IXERAN: 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.
IXERAN
Largest movements
- Tangible fixed assets -€262,629
down €262,629 (-19.5%), from €1.3m to €1.1m
of which Assets under construction and advance payments: -€662,420
- Cash -€216,407
down €216,407 (-59.9%), from €361,105 to €144,698
mainly Short-term financial debts (-€870,000) and Advances received (-€32,003)
- Receivables within one year -€36,099
down €36,099 (-85.3%), from €42,298 to €6,199
of which Trade receivables: -€30,727
- Short-term financial debts -€870,000
no longer reported in 2025 (was €870,000)
- Reserves +€157,900
up €157,900 (+107%), from €147,459 to €305,359
of which Distributable reserves: +€157,900
- Trade debts +€135,215
up €135,215 (+1,190%), from €11,358 to €146,574
- Other debts +€39,191
up €39,191 (+12.6%), from €309,821 to €349,012
- Advances received -€32,003
down €32,003 (-74.6%), from €42,900 to €10,897
- Financial income -€213,294
down €213,294 (-99.5%), from €214,468 to €1,175
of which Non-recurring financial income: -€210,732
- Gross operating margin +€199,122
up €199,122 (+155%), from €128,546 to €327,668
- Staff costs -€57,172
down €57,172 (-81.8%), from €69,875 to €12,702
- Financial charges -€23,870
down €23,870 (-38.0%), from €62,775 to €38,906
- Taxes +€23,267
up €23,267 (+50.6%), from €46,005 to €69,272
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 | €1,749,804 | €1,234,734 | -€515,070 | -29.4% |
| Fixed assets | 21/28 | €1,344,682 | €1,082,053 | -€262,629 | -19.5% |
| Tangible fixed assets | 22/27 | €1,344,682 | €1,082,053 | -€262,629 | -19.5% |
| Land and buildings | 22 | €678,737 | €1,020,779 | +€342,042 | +50.4% |
| Furniture and vehicles | 24 | €3,525 | €61,274 | +€57,749 | +1,638% |
| Assets under construction and advance payments | 27 | €662,420 | - | -€662,420 | |
| Current assets | 29/58 | €405,122 | €152,680 | -€252,441 | -62.3% |
| Amounts receivable within one year | 40/41 | €42,298 | €6,199 | -€36,099 | -85.3% |
| Trade receivables | 40 | €32,937 | €2,210 | -€30,727 | -93.3% |
| Other amounts receivable | 41 | €9,361 | €3,989 | -€5,372 | -57.4% |
| Cash at bank and in hand | 54/58 | €361,105 | €144,698 | -€216,407 | -59.9% |
| Deferred charges and accrued income | 490/1 | €1,719 | €1,784 | +€65 | +3.8% |
| Total equity and liabilities | 10/49 | €1,749,804 | €1,234,734 | -€515,070 | -29.4% |
| Equity | 10/15 | €227,797 | €385,713 | +€157,916 | +69.3% |
| 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 | €147,459 | €305,359 | +€157,900 | +107% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €141,259 | €299,159 | +€157,900 | +112% |
| Profit (loss) carried forward | 14 | €18,338 | €18,354 | +€16 | +0.1% |
| Amounts payable | 17/49 | €1,522,007 | €849,021 | -€672,986 | -44.2% |
| Amounts payable after more than one year | 17 | €234,925 | €256,320 | +€21,394 | +9.1% |
| Financial debts | 170/4 | €234,925 | €256,320 | +€21,394 | +9.1% |
| Amounts payable within one year | 42/48 | €1,276,160 | €578,206 | -€697,953 | -54.7% |
| Current portion of amounts payable after more than one year | 42 | €20,638 | €36,848 | +€16,210 | +78.5% |
| Financial debts | 43 | €870,000 | - | -€870,000 | |
| Credit institutions | 430/8 | €870,000 | - | -€870,000 | |
| Trade debts | 44 | €11,358 | €146,574 | +€135,215 | +1,190% |
| Suppliers | 440/4 | €11,358 | €146,574 | +€135,215 | +1,190% |
| Advances received on contracts in progress | 46 | €42,900 | €10,897 | -€32,003 | -74.6% |
| Taxes, remuneration and social security | 45 | €21,443 | €34,876 | +€13,433 | +62.6% |
| Taxes | 450/3 | €16,444 | €28,434 | +€11,990 | +72.9% |
| Remuneration and social security | 454/9 | €4,999 | €6,442 | +€1,443 | +28.9% |
| Other amounts payable | 47/48 | €309,821 | €349,012 | +€39,191 | +12.6% |
| Accrued charges and deferred income | 492/3 | €10,922 | €14,495 | +€3,573 | +32.7% |
| Non-recurring operating income | 76A | - | €284,748 | +€284,748 | |
| Remuneration, social security and pensions | 62 | €69,875 | €12,702 | -€57,172 | -81.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,918 | €45,627 | +€10,709 | +30.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,470 | -€2,470 | -€4,940 | |
| Other operating charges | 640/8 | €5,143 | €6,867 | +€1,724 | +33.5% |
| Non-recurring operating charges | 66A | €15,314 | €22 | -€15,291 | -99.9% |
| Gross operating margin | 9900 | €128,546 | €327,668 | +€199,122 | +155% |
| Operating profit (loss) | 9901 | €827 | €264,919 | +€264,093 | +31,944% |
| Financial income | 75/76B | €214,468 | €1,175 | -€213,294 | -99.5% |
| Recurring financial income | 75 | €3,736 | €1,175 | -€2,561 | -68.6% |
| Non-recurring financial income | 76B | €210,732 | - | -€210,732 | |
| Financial charges | 65/66B | €62,775 | €38,906 | -€23,870 | -38.0% |
| Recurring financial charges | 65 | €62,775 | €38,906 | -€23,870 | -38.0% |
| Profit (loss) for the period before taxes | 9903 | €152,520 | €227,188 | +€74,669 | +49.0% |
| Income taxes | 67/77 | €46,005 | €69,272 | +€23,267 | +50.6% |
| Profit (loss) for the period | 9904 | €106,514 | €157,916 | +€51,402 | +48.3% |
| Profit (loss) for the period to be appropriated | 9905 | €106,514 | €157,916 | +€51,402 | +48.3% |
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 13 October 2026 via checked.be.