IVELLI: 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.
IVELLI
Largest movements
- Cash +€28,503
up €28,503 (+27.2%), from €104,914 to €133,417
mainly Net result for the year (+€41,600) and Depreciation (+€1,541)
- Reserves +€40,770
up €40,770 (+52.8%), from €77,227 to €117,997
- Tax, wage and social debts -€12,809
down €12,809 (-51.2%), from €25,010 to €12,201
of which Taxes: -€10,309
- Gross operating margin +€39,770
up €39,770 (+239.5%), from €16,605 to €56,374
- Taxes +€8,157
up €8,157 (+221.4%), from €3,684 to €11,841
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 | €110,217 | €137,802 | +€27,584 | +25.0% |
| Fixed assets | 21/28 | €3,737 | €2,833 | -€904 | -24.2% |
| Tangible fixed assets | 22/27 | €3,737 | €2,833 | -€904 | -24.2% |
| Plant, machinery and equipment | 23 | €1,069 | €524 | -€545 | -51.0% |
| Furniture and vehicles | 24 | €1,636 | €1,401 | -€235 | -14.4% |
| Other tangible fixed assets | 26 | €1,032 | €908 | -€124 | -12.0% |
| Current assets | 29/58 | €106,481 | €134,969 | +€28,488 | +26.8% |
| Amounts receivable within one year | 40/41 | €141 | €42 | -€100 | -70.5% |
| Other amounts receivable | 41 | €141 | €42 | -€100 | -70.5% |
| Cash at bank and in hand | 54/58 | €104,914 | €133,417 | +€28,503 | +27.2% |
| Deferred charges and accrued income | 490/1 | €1,425 | €1,510 | +€84 | +5.9% |
| Total equity and liabilities | 10/49 | €110,217 | €137,802 | +€27,584 | +25.0% |
| Equity | 10/15 | €82,227 | €122,997 | +€40,770 | +49.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €77,227 | €117,997 | +€40,770 | +52.8% |
| Distributable reserves | 133 | €77,227 | €117,997 | +€40,770 | +52.8% |
| Amounts payable | 17/49 | €27,991 | €14,805 | -€13,186 | -47.1% |
| Amounts payable within one year | 42/48 | €27,846 | €14,767 | -€13,078 | -47.0% |
| Trade debts | 44 | €973 | €1,253 | +€280 | +28.8% |
| Suppliers | 440/4 | €973 | €1,253 | +€280 | +28.8% |
| Taxes, remuneration and social security | 45 | €25,010 | €12,201 | -€12,809 | -51.2% |
| Taxes | 450/3 | €22,510 | €12,201 | -€10,309 | -45.8% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Other amounts payable | 47/48 | €1,862 | €1,313 | -€549 | -29.5% |
| Accrued charges and deferred income | 492/3 | €145 | €38 | -€108 | -74.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,593 | €1,541 | -€52 | -3.3% |
| Other operating charges | 640/8 | €956 | €1,217 | +€261 | +27.2% |
| Gross operating margin | 9900 | €16,605 | €56,374 | +€39,770 | +239.5% |
| Operating profit (loss) | 9901 | €14,056 | €53,617 | +€39,561 | +281.5% |
| Financial income | 75/76B | €8 | €486 | +€478 | +5876.1% |
| Recurring financial income | 75 | €8 | €486 | +€478 | +5876.1% |
| Financial charges | 65/66B | €884 | €661 | -€222 | -25.2% |
| Recurring financial charges | 65 | €884 | €661 | -€222 | -25.2% |
| Profit (loss) for the period before taxes | 9903 | €13,180 | €53,441 | +€40,261 | +305.5% |
| Income taxes | 67/77 | €3,684 | €11,841 | +€8,157 | +221.4% |
| Profit (loss) for the period | 9904 | €9,496 | €41,600 | +€32,105 | +338.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,496 | €41,600 | +€32,105 | +338.1% |
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 11 October 2026 via checked.be.