IRE: 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.
IRE
Largest movements
- Tangible fixed assets -€728,804
down €728,804 (-6.8%), from €10.7m to €9.9m
of which Land and buildings: -€743,887
- Receivables within one year +€306,355
up €306,355 (+114.3%), from €267,935 to €574,289
of which Other amounts receivable: +€308,944
- Profit (loss) carried forward +€1.2m
up €1.2m (+62.7%), from €2.0m to €3.2m
- Debts after one year -€952,600
down €952,600 (-17.1%), from €5.6m to €4.6m
of which Financial debts: -€952,600
- Other debts -€943,560
down €943,560 (-99.6%), from €947,178 to €3,618
- Trade debts +€132,172
up €132,172 (+228.2%), from €57,927 to €190,099
- Tax, wage and social debts +€125,867
up €125,867 (+52.3%), from €240,572 to €366,439
- Gross operating margin +€865,008
up €865,008 (+46.9%), from €1.8m to €2.7m
- Taxes +€255,139
up €255,139 (+141.2%), from €180,650 to €435,789
- Financial charges -€102,929
down €102,929 (-33.9%), from €303,445 to €200,516
- Depreciation -€33,969
down €33,969 (-5.3%), from €640,515 to €606,547
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 | €10,987,414 | €10,547,423 | -€439,991 | -4.0% |
| Fixed assets | 21/28 | €10,677,846 | €9,949,042 | -€728,804 | -6.8% |
| Tangible fixed assets | 22/27 | €10,677,846 | €9,949,042 | -€728,804 | -6.8% |
| Land and buildings | 22 | €10,652,115 | €9,908,228 | -€743,887 | -7.0% |
| Other tangible fixed assets | 26 | €6,856 | €5,721 | -€1,135 | -16.6% |
| Assets under construction and advance payments | 27 | €18,875 | €35,094 | +€16,219 | +85.9% |
| Current assets | 29/58 | €309,567 | €598,381 | +€288,814 | +93.3% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €267,935 | €574,289 | +€306,355 | +114.3% |
| Trade receivables | 40 | €262,655 | €260,066 | -€2,589 | -1.0% |
| Other amounts receivable | 41 | €5,280 | €314,224 | +€308,944 | +5851.6% |
| Cash at bank and in hand | 54/58 | €33,992 | €16,827 | -€17,165 | -50.5% |
| Deferred charges and accrued income | 490/1 | €7,641 | €7,265 | -€376 | -4.9% |
| Total equity and liabilities | 10/49 | €10,987,414 | €10,547,423 | -€439,991 | -4.0% |
| Equity | 10/15 | €2,765,146 | €4,015,063 | +€1.2m | +45.2% |
| Contributions | 10/11 | €358,454 | €358,454 | = | 0.0% |
| Capital | 10 | €343,419 | €343,419 | = | 0.0% |
| Issued capital | 100 | €343,419 | €343,419 | = | 0.0% |
| Outside capital | 11 | €15,035 | €15,035 | = | 0.0% |
| Share premium | 1100/10 | €15,035 | €15,035 | = | 0.0% |
| Reserves | 13 | €412,888 | €412,888 | = | 0.0% |
| Non-distributable reserves | 130/1 | €34,342 | €34,342 | = | 0.0% |
| Legal reserve | 130 | €34,342 | €34,342 | = | 0.0% |
| Tax-exempt reserves | 132 | €378,546 | €378,546 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,993,804 | €3,243,722 | +€1.2m | +62.7% |
| Provisions and deferred taxes | 16 | €126,182 | €126,182 | = | 0.0% |
| Deferred taxes | 168 | €126,182 | €126,182 | = | 0.0% |
| Amounts payable | 17/49 | €8,096,086 | €6,406,178 | -€1.7m | -20.9% |
| Amounts payable after more than one year | 17 | €5,577,655 | €4,625,055 | -€952,600 | -17.1% |
| Financial debts | 170/4 | €5,565,655 | €4,613,055 | -€952,600 | -17.1% |
| Other amounts payable | 178/9 | €12,000 | €12,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,198,277 | €1,512,756 | -€685,521 | -31.2% |
| Current portion of amounts payable after more than one year | 42 | €952,600 | €952,600 | -€0 | 0.0% |
| Trade debts | 44 | €57,927 | €190,099 | +€132,172 | +228.2% |
| Suppliers | 440/4 | €57,927 | €190,099 | +€132,172 | +228.2% |
| Taxes, remuneration and social security | 45 | €240,572 | €366,439 | +€125,867 | +52.3% |
| Taxes | 450/3 | €240,572 | €366,439 | +€125,867 | +52.3% |
| Other amounts payable | 47/48 | €947,178 | €3,618 | -€943,560 | -99.6% |
| Accrued charges and deferred income | 492/3 | €320,155 | €268,367 | -€51,787 | -16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €640,515 | €606,547 | -€33,969 | -5.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,480 | €7,577 | +€97 | +1.3% |
| Other operating charges | 640/8 | €212,677 | €216,551 | +€3,875 | +1.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,842,707 | €2,707,715 | +€865,008 | +46.9% |
| Operating profit (loss) | 9901 | €982,035 | €1,877,040 | +€895,005 | +91.1% |
| Financial income | 75/76B | €3,593 | €9,182 | +€5,589 | +155.5% |
| Recurring financial income | 75 | €3,593 | €9,182 | +€5,589 | +155.5% |
| Financial charges | 65/66B | €303,445 | €200,516 | -€102,929 | -33.9% |
| Recurring financial charges | 65 | €303,445 | €200,516 | -€102,929 | -33.9% |
| Profit (loss) for the period before taxes | 9903 | €682,183 | €1,685,706 | +€1.0m | +147.1% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €180,650 | €435,789 | +€255,139 | +141.2% |
| Profit (loss) for the period | 9904 | €501,533 | €1,249,918 | +€748,385 | +149.2% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €501,533 | €1,249,918 | +€748,385 | +149.2% |
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 5 October 2026 via checked.be.