Ivenco: 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.
What changed
Ivenco
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€32,270
2024 · €1.7m-€1.7m
Equity
€2.0m
2024 · €2.1m-€32,270
Cash
€9
2024 · €67-€59
Balance sheet total
€3.5m
2024 · €3.4m+€152,474
Largest movements
Assets
- Receivables after one year +€2.8m
new in 2025: €2.8m
- Receivables within one year -€2.6m
down €2.6m (-95.0%), from €2.7m to €135,400
of which Other amounts receivable: -€2.5m
Equity and liabilities
- Debts after one year +€184,767
up €184,767 (+18.5%), from €996,648 to €1.2m
Income statement
- Financial income -€1.7m
down €1.7m (-100.0%), from €1.7m to €0
of which Non-recurring financial income: -€1.7m
- Gross operating margin -€24,646
down €24,646 (-14.7%), from €167,621 to €142,975
- Depreciation -€16,704
down €16,704 (-24.9%), from €67,124 to €50,420
- Financial charges -€12,324
down €12,324 (-16.6%), from €74,098 to €61,774
of which Non-recurring financial charges: -€42,250
- Other operating charges -€5,956
down €5,956 (-39.5%), from €15,069 to €9,112
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.
Result 2024
€1.7m
Gross operating margin
-€24,646
Staff costs
+€2,341
Depreciation
+€16,704
Other operating charges
+€5,956
Financial income
-€1.7m
Financial charges
+€12,324
Taxes
+€2,002
Result 2025
-€32,270
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.
From operations
-€141,738
Investment
-€16,374
Financing
+€158,054
Cash 2024
€67
From operations (derived)
-€141,738
Net result for the year
-€32,270
Depreciation
+€50,420
Receivables after one year
-€2.8m
Receivables within one year
+€2.6m
Deferred charges and accrued income
+€22,909
Smaller working-capital items
-€2,497
Other debts
+€29,186
Investment (derived)
-€16,374
Investment in fixed assets (net)
-€16,374
Financing
+€158,054
Debts after one year
+€184,767
Current portion of long-term debt
-€26,713
Cash 2025
€9
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,350,242 | €3,502,715 | +€152,474 | +4.6% |
| Fixed assets | 21/28 | €613,766 | €579,721 | -€34,045 | -5.5% |
| Intangible fixed assets | 21 | €1,571 | €1,131 | -€440 | -28.0% |
| Tangible fixed assets | 22/27 | €612,194 | €578,588 | -€33,605 | -5.5% |
| Land and buildings | 22 | €587,304 | €546,208 | -€41,096 | -7.0% |
| Plant, machinery and equipment | 23 | €4,474 | €2,284 | -€2,189 | -48.9% |
| Other tangible fixed assets | 26 | €20,417 | €30,097 | +€9,680 | +47.4% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €2,736,475 | €2,922,994 | +€186,519 | +6.8% |
| Amounts receivable after more than one year | 29 | - | €2,783,345 | +€2.8m | |
| Other amounts receivable | 291 | - | €2,783,345 | +€2.8m | |
| Amounts receivable within one year | 40/41 | €2,709,259 | €135,400 | -€2.6m | -95.0% |
| Trade receivables | 40 | €161,949 | €120,948 | -€41,002 | -25.3% |
| Other amounts receivable | 41 | €2,547,309 | €14,452 | -€2.5m | -99.4% |
| Cash at bank and in hand | 54/58 | €67 | €9 | -€59 | -87.3% |
| Deferred charges and accrued income | 490/1 | €27,149 | €4,240 | -€22,909 | -84.4% |
| Total equity and liabilities | 10/49 | €3,350,242 | €3,502,715 | +€152,474 | +4.6% |
| Equity | 10/15 | €2,050,573 | €2,018,303 | -€32,270 | -1.6% |
| Contributions | 10/11 | €192,645 | €192,645 | = | 0.0% |
| Capital | 10 | €192,645 | €192,645 | = | 0.0% |
| Issued capital | 100 | €192,645 | €192,645 | = | 0.0% |
| Revaluation surpluses | 12 | €649,684 | €649,684 | = | 0.0% |
| Reserves | 13 | €1,208,244 | €1,175,974 | -€32,270 | -2.7% |
| Non-distributable reserves | 130/1 | €19,265 | €19,265 | = | 0.0% |
| Legal reserve | 130 | €19,265 | €19,265 | = | 0.0% |
| Distributable reserves | 133 | €1,188,980 | €1,156,710 | -€32,270 | -2.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,299,669 | €1,484,412 | +€184,744 | +14.2% |
| Amounts payable after more than one year | 17 | €996,648 | €1,181,415 | +€184,767 | +18.5% |
| Financial debts | 170/4 | €996,648 | €1,181,415 | +€184,767 | +18.5% |
| Amounts payable within one year | 42/48 | €301,879 | €302,187 | +€308 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €120,591 | €93,879 | -€26,713 | -22.2% |
| Trade debts | 44 | €53,333 | €51,414 | -€1,919 | -3.6% |
| Suppliers | 440/4 | €53,333 | €51,414 | -€1,919 | -3.6% |
| Taxes, remuneration and social security | 45 | €27,955 | €27,708 | -€247 | -0.9% |
| Taxes | 450/3 | €21,716 | €18,973 | -€2,743 | -12.6% |
| Remuneration and social security | 454/9 | €6,239 | €8,735 | +€2,495 | +40.0% |
| Other amounts payable | 47/48 | €100,000 | €129,186 | +€29,186 | +29.2% |
| Accrued charges and deferred income | 492/3 | €1,142 | €811 | -€331 | -29.0% |
| Non-recurring operating income | 76A | - | €3,000 | +€3,000 | |
| Remuneration, social security and pensions | 62 | €56,166 | €53,825 | -€2,341 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,124 | €50,420 | -€16,704 | -24.9% |
| Other operating charges | 640/8 | €15,069 | €9,112 | -€5,956 | -39.5% |
| Gross operating margin | 9900 | €167,621 | €142,975 | -€24,646 | -14.7% |
| Operating profit (loss) | 9901 | €29,262 | €29,618 | +€356 | +1.2% |
| Financial income | 75/76B | €1,706,602 | €0 | -€1.7m | -100.0% |
| Recurring financial income | 75 | €21,596 | €0 | -€21,596 | -100.0% |
| Non-recurring financial income | 76B | €1,685,006 | €0 | -€1.7m | -100.0% |
| Financial charges | 65/66B | €74,098 | €61,774 | -€12,324 | -16.6% |
| Recurring financial charges | 65 | €31,848 | €61,774 | +€29,926 | +94.0% |
| Non-recurring financial charges | 66B | €42,250 | €0 | -€42,250 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €1,661,766 | -€32,156 | -€1.7m | |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €2,116 | €114 | -€2,002 | -94.6% |
| Profit (loss) for the period | 9904 | €1,659,650 | -€32,270 | -€1.7m | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €1,659,650 | -€32,270 | -€1.7m |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.