ILOFELI: 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.
ILOFELI
Largest movements
- Tangible fixed assets +€727,874
up €727,874 (+192.9%), from €377,325 to €1.1m
of which Assets under construction and advance payments: +€883,527
- Cash -€47,874
down €47,874 (-85.5%), from €55,996 to €8,122
mainly Investment in fixed assets (net) (-€742,737) and Other debts (-€245,200)
- Debts after one year +€793,996
new in 2025: €793,996
- Other debts -€245,200
no longer reported in 2025 (was €245,200)
- Trade debts +€103,961
up €103,961 (+7044.4%), from €1,476 to €105,436
- Reserves +€33,668
up €33,668 (+22.8%), from €147,648 to €181,316
of which Distributable reserves: +€41,359
- Gross operating margin -€52,311
down €52,311 (-40.2%), from €130,180 to €77,869
- Taxes -€14,671
down €14,671 (-48.3%), from €30,406 to €15,734
- Depreciation -€2,661
down €2,661 (-15.2%), from €17,524 to €14,863
- Financial charges +€1,651
up €1,651 (+13.9%), from €11,909 to €13,560
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 | €509,150 | €1,191,662 | +€682,512 | +134.0% |
| Fixed assets | 21/28 | €377,325 | €1,105,199 | +€727,874 | +192.9% |
| Tangible fixed assets | 22/27 | €377,325 | €1,105,199 | +€727,874 | +192.9% |
| Land and buildings | 22 | €374,727 | €220,172 | -€154,555 | -41.2% |
| Plant, machinery and equipment | 23 | €2,598 | €1,500 | -€1,098 | -42.3% |
| Assets under construction and advance payments | 27 | - | €883,527 | +€883,527 | |
| Current assets | 29/58 | €131,825 | €86,463 | -€45,362 | -34.4% |
| Amounts receivable within one year | 40/41 | €75,717 | €78,207 | +€2,490 | +3.3% |
| Trade receivables | 40 | €71,992 | €71,041 | -€951 | -1.3% |
| Other amounts receivable | 41 | €3,725 | €7,166 | +€3,441 | +92.4% |
| Cash at bank and in hand | 54/58 | €55,996 | €8,122 | -€47,874 | -85.5% |
| Deferred charges and accrued income | 490/1 | €111 | €134 | +€23 | +20.3% |
| Total equity and liabilities | 10/49 | €509,150 | €1,191,662 | +€682,512 | +134.0% |
| Equity | 10/15 | €187,578 | €221,310 | +€33,732 | +18.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €147,648 | €181,316 | +€33,668 | +22.8% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Tax-exempt reserves | 132 | €69,989 | €64,157 | -€5,832 | -8.3% |
| Distributable reserves | 133 | €75,800 | €117,159 | +€41,359 | +54.6% |
| Profit (loss) carried forward | 14 | €21,338 | €21,402 | +€64 | +0.3% |
| Provisions and deferred taxes | 16 | €36,044 | €33,042 | -€3,003 | -8.3% |
| Deferred taxes | 168 | €36,044 | €33,042 | -€3,003 | -8.3% |
| Amounts payable | 17/49 | €285,528 | €937,311 | +€651,783 | +228.3% |
| Amounts payable after more than one year | 17 | - | €793,996 | +€793,996 | |
| Other amounts payable | 178/9 | - | €793,996 | +€793,996 | |
| Amounts payable within one year | 42/48 | €285,528 | €143,315 | -€142,213 | -49.8% |
| Trade debts | 44 | €1,476 | €105,436 | +€103,961 | +7044.4% |
| Suppliers | 440/4 | €1,476 | €105,436 | +€103,961 | +7044.4% |
| Taxes, remuneration and social security | 45 | €38,852 | €37,879 | -€973 | -2.5% |
| Taxes | 450/3 | €38,852 | €37,879 | -€973 | -2.5% |
| Other amounts payable | 47/48 | €245,200 | - | -€245,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,524 | €14,863 | -€2,661 | -15.2% |
| Other operating charges | 640/8 | €3,641 | €2,982 | -€658 | -18.1% |
| Gross operating margin | 9900 | €130,180 | €77,869 | -€52,311 | -40.2% |
| Operating profit (loss) | 9901 | €109,015 | €60,023 | -€48,992 | -44.9% |
| Financial income | 75/76B | €300 | - | -€300 | |
| Recurring financial income | 75 | €300 | - | -€300 | |
| Financial charges | 65/66B | €11,909 | €13,560 | +€1,651 | +13.9% |
| Recurring financial charges | 65 | €11,909 | €13,560 | +€1,651 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | €97,405 | €46,463 | -€50,942 | -52.3% |
| Transfer from deferred taxes | 780 | €3,003 | €3,003 | = | 0.0% |
| Income taxes | 67/77 | €30,406 | €15,734 | -€14,671 | -48.3% |
| Profit (loss) for the period | 9904 | €70,003 | €33,732 | -€36,271 | -51.8% |
| Transfer from tax-exempt reserves | 789 | €5,832 | €5,832 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €75,835 | €39,564 | -€36,271 | -47.8% |
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 12 October 2026 via checked.be.