IGAZI MANAGEMENT: 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.
IGAZI MANAGEMENT
Largest movements
- Receivables within one year +€122,613
up €122,613 (+106%), from €115,410 to €238,023
of which Other amounts receivable: +€113,944
- Financial fixed assets +€90,000
up €90,000 (+31.8%), from €283,000 to €373,000
- Cash -€87,394
down €87,394 (-8.0%), from €1.1m to €1.0m
mainly Investment in fixed assets (net) (-€153,276) and Receivables within one year (-€122,613)
- Tangible fixed assets -€72,924
down €72,924 (-2.8%), from €2.7m to €2.6m
of which Land and buildings: -€82,403
- Profit (loss) carried forward +€66,633
up €66,633 (+2.7%), from €2.4m to €2.5m
- Gross operating margin -€29,041
down €29,041 (-7.4%), from €390,519 to €361,478
- Taxes -€9,410
down €9,410 (-35.9%), from €26,206 to €16,796
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 | €4,143,614 | €4,196,384 | +€52,770 | +1.3% |
| Fixed assets | 21/28 | €2,934,123 | €2,951,199 | +€17,076 | +0.6% |
| Tangible fixed assets | 22/27 | €2,651,123 | €2,578,199 | -€72,924 | -2.8% |
| Land and buildings | 22 | €2,627,048 | €2,544,645 | -€82,403 | -3.1% |
| Plant, machinery and equipment | 23 | €1,281 | €961 | -€320 | -25.0% |
| Furniture and vehicles | 24 | €22,794 | €32,594 | +€9,799 | +43.0% |
| Financial fixed assets | 28 | €283,000 | €373,000 | +€90,000 | +31.8% |
| Current assets | 29/58 | €1,209,491 | €1,245,184 | +€35,694 | +3.0% |
| Amounts receivable within one year | 40/41 | €115,410 | €238,023 | +€122,613 | +106% |
| Trade receivables | 40 | €25,410 | €34,079 | +€8,669 | +34.1% |
| Other amounts receivable | 41 | €90,000 | €203,944 | +€113,944 | +127% |
| Cash at bank and in hand | 54/58 | €1,091,719 | €1,004,325 | -€87,394 | -8.0% |
| Deferred charges and accrued income | 490/1 | €2,361 | €2,837 | +€475 | +20.1% |
| Total equity and liabilities | 10/49 | €4,143,614 | €4,196,384 | +€52,770 | +1.3% |
| Equity | 10/15 | €2,798,860 | €2,865,493 | +€66,633 | +2.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €300,000 | €300,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €75,000 | €75,000 | = | 0.0% |
| Legal reserve | 130 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €225,000 | €225,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,437,360 | €2,503,993 | +€66,633 | +2.7% |
| Amounts payable | 17/49 | €1,344,753 | €1,330,891 | -€13,863 | -1.0% |
| Amounts payable within one year | 42/48 | €1,342,622 | €1,328,706 | -€13,916 | -1.0% |
| Trade debts | 44 | €4,941 | €4,655 | -€286 | -5.8% |
| Suppliers | 440/4 | €4,941 | €4,655 | -€286 | -5.8% |
| Taxes, remuneration and social security | 45 | €70,068 | €42,862 | -€27,207 | -38.8% |
| Taxes | 450/3 | €70,068 | €42,862 | -€27,207 | -38.8% |
| Other amounts payable | 47/48 | €1,267,613 | €1,281,189 | +€13,576 | +1.1% |
| Accrued charges and deferred income | 492/3 | €2,131 | €2,185 | +€53 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,871 | €136,200 | +€2,329 | +1.7% |
| Other operating charges | 640/8 | €11,331 | €11,652 | +€321 | +2.8% |
| Gross operating margin | 9900 | €390,519 | €361,478 | -€29,041 | -7.4% |
| Operating profit (loss) | 9901 | €245,318 | €213,627 | -€31,691 | -12.9% |
| Financial income | 75/76B | €7,372 | €5,489 | -€1,883 | -25.5% |
| Recurring financial income | 75 | €7,372 | €5,489 | -€1,883 | -25.5% |
| Financial charges | 65/66B | €89,978 | €90,688 | +€710 | +0.8% |
| Recurring financial charges | 65 | €89,978 | €90,688 | +€710 | +0.8% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €162,712 | €128,428 | -€34,284 | -21.1% |
| Income taxes | 67/77 | €26,206 | €16,796 | -€9,410 | -35.9% |
| Profit (loss) for the period | 9904 | €136,506 | €111,633 | -€24,873 | -18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €136,506 | €111,633 | -€24,873 | -18.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.