IFORTE: 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.
IFORTE
Largest movements
- Cash +€37,178
up €37,178 (+20.6%), from €180,896 to €218,074
mainly Net result for the year (+€105,756) and Other debts (+€37,771)
- Reserves +€105,730
up €105,730 (+12.4%), from €854,573 to €960,303
of which Tax-exempt reserves: +€54,730
- Debts after one year -€99,000
down €99,000 (-12.5%), from €792,450 to €693,450
of which Financial debts: -€99,000
- Other debts +€37,771
up €37,771 (+27.2%), from €138,722 to €176,493
- Gross operating margin +€26,988
up €26,988 (+15.0%), from €179,671 to €206,659
- Financial charges +€7,924
up €7,924 (+17.3%), from €45,707 to €53,630
- Taxes +€4,740
up €4,740 (+12.0%), from €39,413 to €44,153
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 | €2,423,138 | €2,464,418 | +€41,280 | +1.7% |
| Fixed assets | 21/28 | €2,190,542 | €2,189,780 | -€762 | 0.0% |
| Tangible fixed assets | 22/27 | €11,106 | €10,344 | -€762 | -6.9% |
| Furniture and vehicles | 24 | €10,457 | €9,833 | -€624 | -6.0% |
| Other tangible fixed assets | 26 | €649 | €511 | -€138 | -21.3% |
| Financial fixed assets | 28 | €2,179,436 | €2,179,436 | = | 0.0% |
| Current assets | 29/58 | €232,596 | €274,638 | +€42,043 | +18.1% |
| Amounts receivable within one year | 40/41 | €51,700 | €56,565 | +€4,865 | +9.4% |
| Trade receivables | 40 | €51,700 | €53,700 | +€2,000 | +3.9% |
| Other amounts receivable | 41 | - | €2,865 | +€2,865 | |
| Cash at bank and in hand | 54/58 | €180,896 | €218,074 | +€37,178 | +20.6% |
| Total equity and liabilities | 10/49 | €2,423,138 | €2,464,418 | +€41,280 | +1.7% |
| Equity | 10/15 | €1,364,722 | €1,470,478 | +€105,756 | +7.7% |
| Contributions | 10/11 | €509,200 | €509,200 | = | 0.0% |
| Reserves | 13 | €854,573 | €960,303 | +€105,730 | +12.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €54,730 | +€54,730 | |
| Distributable reserves | 133 | €852,713 | €903,713 | +€51,000 | +6.0% |
| Profit (loss) carried forward | 14 | €950 | €975 | +€26 | +2.7% |
| Amounts payable | 17/49 | €1,058,416 | €993,940 | -€64,476 | -6.1% |
| Amounts payable after more than one year | 17 | €792,450 | €693,450 | -€99,000 | -12.5% |
| Financial debts | 170/4 | €297,000 | €198,000 | -€99,000 | -33.3% |
| Other amounts payable | 178/9 | €495,450 | €495,450 | = | 0.0% |
| Amounts payable within one year | 42/48 | €261,134 | €296,877 | +€35,742 | +13.7% |
| Current portion of amounts payable after more than one year | 42 | €99,000 | €99,000 | = | 0.0% |
| Trade debts | 44 | €753 | €937 | +€184 | +24.5% |
| Suppliers | 440/4 | €753 | €937 | +€184 | +24.5% |
| Taxes, remuneration and social security | 45 | €22,659 | €20,446 | -€2,213 | -9.8% |
| Taxes | 450/3 | €21,347 | €19,134 | -€2,213 | -10.4% |
| Remuneration and social security | 454/9 | €1,313 | €1,313 | = | 0.0% |
| Other amounts payable | 47/48 | €138,722 | €176,493 | +€37,771 | +27.2% |
| Accrued charges and deferred income | 492/3 | €4,831 | €3,614 | -€1,218 | -25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,895 | €2,026 | +€131 | +6.9% |
| Other operating charges | 640/8 | €1,125 | €1,094 | -€32 | -2.8% |
| Gross operating margin | 9900 | €179,671 | €206,659 | +€26,988 | +15.0% |
| Operating profit (loss) | 9901 | €176,651 | €203,539 | +€26,889 | +15.2% |
| Financial charges | 65/66B | €45,707 | €53,630 | +€7,924 | +17.3% |
| Recurring financial charges | 65 | €45,707 | €53,630 | +€7,924 | +17.3% |
| Profit (loss) for the period before taxes | 9903 | €130,944 | €149,909 | +€18,965 | +14.5% |
| Income taxes | 67/77 | €39,413 | €44,153 | +€4,740 | +12.0% |
| Profit (loss) for the period | 9904 | €91,531 | €105,756 | +€14,225 | +15.5% |
| Transfer to tax-exempt reserves | 689 | - | €54,730 | +€54,730 | |
| Profit (loss) for the period to be appropriated | 9905 | €91,531 | €51,026 | -€40,505 | -44.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.