IVEB: 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.
IVEB
Largest movements
- Tangible fixed assets +€465,101
up €465,101 (+36.3%), from €1.3m to €1.7m
of which Plant, machinery and equipment: +€515,809
- Current investments -€400,000
down €400,000 (-66.7%), from €600,000 to €200,000
- Cash +€144,461
up €144,461 (+158.7%), from €91,048 to €235,509
mainly Current investments (+€400,000) and Depreciation (+€179,833)
- Receivables within one year -€30,316
down €30,316 (-10.9%), from €277,595 to €247,279
of which Trade receivables: -€23,558
- Profit (loss) carried forward +€139,191
up €139,191 (+321.8%), from €43,258 to €182,449
- Gross operating margin +€239,885
up €239,885 (+182.7%), from €131,321 to €371,205
- Depreciation +€26,834
up €26,834 (+17.5%), from €152,999 to €179,833
- Other operating charges +€5,538
up €5,538 (+29.6%), from €18,708 to €24,246
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 | €2,437,766 | €2,616,853 | +€179,086 | +7.3% |
| Fixed assets | 21/28 | €1,281,955 | €1,747,056 | +€465,101 | +36.3% |
| Tangible fixed assets | 22/27 | €1,281,955 | €1,747,056 | +€465,101 | +36.3% |
| Land and buildings | 22 | €1,151,936 | €1,101,228 | -€50,708 | -4.4% |
| Plant, machinery and equipment | 23 | €130,019 | €645,828 | +€515,809 | +396.7% |
| Current assets | 29/58 | €1,155,811 | €869,796 | -€286,015 | -24.7% |
| Stocks and contracts in progress | 3 | €171,500 | €171,500 | = | 0.0% |
| Contracts in progress | 37 | €171,500 | €171,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €277,595 | €247,279 | -€30,316 | -10.9% |
| Trade receivables | 40 | €268,847 | €245,289 | -€23,558 | -8.8% |
| Other amounts receivable | 41 | €8,748 | €1,990 | -€6,758 | -77.3% |
| Current investments | 50/53 | €600,000 | €200,000 | -€400,000 | -66.7% |
| Cash at bank and in hand | 54/58 | €91,048 | €235,509 | +€144,461 | +158.7% |
| Deferred charges and accrued income | 490/1 | €15,669 | €15,508 | -€160 | -1.0% |
| Total equity and liabilities | 10/49 | €2,437,766 | €2,616,853 | +€179,086 | +7.3% |
| Equity | 10/15 | €974,305 | €1,113,497 | +€139,191 | +14.3% |
| Contributions | 10/11 | €465,000 | €465,000 | = | 0.0% |
| Capital | 10 | €465,000 | €465,000 | = | 0.0% |
| Issued capital | 100 | €465,000 | €465,000 | = | 0.0% |
| Reserves | 13 | €466,047 | €466,047 | = | 0.0% |
| Non-distributable reserves | 130/1 | €46,500 | €46,500 | = | 0.0% |
| Legal reserve | 130 | €46,500 | €46,500 | = | 0.0% |
| Distributable reserves | 133 | €419,547 | €419,547 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,258 | €182,449 | +€139,191 | +321.8% |
| Amounts payable | 17/49 | €1,463,461 | €1,503,356 | +€39,895 | +2.7% |
| Amounts payable after more than one year | 17 | €1,200,000 | €1,200,000 | = | 0.0% |
| Financial debts | 170/4 | €1,200,000 | €1,200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €236,126 | €276,021 | +€39,895 | +16.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €150,740 | €175,104 | +€24,364 | +16.2% |
| Suppliers | 440/4 | €150,740 | €175,104 | +€24,364 | +16.2% |
| Advances received on contracts in progress | 46 | €85,386 | €85,386 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €0 | €15,531 | +€15,531 | |
| Taxes | 450/3 | €0 | €15,531 | +€15,531 | |
| Accrued charges and deferred income | 492/3 | €27,335 | €27,335 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €582 | €924 | +€341 | +58.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,999 | €179,833 | +€26,834 | +17.5% |
| Other operating charges | 640/8 | €18,708 | €24,246 | +€5,538 | +29.6% |
| Gross operating margin | 9900 | €131,321 | €371,205 | +€239,885 | +182.7% |
| Operating profit (loss) | 9901 | -€40,969 | €166,203 | +€207,172 | |
| Financial income | 75/76B | €3,760 | €6,632 | +€2,872 | +76.4% |
| Recurring financial income | 75 | €3,760 | €6,632 | +€2,872 | +76.4% |
| Financial charges | 65/66B | €33,787 | €33,644 | -€143 | -0.4% |
| Recurring financial charges | 65 | €33,787 | €33,644 | -€143 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | -€70,996 | €139,191 | +€210,187 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€70,996 | €139,191 | +€210,187 | |
| Profit (loss) for the period to be appropriated | 9905 | -€70,996 | €139,191 | +€210,187 |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.