IVW cleaning: 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.
IVW cleaning
Largest movements
- Tangible fixed assets -€18,891
down €18,891 (-39.1%), from €48,324 to €29,433
of which Furniture and vehicles: -€15,548
- Receivables within one year +€8,531
up €8,531 (+24.4%), from €34,955 to €43,486
of which Other amounts receivable: +€8,030
- Cash -€1,187
down €1,187 (-65.8%), from €1,805 to €618
mainly Debts after one year (-€9,926) and Receivables within one year (-€8,531)
- Debts after one year -€9,926
down €9,926 (-33.2%), from €29,884 to €19,958
- Current portion of long-term debt -€7,479
down €7,479 (-34.9%), from €21,405 to €13,926
- Reserves +€6,972
up €6,972 (+41.5%), from €16,811 to €23,783
- Profit (loss) carried forward -€3,247
no longer reported in 2025 (was €3,247)
- Tax, wage and social debts +€1,257
up €1,257 (+61.7%), from €2,037 to €3,294
- Gross operating margin -€2,718
down €2,718 (-6.8%), from €39,768 to €37,050
- Taxes +€2,000
up €2,000 (+50.0%), from €4,000 to €6,000
- Staff costs +€1,250
up €1,250 (+55.6%), from €2,250 to €3,500
- Financial charges -€1,243
down €1,243 (-45.0%), from €2,764 to €1,521
- Other operating charges -€994
down €994 (-34.3%), from €2,896 to €1,902
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 | €85,084 | €73,537 | -€11,547 | -13.6% |
| Fixed assets | 21/28 | €48,324 | €29,433 | -€18,891 | -39.1% |
| Tangible fixed assets | 22/27 | €48,324 | €29,433 | -€18,891 | -39.1% |
| Land and buildings | 22 | €25,798 | €21,496 | -€4,302 | -16.7% |
| Plant, machinery and equipment | 23 | €415 | €1,374 | +€959 | +231% |
| Furniture and vehicles | 24 | €22,111 | €6,563 | -€15,548 | -70.3% |
| Current assets | 29/58 | €36,760 | €44,104 | +€7,344 | +20.0% |
| Amounts receivable within one year | 40/41 | €34,955 | €43,486 | +€8,531 | +24.4% |
| Trade receivables | 40 | €17,271 | €17,772 | +€501 | +2.9% |
| Other amounts receivable | 41 | €17,684 | €25,714 | +€8,030 | +45.4% |
| Cash at bank and in hand | 54/58 | €1,805 | €618 | -€1,187 | -65.8% |
| Total equity and liabilities | 10/49 | €85,084 | €73,537 | -€11,547 | -13.6% |
| Equity | 10/15 | €31,758 | €35,483 | +€3,725 | +11.7% |
| Contributions | 10/11 | €11,700 | €11,700 | = | 0.0% |
| Reserves | 13 | €16,811 | €23,783 | +€6,972 | +41.5% |
| Distributable reserves | 133 | €16,811 | €23,783 | +€6,972 | +41.5% |
| Profit (loss) carried forward | 14 | €3,247 | - | -€3,247 | |
| Amounts payable | 17/49 | €53,326 | €38,054 | -€15,272 | -28.6% |
| Amounts payable after more than one year | 17 | €29,884 | €19,958 | -€9,926 | -33.2% |
| Financial debts | 170/4 | €29,884 | €19,958 | -€9,926 | -33.2% |
| Amounts payable within one year | 42/48 | €23,442 | €18,096 | -€5,346 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €21,405 | €13,926 | -€7,479 | -34.9% |
| Financial debts | 43 | - | €876 | +€876 | |
| Credit institutions | 430/8 | - | €876 | +€876 | |
| Taxes, remuneration and social security | 45 | €2,037 | €3,294 | +€1,257 | +61.7% |
| Taxes | 450/3 | €2,037 | €3,294 | +€1,257 | +61.7% |
| Remuneration, social security and pensions | 62 | €2,250 | €3,500 | +€1,250 | +55.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,500 | €20,410 | -€90 | -0.4% |
| Other operating charges | 640/8 | €2,896 | €1,902 | -€994 | -34.3% |
| Gross operating margin | 9900 | €39,768 | €37,050 | -€2,718 | -6.8% |
| Operating profit (loss) | 9901 | €14,122 | €11,238 | -€2,884 | -20.4% |
| Financial income | 75/76B | €54 | €8 | -€46 | -85.2% |
| Recurring financial income | 75 | €54 | €8 | -€46 | -85.2% |
| Financial charges | 65/66B | €2,764 | €1,521 | -€1,243 | -45.0% |
| Recurring financial charges | 65 | €2,764 | €1,521 | -€1,243 | -45.0% |
| Profit (loss) for the period before taxes | 9903 | €11,412 | €9,725 | -€1,687 | -14.8% |
| Income taxes | 67/77 | €4,000 | €6,000 | +€2,000 | +50.0% |
| Profit (loss) for the period | 9904 | €7,412 | €3,725 | -€3,687 | -49.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,412 | €3,725 | -€3,687 | -49.7% |
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 16 October 2026 via checked.be.