IVAR GROUP: 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
IVAR GROUP
NACE 46.841, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €1.5m-€22,103
Equity
€2.8m
2024 · €2.4m+€393,257
Cash
€390,493
2024 · €235,259+€155,234
Balance sheet total
€4.0m
2024 · €4.2m-€143,961
Largest movements
Assets
- Stocks and contracts -€184,976
down €184,976 (-27.8%), from €665,470 to €480,494
- Cash +€155,234
up €155,234 (+66.0%), from €235,259 to €390,493
mainly Net result for the year (+€1.5m) and Stocks and contracts (+€184,976)
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
Equity and liabilities
- Other debts -€412,500
down €412,500 (-27.5%), from €1.5m to €1.1m
- Profit (loss) carried forward +€393,257
up €393,257 (+23.9%), from €1.6m to €2.0m
- Trade debts -€115,415
down €115,415 (-51.1%), from €225,842 to €110,428
Income statement
- Goods and materials -€95,067
down €95,067 (-11.0%), from €867,526 to €772,459
of which Purchases: -€282,803
- Other operating income -€68,347
down €68,347 (-15.5%), from €441,361 to €373,014
- Turnover -€37,458
down €37,458 (-3.8%), from €993,911 to €956,453
- Financial income -€20,713
down €20,713 (-1.5%), from €1.4m to €1.4m
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
€1.5m
Turnover
-€37,458
Other operating income
-€68,347
Goods and materials
+€95,067
Services and other goods
+€8,183
Staff costs
+€32
Depreciation
-€750
Write-downs
-€4,000
Other operating charges
-€40
Financial income
-€20,713
Financial charges
-€236
Taxes
+€6,159
Result 2025
€1.5m
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
+€1.1m
Investment
+€100,000
Financing
-€1.1m
Cash 2024
€235,259
From operations (derived)
+€1.1m
Net result for the year
+€1.5m
Depreciation
+€1,000
Stocks and contracts
+€184,976
Receivables within one year
+€12,855
Deferred charges and accrued income
+€365
Trade debts
-€115,415
Tax, wage and social debts
-€9,304
Other debts
-€412,500
Investment (derived)
+€100,000
Current investments
+€100,000
Financing
-€1.1m
Contributions, distributions and other
-€1.1m
Cash 2025
€390,493
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,185,018 | €4,041,057 | -€143,961 | -3.4% |
| Fixed assets | 21/28 | €2,987,283 | €2,986,283 | -€1,000 | 0.0% |
| Tangible fixed assets | 22/27 | €4,750 | €3,750 | -€1,000 | -21.1% |
| Other tangible fixed assets | 26 | €4,750 | €3,750 | -€1,000 | -21.1% |
| Financial fixed assets | 28 | €2,982,533 | €2,982,533 | = | 0.0% |
| Affiliated companies | 280/1 | €2,981,987 | €2,981,987 | = | 0.0% |
| Participating interests | 280 | €2,981,987 | €2,981,987 | = | 0.0% |
| Other financial fixed assets | 284/8 | €545 | €545 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €545 | €545 | = | 0.0% |
| Current assets | 29/58 | €1,197,735 | €1,054,774 | -€142,961 | -11.9% |
| Stocks and contracts in progress | 3 | €665,470 | €480,494 | -€184,976 | -27.8% |
| Stocks | 30/36 | €665,470 | €480,494 | -€184,976 | -27.8% |
| Goods purchased for resale | 34 | €665,470 | €480,494 | -€184,976 | -27.8% |
| Amounts receivable within one year | 40/41 | €196,529 | €183,674 | -€12,855 | -6.5% |
| Trade receivables | 40 | €172,640 | €153,316 | -€19,324 | -11.2% |
| Other amounts receivable | 41 | €23,889 | €30,357 | +€6,469 | +27.1% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Other investments | 51/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €235,259 | €390,493 | +€155,234 | +66.0% |
