IWV INVEST: 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.
IWV INVEST
Largest movements
- Receivables within one year +€4.9m
up €4.9m (+9,494%), from €51,250 to €4.9m
- Stocks and contracts +€1.6m
up €1.6m (+8.7%), from €18.0m to €19.6m
- Tangible fixed assets +€767,500
new in 2025: €767,500
- Short-term financial debts +€5.8m
up €5.8m (+37.7%), from €15.4m to €21.2m
- Trade debts +€1.6m
up €1.6m (+1,800,763%), from €88 to €1.6m
- Other debts -€316,446
down €316,446 (-12.1%), from €2.6m to €2.3m
- Gross operating margin +€758,421
up €758,421 (+1,958%), from €38,726 to €797,147
- Financial charges +€698,271
up €698,271 (+3,447%), from €20,260 to €718,531
- Other operating charges +€51,375
up €51,375 (+993%), from €5,174 to €56,549
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 | €18,054,651 | €25,269,658 | +€7.2m | +40.0% |
| Fixed assets | 21/28 | - | €767,500 | +€767,500 | |
| Tangible fixed assets | 22/27 | - | €767,500 | +€767,500 | |
| Land and buildings | 22 | - | €767,500 | +€767,500 | |
| Current assets | 29/58 | €18,054,651 | €24,502,158 | +€6.4m | +35.7% |
| Stocks and contracts in progress | 3 | €17,993,923 | €19,564,315 | +€1.6m | +8.7% |
| Stocks | 30/36 | €17,993,923 | €19,564,315 | +€1.6m | +8.7% |
| Amounts receivable within one year | 40/41 | €51,250 | €4,917,000 | +€4.9m | +9,494% |
| Trade receivables | 40 | €51,250 | €4,917,000 | +€4.9m | +9,494% |
| Cash at bank and in hand | 54/58 | €9,478 | €18,258 | +€8,780 | +92.6% |
| Deferred charges and accrued income | 490/1 | - | €2,586 | +€2,586 | |
| Total equity and liabilities | 10/49 | €18,054,651 | €25,269,658 | +€7.2m | +40.0% |
| Equity | 10/15 | €15,924 | €26,604 | +€10,680 | +67.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,724 | €20,404 | +€10,680 | +110% |
| Amounts payable | 17/49 | €18,038,727 | €25,243,055 | +€7.2m | +39.9% |
| Amounts payable within one year | 42/48 | €18,037,407 | €25,111,341 | +€7.1m | +39.2% |
| Financial debts | 43 | €15,419,621 | €21,226,144 | +€5.8m | +37.7% |
| Credit institutions | 430/8 | €15,419,621 | €21,226,144 | +€5.8m | +37.7% |
| Trade debts | 44 | €88 | €1,583,679 | +€1.6m | +1,800,763% |
| Suppliers | 440/4 | €88 | €1,583,679 | +€1.6m | +1,800,763% |
| Taxes, remuneration and social security | 45 | €3,622 | €3,888 | +€265 | +7.3% |
| Taxes | 450/3 | €3,622 | €3,888 | +€265 | +7.3% |
| Other amounts payable | 47/48 | €2,614,076 | €2,297,630 | -€316,446 | -12.1% |
| Accrued charges and deferred income | 492/3 | €1,320 | €131,714 | +€130,394 | +9,878% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €7,500 | +€7,500 | |
| Other operating charges | 640/8 | €5,174 | €56,549 | +€51,375 | +993% |
| Gross operating margin | 9900 | €38,726 | €797,147 | +€758,421 | +1,958% |
| Operating profit (loss) | 9901 | €33,552 | €733,098 | +€699,546 | +2,085% |
| Financial charges | 65/66B | €20,260 | €718,531 | +€698,271 | +3,447% |
| Recurring financial charges | 65 | €20,260 | €718,531 | +€698,271 | +3,447% |
| Profit (loss) for the period before taxes | 9903 | €13,292 | €14,567 | +€1,275 | +9.6% |
| Income taxes | 67/77 | €3,622 | €3,888 | +€265 | +7.3% |
| Profit (loss) for the period | 9904 | €9,670 | €10,680 | +€1,009 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €9,670 | €10,680 | +€1,009 | +10.4% |
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 30 October 2026 via checked.be.