IJV - IFAS: 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.
IJV - IFAS
Largest movements
- Current investments -€3.2m
down €3.2m (-47.5%), from €6.8m to €3.6m
- Cash +€3.0m
up €3.0m (+2,474%), from €121,575 to €3.1m
mainly Current investments (+€3.2m) and Receivables within one year (+€210,507)
- Receivables within one year -€210,507
down €210,507 (-76.9%), from €273,599 to €63,092
of which Trade receivables: -€142,219
- Accrued charges and deferred income -€454,343
down €454,343 (-47.5%), from €957,116 to €502,774
- Profit (loss) carried forward +€156,376
up €156,376 (+11.0%), from €1.4m to €1.6m
- Trade debts -€79,349
down €79,349 (-64.2%), from €123,674 to €44,325
- Gross operating margin -€556,042
down €556,042 (-94.8%), from €586,412 to €30,370
- Financial income +€528,657
up €528,657 (+215%), from €245,953 to €774,610
- Depreciation +€8,000
up €8,000 (+399%), from €2,003 to €10,003
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 | €7,752,203 | €7,370,144 | -€382,059 | -4.9% |
| Fixed assets | 21/28 | €539,888 | €582,111 | +€42,224 | +7.8% |
| Intangible fixed assets | 21 | €0 | €36,767 | +€36,767 | |
| Tangible fixed assets | 22/27 | €14,598 | €20,055 | +€5,457 | +37.4% |
| Plant, machinery and equipment | 23 | €14,598 | €20,055 | +€5,457 | +37.4% |
| Financial fixed assets | 28 | €525,290 | €525,290 | = | 0.0% |
| Current assets | 29/58 | €7,212,316 | €6,788,033 | -€424,283 | -5.9% |
| Amounts receivable within one year | 40/41 | €273,599 | €63,092 | -€210,507 | -76.9% |
| Trade receivables | 40 | €191,717 | €49,498 | -€142,219 | -74.2% |
| Other amounts receivable | 41 | €81,882 | €13,594 | -€68,288 | -83.4% |
| Current investments | 50/53 | €6,802,814 | €3,569,132 | -€3.2m | -47.5% |
| Cash at bank and in hand | 54/58 | €121,575 | €3,129,286 | +€3.0m | +2,474% |
| Deferred charges and accrued income | 490/1 | €14,328 | €26,523 | +€12,195 | +85.1% |
| Total equity and liabilities | 10/49 | €7,752,203 | €7,370,144 | -€382,059 | -4.9% |
| Equity | 10/15 | €6,604,371 | €6,760,747 | +€156,376 | +2.4% |
| Contributions | 10/11 | €4,616,379 | €4,616,379 | = | 0.0% |
| Capital | 10 | €4,616,379 | €4,616,379 | = | 0.0% |
| Reserves | 13 | €564,889 | €564,889 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,423,104 | €1,579,480 | +€156,376 | +11.0% |
| Amounts payable | 17/49 | €1,147,833 | €609,397 | -€538,435 | -46.9% |
| Amounts payable within one year | 42/48 | €190,716 | €106,624 | -€84,092 | -44.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €123,674 | €44,325 | -€79,349 | -64.2% |
| Suppliers | 440/4 | €123,674 | €44,325 | -€79,349 | -64.2% |
| Taxes, remuneration and social security | 45 | €67,043 | €62,299 | -€4,744 | -7.1% |
| Taxes | 450/3 | €1,585 | €1,261 | -€324 | -20.4% |
| Remuneration and social security | 454/9 | €65,458 | €61,038 | -€4,420 | -6.8% |
| Accrued charges and deferred income | 492/3 | €957,116 | €502,774 | -€454,343 | -47.5% |
| Remuneration, social security and pensions | 62 | €590,676 | €593,964 | +€3,288 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,003 | €10,003 | +€8,000 | +399% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,545 | €0 | -€1,545 | -100% |
| Other operating charges | 640/8 | €37,315 | €37,527 | +€212 | +0.6% |
| Gross operating margin | 9900 | €586,412 | €30,370 | -€556,042 | -94.8% |
| Operating profit (loss) | 9901 | -€45,127 | -€611,124 | -€565,997 | -1,254% |
| Financial income | 75/76B | €245,953 | €774,610 | +€528,657 | +215% |
| Recurring financial income | 75 | €245,953 | €774,610 | +€528,657 | +215% |
| Financial charges | 65/66B | €2,821 | €7,061 | +€4,239 | +150% |
| Recurring financial charges | 65 | €2,821 | €7,061 | +€4,239 | +150% |
| Profit (loss) for the period before taxes | 9903 | €198,005 | €156,425 | -€41,580 | -21.0% |
| Income taxes | 67/77 | - | €49 | +€49 | |
| Profit (loss) for the period | 9904 | €198,005 | €156,376 | -€41,629 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €198,005 | €156,376 | -€41,629 | -21.0% |
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 15 October 2026 via checked.be.