I.G.E.C.: 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.
I.G.E.C.
Largest movements
- Current investments +€10,222
up €10,222 (+57.5%), from €17,776 to €27,998
- Tangible fixed assets -€3,261
down €3,261 (-10.4%), from €31,494 to €28,233
of which Land and buildings: -€4,069
- Receivables within one year +€1,377
up €1,377 (+6.5%), from €21,098 to €22,475
of which Other amounts receivable: +€1,377
- Profit (loss) carried forward +€4,629
up €4,629 (+322.9%), from €1,434 to €6,062
- Other debts +€3,371
up €3,371 (+7.9%), from €42,884 to €46,256
- Tax, wage and social debts +€3,262
up €3,262 (+81.2%), from €4,017 to €7,280
- Current portion of long-term debt -€2,046
down €2,046 (-86.4%), from €2,369 to €323
- Gross operating margin +€9,923
up €9,923 (+30.3%), from €32,725 to €42,648
- Financial charges -€3,818
down €3,818 (-13.0%), from €29,300 to €25,482
- Taxes +€2,862
up €2,862 (+244.7%), from €1,170 to €4,032
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 | €70,368 | €78,960 | +€8,591 | +12.2% |
| Fixed assets | 21/28 | €31,494 | €28,233 | -€3,261 | -10.4% |
| Tangible fixed assets | 22/27 | €31,494 | €28,233 | -€3,261 | -10.4% |
| Land and buildings | 22 | €16,094 | €12,025 | -€4,069 | -25.3% |
| Plant, machinery and equipment | 23 | €9,053 | €10,098 | +€1,045 | +11.5% |
| Furniture and vehicles | 24 | €6,347 | €6,110 | -€237 | -3.7% |
| Current assets | 29/58 | €38,874 | €50,726 | +€11,852 | +30.5% |
| Amounts receivable within one year | 40/41 | €21,098 | €22,475 | +€1,377 | +6.5% |
| Trade receivables | 40 | €19,000 | €19,000 | = | 0.0% |
| Other amounts receivable | 41 | €2,098 | €3,475 | +€1,377 | +65.7% |
| Current investments | 50/53 | €17,776 | €27,998 | +€10,222 | +57.5% |
| Cash at bank and in hand | 54/58 | - | €254 | +€254 | |
| Total equity and liabilities | 10/49 | €70,368 | €78,960 | +€8,591 | +12.2% |
| Equity | 10/15 | €13,850 | €18,479 | +€4,629 | +33.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €6,216 | €6,216 | = | 0.0% |
| Non-distributable reserves | 130/1 | €953 | €953 | = | 0.0% |
| Reserves not available under the articles | 1311 | €953 | €953 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,263 | €5,263 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,434 | €6,062 | +€4,629 | +322.9% |
| Provisions and deferred taxes | 16 | €6,563 | €6,563 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €6,563 | €6,563 | = | 0.0% |
| Pensions and similar obligations | 160 | €6,563 | €6,563 | = | 0.0% |
| Amounts payable | 17/49 | €49,955 | €53,918 | +€3,963 | +7.9% |
| Amounts payable within one year | 42/48 | €49,955 | €53,918 | +€3,963 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €2,369 | €323 | -€2,046 | -86.4% |
| Financial debts | 43 | €378 | - | -€378 | |
| Credit institutions | 430/8 | €378 | - | -€378 | |
| Trade debts | 44 | €306 | €59 | -€246 | -80.6% |
| Suppliers | 440/4 | €306 | €59 | -€246 | -80.6% |
| Taxes, remuneration and social security | 45 | €4,017 | €7,280 | +€3,262 | +81.2% |
| Taxes | 450/3 | €4,017 | €7,280 | +€3,262 | +81.2% |
| Other amounts payable | 47/48 | €42,884 | €46,256 | +€3,371 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,238 | €7,451 | +€213 | +2.9% |
| Other operating charges | 640/8 | €897 | €1,283 | +€386 | +43.0% |
| Gross operating margin | 9900 | €32,725 | €42,648 | +€9,923 | +30.3% |
| Operating profit (loss) | 9901 | €24,590 | €33,914 | +€9,324 | +37.9% |
| Financial income | 75/76B | €217 | €229 | +€11 | +5.2% |
| Recurring financial income | 75 | €217 | €229 | +€11 | +5.2% |
| Financial charges | 65/66B | €29,300 | €25,482 | -€3,818 | -13.0% |
| Recurring financial charges | 65 | €29,300 | €25,482 | -€3,818 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | -€4,492 | €8,661 | +€13,153 | |
| Income taxes | 67/77 | €1,170 | €4,032 | +€2,862 | +244.7% |
| Profit (loss) for the period | 9904 | -€5,662 | €4,629 | +€10,291 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,662 | €4,629 | +€10,291 |
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 2 October 2026 via checked.be.