IVM CONSULT: 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.
IVM CONSULT
Largest movements
- Receivables after one year -€1.4m
down €1.4m (-94.8%), from €1.4m to €75,000
- Receivables within one year +€436,598
up €436,598 (+152%), from €287,731 to €724,330
of which Other amounts receivable: +€445,190
- Current investments -€350,000
no longer reported in 2025 (was €350,000)
- Cash +€239,724
up €239,724 (+242%), from €99,112 to €338,836
mainly Receivables after one year (+€1.4m) and Current investments (+€350,000)
- Deferred charges and accrued income -€108,469
down €108,469 (-31.7%), from €341,697 to €233,228
- Debts after one year -€1.3m
down €1.3m (-35.5%), from €3.5m to €2.3m
- Gross operating margin +€42,804
up €42,804 (+233%), from €18,357 to €61,162
- Financial income -€14,410
down €14,410 (-13.2%), from €109,446 to €95,037
- Other operating charges +€4,676
up €4,676 (+39.1%), from €11,972 to €16,648
- Taxes -€1,659
down €1,659 (-27.7%), from €5,987 to €4,328
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 | €4,126,417 | €2,867,566 | -€1.3m | -30.5% |
| Fixed assets | 21/28 | €1,602,876 | €1,496,172 | -€106,705 | -6.7% |
| Intangible fixed assets | 21 | €209,639 | €154,036 | -€55,604 | -26.5% |
| Tangible fixed assets | 22/27 | €1,392,132 | €1,341,031 | -€51,101 | -3.7% |
| Land and buildings | 22 | €1,332,870 | €1,269,211 | -€63,659 | -4.8% |
| Furniture and vehicles | 24 | €54,815 | €59,790 | +€4,976 | +9.1% |
| Other tangible fixed assets | 26 | €4,447 | €12,030 | +€7,582 | +170% |
| Financial fixed assets | 28 | €1,105 | €1,105 | = | 0.0% |
| Current assets | 29/58 | €2,523,541 | €1,371,394 | -€1.2m | -45.7% |
| Amounts receivable after more than one year | 29 | €1,445,000 | €75,000 | -€1.4m | -94.8% |
| Other amounts receivable | 291 | €1,445,000 | €75,000 | -€1.4m | -94.8% |
| Amounts receivable within one year | 40/41 | €287,731 | €724,330 | +€436,598 | +152% |
| Trade receivables | 40 | €25,367 | €16,775 | -€8,592 | -33.9% |
| Other amounts receivable | 41 | €262,364 | €707,555 | +€445,190 | +170% |
| Current investments | 50/53 | €350,000 | - | -€350,000 | |
| Cash at bank and in hand | 54/58 | €99,112 | €338,836 | +€239,724 | +242% |
| Deferred charges and accrued income | 490/1 | €341,697 | €233,228 | -€108,469 | -31.7% |
| Total equity and liabilities | 10/49 | €4,126,417 | €2,867,566 | -€1.3m | -30.5% |
| Equity | 10/15 | €589,989 | €581,256 | -€8,733 | -1.5% |
| Contributions | 10/11 | €375,000 | €375,000 | = | 0.0% |
| Reserves | 13 | €236,907 | €236,907 | = | 0.0% |
| Tax-exempt reserves | 132 | €147,350 | €147,350 | = | 0.0% |
| Distributable reserves | 133 | €89,557 | €89,557 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,918 | -€30,651 | -€8,733 | -39.8% |
| Amounts payable | 17/49 | €3,536,428 | €2,286,309 | -€1.3m | -35.3% |
| Amounts payable after more than one year | 17 | €3,520,193 | €2,270,193 | -€1.3m | -35.5% |
| Other amounts payable | 178/9 | €3,520,193 | €2,270,193 | -€1.3m | -35.5% |
| Amounts payable within one year | 42/48 | €16,235 | €16,117 | -€119 | -0.7% |
| Trade debts | 44 | €5,491 | €1,689 | -€3,801 | -69.2% |
| Suppliers | 440/4 | €5,491 | €1,689 | -€3,801 | -69.2% |
| Taxes, remuneration and social security | 45 | €10,745 | €14,427 | +€3,683 | +34.3% |
| Taxes | 450/3 | €10,745 | €14,427 | +€3,683 | +34.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,945 | €143,922 | -€23 | 0.0% |
| Other operating charges | 640/8 | €11,972 | €16,648 | +€4,676 | +39.1% |
| Gross operating margin | 9900 | €18,357 | €61,162 | +€42,804 | +233% |
| Operating profit (loss) | 9901 | -€137,560 | -€99,409 | +€38,151 | +27.7% |
| Financial income | 75/76B | €109,446 | €95,037 | -€14,410 | -13.2% |
| Recurring financial income | 75 | €109,446 | €95,037 | -€14,410 | -13.2% |
| Financial charges | 65/66B | €185 | €33 | -€152 | -82.2% |
| Recurring financial charges | 65 | €185 | €33 | -€152 | -82.2% |
| Profit (loss) for the period before taxes | 9903 | -€28,298 | -€4,405 | +€23,893 | +84.4% |
| Income taxes | 67/77 | €5,987 | €4,328 | -€1,659 | -27.7% |
| Profit (loss) for the period | 9904 | -€34,285 | -€8,733 | +€25,552 | +74.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,285 | -€8,733 | +€25,552 | +74.5% |
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 26 October 2026 via checked.be.