IVEX: 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.
IVEX
Largest movements
- Cash +€428,258
up €428,258 (+473%), from €90,572 to €518,831
mainly Net result for the year (+€767,166) and Depreciation (+€355,130)
- Receivables within one year -€212,693
down €212,693 (-33.0%), from €644,022 to €431,330
of which Other amounts receivable: -€136,009
- Tangible fixed assets +€110,336
up €110,336 (+661%), from €16,684 to €127,020
of which Plant, machinery and equipment: +€118,439
- Profit (loss) carried forward +€767,166
up €767,166 (+69.1%), from -€1.1m to -€342,468
- Investment grants -€200,877
down €200,877 (-26.3%), from €764,119 to €563,242
- Short-term financial debts -€149,913
down €149,913 (-99.9%), from €150,000 to €87
- Accrued charges and deferred income -€40,628
down €40,628 (-36.3%), from €112,000 to €71,372
- Tax, wage and social debts -€28,611
down €28,611 (-27.8%), from €102,760 to €74,149
of which Taxes: -€19,696
- Gross operating margin +€718,639
up €718,639 (+93.9%), from €765,079 to €1.5m
- Depreciation +€67,745
up €67,745 (+23.6%), from €287,385 to €355,130
- Staff costs -€50,770
down €50,770 (-9.0%), from €561,234 to €510,464
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 | €2,435,383 | €2,794,347 | +€358,964 | +14.7% |
| Fixed assets | 21/28 | €1,692,747 | €1,836,911 | +€144,164 | +8.5% |
| Intangible fixed assets | 21 | €1,673,763 | €1,700,841 | +€27,079 | +1.6% |
| Tangible fixed assets | 22/27 | €16,684 | €127,020 | +€110,336 | +661% |
| Plant, machinery and equipment | 23 | €3,663 | €122,101 | +€118,439 | +3,234% |
| Furniture and vehicles | 24 | €13,022 | €4,918 | -€8,103 | -62.2% |
| Financial fixed assets | 28 | €2,300 | €9,050 | +€6,750 | +293% |
| Current assets | 29/58 | €742,636 | €957,435 | +€214,800 | +28.9% |
| Amounts receivable within one year | 40/41 | €644,022 | €431,330 | -€212,693 | -33.0% |
| Trade receivables | 40 | €208,160 | €131,476 | -€76,684 | -36.8% |
| Other amounts receivable | 41 | €435,862 | €299,853 | -€136,009 | -31.2% |
| Cash at bank and in hand | 54/58 | €90,572 | €518,831 | +€428,258 | +473% |
| Deferred charges and accrued income | 490/1 | €8,041 | €7,275 | -€766 | -9.5% |
| Total equity and liabilities | 10/49 | €2,435,383 | €2,794,347 | +€358,964 | +14.7% |
| Equity | 10/15 | €2,030,446 | €2,596,734 | +€566,289 | +27.9% |
| Contributions | 10/11 | €2,375,961 | €2,375,961 | = | 0.0% |
| Capital | 10 | €106,470 | €106,470 | = | 0.0% |
| Issued capital | 100 | €106,470 | €106,470 | = | 0.0% |
| Contributions outside capital | 11 | €2,269,491 | €2,269,491 | = | 0.0% |
| Share premium | 1100/10 | €2,269,491 | €2,269,491 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,109,634 | -€342,468 | +€767,166 | +69.1% |
| Investment grants | 15 | €764,119 | €563,242 | -€200,877 | -26.3% |
| Amounts payable | 17/49 | €404,937 | €197,612 | -€207,325 | -51.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €292,937 | €126,240 | -€166,697 | -56.9% |
| Current portion of amounts payable after more than one year | 42 | €4,108 | €0 | -€4,108 | -100% |
| Financial debts | 43 | €150,000 | €87 | -€149,913 | -99.9% |
| Credit institutions | 430/8 | €150,000 | €87 | -€149,913 | -99.9% |
| Trade debts | 44 | €18,649 | €34,702 | +€16,053 | +86.1% |
| Suppliers | 440/4 | €18,649 | €34,702 | +€16,053 | +86.1% |
| Taxes, remuneration and social security | 45 | €102,760 | €74,149 | -€28,611 | -27.8% |
| Taxes | 450/3 | €31,214 | €11,518 | -€19,696 | -63.1% |
| Remuneration and social security | 454/9 | €71,547 | €62,631 | -€8,916 | -12.5% |
| Other amounts payable | 47/48 | €17,420 | €17,302 | -€117 | -0.7% |
| Accrued charges and deferred income | 492/3 | €112,000 | €71,372 | -€40,628 | -36.3% |
| Non-recurring operating income | 76A | €30,000 | €0 | -€30,000 | -100% |
| Remuneration, social security and pensions | 62 | €561,234 | €510,464 | -€50,770 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €287,385 | €355,130 | +€67,745 | +23.6% |
| Other operating charges | 640/8 | €1,890 | €2,344 | +€455 | +24.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €765,079 | €1,483,718 | +€718,639 | +93.9% |
| Operating profit (loss) | 9901 | -€85,430 | €615,780 | +€701,210 | |
| Financial income | 75/76B | €156,493 | €158,870 | +€2,377 | +1.5% |
| Recurring financial income | 75 | €156,493 | €158,870 | +€2,377 | +1.5% |
| Financial charges | 65/66B | €9,209 | €18,646 | +€9,437 | +102% |
| Recurring financial charges | 65 | €9,209 | €18,646 | +€9,437 | +102% |
| Profit (loss) for the period before taxes | 9903 | €61,854 | €756,004 | +€694,150 | +1,122% |
| Income taxes | 67/77 | -€19,020 | -€11,162 | +€7,858 | +41.3% |
| Profit (loss) for the period | 9904 | €80,874 | €767,166 | +€686,292 | +849% |
| Profit (loss) for the period to be appropriated | 9905 | €80,874 | €767,166 | +€686,292 | +849% |
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.