IKASO: what changed
What changed
IKASO
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€25,768
2024 · €461,862-€487,630
Equity
€5.2m
2024 · €2.7m+€2.5m
Cash
€105,285
2024 · €194,543-€89,258
Balance sheet total
€11.0m
2024 · €12.2m-€1.1m
Largest movements
Assets
- Financial fixed assets -€1.2m
down €1.2m (-100%), from €1.2m to €0
- Receivables within one year +€369,621
up €369,621 (+48.3%), from €764,708 to €1.1m
of which Other amounts receivable: +€393,987
- Tangible fixed assets -€200,900
down €200,900 (-2.0%), from €10.0m to €9.8m
of which Land and buildings: -€213,917
Equity and liabilities
- Other debts -€2.9m
down €2.9m (-52.3%), from €5.6m to €2.7m
- Reserves +€2.0m
up €2.0m (+76.4%), from €2.6m to €4.6m
of which Distributable reserves: +€1.9m
- Short-term financial debts -€600,000
no longer reported in 2025 (was €600,000)
- Contributions +€516,426
up €516,426 (+795%), from €65,000 to €581,426
- Debts after one year -€354,821
down €354,821 (-16.2%), from €2.2m to €1.8m
Income statement
- Gross operating margin -€340,797
down €340,797 (-25.8%), from €1.3m to €978,877
- Financial charges +€233,924
up €233,924 (+65.2%), from €359,014 to €592,938
of which Non-recurring financial charges: +€388,827
- Purchases and services +€185,709
up €185,709 (+84.2%), from €220,480 to €406,189
- Turnover -€166,163
down €166,163 (-15.5%), from €1.1m to €908,487
- Taxes -€136,782
down €136,782 (-61.7%), from €221,829 to €85,046
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€461,862
Gross operating margin
-€340,797
Depreciation
-€10,260
Other operating charges
-€55,192
Financial income
+€15,760
Financial charges
-€233,924
Taxes
+€136,782
Result 2025
-€25,768
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€2.8m
Investment
+€1.2m
Financing
+€1.6m
Cash 2024
€194,543
From operations (derived)
-€2.8m
Net result for the year
-€25,768
Depreciation
+€262,912
Receivables within one year
-€369,621
Smaller working-capital items
-€4,418
Trade debts
+€209,430
Tax, wage and social debts
+€8,228
Other debts
-€2.9m
Investment (derived)
+€1.2m
Investment in fixed assets (net)
+€1.2m
Financing
+€1.6m
Debts after one year
-€354,821
Current portion of long-term debt
+€7,528
Short-term financial debts
-€600,000
Contributions, distributions and other
+€2.5m
Cash 2025
€105,285
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,176,475 | €11,028,100 | -€1.1m | -9.4% |
| Fixed assets | 21/28 | €11,216,443 | €9,787,789 | -€1.4m | -12.7% |
| Tangible fixed assets | 22/27 | €9,988,690 | €9,787,789 | -€200,900 | -2.0% |
| Land and buildings | 22 | €9,880,055 | €9,666,138 | -€213,917 | -2.2% |
| Plant, machinery and equipment | 23 | €108,635 | €121,651 | +€13,016 | +12.0% |
| Financial fixed assets | 28 | €1,227,753 | €0 | -€1.2m | -100% |
| Current assets | 29/58 | €960,032 | €1,240,311 | +€280,278 | +29.2% |
| Amounts receivable within one year | 40/41 | €764,708 | €1,134,328 | +€369,621 | +48.3% |
| Trade receivables | 40 | €65,961 | €41,595 | -€24,366 | -36.9% |
| Other amounts receivable | 41 | €698,746 | €1,092,733 | +€393,987 | +56.4% |
| Cash at bank and in hand | 54/58 | €194,543 | €105,285 | -€89,258 | -45.9% |
| Deferred charges and accrued income | 490/1 | €782 | €697 | -€84 | -10.8% |
