IFRA: 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.
IFRA
Largest movements
- Deferred charges and accrued income -€24,200
down €24,200 (-50.0%), from €48,400 to €24,200
- Tangible fixed assets -€14,018
down €14,018 (-10.1%), from €138,210 to €124,193
- Receivables within one year +€12,515
up €12,515 (+34.1%), from €36,708 to €49,223
of which Trade receivables: +€12,838
- Other debts +€32,480
up €32,480 (+33.8%), from €96,235 to €128,715
- Trade debts -€30,418
down €30,418 (-50.1%), from €60,692 to €30,274
- Debts after one year -€21,667
down €21,667 (-44.4%), from €48,750 to €27,083
- Tax, wage and social debts -€10,812
down €10,812 (-100.0%), from €10,812 to €0
- Gross operating margin +€9,486
up €9,486 (+47.5%), from €19,966 to €29,453
- Other operating charges +€8,359
up €8,359 (+121.5%), from €6,880 to €15,239
- Financial charges -€434
down €434 (-14.7%), from €2,957 to €2,524
- Financial income +€419
up €419 (+67.1%), from €624 to €1,043
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 | €601,427 | €569,726 | -€31,701 | -5.3% |
| Fixed assets | 21/28 | €506,332 | €492,315 | -€14,018 | -2.8% |
| Tangible fixed assets | 22/27 | €138,210 | €124,193 | -€14,018 | -10.1% |
| Land and buildings | 22 | €138,210 | €124,193 | -€14,018 | -10.1% |
| Financial fixed assets | 28 | €368,122 | €368,122 | = | 0.0% |
| Current assets | 29/58 | €95,095 | €77,411 | -€17,684 | -18.6% |
| Amounts receivable within one year | 40/41 | €36,708 | €49,223 | +€12,515 | +34.1% |
| Trade receivables | 40 | - | €12,838 | +€12,838 | |
| Other amounts receivable | 41 | €36,708 | €36,385 | -€323 | -0.9% |
| Cash at bank and in hand | 54/58 | €9,987 | €3,988 | -€5,999 | -60.1% |
| Deferred charges and accrued income | 490/1 | €48,400 | €24,200 | -€24,200 | -50.0% |
| Total equity and liabilities | 10/49 | €601,427 | €569,726 | -€31,701 | -5.3% |
| Equity | 10/15 | €363,271 | €361,986 | -€1,285 | -0.4% |
| Contributions | 10/11 | €85,000 | €85,000 | = | 0.0% |
| Capital | 10 | €85,000 | €85,000 | = | 0.0% |
| Issued capital | 100 | €85,000 | €85,000 | = | 0.0% |
| Reserves | 13 | €278,271 | €276,986 | -€1,285 | -0.5% |
| Non-distributable reserves | 130/1 | €8,500 | €8,500 | = | 0.0% |
| Legal reserve | 130 | €8,500 | €8,500 | = | 0.0% |
| Distributable reserves | 133 | €269,771 | €268,486 | -€1,285 | -0.5% |
| Amounts payable | 17/49 | €238,156 | €207,739 | -€30,417 | -12.8% |
| Amounts payable after more than one year | 17 | €48,750 | €27,083 | -€21,667 | -44.4% |
| Financial debts | 170/4 | €48,750 | €27,083 | -€21,667 | -44.4% |
| Amounts payable within one year | 42/48 | €189,406 | €180,656 | -€8,750 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €21,667 | €21,667 | = | 0.0% |
| Trade debts | 44 | €60,692 | €30,274 | -€30,418 | -50.1% |
| Suppliers | 440/4 | €60,692 | €30,274 | -€30,418 | -50.1% |
| Taxes, remuneration and social security | 45 | €10,812 | €0 | -€10,812 | -100.0% |
| Taxes | 450/3 | €10,812 | €0 | -€10,812 | -100.0% |
| Other amounts payable | 47/48 | €96,235 | €128,715 | +€32,480 | +33.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,018 | €14,018 | = | 0.0% |
| Other operating charges | 640/8 | €6,880 | €15,239 | +€8,359 | +121.5% |
| Gross operating margin | 9900 | €19,966 | €29,453 | +€9,486 | +47.5% |
| Operating profit (loss) | 9901 | -€931 | €196 | +€1,127 | |
| Financial income | 75/76B | €624 | €1,043 | +€419 | +67.1% |
| Recurring financial income | 75 | €624 | €1,043 | +€419 | +67.1% |
| Financial charges | 65/66B | €2,957 | €2,524 | -€434 | -14.7% |
| Recurring financial charges | 65 | €2,957 | €2,524 | -€434 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,264 | -€1,285 | +€1,980 | +60.6% |
| Income taxes | 67/77 | €0 | €0 | -€0 | -100.0% |
| Profit (loss) for the period | 9904 | -€3,264 | -€1,285 | +€1,980 | +60.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,264 | -€1,285 | +€1,980 | +60.6% |
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 10 October 2026 via checked.be.