IVT: 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.
IVT
Largest movements
- Current investments -€53,115
down €53,115 (-74.6%), from €71,187 to €18,071
- Cash +€28,572
up €28,572 (+300.5%), from €9,509 to €38,081
mainly Current investments (+€53,115) and Depreciation (+€19,280)
- Tangible fixed assets -€5,748
down €5,748 (-4.0%), from €143,231 to €137,482
of which Land and buildings: -€8,232
- Receivables within one year +€4,222
up €4,222 (+100.8%), from €4,188 to €8,410
of which Trade receivables: +€3,440
- Other debts -€10,221
down €10,221 (-26.7%), from €38,275 to €28,054
- Debts after one year -€10,000
down €10,000 (-7.7%), from €129,166 to €119,166
- Reserves -€7,213
down €7,213 (-14.7%), from €49,134 to €41,921
- Current portion of long-term debt -€4,431
down €4,431 (-30.7%), from €14,431 to €10,000
- Trade debts +€3,155
up €3,155 (+567.7%), from €556 to €3,710
- Gross operating margin -€10,523
down €10,523 (-25.9%), from €40,559 to €30,036
- Taxes -€2,835
down €2,835 (-66.0%), from €4,297 to €1,463
- Financial charges +€1,916
up €1,916 (+24.0%), from €7,979 to €9,894
- Financial income +€986
up €986 (+36.8%), from €2,679 to €3,665
- Depreciation -€418
down €418 (-2.1%), from €19,698 to €19,280
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 | €249,282 | €221,705 | -€27,577 | -11.1% |
| Fixed assets | 21/28 | €143,481 | €137,732 | -€5,748 | -4.0% |
| Tangible fixed assets | 22/27 | €143,231 | €137,482 | -€5,748 | -4.0% |
| Land and buildings | 22 | €126,769 | €118,537 | -€8,232 | -6.5% |
| Plant, machinery and equipment | 23 | €12,107 | €18,945 | +€6,838 | +56.5% |
| Furniture and vehicles | 24 | €4,354 | - | -€4,354 | |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €105,801 | €83,973 | -€21,829 | -20.6% |
| Stocks and contracts in progress | 3 | €20,917 | €19,410 | -€1,507 | -7.2% |
| Stocks | 30/36 | €977 | €1,830 | +€853 | +87.3% |
| Contracts in progress | 37 | €19,940 | €17,580 | -€2,360 | -11.8% |
| Amounts receivable within one year | 40/41 | €4,188 | €8,410 | +€4,222 | +100.8% |
| Trade receivables | 40 | €2,938 | €6,379 | +€3,440 | +117.1% |
| Other amounts receivable | 41 | €1,250 | €2,031 | +€781 | +62.5% |
| Current investments | 50/53 | €71,187 | €18,071 | -€53,115 | -74.6% |
| Cash at bank and in hand | 54/58 | €9,509 | €38,081 | +€28,572 | +300.5% |
| Total equity and liabilities | 10/49 | €249,282 | €221,705 | -€27,577 | -11.1% |
| Equity | 10/15 | €65,847 | €58,634 | -€7,213 | -11.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €49,134 | €41,921 | -€7,213 | -14.7% |
| Distributable reserves | 133 | €49,134 | €41,921 | -€7,213 | -14.7% |
| Profit (loss) carried forward | 14 | €10,513 | €10,513 | = | 0.0% |
| Amounts payable | 17/49 | €183,435 | €163,071 | -€20,364 | -11.1% |
| Amounts payable after more than one year | 17 | €129,166 | €119,166 | -€10,000 | -7.7% |
| Financial debts | 170/4 | €129,166 | €119,166 | -€10,000 | -7.7% |
| Amounts payable within one year | 42/48 | €54,269 | €43,905 | -€10,364 | -19.1% |
| Current portion of amounts payable after more than one year | 42 | €14,431 | €10,000 | -€4,431 | -30.7% |
| Trade debts | 44 | €556 | €3,710 | +€3,155 | +567.7% |
| Suppliers | 440/4 | €556 | €3,710 | +€3,155 | +567.7% |
| Taxes, remuneration and social security | 45 | €1,007 | €2,141 | +€1,133 | +112.5% |
| Taxes | 450/3 | €1,007 | €2,141 | +€1,133 | +112.5% |
| Other amounts payable | 47/48 | €38,275 | €28,054 | -€10,221 | -26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,698 | €19,280 | -€418 | -2.1% |
| Other operating charges | 640/8 | €1,675 | €1,965 | +€290 | +17.3% |
| Gross operating margin | 9900 | €40,559 | €30,036 | -€10,523 | -25.9% |
| Operating profit (loss) | 9901 | €19,186 | €8,792 | -€10,394 | -54.2% |
| Financial income | 75/76B | €2,679 | €3,665 | +€986 | +36.8% |
| Recurring financial income | 75 | €2,679 | €3,665 | +€986 | +36.8% |
| Financial charges | 65/66B | €7,979 | €9,894 | +€1,916 | +24.0% |
| Recurring financial charges | 65 | €7,979 | €9,894 | +€1,916 | +24.0% |
| Profit (loss) for the period before taxes | 9903 | €13,886 | €2,562 | -€11,324 | -81.6% |
| Income taxes | 67/77 | €4,297 | €1,463 | -€2,835 | -66.0% |
| Profit (loss) for the period | 9904 | €9,588 | €1,099 | -€8,489 | -88.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,588 | €1,099 | -€8,489 | -88.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.