IVLV: 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.
IVLV
Largest movements
- Receivables within one year -€40,406
down €40,406 (-69.2%), from €58,370 to €17,964
of which Trade receivables: -€44,291
- Cash +€19,140
up €19,140 (+35.3%), from €54,173 to €73,312
mainly Receivables within one year (+€40,406) and Depreciation (+€12,177)
- Tangible fixed assets +€13,041
up €13,041 (+19.9%), from €65,491 to €78,532
of which Plant, machinery and equipment: +€10,698
- Deferred charges and accrued income +€7,194
new in 2025: €7,194
- Stocks and contracts -€5,307
down €5,307 (-2.6%), from €204,250 to €198,943
- Tax, wage and social debts +€9,142
up €9,142 (+167.5%), from €5,459 to €14,602
of which Remuneration and social security: +€8,406
- Other debts -€7,955
down €7,955 (-7.8%), from €101,842 to €93,887
- Reserves +€7,729
up €7,729 (+7.6%), from €102,255 to €109,984
of which Distributable reserves: +€7,729
- Debts after one year -€7,008
no longer reported in 2025 (was €7,008)
- Current portion of long-term debt -€6,433
down €6,433 (-47.9%), from €13,441 to €7,008
- Gross operating margin -€80,253
down €80,253 (-34.2%), from €234,372 to €154,118
- Taxes -€4,298
down €4,298 (-81.9%), from €5,247 to €949
- Staff costs +€3,440
up €3,440 (+2.8%), from €124,022 to €127,462
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 | €382,284 | €375,945 | -€6,338 | -1.7% |
| Fixed assets | 21/28 | €65,491 | €78,532 | +€13,041 | +19.9% |
| Tangible fixed assets | 22/27 | €65,491 | €78,532 | +€13,041 | +19.9% |
| Land and buildings | 22 | €20,489 | €19,286 | -€1,203 | -5.9% |
| Plant, machinery and equipment | 23 | €45,002 | €55,700 | +€10,698 | +23.8% |
| Furniture and vehicles | 24 | - | €3,546 | +€3,546 | |
| Current assets | 29/58 | €316,793 | €297,414 | -€19,379 | -6.1% |
| Stocks and contracts in progress | 3 | €204,250 | €198,943 | -€5,307 | -2.6% |
| Stocks | 30/36 | €204,250 | €198,943 | -€5,307 | -2.6% |
| Amounts receivable within one year | 40/41 | €58,370 | €17,964 | -€40,406 | -69.2% |
| Trade receivables | 40 | €57,189 | €12,898 | -€44,291 | -77.4% |
| Other amounts receivable | 41 | €1,181 | €5,066 | +€3,885 | +329.0% |
| Cash at bank and in hand | 54/58 | €54,173 | €73,312 | +€19,140 | +35.3% |
| Deferred charges and accrued income | 490/1 | - | €7,194 | +€7,194 | |
| Total equity and liabilities | 10/49 | €382,284 | €375,945 | -€6,338 | -1.7% |
| Equity | 10/15 | €240,855 | €248,584 | +€7,729 | +3.2% |
| Contributions | 10/11 | €138,600 | €138,600 | = | 0.0% |
| Reserves | 13 | €102,255 | €109,984 | +€7,729 | +7.6% |
| Non-distributable reserves | 130/1 | €13,860 | €13,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €13,860 | €13,860 | = | 0.0% |
| Distributable reserves | 133 | €88,395 | €96,124 | +€7,729 | +8.7% |
| Amounts payable | 17/49 | €141,428 | €127,361 | -€14,067 | -9.9% |
| Amounts payable after more than one year | 17 | €7,008 | - | -€7,008 | |
| Financial debts | 170/4 | €7,008 | - | -€7,008 | |
| Amounts payable within one year | 42/48 | €134,420 | €127,361 | -€7,059 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €13,441 | €7,008 | -€6,433 | -47.9% |
| Trade debts | 44 | €13,678 | €11,865 | -€1,813 | -13.3% |
| Suppliers | 440/4 | €13,678 | €11,865 | -€1,813 | -13.3% |
| Taxes, remuneration and social security | 45 | €5,459 | €14,602 | +€9,142 | +167.5% |
| Taxes | 450/3 | €5,459 | €6,196 | +€737 | +13.5% |
| Remuneration and social security | 454/9 | - | €8,406 | +€8,406 | |
| Other amounts payable | 47/48 | €101,842 | €93,887 | -€7,955 | -7.8% |
| Remuneration, social security and pensions | 62 | €124,022 | €127,462 | +€3,440 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,410 | €12,177 | -€2,233 | -15.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €963 | +€963 | |
| Other operating charges | 640/8 | €3,443 | €3,979 | +€537 | +15.6% |
| Gross operating margin | 9900 | €234,372 | €154,118 | -€80,253 | -34.2% |
| Operating profit (loss) | 9901 | €92,497 | €9,536 | -€82,961 | -89.7% |
| Financial income | 75/76B | - | €296 | +€296 | |
| Recurring financial income | 75 | - | €296 | +€296 | |
| Financial charges | 65/66B | €2,079 | €1,155 | -€924 | -44.4% |
| Recurring financial charges | 65 | €2,079 | €1,155 | -€924 | -44.4% |
| Profit (loss) for the period before taxes | 9903 | €90,418 | €8,678 | -€81,740 | -90.4% |
| Income taxes | 67/77 | €5,247 | €949 | -€4,298 | -81.9% |
| Profit (loss) for the period | 9904 | €85,171 | €7,729 | -€77,443 | -90.9% |
| Profit (loss) for the period to be appropriated | 9905 | €85,171 | €7,729 | -€77,443 | -90.9% |
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 7 October 2026 via checked.be.