IONWAY: what changed
Two fiscal 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.
What changed
IONWAY
NACE 27.200, Manufacture of electrical equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€3.2m
2024 · -€19.9m+€16.7m
Equity
€1.33bn
2024 · €979.4m+€346.8m
Cash
€10.5m
2024 · €22.0m-€11.5m
Balance sheet total
€1.34bn
2024 · €996.2m+€338.9m
Largest movements
Assets
- Financial fixed assets +€526.0m
up €526.0m (+205.1%), from €256.4m to €782.4m
of which Affiliated companies: +€525.9m
- Receivables within one year -€119.5m
down €119.5m (-34.2%), from €349.5m to €230.0m
of which Other amounts receivable: -€119.1m
- Current investments -€81.1m
down €81.1m (-22.0%), from €368.1m to €287.0m
- Tangible fixed assets +€24.8m
new in 2025: €24.8m
Equity and liabilities
- Contributions +€350.0m
up €350.0m (+34.7%), from €1.01bn to €1.36bn
Income statement
- Financial income +€18.6m
up €18.6m (+210.6%), from €8.8m to €27.4m
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.
Result 2024
-€19.9m
Staff costs
-€367,327
Provisions
-€171,567
Other operating charges
-€335,544
Other operating items
+€3.3m
Financial income
+€18.6m
Financial charges
-€3.8m
Taxes
-€476,359
Result 2025
-€3.2m
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.
From operations
+€112.5m
Investment
-€469.7m
Financing
+€345.7m
Cash 2024
€22.0m
From operations (derived)
+€112.5m
Net result for the year
-€3.2m
Receivables within one year
+€119.5m
Smaller working-capital items
+€37,782
Trade debts
-€3.8m
Investment (derived)
-€469.7m
Investment in fixed assets (net)
-€550.8m
Current investments
+€81.1m
Financing
+€345.7m
Short-term financial debts
-€4.3m
Contributions, distributions and other
+€350.0m
Cash 2025
€10.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €996,245,647 | €1,335,146,481 | +€338.9m | +34.0% |
| Fixed assets | 21/28 | €256,395,998 | €807,154,469 | +€550.8m | +214.8% |
| Tangible fixed assets | 22/27 | - | €24,801,023 | +€24.8m | |
| Assets under construction and advance payments | 27 | - | €24,801,023 | +€24.8m | |
| Financial fixed assets | 28 | €256,395,998 | €782,353,446 | +€526.0m | +205.1% |
| Affiliated companies | 280/1 | €252,730,269 | €778,640,322 | +€525.9m | +208.1% |
| Participating interests | 280 | €252,730,269 | €778,640,322 | +€525.9m | +208.1% |
| Other financial fixed assets | 284/8 | €3,665,729 | €3,713,124 | +€47,395 | +1.3% |
| Amounts receivable and cash guarantees | 285/8 | €3,665,729 | €3,713,124 | +€47,395 | +1.3% |
| Current assets | 29/58 | €739,849,649 | €527,992,012 | -€211.9m | -28.6% |
| Amounts receivable within one year | 40/41 | €349,510,440 | €230,037,080 | -€119.5m | -34.2% |
| Trade receivables | 40 | €1,208,500 | €834,440 | -€374,060 | -31.0% |
| Other amounts receivable | 41 | €348,301,940 | €229,202,641 | -€119.1m | -34.2% |
| Current investments | 50/53 | €368,083,314 | €287,029,863 | -€81.1m | -22.0% |
| Other investments | 51/53 | €368,083,314 | €287,029,863 | -€81.1m | -22.0% |
| Cash at bank and in hand | 54/58 | €22,009,119 | €10,517,790 | -€11.5m | -52.2% |
| Deferred charges and accrued income | 490/1 | €246,776 | €407,279 | +€160,503 | +65.0% |
| Total equity and liabilities | 10/49 | €996,245,647 | €1,335,146,481 | +€338.9m | +34.0% |
