IG BELGIUM: what changed
What changed
IG BELGIUM
NACE 41.003, General construction of other non-residential buildings
filed annual accounts (NBB)
Net result for the year
-€1.2m
2024 · €1.3m-€2.5m
Equity
€16.5m
2024 · €17.7m-€1.2m
Cash
€5.1m
2024 · €3.5m+€1.6m
Balance sheet total
€41.9m
2024 · €31.1m+€10.8m
Largest movements
Assets
- Tangible fixed assets +€7.2m
up €7.2m (+26.1%), from €27.5m to €34.6m
of which Other tangible fixed assets: +€13.9m
- Receivables within one year +€1.8m
up €1.8m (+1,550%), from €119,047 to €2.0m
of which Other amounts receivable: +€1.6m
- Cash +€1.6m
up €1.6m (+45.8%), from €3.5m to €5.1m
mainly Debts after one year (+€5.7m) and Accrued charges and deferred income (+€5.7m)
Equity and liabilities
- Debts after one year +€5.7m
up €5.7m (+44.4%), from €12.9m to €18.7m
of which Financial debts: +€5.8m
- Accrued charges and deferred income +€5.7m
up €5.7m (+2,729%), from €209,101 to €5.9m
- Profit (loss) carried forward -€1.2m
down €1.2m (-72.0%), from -€1.7m to -€2.9m
- Trade debts +€463,890
up €463,890 (+194%), from €238,580 to €702,470
Income statement
- Gross operating margin -€2.9m
down €2.9m (-70.9%), from €4.1m to €1.2m
- Depreciation -€349,168
down €349,168 (-28.4%), from €1.2m to €879,461
- Financial charges -€155,564
down €155,564 (-25.9%), from €600,211 to €444,647
- Other operating charges +€119,695
up €119,695 (+13.3%), from €899,760 to €1.0m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€1.3m
Gross operating margin
-€2.9m
Staff costs
-€6,288
Depreciation
+€349,168
Write-downs
+€11,573
Other operating charges
-€119,695
Financial income
+€777
Financial charges
+€155,564
Taxes
+€26,590
Result 2025
-€1.2m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€3.9m
Investment
-€8.1m
Financing
+€5.7m
Cash 2024
€3.5m
From operations (derived)
+€3.9m
Net result for the year
-€1.2m
Depreciation
+€879,461
Receivables within one year
-€1.8m
Deferred charges and accrued income
-€155,749
Trade debts
+€463,890
Tax, wage and social debts
+€74,239
Other debts
+€30
Accrued charges and deferred income
+€5.7m
Investment (derived)
-€8.1m
Investment in fixed assets (net)
-€8.1m
Financing
+€5.7m
Debts after one year
+€5.7m
Cash 2025
€5.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,145,751 | €41,920,820 | +€10.8m | +34.6% |
| Fixed assets | 21/28 | €27,470,425 | €34,645,678 | +€7.2m | +26.1% |
| Tangible fixed assets | 22/27 | €27,470,425 | €34,645,678 | +€7.2m | +26.1% |
| Land and buildings | 22 | €26,992,405 | €20,603,856 | -€6.4m | -23.7% |
| Plant, machinery and equipment | 23 | €18,124 | €11,643 | -€6,481 | -35.8% |
| Furniture and vehicles | 24 | €12,966 | €10,525 | -€2,441 | -18.8% |
| Other tangible fixed assets | 26 | - | €13,945,006 | +€13.9m | |
| Assets under construction and advance payments | 27 | €446,931 | €74,647 | -€372,283 | -83.3% |
| Current assets | 29/58 | €3,675,325 | €7,275,142 | +€3.6m | +97.9% |
| Amounts receivable within one year | 40/41 | €119,047 | €1,964,454 | +€1.8m | +1,550% |
| Trade receivables | 40 | €77,699 | €322,371 | +€244,672 | +315% |
| Other amounts receivable | 41 | €41,348 | €1,642,083 | +€1.6m | +3,871% |
| Cash at bank and in hand | 54/58 | €3,487,754 | €5,086,415 | +€1.6m | +45.8% |
| Deferred charges and accrued income | 490/1 | €68,525 | €224,274 | +€155,749 | +227% |
| Total equity and liabilities | 10/49 | €31,145,751 | €41,920,820 | +€10.8m | +34.6% |
| Equity | 10/15 | €17,684,593 | €16,477,412 | -€1.2m | -6.8% |
| Contributions | 10/11 | €19,360,310 | €19,360,310 | = | 0.0% |
| Capital | 10 | €19,360,310 | €19,360,310 | = | 0.0% |
| Issued capital | 100 | €19,360,310 | €19,360,310 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,675,717 | -€2,882,898 | -€1.2m | -72.0% |
| Amounts payable | 17/49 | €13,461,158 | €25,443,408 | +€12.0m | +89.0% |
| Amounts payable after more than one year | 17 | €12,916,361 | €18,654,461 | +€5.7m | +44.4% |
| Financial debts | 170/4 | €12,740,000 | €18,490,000 | +€5.8m | +45.1% |
| Other amounts payable | 178/9 | €176,361 | €164,461 | -€11,900 | -6.7% |
| Amounts payable within one year | 42/48 | €335,695 | €873,855 | +€538,159 | +160% |
| Trade debts | 44 | €238,580 | €702,470 | +€463,890 | +194% |
| Suppliers | 440/4 | €238,580 | €702,470 | +€463,890 | +194% |
| Taxes, remuneration and social security | 45 | €97,116 | €171,355 | +€74,239 | +76.4% |
| Taxes | 450/3 | €89,789 | €165,497 | +€75,708 | +84.3% |
| Remuneration and social security | 454/9 | €7,327 | €5,858 | -€1,469 | -20.0% |
| Other amounts payable | 47/48 | - | €30 | +€30 | |
| Accrued charges and deferred income | 492/3 | €209,101 | €5,915,092 | +€5.7m | +2,729% |
| Remuneration, social security and pensions | 62 | €55,329 | €61,617 | +€6,288 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,228,628 | €879,461 | -€349,168 | -28.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,573 | €0 | -€11,573 | -100% |
| Other operating charges | 640/8 | €899,760 | €1,019,455 | +€119,695 | +13.3% |
| Gross operating margin | 9900 | €4,131,051 | €1,202,680 | -€2.9m | -70.9% |
| Operating profit (loss) | 9901 | €1,935,761 | -€757,852 | -€2.7m | |
| Financial income | 75/76B | €249 | €1,026 | +€777 | +312% |
| Recurring financial income | 75 | €249 | €1,026 | +€777 | +312% |
| Financial charges | 65/66B | €600,211 | €444,647 | -€155,564 | -25.9% |
| Recurring financial charges | 65 | €600,211 | €444,647 | -€155,564 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €1,335,800 | -€1,201,473 | -€2.5m | |
| Income taxes | 67/77 | €32,298 | €5,708 | -€26,590 | -82.3% |
| Profit (loss) for the period | 9904 | €1,303,502 | -€1,207,180 | -€2.5m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,303,502 | -€1,207,180 | -€2.5m |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.