IFSC: 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.
IFSC
Largest movements
- Stocks and contracts +€120,432
up €120,432 (+251.6%), from €47,861 to €168,293
of which Contracts in progress: +€119,398
- Receivables within one year +€88,562
up €88,562 (+11.4%), from €773,689 to €862,251
of which Trade receivables: +€72,307
- Tangible fixed assets -€36,964
down €36,964 (-6.0%), from €613,658 to €576,694
of which Furniture and vehicles: -€35,533
- Other debts +€139,666
up €139,666 (+30.4%), from €458,784 to €598,450
- Reserves +€48,835
up €48,835 (+6.9%), from €710,587 to €759,422
- Trade debts +€35,588
up €35,588 (+29.9%), from €118,968 to €154,556
- Debts after one year -€31,466
down €31,466 (-9.6%), from €327,445 to €295,979
- Gross operating margin -€270,564
down €270,564 (-25.9%), from €1.0m to €775,178
- Staff costs -€142,180
down €142,180 (-24.2%), from €587,971 to €445,792
- Taxes -€58,320
down €58,320 (-49.0%), from €118,967 to €60,647
- Other operating charges -€18,438
down €18,438 (-85.2%), from €21,653 to €3,214
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 | €1,844,822 | €2,029,382 | +€184,560 | +10.0% |
| Fixed assets | 21/28 | €628,148 | €591,184 | -€36,964 | -5.9% |
| Tangible fixed assets | 22/27 | €613,658 | €576,694 | -€36,964 | -6.0% |
| Land and buildings | 22 | €470,000 | €470,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €591 | €92 | -€500 | -84.5% |
| Furniture and vehicles | 24 | €140,274 | €104,741 | -€35,533 | -25.3% |
| Other tangible fixed assets | 26 | €2,792 | €1,861 | -€931 | -33.3% |
| Financial fixed assets | 28 | €14,490 | €14,490 | = | 0.0% |
| Current assets | 29/58 | €1,216,674 | €1,438,197 | +€221,523 | +18.2% |
| Stocks and contracts in progress | 3 | €47,861 | €168,293 | +€120,432 | +251.6% |
| Stocks | 30/36 | €12,829 | €13,863 | +€1,034 | +8.1% |
| Contracts in progress | 37 | €35,032 | €154,429 | +€119,398 | +340.8% |
| Amounts receivable within one year | 40/41 | €773,689 | €862,251 | +€88,562 | +11.4% |
| Trade receivables | 40 | €758,548 | €830,856 | +€72,307 | +9.5% |
| Other amounts receivable | 41 | €15,141 | €31,395 | +€16,254 | +107.4% |
| Cash at bank and in hand | 54/58 | €367,430 | €379,838 | +€12,408 | +3.4% |
| Deferred charges and accrued income | 490/1 | €27,694 | €27,816 | +€122 | +0.4% |
| Total equity and liabilities | 10/49 | €1,844,822 | €2,029,382 | +€184,560 | +10.0% |
| Equity | 10/15 | €729,187 | €778,022 | +€48,835 | +6.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €710,587 | €759,422 | +€48,835 | +6.9% |
| Distributable reserves | 133 | €710,587 | €759,422 | +€48,835 | +6.9% |
| Amounts payable | 17/49 | €1,115,635 | €1,251,359 | +€135,724 | +12.2% |
| Amounts payable after more than one year | 17 | €327,445 | €295,979 | -€31,466 | -9.6% |
| Financial debts | 170/4 | €327,445 | €295,979 | -€31,466 | -9.6% |
| Amounts payable within one year | 42/48 | €787,940 | €955,380 | +€167,440 | +21.3% |
| Current portion of amounts payable after more than one year | 42 | €37,287 | €33,046 | -€4,241 | -11.4% |
| Trade debts | 44 | €118,968 | €154,556 | +€35,588 | +29.9% |
| Suppliers | 440/4 | €118,968 | €154,556 | +€35,588 | +29.9% |
| Advances received on contracts in progress | 46 | €15,980 | €4,494 | -€11,486 | -71.9% |
| Taxes, remuneration and social security | 45 | €156,921 | €164,834 | +€7,914 | +5.0% |
| Taxes | 450/3 | €69,618 | €94,094 | +€24,476 | +35.2% |
| Remuneration and social security | 454/9 | €87,302 | €70,740 | -€16,562 | -19.0% |
| Other amounts payable | 47/48 | €458,784 | €598,450 | +€139,666 | +30.4% |
| Accrued charges and deferred income | 492/3 | €250 | - | -€250 | |
| Non-recurring operating income | 76A | €25,083 | €10,200 | -€14,883 | -59.3% |
| Remuneration, social security and pensions | 62 | €587,971 | €445,792 | -€142,180 | -24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,544 | €46,235 | +€690 | +1.5% |
| Other operating charges | 640/8 | €21,653 | €3,214 | -€18,438 | -85.2% |
| Non-recurring operating charges | 66A | €3,551 | €1,585 | -€1,966 | -55.4% |
| Gross operating margin | 9900 | €1,045,742 | €775,178 | -€270,564 | -25.9% |
| Operating profit (loss) | 9901 | €387,022 | €278,352 | -€108,670 | -28.1% |
| Financial income | 75/76B | €4,057 | €5,512 | +€1,456 | +35.9% |
| Recurring financial income | 75 | €4,057 | €5,512 | +€1,456 | +35.9% |
| Financial charges | 65/66B | €39,153 | €37,497 | -€1,656 | -4.2% |
| Recurring financial charges | 65 | €39,153 | €37,497 | -€1,656 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €351,926 | €246,367 | -€105,559 | -30.0% |
| Income taxes | 67/77 | €118,967 | €60,647 | -€58,320 | -49.0% |
| Profit (loss) for the period | 9904 | €232,960 | €185,720 | -€47,239 | -20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €232,960 | €185,720 | -€47,239 | -20.3% |
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 3 October 2026 via checked.be.