IVACO: 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.
IVACO
Largest movements
- Tangible fixed assets +€66,072
up €66,072 (+5.9%), from €1.1m to €1.2m
of which Land and buildings: +€98,993
- Cash +€21,044
up €21,044 (+36.1%), from €58,239 to €79,283
mainly Depreciation (+€153,668) and Debts after one year (+€141,020)
- Debts after one year +€141,020
up €141,020 (+253%), from €55,731 to €196,752
- Reserves -€41,761
down €41,761 (-5.5%), from €761,504 to €719,743
of which Tax-exempt reserves: -€41,761
- Provisions -€13,920
down €13,920 (-19.2%), from €72,377 to €58,457
- Depreciation +€35,785
up €35,785 (+30.4%), from €117,883 to €153,668
- Taxes -€10,931
no longer reported in 2025 (was €10,931)
- Financial charges +€5,932
up €5,932 (+185%), from €3,198 to €9,130
- Gross operating margin -€3,921
down €3,921 (-3.1%), from €124,612 to €120,691
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.
Derived cash bridge
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 | €1,179,104 | €1,273,509 | +€94,405 | +8.0% |
| Fixed assets | 21/28 | €1,111,740 | €1,177,813 | +€66,072 | +5.9% |
| Tangible fixed assets | 22/27 | €1,111,740 | €1,177,813 | +€66,072 | +5.9% |
| Land and buildings | 22 | €890,863 | €989,856 | +€98,993 | +11.1% |
| Plant, machinery and equipment | 23 | €218,938 | €186,919 | -€32,019 | -14.6% |
| Furniture and vehicles | 24 | €1,939 | €1,037 | -€902 | -46.5% |
| Current assets | 29/58 | €67,364 | €95,697 | +€28,333 | +42.1% |
| Amounts receivable within one year | 40/41 | €9,125 | €16,413 | +€7,289 | +79.9% |
| Other amounts receivable | 41 | €9,125 | €16,413 | +€7,289 | +79.9% |
| Cash at bank and in hand | 54/58 | €58,239 | €79,283 | +€21,044 | +36.1% |
| Total equity and liabilities | 10/49 | €1,179,104 | €1,273,509 | +€94,405 | +8.0% |
| Equity | 10/15 | €886,475 | €842,829 | -€43,647 | -4.9% |
| Contributions | 10/11 | €123,729 | €123,729 | = | 0.0% |
| Capital | 10 | €123,729 | €123,729 | = | 0.0% |
| Issued capital | 100 | €123,729 | €123,729 | = | 0.0% |
| Reserves | 13 | €761,504 | €719,743 | -€41,761 | -5.5% |
| Non-distributable reserves | 130/1 | €44,373 | €44,373 | = | 0.0% |
| Legal reserve | 130 | €44,373 | €44,373 | = | 0.0% |
| Tax-exempt reserves | 132 | €217,131 | €175,370 | -€41,761 | -19.2% |
| Distributable reserves | 133 | €500,000 | €500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,242 | -€644 | -€1,886 | |
| Provisions and deferred taxes | 16 | €72,377 | €58,457 | -€13,920 | -19.2% |
| Deferred taxes | 168 | €72,377 | €58,457 | -€13,920 | -19.2% |
| Amounts payable | 17/49 | €220,251 | €372,224 | +€151,973 | +69.0% |
| Amounts payable after more than one year | 17 | €55,731 | €196,752 | +€141,020 | +253% |
| Financial debts | 170/4 | €55,731 | €196,752 | +€141,020 | +253% |
| Amounts payable within one year | 42/48 | €164,520 | €175,473 | +€10,953 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €29,120 | €40,073 | +€10,953 | +37.6% |
| Trade debts | 44 | €400 | €400 | = | 0.0% |
| Suppliers | 440/4 | €400 | €400 | = | 0.0% |
| Other amounts payable | 47/48 | €135,000 | €135,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,883 | €153,668 | +€35,785 | +30.4% |
| Other operating charges | 640/8 | €14,729 | €15,460 | +€731 | +5.0% |
| Gross operating margin | 9900 | €124,612 | €120,691 | -€3,921 | -3.1% |
| Operating profit (loss) | 9901 | -€8,000 | -€48,437 | -€40,438 | -505% |
| Financial charges | 65/66B | €3,198 | €9,130 | +€5,932 | +185% |
| Recurring financial charges | 65 | €3,198 | €9,130 | +€5,932 | +185% |
| Profit (loss) for the period before taxes | 9903 | -€11,198 | -€57,567 | -€46,369 | -414% |
| Transfer from deferred taxes | 780 | €13,920 | €13,920 | = | 0.0% |
| Income taxes | 67/77 | €10,931 | - | -€10,931 | |
| Profit (loss) for the period | 9904 | -€8,209 | -€43,647 | -€35,438 | -432% |
| Transfer from tax-exempt reserves | 789 | €41,761 | €41,761 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,553 | -€1,886 | -€35,438 |
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 21 October 2026 via checked.be.