IveM: 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.
IveM
Largest movements
- Receivables within one year +€99,425
up €99,425 (+340%), from €29,205 to €128,630
of which Trade receivables: +€89,202
- Cash -€10,194
down €10,194 (-19.9%), from €51,330 to €41,136
mainly Receivables within one year (-€99,425) and Contributions, distributions and other (-€26,000)
- Tangible fixed assets -€5,303
down €5,303 (-24.2%), from €21,910 to €16,607
- Reserves +€71,197
up €71,197 (+319%), from €22,306 to €93,503
- Tax, wage and social debts +€29,733
up €29,733 (+120%), from €24,818 to €54,551
- Other debts -€10,000
down €10,000 (-27.8%), from €36,000 to €26,000
- Debts after one year -€8,310
down €8,310 (-85.4%), from €9,732 to €1,423
- Gross operating margin +€49,213
up €49,213 (+60.6%), from €81,210 to €130,423
- Taxes +€11,174
up €11,174 (+73.2%), from €15,270 to €26,444
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 | €103,439 | €187,381 | +€83,943 | +81.2% |
| Fixed assets | 21/28 | €21,910 | €16,607 | -€5,303 | -24.2% |
| Tangible fixed assets | 22/27 | €21,910 | €16,607 | -€5,303 | -24.2% |
| Furniture and vehicles | 24 | €21,910 | €16,607 | -€5,303 | -24.2% |
| Current assets | 29/58 | €81,529 | €170,775 | +€89,246 | +109% |
| Amounts receivable within one year | 40/41 | €29,205 | €128,630 | +€99,425 | +340% |
| Trade receivables | 40 | €29,073 | €118,275 | +€89,202 | +307% |
| Other amounts receivable | 41 | €133 | €10,356 | +€10,223 | +7,712% |
| Cash at bank and in hand | 54/58 | €51,330 | €41,136 | -€10,194 | -19.9% |
| Deferred charges and accrued income | 490/1 | €994 | €1,009 | +€14 | +1.4% |
| Total equity and liabilities | 10/49 | €103,439 | €187,381 | +€83,943 | +81.2% |
| Equity | 10/15 | €23,306 | €94,503 | +€71,197 | +305% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €22,306 | €93,503 | +€71,197 | +319% |
| Distributable reserves | 133 | €22,306 | €93,503 | +€71,197 | +319% |
| Amounts payable | 17/49 | €80,133 | €92,878 | +€12,746 | +15.9% |
| Amounts payable after more than one year | 17 | €9,732 | €1,423 | -€8,310 | -85.4% |
| Financial debts | 170/4 | €9,732 | €1,423 | -€8,310 | -85.4% |
| Amounts payable within one year | 42/48 | €70,400 | €91,455 | +€21,055 | +29.9% |
| Current portion of amounts payable after more than one year | 42 | €7,931 | €8,310 | +€379 | +4.8% |
| Trade debts | 44 | €1,652 | €2,595 | +€943 | +57.1% |
| Suppliers | 440/4 | €1,652 | €2,595 | +€943 | +57.1% |
| Taxes, remuneration and social security | 45 | €24,818 | €54,551 | +€29,733 | +120% |
| Taxes | 450/3 | €24,818 | €54,551 | +€29,733 | +120% |
| Other amounts payable | 47/48 | €36,000 | €26,000 | -€10,000 | -27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,606 | €5,303 | +€697 | +15.1% |
| Other operating charges | 640/8 | €2,015 | €1,018 | -€997 | -49.5% |
| Gross operating margin | 9900 | €81,210 | €130,423 | +€49,213 | +60.6% |
| Operating profit (loss) | 9901 | €74,589 | €124,102 | +€49,513 | +66.4% |
| Financial income | 75/76B | - | €363 | +€363 | |
| Recurring financial income | 75 | - | €363 | +€363 | |
| Financial charges | 65/66B | €1,013 | €825 | -€188 | -18.6% |
| Recurring financial charges | 65 | €1,013 | €825 | -€188 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €73,576 | €123,640 | +€50,064 | +68.0% |
| Income taxes | 67/77 | €15,270 | €26,444 | +€11,174 | +73.2% |
| Profit (loss) for the period | 9904 | €58,306 | €97,197 | +€38,891 | +66.7% |
| Profit (loss) for the period to be appropriated | 9905 | €58,306 | €97,197 | +€38,891 | +66.7% |
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 14 October 2026 via checked.be.