IVC Construct: 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.
IVC Construct
Largest movements
- Receivables within one year +€184,949
new in 2025: €184,949
of which Other amounts receivable: +€133,125
- Receivables after one year -€61,598
no longer reported in 2025 (was €61,598)
- Stocks and contracts -€32,500
no longer reported in 2025 (was €32,500)
- Cash -€9,910
down €9,910 (-61.0%), from €16,234 to €6,323
mainly Receivables within one year (-€184,949) and Investment in fixed assets (net) (-€1,092)
- Deferred charges and accrued income -€2,084
down €2,084 (-29.5%), from €7,060 to €4,976
- Reserves +€50,000
up €50,000 (+111%), from €45,000 to €95,000
- Trade debts +€24,038
up €24,038 (+191%), from €12,589 to €36,627
- Short-term financial debts +€2,917
up €2,917 (+147%), from €1,979 to €4,896
- Profit (loss) carried forward +€2,680
up €2,680 (+15.6%), from €17,209 to €19,888
- Turnover +€143,900
up €143,900 (+14.7%), from €981,744 to €1.1m
- Purchases and services +€84,396
up €84,396 (+8.9%), from €952,183 to €1.0m
- Gross operating margin +€59,504
up €59,504 (+201%), from €29,561 to €89,065
- Taxes +€14,536
up €14,536 (+228%), from €6,385 to €20,921
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €118,334 | €197,166 | +€78,832 | +66.6% |
| Fixed assets | 21/28 | €943 | €918 | -€25 | -2.6% |
| Tangible fixed assets | 22/27 | €943 | €918 | -€25 | -2.6% |
| Plant, machinery and equipment | 23 | €791 | €174 | -€616 | -77.9% |
| Furniture and vehicles | 24 | €152 | €743 | +€591 | +389% |
| Current assets | 29/58 | €117,391 | €196,248 | +€78,857 | +67.2% |
| Amounts receivable after more than one year | 29 | €61,598 | - | -€61,598 | |
| Other amounts receivable | 291 | €61,598 | - | -€61,598 | |
| Stocks and contracts in progress | 3 | €32,500 | - | -€32,500 | |
| Stocks | 30/36 | €32,500 | - | -€32,500 | |
| Amounts receivable within one year | 40/41 | - | €184,949 | +€184,949 | |
| Trade receivables | 40 | - | €51,824 | +€51,824 | |
| Other amounts receivable | 41 | - | €133,125 | +€133,125 | |
| Cash at bank and in hand | 54/58 | €16,234 | €6,323 | -€9,910 | -61.0% |
| Deferred charges and accrued income | 490/1 | €7,060 | €4,976 | -€2,084 | -29.5% |
| Total equity and liabilities | 10/49 | €118,334 | €197,166 | +€78,832 | +66.6% |
| Equity | 10/15 | €72,209 | €124,888 | +€52,680 | +73.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €45,000 | €95,000 | +€50,000 | +111% |
| Distributable reserves | 133 | €45,000 | €95,000 | +€50,000 | +111% |
| Profit (loss) carried forward | 14 | €17,209 | €19,888 | +€2,680 | +15.6% |
| Amounts payable | 17/49 | €46,125 | €72,278 | +€26,152 | +56.7% |
| Amounts payable within one year | 42/48 | €46,125 | €72,278 | +€26,152 | +56.7% |
| Financial debts | 43 | €1,979 | €4,896 | +€2,917 | +147% |
| Credit institutions | 430/8 | €1,979 | €4,896 | +€2,917 | +147% |
| Trade debts | 44 | €12,589 | €36,627 | +€24,038 | +191% |
| Suppliers | 440/4 | €12,589 | €36,627 | +€24,038 | +191% |
| Taxes, remuneration and social security | 45 | €31,512 | €30,755 | -€757 | -2.4% |
| Taxes | 450/3 | €31,512 | €30,755 | -€757 | -2.4% |
| Other amounts payable | 47/48 | €46 | - | -€46 | |
| Turnover | 70 | €981,744 | €1,125,644 | +€143,900 | +14.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €952,183 | €1,036,579 | +€84,396 | +8.9% |
| Remuneration, social security and pensions | 62 | - | €9,925 | +€9,925 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,380 | €1,117 | -€2,264 | -67.0% |
| Other operating charges | 640/8 | €2,676 | €4,138 | +€1,461 | +54.6% |
| Gross operating margin | 9900 | €29,561 | €89,065 | +€59,504 | +201% |
| Operating profit (loss) | 9901 | €23,505 | €73,886 | +€50,381 | +214% |
| Financial income | 75/76B | €51 | €183 | +€132 | +261% |
| Recurring financial income | 75 | €51 | €183 | +€132 | +261% |
| Financial charges | 65/66B | €1,301 | €468 | -€834 | -64.1% |
| Recurring financial charges | 65 | €1,301 | €468 | -€834 | -64.1% |
| Profit (loss) for the period before taxes | 9903 | €22,254 | €73,601 | +€51,347 | +231% |
| Income taxes | 67/77 | €6,385 | €20,921 | +€14,536 | +228% |
| Profit (loss) for the period | 9904 | €15,869 | €52,680 | +€36,811 | +232% |
| Profit (loss) for the period to be appropriated | 9905 | €15,869 | €52,680 | +€36,811 | +232% |
Source: filed annual accounts (NBB), financial years ended 29 February 2024 and 28 February 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.