| Equity | 10/15 | €979,366,600 | €1,326,123,636 | +€346.8m | +35.4% |
| Contributions | 10/11 | €1,007,761,000 | €1,357,761,000 | +€350.0m | +34.7% |
| Profit (loss) carried forward | 14 | -€28,394,400 | -€31,637,364 | -€3.2m | -11.4% |
| Provisions and deferred taxes | 16 | €287,551 | €713,313 | +€425,761 | +148.1% |
| Provisions for liabilities and charges | 160/5 | €287,551 | €713,313 | +€425,761 | +148.1% |
| Pensions and similar obligations | 160 | €287,551 | €713,313 | +€425,761 | +148.1% |
| Amounts payable | 17/49 | €16,591,495 | €8,309,532 | -€8.3m | -49.9% |
| Amounts payable within one year | 42/48 | €16,547,659 | €8,309,532 | -€8.2m | -49.8% |
| Financial debts | 43 | €4,263,042 | €0 | -€4.3m | -100.0% |
| Other loans | 439 | €4,263,042 | €0 | -€4.3m | -100.0% |
| Trade debts | 44 | €10,952,133 | €7,160,689 | -€3.8m | -34.6% |
| Suppliers | 440/4 | €10,952,133 | €7,160,689 | -€3.8m | -34.6% |
| Taxes, remuneration and social security | 45 | €1,332,483 | €1,148,843 | -€183,640 | -13.8% |
| Taxes | 450/3 | €117,685 | €140,924 | +€23,240 | +19.7% |
| Remuneration and social security | 454/9 | €1,214,799 | €1,007,918 | -€206,880 | -17.0% |
| Accrued charges and deferred income | 492/3 | €43,837 | €0 | -€43,837 | -100.0% |
| Operating income | 70/76A | €173,961 | €37,381 | -€136,580 | -78.5% |
| Other operating income | 74 | €173,961 | €37,381 | -€136,580 | -78.5% |
| Operating charges | 60/66A | €28,289,322 | €25,727,352 | -€2.6m | -9.1% |
| Goods for resale, raw materials and consumables | 60 | €295 | - | -€295 | |
| Purchases | 600/8 | €295 | - | -€295 | |
| Services and other goods | 61 | €24,365,875 | €20,929,761 | -€3.4m | -14.1% |
| Remuneration, social security and pensions | 62 | €3,650,463 | €4,017,790 | +€367,327 | +10.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €254,194 | €425,761 | +€171,567 | +67.5% |
| Other operating charges | 640/8 | €18,495 | €354,040 | +€335,544 | +1814.2% |
| Operating profit (loss) | 9901 | -€28,115,360 | -€25,689,970 | +€2.4m | +8.6% |
| Financial income | 75/76B | €8,816,341 | €27,381,927 | +€18.6m | +210.6% |
| Recurring financial income | 75 | €8,816,341 | €27,381,927 | +€18.6m | +210.6% |
| Income from financial fixed assets | 750 | - | €409,311 | +€409,311 | |
| Income from current assets | 751 | €6,957,492 | €22,662,125 | +€15.7m | +225.7% |
| Other financial income | 752/9 | €1,858,849 | €4,310,491 | +€2.5m | +131.9% |
| Financial charges | 65/66B | €642,846 | €4,457,652 | +€3.8m | +593.4% |
| Recurring financial charges | 65 | €642,846 | €4,457,652 | +€3.8m | +593.4% |
| Debt charges | 650 | €76,790 | €385,472 | +€308,682 | +402.0% |
| Other financial charges | 652/9 | €566,056 | €4,072,180 | +€3.5m | +619.4% |
| Profit (loss) for the period before taxes | 9903 | -€19,941,865 | -€2,765,695 | +€17.2m | +86.1% |
| Income taxes | 67/77 | €910 | €477,269 | +€476,359 | +52324.7% |
| Taxes | 670/3 | €910 | €477,269 | +€476,359 | +52324.7% |
| Profit (loss) for the period | 9904 | -€19,942,776 | -€3,242,964 | +€16.7m | +83.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,942,776 | -€3,242,964 | +€16.7m | +83.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.