Iluvatar: 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.
Iluvatar
Largest movements
- Receivables within one year +€47,544
up €47,544 (+1935.5%), from €2,456 to €50,000
- Cash -€18,529
down €18,529 (-54.0%), from €34,335 to €15,806
mainly Receivables within one year (-€47,544) and Investment in fixed assets (net) (-€3,777)
- Deferred charges and accrued income +€1,260
up €1,260 (+165.5%), from €761 to €2,021
- Profit (loss) carried forward +€21,951
up €21,951 (+90.8%), from €24,181 to €46,133
- Other debts +€5,113
new in 2025: €5,113
- Trade debts +€3,563
up €3,563 (+95.4%), from €3,733 to €7,296
- Debts after one year -€2,142
down €2,142 (-56.2%), from €3,811 to €1,670
- Tax, wage and social debts +€1,149
up €1,149 (+8.6%), from €13,417 to €14,566
- Gross operating margin +€5,002
up €5,002 (+17.0%), from €29,365 to €34,367
- Depreciation +€1,262
up €1,262 (+41.1%), from €3,072 to €4,333
- Taxes +€1,157
up €1,157 (+21.2%), from €5,455 to €6,613
- Financial income +€693
up €693 (+137.2%), from €506 to €1,199
- Financial charges -€510
down €510 (-19.6%), from €2,601 to €2,091
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 | €48,202 | €77,919 | +€29,718 | +61.7% |
| Fixed assets | 21/28 | €10,649 | €10,093 | -€556 | -5.2% |
| Tangible fixed assets | 22/27 | €9,899 | €9,343 | -€556 | -5.6% |
| Plant, machinery and equipment | 23 | €1,245 | €77 | -€1,168 | -93.8% |
| Furniture and vehicles | 24 | €5,008 | €6,517 | +€1,509 | +30.1% |
| Other tangible fixed assets | 26 | €3,647 | €2,750 | -€897 | -24.6% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €37,552 | €67,827 | +€30,274 | +80.6% |
| Amounts receivable within one year | 40/41 | €2,456 | €50,000 | +€47,544 | +1935.5% |
| Other amounts receivable | 41 | €2,456 | €50,000 | +€47,544 | +1935.5% |
| Cash at bank and in hand | 54/58 | €34,335 | €15,806 | -€18,529 | -54.0% |
| Deferred charges and accrued income | 490/1 | €761 | €2,021 | +€1,260 | +165.5% |
| Total equity and liabilities | 10/49 | €48,202 | €77,919 | +€29,718 | +61.7% |
| Equity | 10/15 | €25,181 | €47,133 | +€21,951 | +87.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,181 | €46,133 | +€21,951 | +90.8% |
| Amounts payable | 17/49 | €23,021 | €30,787 | +€7,766 | +33.7% |
| Amounts payable after more than one year | 17 | €3,811 | €1,670 | -€2,142 | -56.2% |
| Financial debts | 170/4 | €3,811 | €1,670 | -€2,142 | -56.2% |
| Amounts payable within one year | 42/48 | €19,200 | €29,117 | +€9,918 | +51.7% |
| Current portion of amounts payable after more than one year | 42 | €2,049 | €2,142 | +€93 | +4.5% |
| Trade debts | 44 | €3,733 | €7,296 | +€3,563 | +95.4% |
| Suppliers | 440/4 | €3,733 | €7,296 | +€3,563 | +95.4% |
| Taxes, remuneration and social security | 45 | €13,417 | €14,566 | +€1,149 | +8.6% |
| Taxes | 450/3 | €13,417 | €14,566 | +€1,149 | +8.6% |
| Other amounts payable | 47/48 | - | €5,113 | +€5,113 | |
| Accrued charges and deferred income | 492/3 | €10 | - | -€10 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,072 | €4,333 | +€1,262 | +41.1% |
| Other operating charges | 640/8 | €890 | €578 | -€312 | -35.1% |
| Non-recurring operating charges | 66A | €1,264 | - | -€1,264 | |
| Gross operating margin | 9900 | €29,365 | €34,367 | +€5,002 | +17.0% |
| Operating profit (loss) | 9901 | €24,140 | €29,456 | +€5,316 | +22.0% |
| Financial income | 75/76B | €506 | €1,199 | +€693 | +137.2% |
| Recurring financial income | 75 | €506 | €1,199 | +€693 | +137.2% |
| Financial charges | 65/66B | €2,601 | €2,091 | -€510 | -19.6% |
| Recurring financial charges | 65 | €2,601 | €2,091 | -€510 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | €22,044 | €28,564 | +€6,520 | +29.6% |
| Income taxes | 67/77 | €5,455 | €6,613 | +€1,157 | +21.2% |
| Profit (loss) for the period | 9904 | €16,589 | €21,951 | +€5,363 | +32.3% |
| Profit (loss) for the period to be appropriated | 9905 | €16,589 | €21,951 | +€5,363 | +32.3% |
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 9 October 2026 via checked.be.