IVAS: 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.
IVAS
Largest movements
- Cash +€119,705
up €119,705 (+94.4%), from €126,834 to €246,539
mainly Net result for the year (+€169,143) and Debts after one year (+€85,921)
- Tangible fixed assets +€95,526
up €95,526 (+31.7%), from €301,530 to €397,055
of which Plant, machinery and equipment: +€121,789
- Reserves +€154,763
up €154,763 (+51.8%), from €298,882 to €453,646
- Debts after one year +€85,921
up €85,921 (+436.5%), from €19,684 to €105,605
- Other debts -€50,013
down €50,013 (-99.7%), from €50,144 to €131
- Current portion of long-term debt +€24,624
up €24,624 (+500.9%), from €4,916 to €29,539
- Trade debts +€10,499
up €10,499 (+91.3%), from €11,503 to €22,002
- Gross operating margin +€160,481
up €160,481 (+57.1%), from €281,120 to €441,602
- Staff costs +€89,263
up €89,263 (+192.8%), from €46,297 to €135,560
- Taxes +€21,025
up €21,025 (+37.6%), from €55,968 to €76,993
- Depreciation +€12,926
up €12,926 (+35.7%), from €36,172 to €49,098
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 | €441,051 | €662,528 | +€221,477 | +50.2% |
| Fixed assets | 21/28 | €301,530 | €397,055 | +€95,526 | +31.7% |
| Tangible fixed assets | 22/27 | €301,530 | €397,055 | +€95,526 | +31.7% |
| Plant, machinery and equipment | 23 | €12,339 | €134,128 | +€121,789 | +987.0% |
| Furniture and vehicles | 24 | €33,113 | €27,537 | -€5,575 | -16.8% |
| Other tangible fixed assets | 26 | €256,078 | €235,390 | -€20,687 | -8.1% |
| Current assets | 29/58 | €139,521 | €265,472 | +€125,951 | +90.3% |
| Stocks and contracts in progress | 3 | €9,912 | €12,892 | +€2,980 | +30.1% |
| Stocks | 30/36 | €9,912 | €12,892 | +€2,980 | +30.1% |
| Amounts receivable within one year | 40/41 | €1,649 | €3,581 | +€1,932 | +117.1% |
| Trade receivables | 40 | €1,649 | €3,581 | +€1,932 | +117.1% |
| Cash at bank and in hand | 54/58 | €126,834 | €246,539 | +€119,705 | +94.4% |
| Deferred charges and accrued income | 490/1 | €1,127 | €2,461 | +€1,334 | +118.4% |
| Total equity and liabilities | 10/49 | €441,051 | €662,528 | +€221,477 | +50.2% |
| Equity | 10/15 | €317,482 | €472,246 | +€154,763 | +48.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €298,882 | €453,646 | +€154,763 | +51.8% |
| Distributable reserves | 133 | €298,882 | €453,646 | +€154,763 | +51.8% |
| Amounts payable | 17/49 | €123,569 | €190,282 | +€66,713 | +54.0% |
| Amounts payable after more than one year | 17 | €19,684 | €105,605 | +€85,921 | +436.5% |
| Financial debts | 170/4 | €19,684 | €105,605 | +€85,921 | +436.5% |
| Amounts payable within one year | 42/48 | €102,155 | €84,677 | -€17,478 | -17.1% |
| Current portion of amounts payable after more than one year | 42 | €4,916 | €29,539 | +€24,624 | +500.9% |
| Financial debts | 43 | €2,255 | - | -€2,255 | |
| Credit institutions | 430/8 | €2,255 | - | -€2,255 | |
| Trade debts | 44 | €11,503 | €22,002 | +€10,499 | +91.3% |
| Suppliers | 440/4 | €11,503 | €22,002 | +€10,499 | +91.3% |
| Taxes, remuneration and social security | 45 | €33,337 | €33,005 | -€332 | -1.0% |
| Taxes | 450/3 | €30,670 | €17,317 | -€13,353 | -43.5% |
| Remuneration and social security | 454/9 | €2,667 | €15,688 | +€13,021 | +488.2% |
| Other amounts payable | 47/48 | €50,144 | €131 | -€50,013 | -99.7% |
| Accrued charges and deferred income | 492/3 | €1,730 | - | -€1,730 | |
| Non-recurring operating income | 76A | €620 | €16,112 | +€15,492 | +2499.4% |
| Remuneration, social security and pensions | 62 | €46,297 | €135,560 | +€89,263 | +192.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,172 | €49,098 | +€12,926 | +35.7% |
| Other operating charges | 640/8 | €1,556 | €1,523 | -€33 | -2.1% |
| Non-recurring operating charges | 66A | €288 | €809 | +€521 | +180.7% |
| Gross operating margin | 9900 | €281,120 | €441,602 | +€160,481 | +57.1% |
| Operating profit (loss) | 9901 | €196,807 | €254,611 | +€57,804 | +29.4% |
| Financial charges | 65/66B | €4,066 | €8,474 | +€4,409 | +108.4% |
| Recurring financial charges | 65 | €4,066 | €8,474 | +€4,409 | +108.4% |
| Profit (loss) for the period before taxes | 9903 | €192,741 | €246,136 | +€53,395 | +27.7% |
| Income taxes | 67/77 | €55,968 | €76,993 | +€21,025 | +37.6% |
| Profit (loss) for the period | 9904 | €136,773 | €169,143 | +€32,370 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €136,773 | €169,143 | +€32,370 | +23.7% |
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 29 September 2026 via checked.be.