| Deferred charges and accrued income | 490/1 | €478 | €113 | -€365 | -76.4% |
| Total equity and liabilities | 10/49 | €4,185,018 | €4,041,057 | -€143,961 | -3.4% |
| Equity | 10/15 | €2,444,234 | €2,837,491 | +€393,257 | +16.1% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €596,082 | €596,082 | = | 0.0% |
| Non-distributable reserves | 130/1 | €69,036 | €69,036 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €49,036 | €49,036 | = | 0.0% |
| Tax-exempt reserves | 132 | €27,046 | €27,046 | = | 0.0% |
| Distributable reserves | 133 | €500,000 | €500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,648,152 | €2,041,409 | +€393,257 | +23.9% |
| Amounts payable | 17/49 | €1,740,784 | €1,203,566 | -€537,218 | -30.9% |
| Amounts payable within one year | 42/48 | €1,740,784 | €1,203,566 | -€537,218 | -30.9% |
| Trade debts | 44 | €225,842 | €110,428 | -€115,415 | -51.1% |
| Suppliers | 440/4 | €225,842 | €110,428 | -€115,415 | -51.1% |
| Taxes, remuneration and social security | 45 | €14,942 | €5,638 | -€9,304 | -62.3% |
| Taxes | 450/3 | €14,942 | €5,638 | -€9,304 | -62.3% |
| Other amounts payable | 47/48 | €1,500,000 | €1,087,500 | -€412,500 | -27.5% |
| Operating income | 70/76A | €1,435,273 | €1,329,467 | -€105,806 | -7.4% |
| Turnover | 70 | €993,911 | €956,453 | -€37,458 | -3.8% |
| Other operating income | 74 | €441,361 | €373,014 | -€68,347 | -15.5% |
| Operating charges | 60/66A | €1,251,888 | €1,153,396 | -€98,492 | -7.9% |
| Goods for resale, raw materials and consumables | 60 | €867,526 | €772,459 | -€95,067 | -11.0% |
| Purchases | 600/8 | €870,286 | €587,483 | -€282,803 | -32.5% |
| Change in stocks: decrease (increase) | 609 | -€2,759 | €184,976 | +€187,736 | |
| Services and other goods | 61 | €386,609 | €378,426 | -€8,183 | -2.1% |
| Remuneration, social security and pensions | 62 | €32 | - | -€32 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €250 | €1,000 | +€750 | +300.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,000 | - | +€4,000 | |
| Other operating charges | 640/8 | €1,471 | €1,510 | +€40 | +2.7% |
| Operating profit (loss) | 9901 | €183,385 | €176,071 | -€7,313 | -4.0% |
| Financial income | 75/76B | €1,390,865 | €1,370,153 | -€20,713 | -1.5% |
| Recurring financial income | 75 | €1,390,865 | €1,370,153 | -€20,713 | -1.5% |
| Income from financial fixed assets | 750 | €1,352,000 | €1,352,000 | = | 0.0% |
| Income from current assets | 751 | €6,171 | €2,977 | -€3,194 | -51.8% |
| Other financial income | 752/9 | €32,694 | €15,176 | -€17,518 | -53.6% |
| Financial charges | 65/66B | €22,117 | €22,353 | +€236 | +1.1% |
| Recurring financial charges | 65 | €22,117 | €22,353 | +€236 | +1.1% |
| Other financial charges | 652/9 | €22,117 | €22,353 | +€236 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €1,552,133 | €1,523,871 | -€28,262 | -1.8% |
| Income taxes | 67/77 | €49,273 | €43,114 | -€6,159 | -12.5% |
| Taxes | 670/3 | €49,273 | €43,114 | -€6,159 | -12.5% |
| Profit (loss) for the period | 9904 | €1,502,860 | €1,480,757 | -€22,103 | -1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,502,860 | €1,480,757 | -€22,103 | -1.5% |
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 4 October 2026 via checked.be.