IKR: 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.
IKR
Largest movements
- Receivables within one year +€1.3m
up €1.3m (+199%), from €642,688 to €1.9m
of which Other amounts receivable: +€752,592
- Cash +€573,666
up €573,666 (+1,982%), from €28,938 to €602,604
mainly Advances received (+€1.5m) and Net result for the year (+€353,647)
- Stocks and contracts -€314,879
down €314,879 (-53.4%), from €589,518 to €274,639
of which Contracts in progress: -€256,491
- Advances received +€1.5m
up €1.5m (+8,255%), from €17,581 to €1.5m
- Trade debts -€223,166
down €223,166 (-56.4%), from €395,884 to €172,718
- Other debts +€149,519
up €149,519 (+98.2%), from €152,297 to €301,816
- Reserves +€143,732
up €143,732 (+21.5%), from €667,253 to €810,985
- Gross operating margin +€356,391
up €356,391 (+157%), from €226,317 to €582,708
- Taxes +€114,428
up €114,428 (+242%), from €47,279 to €161,707
- Depreciation -€5,880
down €5,880 (-30.7%), from €19,127 to €13,247
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 | €1,297,782 | €2,822,432 | +€1.5m | +117% |
| Fixed assets | 21/28 | €34,478 | €21,232 | -€13,247 | -38.4% |
| Intangible fixed assets | 21 | €3,006 | €2,163 | -€843 | -28.0% |
| Tangible fixed assets | 22/27 | €31,473 | €19,069 | -€12,404 | -39.4% |
| Plant, machinery and equipment | 23 | €24,900 | €13,967 | -€10,933 | -43.9% |
| Furniture and vehicles | 24 | €6,573 | €5,102 | -€1,471 | -22.4% |
| Current assets | 29/58 | €1,263,304 | €2,801,201 | +€1.5m | +122% |
| Stocks and contracts in progress | 3 | €589,518 | €274,639 | -€314,879 | -53.4% |
| Stocks | 30/36 | €306,602 | €248,214 | -€58,388 | -19.0% |
| Contracts in progress | 37 | €282,916 | €26,425 | -€256,491 | -90.7% |
| Amounts receivable within one year | 40/41 | €642,688 | €1,922,026 | +€1.3m | +199% |
| Trade receivables | 40 | €432,851 | €959,596 | +€526,745 | +122% |
| Other amounts receivable | 41 | €209,838 | €962,430 | +€752,592 | +359% |
| Cash at bank and in hand | 54/58 | €28,938 | €602,604 | +€573,666 | +1,982% |
| Deferred charges and accrued income | 490/1 | €2,160 | €1,932 | -€228 | -10.6% |
| Total equity and liabilities | 10/49 | €1,297,782 | €2,822,432 | +€1.5m | +117% |
| Equity | 10/15 | €709,590 | €853,322 | +€143,732 | +20.3% |
| Contributions | 10/11 | €42,337 | €42,337 | = | 0.0% |
| Reserves | 13 | €667,253 | €810,985 | +€143,732 | +21.5% |
| Distributable reserves | 133 | €667,253 | €810,985 | +€143,732 | +21.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €588,193 | €1,969,111 | +€1.4m | +235% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €586,197 | €1,966,938 | +€1.4m | +236% |
| Current portion of amounts payable after more than one year | 42 | €3,383 | €0 | -€3,383 | -100% |
| Financial debts | 43 | €12,666 | €12,634 | -€32 | -0.3% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €12,666 | €12,634 | -€32 | -0.3% |
| Trade debts | 44 | €395,884 | €172,718 | -€223,166 | -56.4% |
| Suppliers | 440/4 | €395,884 | €172,718 | -€223,166 | -56.4% |
| Advances received on contracts in progress | 46 | €17,581 | €1,468,836 | +€1.5m | +8,255% |
| Taxes, remuneration and social security | 45 | €4,387 | €10,934 | +€6,548 | +149% |
| Taxes | 450/3 | €0 | €343 | +€343 | |
| Remuneration and social security | 454/9 | €4,387 | €10,591 | +€6,204 | +141% |
| Other amounts payable | 47/48 | €152,297 | €301,816 | +€149,519 | +98.2% |
| Accrued charges and deferred income | 492/3 | €1,995 | €2,173 | +€178 | +8.9% |
| Remuneration, social security and pensions | 62 | €57,310 | €59,435 | +€2,125 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,127 | €13,247 | -€5,880 | -30.7% |
| Other operating charges | 640/8 | €276 | €281 | +€5 | +1.6% |
| Gross operating margin | 9900 | €226,317 | €582,708 | +€356,391 | +157% |
| Operating profit (loss) | 9901 | €149,603 | €509,745 | +€360,142 | +241% |
| Financial income | 75/76B | €12,241 | €9,022 | -€3,220 | -26.3% |
| Recurring financial income | 75 | €12,241 | €9,022 | -€3,220 | -26.3% |
| Financial charges | 65/66B | €4,649 | €3,412 | -€1,237 | -26.6% |
| Recurring financial charges | 65 | €4,649 | €3,412 | -€1,237 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €157,195 | €515,354 | +€358,159 | +228% |
| Income taxes | 67/77 | €47,279 | €161,707 | +€114,428 | +242% |
| Profit (loss) for the period | 9904 | €109,916 | €353,647 | +€243,731 | +222% |
| Profit (loss) for the period to be appropriated | 9905 | €109,916 | €353,647 | +€243,731 | +222% |
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.