IRREALIS: 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
IRREALIS
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€2.6m
2024 · -€2.3m-€233,993
Equity
€22.7m
2024 · €25.2m-€2.6m
Cash
€7,566
2024 · €7,618-€52
Balance sheet total
€73.8m
2024 · €65.9m+€7.8m
Largest movements
Assets
- Receivables within one year +€7.7m
up €7.7m (+37.8%), from €20.5m to €28.2m
of which Other amounts receivable: +€7.7m
Equity and liabilities
- Debts after one year +€12.1m
up €12.1m (+43.0%), from €28.2m to €40.4m
- Profit (loss) carried forward -€2.6m
down €2.6m (-110.1%), from -€2.3m to -€4.9m
- Other debts -€1.6m
down €1.6m (-15.8%), from €9.9m to €8.4m
Income statement
- Taxes +€194,705
up €194,705 (+925.0%), from €21,048 to €215,753
- Financial charges +€151,289
up €151,289 (+7.8%), from €1.9m to €2.1m
of which Financial charges: +€151,953
- Gross operating margin +€118,279
no longer reported in 2025 (was -€118,279)
- Services and other goods +€67,856
new in 2025: €67,856
- Turnover +€51,199
new in 2025: €51,199
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
-€2.3m
Turnover
+€51,199
Other operating income
+€9,386
Services and other goods
-€67,856
Staff costs
+€28,877
Depreciation
-€42
Other operating charges
-€1,488
Other operating items
+€118,279
Financial income
-€26,354
Financial charges
-€151,289
Taxes
-€194,705
Result 2025
-€2.6m
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
-€12.0m
Investment
-€124,138
Financing
+€12.1m
Cash 2024
€7,618
From operations (derived)
-€12.0m
Net result for the year
-€2.6m
Depreciation
+€35,180
Receivables within one year
-€7.7m
Trade debts
+€115,000
Tax, wage and social debts
-€11,450
Other debts
-€1.6m
Accrued charges and deferred income
-€219,625
Investment (derived)
-€124,138
Investment in fixed assets (net)
-€124,138
Financing
+€12.1m
Debts after one year
+€12.1m
Current portion of long-term debt
-€51,982
Cash 2025
€7,566
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €65,917,825 | €73,751,726 | +€7.8m | +11.9% |
| Fixed assets | 21/28 | €38,550,298 | €38,639,256 | +€88,959 | +0.2% |
| Tangible fixed assets | 22/27 | €66,160 | €31,807 | -€34,353 | -51.9% |
| Furniture and vehicles | 24 | €66,160 | €31,807 | -€34,353 | -51.9% |
| Financial fixed assets | 28 | €38,484,138 | €38,607,450 | +€123,312 | +0.3% |
| Affiliated companies | 280/1 | - | €36,298,520 | +€36.3m | |
| Participating interests | 280 | - | €36,298,520 | +€36.3m | |
| Other financial fixed assets | 284/8 | - | €2,308,930 | +€2.3m | |
| Amounts receivable and cash guarantees | 285/8 | - | €2,308,930 | +€2.3m | |
| Current assets | 29/58 | €27,367,528 | €35,112,470 | +€7.7m | +28.3% |
| Amounts receivable after more than one year | 29 | €6,887,416 | €6,887,416 | = | 0.0% |
| Other amounts receivable | 291 | €6,887,416 | €6,887,416 | = | 0.0% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €20,472,494 | €28,217,488 | +€7.7m | +37.8% |
| Trade receivables | 40 | €45,364 | €43,934 | -€1,430 | -3.2% |
| Other amounts receivable | 41 | €20,427,130 | €28,173,554 | +€7.7m | +37.9% |
| Cash at bank and in hand | 54/58 | €7,618 | €7,566 | -€52 | -0.7% |
| Total equity and liabilities | 10/49 | €65,917,825 | €73,751,726 | +€7.8m | +11.9% |
| Equity | 10/15 | €25,225,681 | €22,666,113 | -€2.6m | -10.1% |
| Contributions | 10/11 | €26,894,500 | €26,894,500 | = | 0.0% |