| Total equity and liabilities | 10/49 | €12,176,475 | €11,028,100 | -€1.1m | -9.4% |
| Equity | 10/15 | €2,656,491 | €5,152,958 | +€2.5m | +94.0% |
| Contributions | 10/11 | €65,000 | €581,426 | +€516,426 | +795% |
| Capital | 10 | €65,000 | €581,426 | +€516,426 | +795% |
| Issued capital | 100 | €65,000 | €581,426 | +€516,426 | +795% |
| Reserves | 13 | €2,591,486 | €4,570,704 | +€2.0m | +76.4% |
| Non-distributable reserves | 130/1 | €6,500 | €58,143 | +€51,643 | +795% |
| Legal reserve | 130 | €6,500 | €58,143 | +€51,643 | +795% |
| Tax-exempt reserves | 132 | €104,924 | €101,961 | -€2,963 | -2.8% |
| Distributable reserves | 133 | €2,480,061 | €4,410,600 | +€1.9m | +77.8% |
| Profit (loss) carried forward | 14 | €6 | €828 | +€823 | +14,847% |
| Provisions and deferred taxes | 16 | €54,028 | €49,525 | -€4,502 | -8.3% |
| Deferred taxes | 168 | €54,028 | €49,525 | -€4,502 | -8.3% |
| Amounts payable | 17/49 | €9,465,956 | €5,825,617 | -€3.6m | -38.5% |
| Amounts payable after more than one year | 17 | €2,196,704 | €1,841,883 | -€354,821 | -16.2% |
| Financial debts | 170/4 | €2,196,704 | €1,841,883 | -€354,821 | -16.2% |
| Amounts payable within one year | 42/48 | €7,269,197 | €3,983,680 | -€3.3m | -45.2% |
| Current portion of amounts payable after more than one year | 42 | €347,293 | €354,821 | +€7,528 | +2.2% |
| Financial debts | 43 | €600,000 | - | -€600,000 | |
| Credit institutions | 430/8 | €600,000 | - | -€600,000 | |
| Trade debts | 44 | €534,120 | €743,550 | +€209,430 | +39.2% |
| Suppliers | 440/4 | €534,120 | €743,550 | +€209,430 | +39.2% |
| Taxes, remuneration and social security | 45 | €223,149 | €231,377 | +€8,228 | +3.7% |
| Taxes | 450/3 | €223,149 | €231,377 | +€8,228 | +3.7% |
| Other amounts payable | 47/48 | €5,564,636 | €2,653,932 | -€2.9m | -52.3% |
| Accrued charges and deferred income | 492/3 | €54 | €54 | = | 0.0% |
| Turnover | 70 | €1,074,650 | €908,487 | -€166,163 | -15.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €220,480 | €406,189 | +€185,709 | +84.2% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €252,652 | €262,912 | +€10,260 | +4.1% |
| Other operating charges | 640/8 | €61,928 | €117,120 | +€55,192 | +89.1% |
| Gross operating margin | 9900 | €1,319,674 | €978,877 | -€340,797 | -25.8% |
| Operating profit (loss) | 9901 | €1,005,094 | €598,845 | -€406,248 | -40.4% |
| Financial income | 75/76B | €33,108 | €48,868 | +€15,760 | +47.6% |
| Recurring financial income | 75 | €33,108 | €27,027 | -€6,081 | -18.4% |
| Non-recurring financial income | 76B | - | €21,841 | +€21,841 | |
| Financial charges | 65/66B | €359,014 | €592,938 | +€233,924 | +65.2% |
| Recurring financial charges | 65 | €359,014 | €204,111 | -€154,903 | -43.1% |
| Non-recurring financial charges | 66B | - | €388,827 | +€388,827 | |
| Profit (loss) for the period before taxes | 9903 | €679,188 | €54,776 | -€624,413 | -91.9% |
| Transfer from deferred taxes | 780 | €4,502 | €4,502 | = | 0.0% |
| Income taxes | 67/77 | €221,829 | €85,046 | -€136,782 | -61.7% |
| Profit (loss) for the period | 9904 | €461,862 | -€25,768 | -€487,630 | |
| Transfer from tax-exempt reserves | 789 | €8,744 | €8,744 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €470,606 | -€17,025 | -€487,630 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.