iVECS: 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.
iVECS
Largest movements
- Tangible fixed assets -€23,678
down €23,678 (-10.8%), from €218,494 to €194,816
of which Furniture and vehicles: -€17,103
- Receivables within one year +€21,175
up €21,175 (+24.7%), from €85,773 to €106,948
of which Trade receivables: +€20,717
- Cash +€5,573
up €5,573 (+5.1%), from €109,467 to €115,041
mainly Net result for the year (+€52,000) and Depreciation (+€27,574)
- Other debts +€16,313
up €16,313 (+52.5%), from €31,065 to €47,377
- Tax, wage and social debts -€8,229
down €8,229 (-49.4%), from €16,655 to €8,426
- Short-term financial debts -€6,037
no longer reported in 2025 (was €6,037)
- Reserves +€6,000
up €6,000 (+2.2%), from €267,360 to €273,360
of which Distributable reserves: +€6,000
- Gross operating margin -€16,317
down €16,317 (-13.7%), from €118,981 to €102,664
- Taxes -€4,151
down €4,151 (-16.7%), from €24,860 to €20,710
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 | €416,566 | €419,834 | +€3,268 | +0.8% |
| Fixed assets | 21/28 | €218,494 | €194,816 | -€23,678 | -10.8% |
| Tangible fixed assets | 22/27 | €218,494 | €194,816 | -€23,678 | -10.8% |
| Land and buildings | 22 | €98,713 | €94,976 | -€3,737 | -3.8% |
| Plant, machinery and equipment | 23 | €3,275 | €4,549 | +€1,274 | +38.9% |
| Furniture and vehicles | 24 | €42,914 | €25,811 | -€17,103 | -39.9% |
| Other tangible fixed assets | 26 | €73,592 | €69,480 | -€4,112 | -5.6% |
| Current assets | 29/58 | €198,073 | €225,018 | +€26,946 | +13.6% |
| Amounts receivable within one year | 40/41 | €85,773 | €106,948 | +€21,175 | +24.7% |
| Trade receivables | 40 | €85,773 | €106,490 | +€20,717 | +24.2% |
| Other amounts receivable | 41 | - | €458 | +€458 | |
| Cash at bank and in hand | 54/58 | €109,467 | €115,041 | +€5,573 | +5.1% |
| Deferred charges and accrued income | 490/1 | €2,833 | €3,030 | +€198 | +7.0% |
| Total equity and liabilities | 10/49 | €416,566 | €419,834 | +€3,268 | +0.8% |
| Equity | 10/15 | €295,042 | €302,042 | +€7,000 | +2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €267,360 | €273,360 | +€6,000 | +2.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €265,500 | €271,500 | +€6,000 | +2.3% |
| Profit (loss) carried forward | 14 | €9,082 | €10,082 | +€1,000 | +11.0% |
| Amounts payable | 17/49 | €121,524 | €117,793 | -€3,731 | -3.1% |
| Amounts payable after more than one year | 17 | €40,773 | €37,500 | -€3,273 | -8.0% |
| Financial debts | 170/4 | €20,773 | - | -€20,773 | |
| Other amounts payable | 178/9 | €20,000 | €37,500 | +€17,500 | +87.5% |
| Amounts payable within one year | 42/48 | €80,751 | €80,293 | -€459 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €20,411 | €20,773 | +€361 | +1.8% |
| Financial debts | 43 | €6,037 | - | -€6,037 | |
| Credit institutions | 430/8 | €6,037 | - | -€6,037 | |
| Trade debts | 44 | €6,582 | €3,717 | -€2,866 | -43.5% |
| Suppliers | 440/4 | €6,582 | €3,717 | -€2,866 | -43.5% |
| Taxes, remuneration and social security | 45 | €16,655 | €8,426 | -€8,229 | -49.4% |
| Taxes | 450/3 | €16,655 | €8,426 | -€8,229 | -49.4% |
| Other amounts payable | 47/48 | €31,065 | €47,377 | +€16,313 | +52.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,001 | €27,574 | -€427 | -1.5% |
| Other operating charges | 640/8 | €1,922 | €1,800 | -€122 | -6.3% |
| Gross operating margin | 9900 | €118,981 | €102,664 | -€16,317 | -13.7% |
| Operating profit (loss) | 9901 | €89,058 | €73,289 | -€15,769 | -17.7% |
| Financial income | 75/76B | €71 | €511 | +€440 | +618% |
| Recurring financial income | 75 | €71 | €511 | +€440 | +618% |
| Financial charges | 65/66B | €1,542 | €1,091 | -€451 | -29.2% |
| Recurring financial charges | 65 | €1,542 | €1,091 | -€451 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €87,587 | €72,709 | -€14,878 | -17.0% |
| Income taxes | 67/77 | €24,860 | €20,710 | -€4,151 | -16.7% |
| Profit (loss) for the period | 9904 | €62,727 | €52,000 | -€10,727 | -17.1% |
| Profit (loss) for the period to be appropriated | 9905 | €62,727 | €52,000 | -€10,727 | -17.1% |
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 15 October 2026 via checked.be.