IVAK: 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.
IVAK
Largest movements
- Cash -€4,954
down €4,954 (-6.1%), from €81,268 to €76,313
mainly Net result for the year (-€6,442) and Other debts (-€214)
- Reserves -€6,442
down €6,442 (-6.6%), from €97,107 to €90,665
- Gross operating margin +€2,055
up €2,055 (+35.6%), from -€5,769 to -€3,714
- Write-downs +€169
new in 2025: €169
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 | €120,826 | €114,978 | -€5,849 | -4.8% |
| Current assets | 29/58 | €120,826 | €114,978 | -€5,849 | -4.8% |
| Amounts receivable within one year | 40/41 | €39,432 | €38,534 | -€898 | -2.3% |
| Trade receivables | 40 | €33,686 | €30,150 | -€3,536 | -10.5% |
| Other amounts receivable | 41 | €5,746 | €8,384 | +€2,638 | +45.9% |
| Cash at bank and in hand | 54/58 | €81,268 | €76,313 | -€4,954 | -6.1% |
| Deferred charges and accrued income | 490/1 | €127 | €130 | +€4 | +2.9% |
| Total equity and liabilities | 10/49 | €120,826 | €114,978 | -€5,849 | -4.8% |
| Equity | 10/15 | €109,507 | €103,065 | -€6,442 | -5.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €97,107 | €90,665 | -€6,442 | -6.6% |
| Distributable reserves | 133 | €97,107 | €90,665 | -€6,442 | -6.6% |
| Amounts payable | 17/49 | €11,319 | €11,913 | +€593 | +5.2% |
| Amounts payable within one year | 42/48 | €11,319 | €11,913 | +€593 | +5.2% |
| Trade debts | 44 | - | €807 | +€807 | |
| Suppliers | 440/4 | - | €807 | +€807 | |
| Other amounts payable | 47/48 | €11,319 | €11,106 | -€214 | -1.9% |
| Non-recurring operating income | 76A | - | €1,000 | +€1,000 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €169 | +€169 | |
| Other operating charges | 640/8 | €591 | €608 | +€17 | +2.8% |
| Non-recurring operating charges | 66A | - | €1,790 | +€1,790 | |
| Gross operating margin | 9900 | -€5,769 | -€3,714 | +€2,055 | +35.6% |
| Operating profit (loss) | 9901 | -€6,360 | -€6,281 | +€79 | +1.2% |
| Financial income | 75/76B | €1 | €2 | +€1 | +105.1% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +105.1% |
| Financial charges | 65/66B | €155 | €162 | +€7 | +4.7% |
| Recurring financial charges | 65 | €155 | €162 | +€7 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | -€6,514 | -€6,441 | +€73 | +1.1% |
| Income taxes | 67/77 | €0 | €1 | +€0 | +103.3% |
| Profit (loss) for the period | 9904 | -€6,515 | -€6,442 | +€73 | +1.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,515 | -€6,442 | +€73 | +1.1% |
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.