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.
IVACO
Largest movements
- Receivables within one year -€135,734
down €135,734 (-19.8%), from €686,723 to €550,988
of which Trade receivables: -€142,459
- Tangible fixed assets -€112,941
down €112,941 (-16.5%), from €684,385 to €571,445
of which Plant, machinery and equipment: -€111,580
- Cash -€52,610
down €52,610 (-37.1%), from €141,747 to €89,137
mainly Net result for the year (-€234,679) and Investment in fixed assets (net) (-€45,810)
- Profit (loss) carried forward -€234,679
down €234,679 (-35.3%), from -€665,631 to -€900,310
- Trade debts -€44,266
down €44,266 (-28.5%), from €155,341 to €111,075
- Debts after one year -€18,173
down €18,173 (-2.9%), from €626,804 to €608,630
- Depreciation -€84,178
down €84,178 (-34.7%), from €242,929 to €158,751
- Gross operating margin -€23,975
down €23,975 (-101.4%), from -€23,643 to -€47,618
- Other operating charges -€5,426
down €5,426 (-43.3%), from €12,540 to €7,114
- Financial charges +€5,156
up €5,156 (+22.8%), from €22,624 to €27,781
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 | €1,529,486 | €1,233,489 | -€295,997 | -19.4% |
| Fixed assets | 21/28 | €696,485 | €583,545 | -€112,941 | -16.2% |
| Tangible fixed assets | 22/27 | €684,385 | €571,445 | -€112,941 | -16.5% |
| Land and buildings | 22 | €287,296 | €283,041 | -€4,255 | -1.5% |
| Plant, machinery and equipment | 23 | €397,089 | €285,510 | -€111,580 | -28.1% |
| Furniture and vehicles | 24 | - | €2,894 | +€2,894 | |
| Financial fixed assets | 28 | €12,100 | €12,100 | = | 0.0% |
| Current assets | 29/58 | €833,001 | €649,945 | -€183,056 | -22.0% |
| Stocks and contracts in progress | 3 | €1,000 | €1,000 | = | 0.0% |
| Stocks | 30/36 | €1,000 | €1,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €686,723 | €550,988 | -€135,734 | -19.8% |
| Trade receivables | 40 | €518,597 | €376,137 | -€142,459 | -27.5% |
| Other amounts receivable | 41 | €168,126 | €174,851 | +€6,725 | +4.0% |
| Cash at bank and in hand | 54/58 | €141,747 | €89,137 | -€52,610 | -37.1% |
| Deferred charges and accrued income | 490/1 | €3,531 | €8,819 | +€5,288 | +149.8% |
| Total equity and liabilities | 10/49 | €1,529,486 | €1,233,489 | -€295,997 | -19.4% |
| Equity | 10/15 | €214,369 | -€20,310 | -€234,679 | |
| Contributions | 10/11 | €810,000 | €810,000 | = | 0.0% |
| Reserves | 13 | €70,000 | €70,000 | = | 0.0% |
| Distributable reserves | 133 | €70,000 | €70,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€665,631 | -€900,310 | -€234,679 | -35.3% |
| Amounts payable | 17/49 | €1,315,117 | €1,253,800 | -€61,317 | -4.7% |
| Amounts payable after more than one year | 17 | €626,804 | €608,630 | -€18,173 | -2.9% |
| Financial debts | 170/4 | €626,804 | €608,630 | -€18,173 | -2.9% |
| Amounts payable within one year | 42/48 | €688,313 | €645,169 | -€43,144 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €37,000 | €37,000 | = | 0.0% |
| Trade debts | 44 | €155,341 | €111,075 | -€44,266 | -28.5% |
| Suppliers | 440/4 | €155,341 | €111,075 | -€44,266 | -28.5% |
| Taxes, remuneration and social security | 45 | €16,305 | €16,001 | -€304 | -1.9% |
| Taxes | 450/3 | €16,305 | €16,001 | -€304 | -1.9% |
| Other amounts payable | 47/48 | €479,667 | €481,093 | +€1,426 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €242,929 | €158,751 | -€84,178 | -34.7% |
| Other operating charges | 640/8 | €12,540 | €7,114 | -€5,426 | -43.3% |
| Gross operating margin | 9900 | -€23,643 | -€47,618 | -€23,975 | -101.4% |
| Operating profit (loss) | 9901 | -€279,112 | -€213,483 | +€65,629 | +23.5% |
| Financial income | 75/76B | €6,466 | €6,725 | +€259 | +4.0% |
| Recurring financial income | 75 | €6,466 | €6,725 | +€259 | +4.0% |
| Financial charges | 65/66B | €22,624 | €27,781 | +€5,156 | +22.8% |
| Recurring financial charges | 65 | €22,624 | €27,781 | +€5,156 | +22.8% |
| Profit (loss) for the period before taxes | 9903 | -€295,270 | -€234,539 | +€60,732 | +20.6% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€295,410 | -€234,679 | +€60,730 | +20.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€295,410 | -€234,679 | +€60,730 | +20.6% |
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 28 September 2026 via checked.be.