IG BELCO: 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.
IG BELCO
Largest movements
- Cash +€203,586
up €203,586 (+134.5%), from €151,343 to €354,929
mainly Receivables within one year (+€168,535) and Net result for the year (+€81,605)
- Receivables within one year -€168,535
down €168,535 (-30.8%), from €546,752 to €378,217
of which Trade receivables: -€157,458
- Current investments +€39,246
up €39,246 (+331.5%), from €11,839 to €51,085
- Tangible fixed assets -€22,224
down €22,224 (-17.7%), from €125,710 to €103,485
- Reserves +€67,355
up €67,355 (+21.0%), from €320,787 to €388,142
- Trade debts -€49,753
down €49,753 (-13.3%), from €374,531 to €324,778
- Advances received +€45,927
new in 2025: €45,927
- Debts after one year -€12,186
down €12,186 (-13.3%), from €91,889 to €79,702
- Gross operating margin +€27,715
up €27,715 (+21.3%), from €130,131 to €157,845
- Taxes +€10,960
up €10,960 (+35.7%), from €30,704 to €41,663
- Financial charges -€2,838
down €2,838 (-25.9%), from €10,943 to €8,105
- Financial income +€1,882
up €1,882 (+297.3%), from €633 to €2,516
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 | €845,916 | €895,992 | +€50,076 | +5.9% |
| Fixed assets | 21/28 | €128,596 | €103,882 | -€24,714 | -19.2% |
| Tangible fixed assets | 22/27 | €125,710 | €103,485 | -€22,224 | -17.7% |
| Land and buildings | 22 | €85,590 | €74,760 | -€10,830 | -12.7% |
| Plant, machinery and equipment | 23 | €7,162 | €3,849 | -€3,313 | -46.3% |
| Furniture and vehicles | 24 | €32,958 | €24,876 | -€8,082 | -24.5% |
| Financial fixed assets | 28 | €2,887 | €397 | -€2,490 | -86.3% |
| Current assets | 29/58 | €717,319 | €792,110 | +€74,791 | +10.4% |
| Stocks and contracts in progress | 3 | €2,147 | €2,147 | = | 0.0% |
| Stocks | 30/36 | €2,147 | €2,147 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €546,752 | €378,217 | -€168,535 | -30.8% |
| Trade receivables | 40 | €499,417 | €341,959 | -€157,458 | -31.5% |
| Other amounts receivable | 41 | €47,335 | €36,258 | -€11,077 | -23.4% |
| Current investments | 50/53 | €11,839 | €51,085 | +€39,246 | +331.5% |
| Cash at bank and in hand | 54/58 | €151,343 | €354,929 | +€203,586 | +134.5% |
| Deferred charges and accrued income | 490/1 | €5,238 | €5,731 | +€494 | +9.4% |
| Total equity and liabilities | 10/49 | €845,916 | €895,992 | +€50,076 | +5.9% |
| Equity | 10/15 | €339,379 | €406,734 | +€67,355 | +19.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €320,787 | €388,142 | +€67,355 | +21.0% |
| Distributable reserves | 133 | €320,787 | €388,142 | +€67,355 | +21.0% |
| Amounts payable | 17/49 | €506,536 | €489,257 | -€17,279 | -3.4% |
| Amounts payable after more than one year | 17 | €91,889 | €79,702 | -€12,186 | -13.3% |
| Financial debts | 170/4 | €91,889 | €79,702 | -€12,186 | -13.3% |
| Amounts payable within one year | 42/48 | €414,527 | €409,555 | -€4,972 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €15,719 | €12,186 | -€3,533 | -22.5% |
| Trade debts | 44 | €374,531 | €324,778 | -€49,753 | -13.3% |
| Suppliers | 440/4 | €374,531 | €324,778 | -€49,753 | -13.3% |
| Advances received on contracts in progress | 46 | - | €45,927 | +€45,927 | |
| Taxes, remuneration and social security | 45 | €24,277 | €26,663 | +€2,386 | +9.8% |
| Taxes | 450/3 | €21,431 | €26,663 | +€5,232 | +24.4% |
| Remuneration and social security | 454/9 | €2,846 | - | -€2,846 | |
| Accrued charges and deferred income | 492/3 | €120 | - | -€120 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,127 | €24,884 | +€757 | +3.1% |
| Other operating charges | 640/8 | €4,353 | €4,103 | -€250 | -5.7% |
| Gross operating margin | 9900 | €130,131 | €157,845 | +€27,715 | +21.3% |
| Operating profit (loss) | 9901 | €101,651 | €128,858 | +€27,207 | +26.8% |
| Financial income | 75/76B | €633 | €2,516 | +€1,882 | +297.3% |
| Recurring financial income | 75 | €633 | €2,516 | +€1,882 | +297.3% |
| Financial charges | 65/66B | €10,943 | €8,105 | -€2,838 | -25.9% |
| Recurring financial charges | 65 | €10,943 | €8,105 | -€2,838 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €91,342 | €123,268 | +€31,927 | +35.0% |
| Income taxes | 67/77 | €30,704 | €41,663 | +€10,960 | +35.7% |
| Profit (loss) for the period | 9904 | €60,638 | €81,605 | +€20,967 | +34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €60,638 | €81,605 | +€20,967 | +34.6% |
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 12 October 2026 via checked.be.