IVO: 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.
IVO
Largest movements
- Cash +€9,362
up €9,362 (+69.7%), from €13,430 to €22,792
mainly Net result for the year (+€60,348) and Debts after one year (+€22,034)
- Deferred charges and accrued income +€5,979
up €5,979 (+22.0%), from €27,180 to €33,159
- Receivables within one year -€4,454
down €4,454 (-9.9%), from €44,852 to €40,398
of which Trade receivables: -€12,612
- Reserves +€54,348
up €54,348 (+96.3%), from €56,447 to €110,796
- Trade debts -€45,614
down €45,614 (-100%), from €45,614 to €0
- Tax, wage and social debts -€23,803
down €23,803 (-49.1%), from €48,437 to €24,634
of which Remuneration and social security: -€35,871
- Debts after one year +€22,034
up €22,034 (+16.7%), from €132,093 to €154,127
- Staff costs -€199,948
down €199,948 (-71.5%), from €279,580 to €79,632
- Gross operating margin -€156,423
down €156,423 (-43.4%), from €360,275 to €203,852
- Taxes +€22,115
up €22,115 (+303%), from €7,289 to €29,404
- Other operating charges -€16,354
down €16,354 (-85.8%), from €19,050 to €2,696
- Depreciation +€6,681
up €6,681 (+62.2%), from €10,736 to €17,417
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 | €309,260 | €319,323 | +€10,062 | +3.3% |
| Fixed assets | 21/28 | €200,855 | €200,029 | -€827 | -0.4% |
| Tangible fixed assets | 22/27 | €200,855 | €200,029 | -€827 | -0.4% |
| Land and buildings | 22 | €182,611 | €186,230 | +€3,619 | +2.0% |
| Furniture and vehicles | 24 | €18,244 | €13,799 | -€4,445 | -24.4% |
| Current assets | 29/58 | €108,405 | €119,294 | +€10,889 | +10.0% |
| Amounts receivable after more than one year | 29 | €22,607 | €22,607 | = | 0.0% |
| Trade receivables | 290 | €22,607 | €22,607 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €44,852 | €40,398 | -€4,454 | -9.9% |
| Trade receivables | 40 | €18,921 | €6,309 | -€12,612 | -66.7% |
| Other amounts receivable | 41 | €25,931 | €34,089 | +€8,157 | +31.5% |
| Current investments | 50/53 | €336 | €339 | +€3 | +0.9% |
| Cash at bank and in hand | 54/58 | €13,430 | €22,792 | +€9,362 | +69.7% |
| Deferred charges and accrued income | 490/1 | €27,180 | €33,159 | +€5,979 | +22.0% |
| Total equity and liabilities | 10/49 | €309,260 | €319,323 | +€10,062 | +3.3% |
| Equity | 10/15 | €57,447 | €111,796 | +€54,348 | +94.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €56,447 | €110,796 | +€54,348 | +96.3% |
| Distributable reserves | 133 | €56,447 | €110,796 | +€54,348 | +96.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €251,813 | €207,527 | -€44,286 | -17.6% |
| Amounts payable after more than one year | 17 | €132,093 | €154,127 | +€22,034 | +16.7% |
| Financial debts | 170/4 | €132,093 | €154,127 | +€22,034 | +16.7% |
| Amounts payable within one year | 42/48 | €119,720 | €53,400 | -€66,320 | -55.4% |
| Current portion of amounts payable after more than one year | 42 | €9,369 | €9,728 | +€359 | +3.8% |
| Trade debts | 44 | €45,614 | €0 | -€45,614 | -100% |
| Suppliers | 440/4 | €45,614 | €0 | -€45,614 | -100% |
| Taxes, remuneration and social security | 45 | €48,437 | €24,634 | -€23,803 | -49.1% |
| Taxes | 450/3 | €8,844 | €20,912 | +€12,068 | +136% |
| Remuneration and social security | 454/9 | €39,593 | €3,722 | -€35,871 | -90.6% |
| Other amounts payable | 47/48 | €16,300 | €19,039 | +€2,739 | +16.8% |
| Non-recurring operating income | 76A | €0 | €664 | +€664 | |
| Remuneration, social security and pensions | 62 | €279,580 | €79,632 | -€199,948 | -71.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,736 | €17,417 | +€6,681 | +62.2% |
| Other operating charges | 640/8 | €19,050 | €2,696 | -€16,354 | -85.8% |
| Non-recurring operating charges | 66A | €0 | €7,535 | +€7,535 | |
| Gross operating margin | 9900 | €360,275 | €203,852 | -€156,423 | -43.4% |
| Operating profit (loss) | 9901 | €50,909 | €96,571 | +€45,662 | +89.7% |
| Financial income | 75/76B | €38 | €1,539 | +€1,502 | +4,004% |
| Recurring financial income | 75 | €38 | €1,539 | +€1,502 | +4,004% |
| Financial charges | 65/66B | €7,661 | €8,358 | +€698 | +9.1% |
| Recurring financial charges | 65 | €7,661 | €8,358 | +€698 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | €43,286 | €89,752 | +€46,466 | +107% |
| Income taxes | 67/77 | €7,289 | €29,404 | +€22,115 | +303% |
| Profit (loss) for the period | 9904 | €35,997 | €60,348 | +€24,351 | +67.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,997 | €60,348 | +€24,351 | +67.6% |
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 21 October 2026 via checked.be.