IVICO: 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.
IVICO
Largest movements
- Receivables within one year +€168,685
up €168,685 (+312.9%), from €53,910 to €222,595
of which Other amounts receivable: +€119,702
- Tangible fixed assets -€94,275
down €94,275 (-5.3%), from €1.8m to €1.7m
of which Land and buildings: -€86,698
- Cash -€33,469
down €33,469 (-39.5%), from €84,663 to €51,194
mainly Receivables within one year (-€168,685) and Debts after one year (-€33,017)
- Debts after one year -€33,017
down €33,017 (-2.2%), from €1.5m to €1.5m
of which Financial debts: -€90,374
- Trade debts +€30,031
up €30,031 (+35.5%), from €84,560 to €114,591
- Tax, wage and social debts +€27,133
up €27,133 (+2227.5%), from €1,218 to €28,351
- Write-downs +€89,489
new in 2025: €89,489
- Gross operating margin +€7,326
up €7,326 (+3.2%), from €231,367 to €238,693
- Taxes +€2,685
up €2,685 (+895.0%), from €300 to €2,985
- Financial income +€2,426
up €2,426 (+166.1%), from €1,461 to €3,888
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 | €1,923,276 | €1,964,128 | +€40,852 | +2.1% |
| Fixed assets | 21/28 | €1,781,684 | €1,686,745 | -€94,939 | -5.3% |
| Intangible fixed assets | 21 | €4,814 | €4,149 | -€664 | -13.8% |
| Tangible fixed assets | 22/27 | €1,776,353 | €1,682,078 | -€94,275 | -5.3% |
| Land and buildings | 22 | €1,532,521 | €1,445,823 | -€86,698 | -5.7% |
| Plant, machinery and equipment | 23 | €8,956 | €8,092 | -€864 | -9.6% |
| Furniture and vehicles | 24 | €24,876 | €18,163 | -€6,713 | -27.0% |
| Other tangible fixed assets | 26 | €210,000 | €210,000 | = | 0.0% |
| Financial fixed assets | 28 | €518 | €518 | = | 0.0% |
| Current assets | 29/58 | €141,592 | €277,383 | +€135,791 | +95.9% |
| Amounts receivable within one year | 40/41 | €53,910 | €222,595 | +€168,685 | +312.9% |
| Trade receivables | 40 | €53,910 | €102,893 | +€48,983 | +90.9% |
| Other amounts receivable | 41 | - | €119,702 | +€119,702 | |
| Cash at bank and in hand | 54/58 | €84,663 | €51,194 | -€33,469 | -39.5% |
| Deferred charges and accrued income | 490/1 | €3,019 | €3,595 | +€576 | +19.1% |
| Total equity and liabilities | 10/49 | €1,923,276 | €1,964,128 | +€40,852 | +2.1% |
| Equity | 10/15 | €96,630 | €111,210 | +€14,580 | +15.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €259,830 | €256,651 | -€3,178 | -1.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €257,970 | €254,791 | -€3,178 | -1.2% |
| Profit (loss) carried forward | 14 | -€212,452 | -€193,378 | +€19,074 | +9.0% |
| Investment grants | 15 | €36,852 | €35,536 | -€1,316 | -3.6% |
| Provisions and deferred taxes | 16 | €132,842 | €131,209 | -€1,633 | -1.2% |
| Deferred taxes | 168 | €132,842 | €131,209 | -€1,633 | -1.2% |
| Amounts payable | 17/49 | €1,693,805 | €1,721,709 | +€27,905 | +1.6% |
| Amounts payable after more than one year | 17 | €1,521,275 | €1,488,258 | -€33,017 | -2.2% |
| Financial debts | 170/4 | €1,132,660 | €1,042,286 | -€90,374 | -8.0% |
| Other amounts payable | 178/9 | €388,615 | €445,972 | +€57,357 | +14.8% |
| Amounts payable within one year | 42/48 | €172,530 | €233,451 | +€60,922 | +35.3% |
| Current portion of amounts payable after more than one year | 42 | €86,752 | €90,374 | +€3,622 | +4.2% |
| Trade debts | 44 | €84,560 | €114,591 | +€30,031 | +35.5% |
| Suppliers | 440/4 | €84,560 | €114,591 | +€30,031 | +35.5% |
| Taxes, remuneration and social security | 45 | €1,218 | €28,351 | +€27,133 | +2227.5% |
| Taxes | 450/3 | €1,218 | €28,351 | +€27,133 | +2227.5% |
| Other amounts payable | 47/48 | - | €136 | +€136 | |
| Non-recurring operating income | 76A | €6,409 | €50,000 | +€43,591 | +680.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,182 | €104,565 | +€383 | +0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €89,489 | +€89,489 | |
| Other operating charges | 640/8 | €6,823 | €6,109 | -€714 | -10.5% |
| Non-recurring operating charges | 66A | €530 | €229 | -€301 | -56.8% |
| Gross operating margin | 9900 | €231,367 | €238,693 | +€7,326 | +3.2% |
| Operating profit (loss) | 9901 | €119,832 | €38,302 | -€81,530 | -68.0% |
| Financial income | 75/76B | €1,461 | €3,888 | +€2,426 | +166.1% |
| Recurring financial income | 75 | €1,461 | €3,888 | +€2,426 | +166.1% |
| Financial charges | 65/66B | €27,099 | €24,941 | -€2,158 | -8.0% |
| Recurring financial charges | 65 | €27,099 | €24,941 | -€2,158 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €94,194 | €17,249 | -€76,946 | -81.7% |
| Transfer from deferred taxes | 780 | €1,633 | €1,633 | = | 0.0% |
| Income taxes | 67/77 | €300 | €2,985 | +€2,685 | +895.0% |
| Profit (loss) for the period | 9904 | €95,527 | €15,896 | -€79,631 | -83.4% |
| Transfer from tax-exempt reserves | 789 | €3,178 | €3,178 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €98,705 | €19,074 | -€79,631 | -80.7% |
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 30 September 2026 via checked.be.