IBOGEST: 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.
IBOGEST
Largest movements
- Current investments +€520,559
up €520,559, from €0 to €520,559
- Tangible fixed assets -€230,836
down €230,836 (-24.4%), from €944,263 to €713,427
of which Land and buildings: -€130,380
- Cash +€29,404
up €29,404 (+31.4%), from €93,539 to €122,943
mainly Net result for the year (+€368,905) and Investment in fixed assets (net) (+€223,896)
- Reserves +€368,500
up €368,500 (+370.2%), from €99,529 to €468,029
of which Distributable reserves: +€368,500
- Other debts -€68,492
down €68,492 (-100.0%), from €68,492 to €0
- Tax, wage and social debts +€36,850
up €36,850, from €0 to €36,850
- Gross operating margin +€523,322
up €523,322, from -€3,858 to €519,464
- Taxes +€92,290
up €92,290 (+184.4%), from €50,044 to €142,334
- Depreciation -€28,228
down €28,228 (-80.3%), from €35,168 to €6,940
- Financial charges -€9,217
down €9,217 (-91.3%), from €10,096 to €878
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 | €2,335,465 | €2,668,244 | +€332,778 | +14.2% |
| Fixed assets | 21/28 | €944,263 | €713,427 | -€230,836 | -24.4% |
| Tangible fixed assets | 22/27 | €944,263 | €713,427 | -€230,836 | -24.4% |
| Land and buildings | 22 | €833,943 | €703,563 | -€130,380 | -15.6% |
| Plant, machinery and equipment | 23 | €109,177 | €8,967 | -€100,210 | -91.8% |
| Furniture and vehicles | 24 | €1,143 | €897 | -€247 | -21.6% |
| Current assets | 29/58 | €1,391,202 | €1,954,817 | +€563,615 | +40.5% |
| Amounts receivable within one year | 40/41 | €1,297,664 | €1,311,315 | +€13,651 | +1.1% |
| Trade receivables | 40 | €928 | €1,499 | +€571 | +61.5% |
| Other amounts receivable | 41 | €1,296,735 | €1,309,815 | +€13,080 | +1.0% |
| Current investments | 50/53 | €0 | €520,559 | +€520,559 | |
| Cash at bank and in hand | 54/58 | €93,539 | €122,943 | +€29,404 | +31.4% |
| Total equity and liabilities | 10/49 | €2,335,465 | €2,668,244 | +€332,778 | +14.2% |
| Equity | 10/15 | €2,252,796 | €2,621,702 | +€368,905 | +16.4% |
| Contributions | 10/11 | €241,149 | €241,149 | = | 0.0% |
| Capital | 10 | €241,149 | €241,149 | = | 0.0% |
| Issued capital | 100 | €241,149 | €241,149 | = | 0.0% |
| Reserves | 13 | €99,529 | €468,029 | +€368,500 | +370.2% |
| Non-distributable reserves | 130/1 | €99,529 | €99,529 | = | 0.0% |
| Legal reserve | 130 | €99,529 | €99,529 | = | 0.0% |
| Distributable reserves | 133 | - | €368,500 | +€368,500 | |
| Profit (loss) carried forward | 14 | €1,912,118 | €1,912,523 | +€405 | 0.0% |
| Amounts payable | 17/49 | €82,669 | €46,542 | -€36,127 | -43.7% |
| Amounts payable within one year | 42/48 | €74,669 | €38,542 | -€36,127 | -48.4% |
| Trade debts | 44 | €6,177 | €1,692 | -€4,485 | -72.6% |
| Suppliers | 440/4 | €6,177 | €1,692 | -€4,485 | -72.6% |
| Taxes, remuneration and social security | 45 | €0 | €36,850 | +€36,850 | |
| Taxes | 450/3 | €0 | €36,850 | +€36,850 | |
| Other amounts payable | 47/48 | €68,492 | €0 | -€68,492 | -100.0% |
| Accrued charges and deferred income | 492/3 | €8,000 | €8,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,168 | €6,940 | -€28,228 | -80.3% |
| Other operating charges | 640/8 | €7,711 | €6,550 | -€1,161 | -15.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€3,858 | €519,464 | +€523,322 | |
| Operating profit (loss) | 9901 | -€46,737 | €505,974 | +€552,711 | |
| Financial income | 75/76B | €4,760 | €6,144 | +€1,384 | +29.1% |
| Recurring financial income | 75 | €4,760 | €6,144 | +€1,384 | +29.1% |
| Financial charges | 65/66B | €10,096 | €878 | -€9,217 | -91.3% |
| Recurring financial charges | 65 | €10,096 | €878 | -€9,217 | -91.3% |
| Profit (loss) for the period before taxes | 9903 | -€52,073 | €511,239 | +€563,312 | |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €50,044 | €142,334 | +€92,290 | +184.4% |
| Profit (loss) for the period | 9904 | -€102,117 | €368,905 | +€471,022 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€102,117 | €368,905 | +€471,022 |
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 29 September 2026 via checked.be.