IVH: 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.
IVH
Largest movements
- Receivables after one year -€53,455
down €53,455 (-100.0%), from €53,455 to €0
- Receivables within one year -€3,882
down €3,882 (-3.3%), from €118,592 to €114,710
of which Trade receivables: -€5,634
- Tangible fixed assets +€3,791
up €3,791 (+9.8%), from €38,679 to €42,469
of which Furniture and vehicles: +€6,371
- Deferred charges and accrued income +€2,834
up €2,834 (+85.5%), from €3,316 to €6,150
- Other debts -€57,922
down €57,922 (-57.1%), from €101,425 to €43,503
- Debts after one year -€48,213
down €48,213 (-34.9%), from €138,217 to €90,004
- Profit (loss) carried forward +€29,453
up €29,453 (+15.7%), from -€188,031 to -€158,578
- Trade debts +€29,224
up €29,224 (+1153.0%), from €2,535 to €31,758
- Tax, wage and social debts -€2,667
down €2,667 (-35.8%), from €7,450 to €4,783
- Gross operating margin -€23,568
down €23,568 (-35.2%), from €66,898 to €43,330
- Other operating charges -€4,748
down €4,748 (-85.1%), from €5,579 to €830
- Financial income +€2,123
up €2,123 (+287.6%), from €738 to €2,862
- Financial charges -€1,401
down €1,401 (-10.1%), from €13,815 to €12,414
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 | €219,157 | €167,795 | -€51,362 | -23.4% |
| Fixed assets | 21/28 | €39,024 | €42,814 | +€3,791 | +9.7% |
| Tangible fixed assets | 22/27 | €38,679 | €42,469 | +€3,791 | +9.8% |
| Land and buildings | 22 | €35,190 | €33,734 | -€1,455 | -4.1% |
| Plant, machinery and equipment | 23 | €612 | €2 | -€609 | -99.6% |
| Furniture and vehicles | 24 | €1,333 | €7,703 | +€6,371 | +478.1% |
| Other tangible fixed assets | 26 | €1,545 | €1,030 | -€515 | -33.3% |
| Financial fixed assets | 28 | €345 | €345 | = | 0.0% |
| Current assets | 29/58 | €180,133 | €124,981 | -€55,153 | -30.6% |
| Amounts receivable after more than one year | 29 | €53,455 | €0 | -€53,455 | -100.0% |
| Other amounts receivable | 291 | €53,455 | €0 | -€53,455 | -100.0% |
| Stocks and contracts in progress | 3 | €1,550 | €1,970 | +€420 | +27.1% |
| Stocks | 30/36 | €1,550 | €1,970 | +€420 | +27.1% |
| Amounts receivable within one year | 40/41 | €118,592 | €114,710 | -€3,882 | -3.3% |
| Trade receivables | 40 | €118,592 | €112,958 | -€5,634 | -4.8% |
| Other amounts receivable | 41 | €0 | €1,752 | +€1,752 | |
| Cash at bank and in hand | 54/58 | €3,221 | €2,150 | -€1,070 | -33.2% |
| Deferred charges and accrued income | 490/1 | €3,316 | €6,150 | +€2,834 | +85.5% |
| Total equity and liabilities | 10/49 | €219,157 | €167,795 | -€51,362 | -23.4% |
| Equity | 10/15 | -€104,571 | -€75,118 | +€29,453 | +28.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €64,860 | €64,860 | = | 0.0% |
| 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 | €63,000 | €63,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€188,031 | -€158,578 | +€29,453 | +15.7% |
| Provisions and deferred taxes | 16 | €69,600 | €69,600 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €69,600 | €69,600 | = | 0.0% |
| Pensions and similar obligations | 160 | €69,600 | €69,600 | = | 0.0% |
| Amounts payable | 17/49 | €254,128 | €173,313 | -€80,815 | -31.8% |
| Amounts payable after more than one year | 17 | €138,217 | €90,004 | -€48,213 | -34.9% |
| Financial debts | 170/4 | €138,217 | €90,004 | -€48,213 | -34.9% |
| Amounts payable within one year | 42/48 | €115,910 | €83,309 | -€32,601 | -28.1% |
| Current portion of amounts payable after more than one year | 42 | €4,500 | €3,265 | -€1,236 | -27.5% |
| Trade debts | 44 | €2,535 | €31,758 | +€29,224 | +1153.0% |
| Suppliers | 440/4 | €2,535 | €31,758 | +€29,224 | +1153.0% |
| Taxes, remuneration and social security | 45 | €7,450 | €4,783 | -€2,667 | -35.8% |
| Taxes | 450/3 | €7,450 | €4,783 | -€2,667 | -35.8% |
| Other amounts payable | 47/48 | €101,425 | €43,503 | -€57,922 | -57.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,089 | €3,495 | +€406 | +13.1% |
| Other operating charges | 640/8 | €5,579 | €830 | -€4,748 | -85.1% |
| Gross operating margin | 9900 | €66,898 | €43,330 | -€23,568 | -35.2% |
| Operating profit (loss) | 9901 | €58,230 | €39,004 | -€19,225 | -33.0% |
| Financial income | 75/76B | €738 | €2,862 | +€2,123 | +287.6% |
| Recurring financial income | 75 | €738 | €2,862 | +€2,123 | +287.6% |
| Financial charges | 65/66B | €13,815 | €12,414 | -€1,401 | -10.1% |
| Recurring financial charges | 65 | €13,815 | €12,414 | -€1,401 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €45,153 | €29,453 | -€15,700 | -34.8% |
| Profit (loss) for the period | 9904 | €45,153 | €29,453 | -€15,700 | -34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €45,153 | €29,453 | -€15,700 | -34.8% |
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 9 October 2026 via checked.be.