IVC: 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.
What changed
IVC
NACE 22.240, Manufacture of rubber and plastic products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€23.8m
2024 · €17.7m+€6.1m
Equity
€254.9m
2024 · €257.2m-€2.3m
Cash
€22,782
2024 · €6,593+€16,188
Balance sheet total
€288.0m
2024 · €297.9m-€9.9m
Largest movements
Assets
- Stocks and contracts -€25.4m
down €25.4m (-37.0%), from €68.7m to €43.3m
- Receivables within one year +€17.8m
up €17.8m (+16.2%), from €110.0m to €127.8m
of which Other amounts receivable: +€24.3m
- Tangible fixed assets -€5.5m
down €5.5m (-4.9%), from €111.8m to €106.3m
of which Plant, machinery and equipment: -€2.8m
- Receivables after one year +€3.4m
up €3.4m (+92.3%), from €3.7m to €7.1m
Equity and liabilities
- Contributions -€11.0m
down €11.0m (-10.1%), from €108.6m to €97.6m
- Profit (loss) carried forward +€8.8m
up €8.8m (+5.9%), from €147.9m to €156.7m
- Trade debts -€8.5m
down €8.5m (-32.8%), from €26.1m to €17.5m
Income statement
- Turnover -€39.0m
down €39.0m (-10.0%), from €388.8m to €349.8m
- Services and other goods -€25.0m
down €25.0m (-25.7%), from €97.5m to €72.4m
- Goods and materials -€13.9m
down €13.9m (-6.9%), from €202.8m to €188.9m
of which Purchases: -€19.8m
- Staff costs -€5.1m
down €5.1m (-9.5%), from €53.4m to €48.3m
- Write-downs -€4.3m
down €4.3m (-79.7%), from €5.4m to €1.1m
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
€17.7m
Turnover
-€39.0m
Other operating income
-€1.3m
Goods and materials
+€13.9m
Services and other goods
+€25.0m
Staff costs
+€5.1m
Depreciation
+€1.7m
Write-downs
+€4.3m
Provisions
-€475,045
Other operating charges
+€266,668
Other operating items
+€409,910
Financial income
-€2.8m
Financial charges
-€545,327
Taxes
-€492,854
Result 2025
€23.8m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€34.5m
Investment
-€8.4m
Financing
-€26.1m
Cash 2024
€6,593
From operations (derived)
+€34.5m
Net result for the year
+€23.8m
Depreciation
+€14.8m
Receivables after one year
-€3.4m
Stocks and contracts
+€25.4m
Receivables within one year
-€17.8m
Deferred charges and accrued income
-€710,751
Provisions
-€1.1m
Trade debts
-€8.5m
Tax, wage and social debts
+€1.4m
Smaller working-capital items
-€24,842
Accrued charges and deferred income
+€674,313
Investment (derived)
-€8.4m
Investment in fixed assets (net)
-€8.4m
Financing
-€26.1m
Debts after one year
-€24,473
Current portion of long-term debt
+€1,057
Contributions, distributions and other
-€26.1m
Cash 2025
€22,782
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €297,875,417 | €287,998,071 | -€9.9m | -3.3% |
| Fixed assets | 21/28 | €113,627,813 | €107,227,000 | -€6.4m | -5.6% |
| Intangible fixed assets | 21 | €1,558,911 | €679,885 | -€879,026 | -56.4% |
| Tangible fixed assets | 22/27 | €111,797,984 | €106,277,196 | -€5.5m | -4.9% |
| Land and buildings | 22 | €39,215,795 | €37,741,969 | -€1.5m | -3.8% |
| Plant, machinery and equipment | 23 | €65,220,260 | €62,445,424 | -€2.8m | -4.3% |
| Furniture and vehicles | 24 | €567,364 | €443,305 | -€124,059 | -21.9% |
| Leasing and similar rights | 25 | €60,941 | €37,822 | -€23,119 | -37.9% |
| Assets under construction and advance payments | 27 | €6,733,624 | €5,608,677 | -€1.1m | -16.7% |
| Financial fixed assets | 28 | €270,919 | €269,919 | -€1,000 | -0.4% |
| Affiliated companies | 280/1 | €235,066 | €234,066 | -€1,000 | -0.4% |
| Participating interests | 280 | €235,066 | €234,066 | -€1,000 | -0.4% |
| Other financial fixed assets | 284/8 | €35,853 | €35,853 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €35,853 | €35,853 | = | 0.0% |
| Current assets | 29/58 | €184,247,604 | €180,771,070 | -€3.5m | -1.9% |
| Amounts receivable after more than one year | 29 | €3,676,584 | €7,069,903 | +€3.4m | +92.3% |
| Other amounts receivable | 291 | €3,676,584 | €7,069,903 | +€3.4m | +92.3% |
| Stocks and contracts in progress | 3 | €68,704,424 | €43,280,865 | -€25.4m | -37.0% |
| Stocks | 30/36 | €68,704,424 | €43,280,865 | -€25.4m | -37.0% |
| Raw materials and consumables | 30/31 | €23,801,619 | €23,903,109 | +€101,489 | +0.4% |
| Work in progress | 32 | €9,146,854 | €7,932,800 | -€1.2m | -13.3% |
| Finished goods | 33 | €34,832,279 | €11,374,612 | -€23.5m | -67.3% |
| Goods purchased for resale | 34 | €923,672 | €70,345 | -€853,327 | -92.4% |
| Amounts receivable within one year | 40/41 | €109,972,573 | €127,799,341 | +€17.8m | +16.2% |
| Trade receivables | 40 | €43,738,326 | €37,239,810 | -€6.5m | -14.9% |
| Other amounts receivable | 41 | €66,234,247 | €90,559,531 | +€24.3m | +36.7% |
