F. Ingels: 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.
F. Ingels
Largest movements
- Tangible fixed assets -€23,881
down €23,881 (-6.3%), from €381,727 to €357,846
of which Land and buildings: -€23,487
- Receivables within one year -€10,945
down €10,945 (-86.4%), from €12,666 to €1,721
of which Other amounts receivable: -€10,378
- Cash -€5,072
down €5,072 (-6.3%), from €80,741 to €75,669
mainly Debts after one year (-€34,098) and Net result for the year (-€6,039)
- Debts after one year -€34,098
down €34,098 (-21.8%), from €156,419 to €122,321
- Profit (loss) carried forward -€6,039
down €6,039 (-2.3%), from €260,079 to €254,040
- Gross operating margin -€4,575
down €4,575 (-14.7%), from €31,081 to €26,506
- Financial charges -€907
down €907 (-14.3%), from €6,343 to €5,436
- Depreciation -€354
down €354 (-1.5%), from €24,235 to €23,881
- Financial income -€350
down €350 (-34.8%), from €1,004 to €654
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 | €475,701 | €435,775 | -€39,925 | -8.4% |
| Fixed assets | 21/28 | €381,727 | €357,846 | -€23,881 | -6.3% |
| Tangible fixed assets | 22/27 | €381,727 | €357,846 | -€23,881 | -6.3% |
| Land and buildings | 22 | €380,207 | €356,720 | -€23,487 | -6.2% |
| Plant, machinery and equipment | 23 | €1,224 | €924 | -€300 | -24.5% |
| Furniture and vehicles | 24 | €83 | - | -€83 | |
| Other tangible fixed assets | 26 | €213 | €202 | -€11 | -5.1% |
| Current assets | 29/58 | €93,973 | €77,929 | -€16,044 | -17.1% |
| Amounts receivable within one year | 40/41 | €12,666 | €1,721 | -€10,945 | -86.4% |
| Trade receivables | 40 | €567 | - | -€567 | |
| Other amounts receivable | 41 | €12,099 | €1,721 | -€10,378 | -85.8% |
| Cash at bank and in hand | 54/58 | €80,741 | €75,669 | -€5,072 | -6.3% |
| Deferred charges and accrued income | 490/1 | €566 | €539 | -€27 | -4.8% |
| Total equity and liabilities | 10/49 | €475,701 | €435,775 | -€39,925 | -8.4% |
| Equity | 10/15 | €280,539 | €274,500 | -€6,039 | -2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €260,079 | €254,040 | -€6,039 | -2.3% |
| Amounts payable | 17/49 | €195,162 | €161,275 | -€33,887 | -17.4% |
| Amounts payable after more than one year | 17 | €156,419 | €122,321 | -€34,098 | -21.8% |
| Financial debts | 170/4 | €156,419 | €122,321 | -€34,098 | -21.8% |
| Amounts payable within one year | 42/48 | €36,230 | €35,550 | -€680 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €33,162 | €34,098 | +€936 | +2.8% |
| Trade debts | 44 | €271 | €20 | -€252 | -92.8% |
| Suppliers | 440/4 | €271 | €20 | -€252 | -92.8% |
| Other amounts payable | 47/48 | €2,797 | €1,433 | -€1,364 | -48.8% |
| Accrued charges and deferred income | 492/3 | €2,513 | €3,404 | +€891 | +35.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,235 | €23,881 | -€354 | -1.5% |
| Other operating charges | 640/8 | €3,694 | €3,693 | -€0 | 0.0% |
| Gross operating margin | 9900 | €31,081 | €26,506 | -€4,575 | -14.7% |
| Operating profit (loss) | 9901 | €3,152 | -€1,069 | -€4,220 | |
| Financial income | 75/76B | €1,004 | €654 | -€350 | -34.8% |
| Recurring financial income | 75 | €1,004 | €654 | -€350 | -34.8% |
| Financial charges | 65/66B | €6,343 | €5,436 | -€907 | -14.3% |
| Recurring financial charges | 65 | €6,343 | €5,436 | -€907 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | -€2,187 | -€5,851 | -€3,664 | -168% |
| Income taxes | 67/77 | - | €188 | +€188 | |
| Profit (loss) for the period | 9904 | -€2,187 | -€6,039 | -€3,851 | -176% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,187 | -€6,039 | -€3,851 | -176% |
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 15 October 2026 via checked.be.