IVIC: 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.
IVIC
Largest movements
- Tangible fixed assets -€64,426
down €64,426 (-11.9%), from €540,197 to €475,770
of which Other tangible fixed assets: -€40,179
- Receivables within one year -€37,883
down €37,883 (-35.9%), from €105,585 to €67,702
of which Trade receivables: -€37,596
- Cash +€11,855
up €11,855 (+26.8%), from €44,314 to €56,169
mainly Depreciation (+€67,468) and Accrued charges and deferred income (+€56,457)
- Deferred charges and accrued income +€11,027
up €11,027 (+292%), from €3,772 to €14,799
- Debts after one year -€102,039
down €102,039 (-13.3%), from €764,610 to €662,571
of which Financial debts: -€102,039
- Accrued charges and deferred income +€56,457
up €56,457 (+191%), from €29,612 to €86,068
- Profit (loss) carried forward -€32,372
down €32,372 (-233%), from -€13,872 to -€46,243
- Financial charges +€37,890
up €37,890 (+157%), from €24,159 to €62,049
- Gross operating margin -€36,930
down €36,930 (-27.0%), from €137,015 to €100,085
- Financial income +€7,109
up €7,109 (+202%), from €3,511 to €10,620
- Staff costs -€6,421
down €6,421 (-100%), from €6,421 to €0
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 | €1,039,177 | €956,707 | -€82,469 | -7.9% |
| Fixed assets | 21/28 | €735,506 | €668,037 | -€67,468 | -9.2% |
| Intangible fixed assets | 21 | €5,309 | €2,267 | -€3,042 | -57.3% |
| Tangible fixed assets | 22/27 | €540,197 | €475,770 | -€64,426 | -11.9% |
| Plant, machinery and equipment | 23 | €41,359 | €17,500 | -€23,859 | -57.7% |
| Furniture and vehicles | 24 | €1,118 | €729 | -€388 | -34.7% |
| Other tangible fixed assets | 26 | €497,720 | €457,541 | -€40,179 | -8.1% |
| Financial fixed assets | 28 | €190,000 | €190,000 | = | 0.0% |
| Current assets | 29/58 | €303,671 | €288,670 | -€15,001 | -4.9% |
| Amounts receivable after more than one year | 29 | €150,000 | €150,000 | = | 0.0% |
| Other amounts receivable | 291 | €150,000 | €150,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €105,585 | €67,702 | -€37,883 | -35.9% |
| Trade receivables | 40 | €105,175 | €67,579 | -€37,596 | -35.7% |
| Other amounts receivable | 41 | €410 | €123 | -€287 | -70.0% |
| Cash at bank and in hand | 54/58 | €44,314 | €56,169 | +€11,855 | +26.8% |
| Deferred charges and accrued income | 490/1 | €3,772 | €14,799 | +€11,027 | +292% |
| Total equity and liabilities | 10/49 | €1,039,177 | €956,707 | -€82,469 | -7.9% |
| Equity | 10/15 | €111,128 | €78,757 | -€32,372 | -29.1% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,872 | -€46,243 | -€32,372 | -233% |
| Amounts payable | 17/49 | €928,048 | €877,951 | -€50,097 | -5.4% |
| Amounts payable after more than one year | 17 | €764,610 | €662,571 | -€102,039 | -13.3% |
| Financial debts | 170/4 | €275,660 | €173,621 | -€102,039 | -37.0% |
| Other amounts payable | 178/9 | €488,950 | €488,950 | = | 0.0% |
| Amounts payable within one year | 42/48 | €133,826 | €129,312 | -€4,515 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €100,470 | €102,039 | +€1,570 | +1.6% |
| Trade debts | 44 | €14,133 | €13,272 | -€861 | -6.1% |
| Suppliers | 440/4 | €14,133 | €13,272 | -€861 | -6.1% |
| Taxes, remuneration and social security | 45 | €17,798 | €12,575 | -€5,223 | -29.3% |
| Taxes | 450/3 | €17,798 | €12,575 | -€5,223 | -29.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,425 | €1,425 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €29,612 | €86,068 | +€56,457 | +191% |
| Remuneration, social security and pensions | 62 | €6,421 | €0 | -€6,421 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,127 | €67,468 | +€341 | +0.5% |
| Other operating charges | 640/8 | €14,149 | €13,461 | -€688 | -4.9% |
| Gross operating margin | 9900 | €137,015 | €100,085 | -€36,930 | -27.0% |
| Operating profit (loss) | 9901 | €49,318 | €19,156 | -€30,162 | -61.2% |
| Financial income | 75/76B | €3,511 | €10,620 | +€7,109 | +202% |
| Recurring financial income | 75 | €3,511 | €10,620 | +€7,109 | +202% |
| Financial charges | 65/66B | €24,159 | €62,049 | +€37,890 | +157% |
| Recurring financial charges | 65 | €24,159 | €62,049 | +€37,890 | +157% |
| Profit (loss) for the period before taxes | 9903 | €28,670 | -€32,273 | -€60,943 | |
| Income taxes | 67/77 | €108 | €99 | -€10 | -8.9% |
| Profit (loss) for the period | 9904 | €28,561 | -€32,372 | -€60,933 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,561 | -€32,372 | -€60,933 |
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 18 October 2026 via checked.be.