €3,210 | -€4,801 | -59.9% |
| Total equity and liabilities | 10/49 | €483,518 | €857,111 | +€373,593 | +77.3% |
| Equity | 10/15 | €44,433 | €74,399 | +€29,966 | +67.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €25,833 | €55,799 | +€29,966 | +116% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €23,973 | €53,939 | +€29,966 | +125% |
| Provisions and deferred taxes | 16 | €3,594 | €3,594 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €3,594 | €3,594 | = | 0.0% |
| Other liabilities and charges | 164/5 | €3,594 | €3,594 | = | 0.0% |
| Amounts payable | 17/49 | €435,491 | €779,117 | +€343,627 | +78.9% |
| Amounts payable after more than one year | 17 | €13,973 | €19,989 | +€6,016 | +43.1% |
| Financial debts | 170/4 | €13,973 | €19,989 | +€6,016 | +43.1% |
| Amounts payable within one year | 42/48 | €421,518 | €723,853 | +€302,336 | +71.7% |
| Current portion of amounts payable after more than one year | 42 | €11,273 | €18,304 | +€7,031 | +62.4% |
| Financial debts | 43 | €181,784 | €281,832 | +€100,048 | +55.0% |
| Credit institutions | 430/8 | €181,784 | €281,832 | +€100,048 | +55.0% |
| Trade debts | 44 | €96,912 | €221,163 | +€124,251 | +128% |
| Suppliers | 440/4 | €96,912 | €221,163 | +€124,251 | +128% |
| Taxes, remuneration and social security | 45 | €129,482 | €184,246 | +€54,764 | +42.3% |
| Taxes | 450/3 | €46,493 | €63,950 | +€17,457 | +37.5% |
| Remuneration and social security | 454/9 | €82,989 | €120,295 | +€37,306 | +45.0% |
| Other amounts payable | 47/48 | €2,067 | €18,309 | +€16,242 | +786% |
| Accrued charges and deferred income | 492/3 | - | €35,275 | +€35,275 | |
| Non-recurring operating income | 76A | - | €3,487 | +€3,487 | |
| Remuneration, social security and pensions | 62 | €540,601 | €821,946 | +€281,344 | +52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,948 | €18,539 | -€410 | -2.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€3,594 | -€3,594 | |
| Other operating charges | 640/8 | €2,903 | €3,793 | +€889 | +30.6% |
| Gross operating margin | 9900 | €664,465 | €899,128 | +€234,663 | +35.3% |
| Operating profit (loss) | 9901 | €102,012 | €58,444 | -€43,567 | -42.7% |
| Financial income | 75/76B | €3,965 | €5,527 | +€1,563 | +39.4% |
| Recurring financial income | 75 | €3,965 | €5,527 | +€1,563 | +39.4% |
| Financial charges | 65/66B | €16,522 | €11,650 | -€4,872 | -29.5% |
| Recurring financial charges | 65 | €16,522 | €11,650 | -€4,872 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | €89,455 | €52,322 | -€37,133 | -41.5% |
| Income taxes | 67/77 | €15,456 | €22,356 | +€6,900 | +44.6% |
| Profit (loss) for the period | 9904 | €73,999 | €29,966 | -€44,033 | -59.5% |
| Profit (loss) for the period to be appropriated | 9905 | €73,999 | €29,966 | -€44,033 | -59.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.