IVHERR: what changed
Two fiscal 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.
IVHERR
Largest movements
- Receivables within one year +€49,932
up €49,932 (+24.9%), from €200,558 to €250,491
of which Trade receivables: +€55,252
- Cash +€36,777
up €36,777 (+55.3%), from €66,473 to €103,249
mainly Other debts (+€348,477) and Net result for the year (+€348,079)
- Other debts +€348,477
up €348,477 (+92766.4%), from €376 to €348,853
- Reserves -€265,773
down €265,773 (-100.0%), from €265,773 to €0
- Tax, wage and social debts +€12,450
new in 2025: €12,450
- Debts after one year -€7,762
down €7,762 (-6.0%), from €130,394 to €122,632
- Gross operating margin +€112,279
up €112,279 (+30.9%), from €363,854 to €476,133
- Taxes +€28,642
up €28,642 (+34.1%), from €83,965 to €112,607
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 | €408,874 | €498,363 | +€89,489 | +21.9% |
| Fixed assets | 21/28 | €141,843 | €144,623 | +€2,780 | +2.0% |
| Tangible fixed assets | 22/27 | €141,643 | €144,423 | +€2,780 | +2.0% |
| Land and buildings | 22 | €140,063 | €144,423 | +€4,360 | +3.1% |
| Plant, machinery and equipment | 23 | €1,580 | €0 | -€1,580 | -100.0% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €267,031 | €353,740 | +€86,709 | +32.5% |
| Amounts receivable within one year | 40/41 | €200,558 | €250,491 | +€49,932 | +24.9% |
| Trade receivables | 40 | €185,028 | €240,280 | +€55,252 | +29.9% |
| Other amounts receivable | 41 | €15,531 | €10,211 | -€5,320 | -34.3% |
| Cash at bank and in hand | 54/58 | €66,473 | €103,249 | +€36,777 | +55.3% |
| Total equity and liabilities | 10/49 | €408,874 | €498,363 | +€89,489 | +21.9% |
| Equity | 10/15 | €267,773 | €2,000 | -€265,773 | -99.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €265,773 | €0 | -€265,773 | -100.0% |
| Distributable reserves | 133 | €265,773 | €0 | -€265,773 | -100.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €141,101 | €496,363 | +€355,262 | +251.8% |
| Amounts payable after more than one year | 17 | €130,394 | €122,632 | -€7,762 | -6.0% |
| Financial debts | 170/4 | €130,394 | €122,632 | -€7,762 | -6.0% |
| Amounts payable within one year | 42/48 | €10,707 | €373,731 | +€363,024 | +3390.6% |
| Current portion of amounts payable after more than one year | 42 | €7,452 | €7,762 | +€310 | +4.2% |
| Financial debts | 43 | - | €3,978 | +€3,978 | |
| Credit institutions | 430/8 | - | €3,978 | +€3,978 | |
| Trade debts | 44 | €2,879 | €688 | -€2,191 | -76.1% |
| Suppliers | 440/4 | €2,879 | €688 | -€2,191 | -76.1% |
| Taxes, remuneration and social security | 45 | - | €12,450 | +€12,450 | |
| Taxes | 450/3 | - | €12,450 | +€12,450 | |
| Other amounts payable | 47/48 | €376 | €348,853 | +€348,477 | +92766.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,773 | €7,840 | +€67 | +0.9% |
| Other operating charges | 640/8 | €420 | €1,103 | +€682 | +162.3% |
| Gross operating margin | 9900 | €363,854 | €476,133 | +€112,279 | +30.9% |
| Operating profit (loss) | 9901 | €355,660 | €467,190 | +€111,530 | +31.4% |
| Financial income | 75/76B | €2,146 | €1,055 | -€1,091 | -50.8% |
| Recurring financial income | 75 | €2,146 | €1,055 | -€1,091 | -50.8% |
| Financial charges | 65/66B | €8,561 | €7,559 | -€1,002 | -11.7% |
| Recurring financial charges | 65 | €8,561 | €7,559 | -€1,002 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €349,245 | €460,686 | +€111,441 | +31.9% |
| Income taxes | 67/77 | €83,965 | €112,607 | +€28,642 | +34.1% |
| Profit (loss) for the period | 9904 | €265,281 | €348,079 | +€82,798 | +31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €265,281 | €348,079 | +€82,798 | +31.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.