IJSBERG: 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.
IJSBERG
Largest movements
- Stocks and contracts -€277,116
down €277,116 (-83.9%), from €330,131 to €53,015
- Intangible fixed assets -€247,039
down €247,039 (-66.3%), from €372,742 to €125,703
- Receivables within one year +€43,516
up €43,516 (+21.0%), from €207,550 to €251,066
of which Trade receivables: +€48,806
- Cash -€33,002
down €33,002 (-84.1%), from €39,248 to €6,246
mainly Debts after one year (-€582,482) and Receivables within one year (-€43,516)
- Debts after one year -€582,482
down €582,482 (-79.0%), from €737,367 to €154,884
- Profit (loss) carried forward +€57,620
up €57,620 (+490%), from €11,769 to €69,389
- Tax, wage and social debts +€14,675
up €14,675 (+73.3%), from €20,008 to €34,683
of which Taxes: +€15,430
- Trade debts -€11,476
down €11,476 (-14.1%), from €81,457 to €69,981
- Depreciation -€89,982
down €89,982 (-55.2%), from €163,149 to €73,168
- Gross operating margin -€71,990
down €71,990 (-22.7%), from €317,463 to €245,473
- Staff costs -€29,085
down €29,085 (-28.1%), from €103,558 to €74,473
- Taxes +€16,284
up €16,284 (+317%), from €5,139 to €21,423
- Financial charges -€7,387
down €7,387 (-29.5%), from €25,035 to €17,648
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 | €973,779 | €451,169 | -€522,610 | -53.7% |
| Fixed assets | 21/28 | €393,112 | €137,491 | -€255,621 | -65.0% |
| Intangible fixed assets | 21 | €372,742 | €125,703 | -€247,039 | -66.3% |
| Tangible fixed assets | 22/27 | €20,370 | €11,788 | -€8,581 | -42.1% |
| Plant, machinery and equipment | 23 | €6 | - | -€6 | |
| Furniture and vehicles | 24 | €20,364 | €11,788 | -€8,576 | -42.1% |
| Current assets | 29/58 | €580,667 | €313,678 | -€266,989 | -46.0% |
| Stocks and contracts in progress | 3 | €330,131 | €53,015 | -€277,116 | -83.9% |
| Stocks | 30/36 | €330,131 | €53,015 | -€277,116 | -83.9% |
| Amounts receivable within one year | 40/41 | €207,550 | €251,066 | +€43,516 | +21.0% |
| Trade receivables | 40 | €200,676 | €249,481 | +€48,806 | +24.3% |
| Other amounts receivable | 41 | €6,874 | €1,585 | -€5,289 | -76.9% |
| Cash at bank and in hand | 54/58 | €39,248 | €6,246 | -€33,002 | -84.1% |
| Deferred charges and accrued income | 490/1 | €3,738 | €3,351 | -€387 | -10.4% |
| Total equity and liabilities | 10/49 | €973,779 | €451,169 | -€522,610 | -53.7% |
| Equity | 10/15 | €119,183 | €176,803 | +€57,620 | +48.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €88,822 | €88,822 | = | 0.0% |
| Distributable reserves | 133 | €88,822 | €88,822 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,769 | €69,389 | +€57,620 | +490% |
| Amounts payable | 17/49 | €854,596 | €274,366 | -€580,229 | -67.9% |
| Amounts payable after more than one year | 17 | €737,367 | €154,884 | -€582,482 | -79.0% |
| Financial debts | 170/4 | €737,367 | €154,884 | -€582,482 | -79.0% |
| Amounts payable within one year | 42/48 | €116,229 | €118,011 | +€1,782 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €10,374 | €8,016 | -€2,358 | -22.7% |
| Trade debts | 44 | €81,457 | €69,981 | -€11,476 | -14.1% |
| Suppliers | 440/4 | €81,457 | €69,981 | -€11,476 | -14.1% |
| Taxes, remuneration and social security | 45 | €20,008 | €34,683 | +€14,675 | +73.3% |
| Taxes | 450/3 | €8,684 | €24,114 | +€15,430 | +178% |
| Remuneration and social security | 454/9 | €11,324 | €10,569 | -€755 | -6.7% |
| Other amounts payable | 47/48 | €4,390 | €5,331 | +€940 | +21.4% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,471 | +€471 | +47.1% |
| Remuneration, social security and pensions | 62 | €103,558 | €74,473 | -€29,085 | -28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,149 | €73,168 | -€89,982 | -55.2% |
| Other operating charges | 640/8 | €8,813 | €7,811 | -€1,003 | -11.4% |
| Gross operating margin | 9900 | €317,463 | €245,473 | -€71,990 | -22.7% |
| Operating profit (loss) | 9901 | €41,942 | €90,022 | +€48,080 | +115% |
| Financial income | 75/76B | - | €6,668 | +€6,668 | |
| Recurring financial income | 75 | - | €6,668 | +€6,668 | |
| Financial charges | 65/66B | €25,035 | €17,648 | -€7,387 | -29.5% |
| Recurring financial charges | 65 | €25,035 | €17,648 | -€7,387 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | €16,908 | €79,042 | +€62,135 | +367% |
| Income taxes | 67/77 | €5,139 | €21,423 | +€16,284 | +317% |
| Profit (loss) for the period | 9904 | €11,769 | €57,620 | +€45,851 | +390% |
| Profit (loss) for the period to be appropriated | 9905 | €11,769 | €57,620 | +€45,851 | +390% |
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 13 October 2026 via checked.be.