IFC Services: 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.
What changed
IFC Services
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€45,690
2024 · €556,561-€602,251
Equity
€12.0m
2024 · €12.0m-€45,690
Cash
€346,740
2024 · €234,543+€112,196
Balance sheet total
€14.4m
2024 · €14.5m-€138,383
Largest movements
Assets
- Tangible fixed assets -€392,727
down €392,727 (-4.6%), from €8.5m to €8.1m
of which Land and buildings: -€378,871
- Current investments +€250,000
up €250,000 (+20.0%), from €1.3m to €1.5m
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin -€1.2m
down €1.2m (-80.1%), from €1.5m to €288,841
- Depreciation -€404,831
down €404,831 (-64.9%), from €623,533 to €218,702
- Taxes -€265,039
down €265,039 (-99.8%), from €265,441 to €402
- Financial income -€69,791
down €69,791 (-56.9%), from €122,632 to €52,841
of which Financial income: -€69,791
- Financial charges -€24,231
down €24,231 (-25.4%), from €95,254 to €71,023
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.
Result 2024
€556,561
Gross operating margin
-€1.2m
Depreciation
+€404,831
Other operating charges
+€19,782
Other operating items
-€82,111
Financial income
-€69,791
Financial charges
+€24,231
Taxes
+€265,039
Result 2025
-€45,690
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€156,471
Investment
+€41,255
Financing
-€85,530
Cash 2024
€234,543
From operations (derived)
+€156,471
Net result for the year
-€45,690
Depreciation
+€218,702
Receivables after one year
-€4,535
Receivables within one year
+€2,522
Deferred charges and accrued income
-€7,366
Trade debts
-€12,495
Tax, wage and social debts
-€9,676
Other debts
+€10,930
Accrued charges and deferred income
+€4,078
Investment (derived)
+€41,255
Investment in fixed assets (net)
+€291,255
Current investments
-€250,000
Financing
-€85,530
Debts after one year
-€86,932
Current portion of long-term debt
+€1,402
Cash 2025
€346,740
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,532,056 | €14,393,674 | -€138,383 | -1.0% |
| Fixed assets | 21/28 | €12,684,026 | €12,174,069 | -€509,958 | -4.0% |
| Tangible fixed assets | 22/27 | €8,514,157 | €8,121,430 | -€392,727 | -4.6% |
| Land and buildings | 22 | €7,876,625 | €7,497,754 | -€378,871 | -4.8% |
| Furniture and vehicles | 24 | €637,532 | €623,676 | -€13,856 | -2.2% |
| Financial fixed assets | 28 | €4,169,869 | €4,052,638 | -€117,231 | -2.8% |
| Current assets | 29/58 | €1,848,030 | €2,219,605 | +€371,575 | +20.1% |
| Amounts receivable after more than one year | 29 | €317,140 | €321,675 | +€4,535 | +1.4% |
| Other amounts receivable | 291 | €317,140 | €321,675 | +€4,535 | +1.4% |
| Amounts receivable within one year | 40/41 | €37,701 | €35,179 | -€2,522 | -6.7% |
| Trade receivables | 40 | €25,101 | €26,996 | +€1,895 | +7.5% |
| Other amounts receivable | 41 | €12,600 | €8,183 | -€4,417 | -35.1% |
| Current investments | 50/53 | €1,250,000 | €1,500,000 | +€250,000 | +20.0% |
| Cash at bank and in hand | 54/58 | €234,543 | €346,740 | +€112,196 | +47.8% |
| Deferred charges and accrued income | 490/1 | €8,645 | €16,011 | +€7,366 | +85.2% |
| Total equity and liabilities | 10/49 | €14,532,056 | €14,393,674 | -€138,383 | -1.0% |
| Equity | 10/15 | €12,000,031 | €11,954,340 | -€45,690 | -0.4% |
| Contributions | 10/11 | €18,900 | €18,900 | = | 0.0% |
| Reserves | 13 | €8,695,490 | €8,695,490 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €8,695,490 | €8,695,490 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,285,641 | €3,239,950 | -€45,690 | -1.4% |
| Amounts payable | 17/49 | €2,532,026 | €2,439,333 | -€92,693 | -3.7% |
| Amounts payable after more than one year | 17 | €965,137 | €878,206 | -€86,932 | -9.0% |
| Financial debts | 170/4 | €944,827 | €855,338 | -€89,489 | -9.5% |
| Other amounts payable | 178/9 | €20,310 | €22,868 | +€2,558 | +12.6% |
| Amounts payable within one year | 42/48 | €1,536,568 | €1,526,729 | -€9,839 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €88,087 | €89,489 | +€1,402 | +1.6% |
| Trade debts | 44 | €54,296 | €41,801 | -€12,495 | -23.0% |
| Suppliers | 440/4 | €54,296 | €41,801 | -€12,495 | -23.0% |
| Taxes, remuneration and social security | 45 | €22,541 | €12,865 | -€9,676 | -42.9% |
| Taxes | 450/3 | €22,541 | €10,065 | -€12,476 | -55.3% |
| Remuneration and social security | 454/9 | - | €2,800 | +€2,800 | |
| Other amounts payable | 47/48 | €1,371,644 | €1,382,574 | +€10,930 | +0.8% |
| Accrued charges and deferred income | 492/3 | €30,321 | €34,399 | +€4,078 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €623,533 | €218,702 | -€404,831 | -64.9% |
| Other operating charges | 640/8 | €34,917 | €15,135 | -€19,782 | -56.7% |
| Non-recurring operating charges | 66A | - | €82,111 | +€82,111 | |
| Gross operating margin | 9900 | €1,453,073 | €288,841 | -€1.2m | -80.1% |
| Operating profit (loss) | 9901 | €794,624 | -€27,107 | -€821,730 | |
| Financial income | 75/76B | €122,632 | €52,841 | -€69,791 | -56.9% |
| Recurring financial income | 75 | €122,632 | €52,841 | -€69,791 | -56.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €95,254 | €71,023 | -€24,231 | -25.4% |
| Recurring financial charges | 65 | €95,254 | €71,023 | -€24,231 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €822,002 | -€45,288 | -€867,290 | |
| Income taxes | 67/77 | €265,441 | €402 | -€265,039 | -99.8% |
| Profit (loss) for the period | 9904 | €556,561 | -€45,690 | -€602,251 | |
| Profit (loss) for the period to be appropriated | 9905 | €556,561 | -€45,690 | -€602,251 |
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 26 October 2026 via checked.be.