IVOW: 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.
IVOW
Largest movements
- Tangible fixed assets -€7,099
down €7,099 (-55.6%), from €12,773 to €5,674
of which Leasing and similar rights: -€11,127
- Receivables within one year +€4,939
up €4,939 (+75.4%), from €6,554 to €11,493
of which Trade receivables: +€4,918
- Cash -€4,823
down €4,823 (-6.6%), from €73,445 to €68,622
mainly Contributions, distributions and other (-€84,530) and Current portion of long-term debt (-€5,407)
- Reserves -€63,375
down €63,375 (-86.4%), from €73,375 to €10,000
- Other debts +€57,540
up €57,540 (+528%), from €10,899 to €68,439
- Current portion of long-term debt -€5,407
down €5,407 (-100%), from €5,407 to €0
- Tax, wage and social debts +€4,153
up €4,153 (+234%), from €1,776 to €5,928
- Gross operating margin +€3,595
up €3,595 (+10.2%), from €35,169 to €38,764
- Taxes +€675
up €675 (+10.5%), from €6,405 to €7,080
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 | €94,025 | €86,612 | -€7,413 | -7.9% |
| Fixed assets | 21/28 | €12,773 | €5,674 | -€7,099 | -55.6% |
| Tangible fixed assets | 22/27 | €12,773 | €5,674 | -€7,099 | -55.6% |
| Plant, machinery and equipment | 23 | €567 | €0 | -€567 | -100% |
| Furniture and vehicles | 24 | €1,079 | €5,674 | +€4,596 | +426% |
| Leasing and similar rights | 25 | €11,127 | €0 | -€11,127 | -100% |
| Current assets | 29/58 | €81,252 | €80,938 | -€314 | -0.4% |
| Amounts receivable within one year | 40/41 | €6,554 | €11,493 | +€4,939 | +75.4% |
| Trade receivables | 40 | €6,554 | €11,472 | +€4,918 | +75.0% |
| Other amounts receivable | 41 | €0 | €21 | +€21 | |
| Current investments | 50/53 | €100 | €100 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €73,445 | €68,622 | -€4,823 | -6.6% |
| Deferred charges and accrued income | 490/1 | €1,153 | €723 | -€431 | -37.3% |
| Total equity and liabilities | 10/49 | €94,025 | €86,612 | -€7,413 | -7.9% |
| Equity | 10/15 | €74,875 | €11,500 | -€63,375 | -84.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €73,375 | €10,000 | -€63,375 | -86.4% |
| Distributable reserves | 133 | €73,375 | €10,000 | -€63,375 | -86.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €19,150 | €75,112 | +€55,962 | +292% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €19,150 | €75,112 | +€55,962 | +292% |
| Current portion of amounts payable after more than one year | 42 | €5,407 | €0 | -€5,407 | -100% |
| Financial debts | 43 | €178 | €396 | +€218 | +123% |
| Credit institutions | 430/8 | €178 | €396 | +€218 | +123% |
| Trade debts | 44 | €891 | €350 | -€541 | -60.8% |
| Suppliers | 440/4 | €891 | €350 | -€541 | -60.8% |
| Taxes, remuneration and social security | 45 | €1,776 | €5,928 | +€4,153 | +234% |
| Taxes | 450/3 | €1,776 | €5,928 | +€4,153 | +234% |
| Other amounts payable | 47/48 | €10,899 | €68,439 | +€57,540 | +528% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,655 | €8,420 | -€235 | -2.7% |
| Other operating charges | 640/8 | €2,101 | €2,016 | -€85 | -4.0% |
| Gross operating margin | 9900 | €35,169 | €38,764 | +€3,595 | +10.2% |
| Operating profit (loss) | 9901 | €24,413 | €28,328 | +€3,916 | +16.0% |
| Financial income | 75/76B | €3 | €12 | +€10 | +365% |
| Recurring financial income | 75 | €3 | €12 | +€10 | +365% |
| Financial charges | 65/66B | €216 | €106 | -€110 | -51.0% |
| Recurring financial charges | 65 | €216 | €106 | -€110 | -51.0% |
| Profit (loss) for the period before taxes | 9903 | €24,199 | €28,235 | +€4,035 | +16.7% |
| Income taxes | 67/77 | €6,405 | €7,080 | +€675 | +10.5% |
| Profit (loss) for the period | 9904 | €17,794 | €21,155 | +€3,361 | +18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,794 | €21,155 | +€3,361 | +18.9% |
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 19 October 2026 via checked.be.