IVAMAR: 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.
IVAMAR
Largest movements
- Tangible fixed assets -€31,326
down €31,326 (-17.0%), from €184,379 to €153,053
- Debts after one year -€31,638
down €31,638 (-33.8%), from €93,561 to €61,923
- Other debts -€15,557
down €15,557 (-19.0%), from €81,735 to €66,178
- Profit (loss) carried forward +€9,854
up €9,854, from -€7,290 to €2,565
- Current portion of long-term debt +€3,468
up €3,468 (+14.8%), from €23,385 to €26,853
- Depreciation +€1,820
up €1,820 (+6.1%), from €30,080 to €31,901
- Taxes +€1,750
up €1,750 (+734.6%), from €238 to €1,989
- Gross operating margin +€1,004
up €1,004 (+1.9%), from €52,672 to €53,676
- Financial charges +€541
up €541 (+8.8%), from €6,149 to €6,690
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €220,564 | €189,843 | -€30,721 | -13.9% |
| Fixed assets | 21/28 | €184,379 | €153,053 | -€31,326 | -17.0% |
| Tangible fixed assets | 22/27 | €184,379 | €153,053 | -€31,326 | -17.0% |
| Land and buildings | 22 | €89,639 | €74,525 | -€15,115 | -16.9% |
| Plant, machinery and equipment | 23 | €13,875 | €9,674 | -€4,201 | -30.3% |
| Furniture and vehicles | 24 | €46,355 | €36,492 | -€9,863 | -21.3% |
| Other tangible fixed assets | 26 | €34,510 | €32,363 | -€2,147 | -6.2% |
| Current assets | 29/58 | €36,185 | €36,790 | +€604 | +1.7% |
| Amounts receivable within one year | 40/41 | €5,700 | €7,043 | +€1,343 | +23.6% |
| Trade receivables | 40 | €5,646 | €7,029 | +€1,384 | +24.5% |
| Other amounts receivable | 41 | €54 | €13 | -€41 | -75.6% |
| Cash at bank and in hand | 54/58 | €28,904 | €28,973 | +€70 | +0.2% |
| Deferred charges and accrued income | 490/1 | €1,582 | €773 | -€808 | -51.1% |
| Total equity and liabilities | 10/49 | €220,564 | €189,843 | -€30,721 | -13.9% |
| Equity | 10/15 | €11,835 | €21,690 | +€9,854 | +83.3% |
| Contributions | 10/11 | €19,125 | €19,125 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,290 | €2,565 | +€9,854 | |
| Amounts payable | 17/49 | €208,729 | €168,153 | -€40,576 | -19.4% |
| Amounts payable after more than one year | 17 | €93,561 | €61,923 | -€31,638 | -33.8% |
| Financial debts | 170/4 | €93,561 | €61,923 | -€31,638 | -33.8% |
| Amounts payable within one year | 42/48 | €115,101 | €106,229 | -€8,872 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €23,385 | €26,853 | +€3,468 | +14.8% |
| Trade debts | 44 | €8,974 | €11,012 | +€2,037 | +22.7% |
| Suppliers | 440/4 | €8,974 | €11,012 | +€2,037 | +22.7% |
| Taxes, remuneration and social security | 45 | €1,007 | €2,187 | +€1,180 | +117.2% |
| Taxes | 450/3 | €1,007 | €2,187 | +€1,180 | +117.2% |
| Other amounts payable | 47/48 | €81,735 | €66,178 | -€15,557 | -19.0% |
| Accrued charges and deferred income | 492/3 | €66 | €0 | -€66 | -100.0% |
| Non-recurring operating income | 76A | - | €4,132 | +€4,132 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,080 | €31,901 | +€1,820 | +6.1% |
| Other operating charges | 640/8 | €3,551 | €3,364 | -€187 | -5.3% |
| Non-recurring operating charges | 66A | - | €83 | +€83 | |
| Gross operating margin | 9900 | €52,672 | €53,676 | +€1,004 | +1.9% |
| Operating profit (loss) | 9901 | €19,040 | €18,329 | -€712 | -3.7% |
| Financial income | 75/76B | €179 | €204 | +€25 | +13.7% |
| Recurring financial income | 75 | €179 | €204 | +€25 | +13.7% |
| Financial charges | 65/66B | €6,149 | €6,690 | +€541 | +8.8% |
| Recurring financial charges | 65 | €6,149 | €6,690 | +€541 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | €13,071 | €11,843 | -€1,228 | -9.4% |
| Income taxes | 67/77 | €238 | €1,989 | +€1,750 | +734.6% |
| Profit (loss) for the period | 9904 | €12,832 | €9,854 | -€2,978 | -23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €12,832 | €9,854 | -€2,978 | -23.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.