IVECA: 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.
IVECA
Largest movements
- Receivables within one year +€117,074
up €117,074 (+391.6%), from €29,893 to €146,967
of which Trade receivables: +€84,753
- Cash -€24,042
down €24,042 (-11.5%), from €208,688 to €184,646
mainly Receivables within one year (-€117,074) and Contributions, distributions and other (-€73,235)
- Tangible fixed assets +€14,618
up €14,618 (+13.9%), from €105,135 to €119,753
of which Furniture and vehicles: +€16,176
- Reserves +€88,083
up €88,083 (+37.3%), from €236,120 to €324,203
of which Distributable reserves: +€88,083
- Short-term financial debts +€25,067
new in 2025: €25,067
- Debts after one year -€17,096
down €17,096 (-26.6%), from €64,214 to €47,118
- Tax, wage and social debts +€15,056
up €15,056 (+86.5%), from €17,396 to €32,452
- Contributions -€11,266
down €11,266 (-84.9%), from €13,266 to €2,000
- Gross operating margin +€149,931
up €149,931 (+162.7%), from €92,169 to €242,099
- Taxes +€43,896
up €43,896 (+200.4%), from €21,901 to €65,797
- Depreciation +€9,718
up €9,718 (+77.2%), from €12,585 to €22,303
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 | €348,694 | €454,641 | +€105,948 | +30.4% |
| Fixed assets | 21/28 | €105,135 | €119,753 | +€14,618 | +13.9% |
| Tangible fixed assets | 22/27 | €105,135 | €119,753 | +€14,618 | +13.9% |
| Furniture and vehicles | 24 | €92,379 | €108,555 | +€16,176 | +17.5% |
| Other tangible fixed assets | 26 | €12,756 | €11,198 | -€1,559 | -12.2% |
| Current assets | 29/58 | €243,558 | €334,888 | +€91,330 | +37.5% |
| Amounts receivable within one year | 40/41 | €29,893 | €146,967 | +€117,074 | +391.6% |
| Trade receivables | 40 | €18,987 | €103,741 | +€84,753 | +446.4% |
| Other amounts receivable | 41 | €10,906 | €43,226 | +€32,321 | +296.4% |
| Cash at bank and in hand | 54/58 | €208,688 | €184,646 | -€24,042 | -11.5% |
| Deferred charges and accrued income | 490/1 | €4,978 | €3,275 | -€1,703 | -34.2% |
| Total equity and liabilities | 10/49 | €348,694 | €454,641 | +€105,948 | +30.4% |
| Equity | 10/15 | €249,385 | €326,203 | +€76,817 | +30.8% |
| Contributions | 10/11 | €13,266 | €2,000 | -€11,266 | -84.9% |
| Reserves | 13 | €236,120 | €324,203 | +€88,083 | +37.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €236,120 | €324,203 | +€88,083 | +37.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €99,309 | €128,439 | +€29,130 | +29.3% |
| Amounts payable after more than one year | 17 | €64,214 | €47,118 | -€17,096 | -26.6% |
| Financial debts | 170/4 | €64,214 | €47,118 | -€17,096 | -26.6% |
| Amounts payable within one year | 42/48 | €35,094 | €81,142 | +€46,048 | +131.2% |
| Current portion of amounts payable after more than one year | 42 | €16,493 | €17,096 | +€604 | +3.7% |
| Financial debts | 43 | - | €25,067 | +€25,067 | |
| Credit institutions | 430/8 | - | €25,067 | +€25,067 | |
| Trade debts | 44 | €1,205 | €6,527 | +€5,322 | +441.7% |
| Suppliers | 440/4 | €1,205 | €6,527 | +€5,322 | +441.7% |
| Taxes, remuneration and social security | 45 | €17,396 | €32,452 | +€15,056 | +86.5% |
| Taxes | 450/3 | €17,396 | €32,452 | +€15,056 | +86.5% |
| Accrued charges and deferred income | 492/3 | €0 | €179 | +€179 | |
| Non-recurring operating income | 76A | - | €4,708 | +€4,708 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,585 | €22,303 | +€9,718 | +77.2% |
| Other operating charges | 640/8 | €2,597 | €2,231 | -€366 | -14.1% |
| Gross operating margin | 9900 | €92,169 | €242,099 | +€149,931 | +162.7% |
| Operating profit (loss) | 9901 | €76,987 | €217,565 | +€140,579 | +182.6% |
| Financial income | 75/76B | €313 | €1,168 | +€855 | +273.2% |
| Recurring financial income | 75 | €313 | €1,168 | +€855 | +273.2% |
| Financial charges | 65/66B | €1,654 | €2,884 | +€1,231 | +74.4% |
| Recurring financial charges | 65 | €1,654 | €2,884 | +€1,231 | +74.4% |
| Profit (loss) for the period before taxes | 9903 | €75,646 | €215,849 | +€140,203 | +185.3% |
| Income taxes | 67/77 | €21,901 | €65,797 | +€43,896 | +200.4% |
| Profit (loss) for the period | 9904 | €53,745 | €150,053 | +€96,308 | +179.2% |
| Profit (loss) for the period to be appropriated | 9905 | €53,745 | €150,053 | +€96,308 | +179.2% |
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 6 October 2026 via checked.be.