IW: what changed
Two fiscal 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.
IW
Largest movements
- Receivables within one year -€101,273
down €101,273 (-13.0%), from €777,501 to €676,228
of which Other amounts receivable: -€73,987
- Tangible fixed assets -€10,374
down €10,374 (-26.5%), from €39,142 to €28,768
of which Plant, machinery and equipment: -€9,912
- Other debts -€168,327
no longer reported in 2025 (was €168,327)
- Reserves +€122,000
up €122,000 (+58.1%), from €209,860 to €331,860
of which Distributable reserves: +€122,000
- Trade debts -€56,131
down €56,131 (-26.4%), from €212,343 to €156,212
- Tax, wage and social debts -€13,054
down €13,054 (-6.1%), from €215,249 to €202,195
of which Taxes: -€10,705
- Turnover -€156,413
down €156,413 (-5.9%), from €2.6m to €2.5m
- Gross operating margin -€114,640
down €114,640 (-5.9%), from €2.0m to €1.8m
- Staff costs -€77,951
down €77,951 (-4.6%), from €1.7m to €1.6m
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 | €868,296 | €753,095 | -€115,201 | -13.3% |
| Fixed assets | 21/28 | €52,158 | €41,784 | -€10,374 | -19.9% |
| Tangible fixed assets | 22/27 | €39,142 | €28,768 | -€10,374 | -26.5% |
| Plant, machinery and equipment | 23 | €37,067 | €27,155 | -€9,912 | -26.7% |
| Furniture and vehicles | 24 | €2,075 | €1,613 | -€462 | -22.3% |
| Financial fixed assets | 28 | €13,016 | €13,016 | = | 0.0% |
| Current assets | 29/58 | €816,138 | €711,311 | -€104,827 | -12.8% |
| Amounts receivable within one year | 40/41 | €777,501 | €676,228 | -€101,273 | -13.0% |
| Trade receivables | 40 | €386,485 | €359,199 | -€27,286 | -7.1% |
| Other amounts receivable | 41 | €391,016 | €317,029 | -€73,987 | -18.9% |
| Cash at bank and in hand | 54/58 | €9,519 | €9,738 | +€218 | +2.3% |
| Deferred charges and accrued income | 490/1 | €29,118 | €25,345 | -€3,773 | -13.0% |
| Total equity and liabilities | 10/49 | €868,296 | €753,095 | -€115,201 | -13.3% |
| Equity | 10/15 | €272,377 | €394,688 | +€122,311 | +44.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €209,860 | €331,860 | +€122,000 | +58.1% |
| Non-distributable reserves | 130/1 | €6,260 | €6,260 | = | 0.0% |
| Legal reserve | 130 | €6,260 | €6,260 | = | 0.0% |
| Distributable reserves | 133 | €203,600 | €325,600 | +€122,000 | +59.9% |
| Profit (loss) carried forward | 14 | €517 | €828 | +€311 | +60.1% |
| Amounts payable | 17/49 | €595,919 | €358,407 | -€237,512 | -39.9% |
| Amounts payable within one year | 42/48 | €595,919 | €358,407 | -€237,512 | -39.9% |
| Trade debts | 44 | €212,343 | €156,212 | -€56,131 | -26.4% |
| Suppliers | 440/4 | €212,343 | €156,212 | -€56,131 | -26.4% |
| Taxes, remuneration and social security | 45 | €215,249 | €202,195 | -€13,054 | -6.1% |
| Taxes | 450/3 | €39,502 | €28,797 | -€10,705 | -27.1% |
| Remuneration and social security | 454/9 | €175,748 | €173,398 | -€2,350 | -1.3% |
| Other amounts payable | 47/48 | €168,327 | - | -€168,327 | |
| Turnover | 70 | €2,649,062 | €2,492,649 | -€156,413 | -5.9% |
| Non-recurring operating income | 76A | €181 | €145 | -€36 | -19.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €731,362 | €705,164 | -€26,199 | -3.6% |
| Remuneration, social security and pensions | 62 | €1,676,898 | €1,598,947 | -€77,951 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,391 | €20,147 | -€244 | -1.2% |
| Other operating charges | 640/8 | €10,320 | €10,700 | +€379 | +3.7% |
| Non-recurring operating charges | 66A | €18,995 | €47,938 | +€28,943 | +152.4% |
| Gross operating margin | 9900 | €1,955,297 | €1,840,657 | -€114,640 | -5.9% |
| Operating profit (loss) | 9901 | €228,692 | €162,925 | -€65,767 | -28.8% |
| Financial income | 75/76B | €2,953 | €3,472 | +€519 | +17.6% |
| Recurring financial income | 75 | €2,953 | €3,472 | +€519 | +17.6% |
| Financial charges | 65/66B | €42,939 | €40,519 | -€2,420 | -5.6% |
| Recurring financial charges | 65 | €42,939 | €40,519 | -€2,420 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €188,706 | €125,878 | -€62,828 | -33.3% |
| Income taxes | 67/77 | €4,032 | €3,568 | -€465 | -11.5% |
| Profit (loss) for the period | 9904 | €184,673 | €122,311 | -€62,363 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €184,673 | €122,311 | -€62,363 | -33.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.