IRO Belgique: what changed
IRO Belgique
Largest movements
- Receivables within one year +€491,957
up €491,957 (+369%), from €133,478 to €625,435
of which Trade receivables: +€488,957
- Cash +€133,516
up €133,516 (+93.0%), from €143,490 to €277,006
mainly Debts after one year (+€322,103) and Trade debts (+€177,413)
- Tangible fixed assets -€71,007
down €71,007 (-33.4%), from €212,766 to €141,759
- Intangible fixed assets -€34,444
down €34,444 (-58.7%), from €58,694 to €24,250
- Stocks and contracts +€23,298
up €23,298 (+9.7%), from €241,262 to €264,560
- Debts after one year +€322,103
up €322,103 (+321%), from €100,210 to €422,313
- Trade debts +€177,413
up €177,413 (+75.0%), from €236,628 to €414,041
- Profit (loss) carried forward +€48,376
up €48,376 (+11.5%), from €420,605 to €468,981
- Short-term financial debts -€19,245
down €19,245 (-96.0%), from €20,051 to €806
- Tax, wage and social debts +€18,651
up €18,651 (+20.9%), from €89,162 to €107,813
of which Taxes: +€25,928
- Staff costs -€30,105
down €30,105 (-9.4%), from €319,814 to €289,709
- Financial charges +€13,909
up €13,909 (+6,600%), from €211 to €14,119
- Depreciation -€8,801
down €8,801 (-7.7%), from €114,253 to €105,451
- Gross operating margin +€7,387
up €7,387 (+1.5%), from €499,183 to €506,570
- Taxes +€7,377
up €7,377 (+44.2%), from €16,684 to €24,061
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €890,874 | €1,438,143 | +€547,269 | +61.4% |
| Fixed assets | 21/28 | €271,460 | €166,008 | -€105,451 | -38.8% |
| Intangible fixed assets | 21 | €58,694 | €24,250 | -€34,444 | -58.7% |
| Tangible fixed assets | 22/27 | €212,766 | €141,759 | -€71,007 | -33.4% |
| Other tangible fixed assets | 26 | €212,766 | €141,759 | -€71,007 | -33.4% |
| Current assets | 29/58 | €619,414 | €1,272,134 | +€652,720 | +105% |
| Stocks and contracts in progress | 3 | €241,262 | €264,560 | +€23,298 | +9.7% |
| Contracts in progress | 37 | €241,262 | €264,560 | +€23,298 | +9.7% |
| Amounts receivable within one year | 40/41 | €133,478 | €625,435 | +€491,957 | +369% |
| Trade receivables | 40 | €133,478 | €622,435 | +€488,957 | +366% |
| Other amounts receivable | 41 | - | €3,000 | +€3,000 | |
| Cash at bank and in hand | 54/58 | €143,490 | €277,006 | +€133,516 | +93.0% |
| Deferred charges and accrued income | 490/1 | €101,184 | €105,133 | +€3,949 | +3.9% |
| Total equity and liabilities | 10/49 | €890,874 | €1,438,143 | +€547,269 | +61.4% |
| Equity | 10/15 | €442,605 | €490,981 | +€48,376 | +10.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €420,605 | €468,981 | +€48,376 | +11.5% |
| Amounts payable | 17/49 | €448,269 | €947,162 | +€498,892 | +111% |
| Amounts payable after more than one year | 17 | €100,210 | €422,313 | +€322,103 | +321% |
| Other amounts payable | 178/9 | €100,210 | €422,313 | +€322,103 | +321% |
| Amounts payable within one year | 42/48 | €348,059 | €524,849 | +€176,789 | +50.8% |
| Financial debts | 43 | €20,051 | €806 | -€19,245 | -96.0% |
| Other loans | 439 | €20,051 | €806 | -€19,245 | -96.0% |
| Trade debts | 44 | €236,628 | €414,041 | +€177,413 | +75.0% |
| Suppliers | 440/4 | €236,628 | €414,041 | +€177,413 | +75.0% |
| Taxes, remuneration and social security | 45 | €89,162 | €107,813 | +€18,651 | +20.9% |
| Taxes | 450/3 | €70,984 | €96,912 | +€25,928 | +36.5% |
| Remuneration and social security | 454/9 | €18,178 | €10,901 | -€7,277 | -40.0% |
| Other amounts payable | 47/48 | €2,219 | €2,189 | -€30 | -1.4% |
| Remuneration, social security and pensions | 62 | €319,814 | €289,709 | -€30,105 | -9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,253 | €105,451 | -€8,801 | -7.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €5,940 | +€5,940 | |
| Other operating charges | 640/8 | €19,055 | €24,459 | +€5,404 | +28.4% |
| Operating charges capitalised as restructuring costs | 649 | - | -€9 | -€9 | |
| Gross operating margin | 9900 | €499,183 | €506,570 | +€7,387 | +1.5% |
| Operating profit (loss) | 9901 | €46,061 | €81,020 | +€34,959 | +75.9% |
| Financial income | 75/76B | €166 | €5,537 | +€5,371 | +3,239% |
| Recurring financial income | 75 | €166 | €5,537 | +€5,371 | +3,239% |
| Financial charges | 65/66B | €211 | €14,119 | +€13,909 | +6,600% |
| Recurring financial charges | 65 | €211 | €14,119 | +€13,909 | +6,600% |
| Profit (loss) for the period before taxes | 9903 | €46,016 | €72,437 | +€26,421 | +57.4% |
| Income taxes | 67/77 | €16,684 | €24,061 | +€7,377 | +44.2% |
| Profit (loss) for the period | 9904 | €29,332 | €48,376 | +€19,044 | +64.9% |
| Profit (loss) for the period to be appropriated | 9905 | €29,332 | €48,376 | +€19,044 | +64.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.