| Cash at bank and in hand | 54/58 | €6,593 | €22,782 | +€16,188 | +246% |
| Deferred charges and accrued income | 490/1 | €1,887,430 | €2,598,181 | +€710,751 | +37.7% |
| Total equity and liabilities | 10/49 | €297,875,417 | €287,998,071 | -€9.9m | -3.3% |
| Equity | 10/15 | €257,172,555 | €254,874,106 | -€2.3m | -0.9% |
| Contributions | 10/11 | €108,630,295 | €97,632,235 | -€11.0m | -10.1% |
| Reserves | 13 | €0 | - | = | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €147,872,232 | €156,650,555 | +€8.8m | +5.9% |
| Investment grants | 15 | €670,027 | €591,316 | -€78,711 | -11.7% |
| Provisions and deferred taxes | 16 | €3,494,664 | €2,387,765 | -€1.1m | -31.7% |
| Provisions for liabilities and charges | 160/5 | €3,494,664 | €2,387,765 | -€1.1m | -31.7% |
| Other liabilities and charges | 164/5 | €3,494,664 | €2,387,765 | -€1.1m | -31.7% |
| Amounts payable | 17/49 | €37,208,198 | €30,736,200 | -€6.5m | -17.4% |
| Amounts payable after more than one year | 17 | €39,786 | €15,314 | -€24,473 | -61.5% |
| Financial debts | 170/4 | €39,786 | €15,314 | -€24,473 | -61.5% |
| Leasing and similar obligations | 172 | €39,786 | €15,314 | -€24,473 | -61.5% |
| Amounts payable within one year | 42/48 | €36,382,760 | €29,260,921 | -€7.1m | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €23,415 | €24,473 | +€1,057 | +4.5% |
| Trade debts | 44 | €26,065,557 | €17,521,037 | -€8.5m | -32.8% |
| Suppliers | 440/4 | €26,065,557 | €17,521,037 | -€8.5m | -32.8% |
| Advances received on contracts in progress | 46 | €251,959 | €235,225 | -€16,734 | -6.6% |
| Taxes, remuneration and social security | 45 | €10,033,677 | €11,480,142 | +€1.4m | +14.4% |
| Taxes | 450/3 | €3,576 | €2,516,597 | +€2.5m | +70,283% |
| Remuneration and social security | 454/9 | €10,030,101 | €8,963,545 | -€1.1m | -10.6% |
| Other amounts payable | 47/48 | €8,152 | €44 | -€8,108 | -99.5% |
| Accrued charges and deferred income | 492/3 | €785,652 | €1,459,965 | +€674,313 | +85.8% |
| Operating income | 70/76A | €391,519,851 | €351,669,914 | -€39.8m | -10.2% |
| Turnover | 70 | €388,814,760 | €349,827,971 | -€39.0m | -10.0% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€5,077,561 | -€4,628,595 | +€448,967 | +8.8% |
| Other operating income | 74 | €7,743,595 | €6,470,538 | -€1.3m | -16.4% |
| Non-recurring operating income | 76A | €39,056 | - | -€39,056 | |
| Operating charges | 60/66A | €376,945,150 | €327,156,900 | -€49.8m | -13.2% |
| Goods for resale, raw materials and consumables | 60 | €202,816,430 | €188,883,460 | -€13.9m | -6.9% |
| Purchases | 600/8 | €209,007,282 | €189,246,965 | -€19.8m | -9.5% |
| Change in stocks: decrease (increase) | 609 | -€6,190,852 | -€363,505 | +€5.8m | +94.1% |
| Services and other goods | 61 | €97,452,591 | €72,448,174 | -€25.0m | -25.7% |
| Remuneration, social security and pensions | 62 | €53,387,064 | €48,306,141 | -€5.1m | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,465,922 | €14,756,406 | -€1.7m | -10.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,359,233 | €1,090,433 | -€4.3m | -79.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€275,045 | €200,000 | +€475,045 | |
| Other operating charges | 640/8 | €1,738,954 | €1,472,286 | -€266,668 | -15.3% |
| Operating profit (loss) | 9901 | €14,574,701 | €24,513,015 | +€9.9m | +68.2% |
| Financial income | 75/76B | €7,579,034 | €4,751,294 | -€2.8m | -37.3% |
| Recurring financial income | 75 | €7,579,034 | €4,751,294 | -€2.8m | -37.3% |
| Income from financial fixed assets | 750 | €55 | €84 | +€29 | +52.0% |
| Income from current assets | 751 | €2,680,105 | €1,252,159 | -€1.4m | -53.3% |
| Other financial income | 752/9 | €4,898,874 | €3,499,052 | -€1.4m | -28.6% |
| Financial charges | 65/66B | €2,775,615 | €3,320,943 | +€545,327 | +19.6% |
| Recurring financial charges | 65 | €2,775,615 | €3,320,943 | +€545,327 | +19.6% |
| Debt charges | 650 | €48,902 | €57,347 | +€8,445 | +17.3% |
| Other financial charges | 652/9 | €2,726,713 | €3,263,595 | +€536,882 | +19.7% |
| Profit (loss) for the period before taxes | 9903 | €19,378,119 | €25,943,366 | +€6.6m | +33.9% |
| Income taxes | 67/77 | €1,633,322 | €2,126,175 | +€492,854 | +30.2% |
| Taxes | 670/3 | €1,633,322 | €2,126,175 | +€492,854 | +30.2% |
| Profit (loss) for the period | 9904 | €17,744,798 | €23,817,191 | +€6.1m | +34.2% |
| Transfer from tax-exempt reserves | 789 | €674,844 | €0 | -€674,844 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €18,419,641 | €23,817,191 | +€5.4m | +29.3% |
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 14 October 2026 via checked.be.