| Reserves | 13 | €656,757 | €656,757 | = | 0.0% |
| Non-distributable reserves | 130/1 | €110,560 | €110,560 | = | 0.0% |
| Reserves not available under the articles | 1311 | €110,560 | €110,560 | = | 0.0% |
| Distributable reserves | 133 | €546,197 | €546,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,325,575 | -€4,885,144 | -€2.6m | -110.1% |
| Amounts payable | 17/49 | €40,692,144 | €51,085,613 | +€10.4m | +25.5% |
| Amounts payable after more than one year | 17 | €28,222,068 | €40,350,932 | +€12.1m | +43.0% |
| Financial debts | 170/4 | €28,222,068 | €40,350,932 | +€12.1m | +43.0% |
| Subordinated loans | 170 | - | €40,350,932 | +€40.4m | |
| Credit institutions | 173 | - | €0 | = | |
| Amounts payable within one year | 42/48 | €12,250,451 | €10,734,682 | -€1.5m | -12.4% |
| Current portion of amounts payable after more than one year | 42 | €51,982 | €0 | -€51,982 | -100.0% |
| Financial debts | 43 | €2,000,000 | €2,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €2,000,000 | €2,000,000 | = | 0.0% |
| Trade debts | 44 | €237,270 | €352,270 | +€115,000 | +48.5% |
| Suppliers | 440/4 | €237,270 | €352,270 | +€115,000 | +48.5% |
| Taxes, remuneration and social security | 45 | €37,803 | €26,353 | -€11,450 | -30.3% |
| Taxes | 450/3 | €840 | €0 | -€840 | -100.0% |
| Remuneration and social security | 454/9 | €36,963 | €26,353 | -€10,610 | -28.7% |
| Other amounts payable | 47/48 | €9,923,397 | €8,356,058 | -€1.6m | -15.8% |
| Accrued charges and deferred income | 492/3 | €219,625 | €0 | -€219,625 | -100.0% |
| Operating income | 70/76A | - | €60,585 | +€60,585 | |
| Turnover | 70 | - | €51,199 | +€51,199 | |
| Other operating income | 74 | - | €9,386 | +€9,386 | |
| Operating charges | 60/66A | - | €322,452 | +€322,452 | |
| Goods for resale, raw materials and consumables | 60 | - | €0 | = | |
| Purchases | 600/8 | - | €0 | = | |
| Services and other goods | 61 | - | €67,856 | +€67,856 | |
| Remuneration, social security and pensions | 62 | €246,508 | €217,630 | -€28,877 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,138 | €35,180 | +€42 | +0.1% |
| Other operating charges | 640/8 | €298 | €1,786 | +€1,488 | +499.0% |
| Gross operating margin | 9900 | -€118,279 | - | +€118,279 | |
| Operating profit (loss) | 9901 | -€400,222 | -€261,867 | +€138,355 | +34.6% |
| Financial income | 75/76B | €26,354 | €0 | -€26,354 | -100.0% |
| Recurring financial income | 75 | €26,354 | €0 | -€26,354 | -100.0% |
| Income from current assets | 751 | - | €0 | = | |
| Financial charges | 65/66B | €1,930,659 | €2,081,947 | +€151,289 | +7.8% |
| Recurring financial charges | 65 | €1,929,994 | €2,081,947 | +€151,953 | +7.9% |
| Debt charges | 650 | - | €2,079,604 | +€2.1m | |
| Other financial charges | 652/9 | - | €2,343 | +€2,343 | |
| Non-recurring financial charges | 66B | €665 | €0 | -€665 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,304,527 | -€2,343,815 | -€39,288 | -1.7% |
| Income taxes | 67/77 | €21,048 | €215,753 | +€194,705 | +925.0% |
| Taxes | 670/3 | - | €215,753 | +€215,753 | |
| Profit (loss) for the period | 9904 | -€2,325,575 | -€2,559,568 | -€233,993 | -10.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,325,575 | -€2,559,568 | -€233,993 | -10.1% |
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 7 October 2026 via checked.be.