IGB TRUST: 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.
IGB TRUST
Largest movements
- Tangible fixed assets -€19,369
down €19,369 (-3.7%), from €525,960 to €506,591
- Cash +€7,872
up €7,872 (+1,435%), from €549 to €8,421
mainly Net result for the year (+€35,128) and Depreciation (+€19,369)
- Reserves +€35,128
new in 2025: €35,128
- Debts after one year -€33,166
down €33,166 (-11.0%), from €302,484 to €269,318
of which Financial debts: -€33,166
- Current portion of long-term debt -€32,917
down €32,917 (-50.3%), from €65,478 to €32,562
- Tax, wage and social debts +€12,503
up €12,503 (+69.7%), from €17,926 to €30,430
- Taxes +€4,782
up €4,782 (+37.3%), from €12,824 to €17,606
- Financial charges -€4,464
down €4,464 (-64.2%), from €6,953 to €2,489
- Gross operating margin +€1,581
up €1,581 (+1.7%), from €90,374 to €91,955
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 | €528,460 | €515,012 | -€13,449 | -2.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €525,960 | €506,591 | -€19,369 | -3.7% |
| Tangible fixed assets | 22/27 | €525,960 | €506,591 | -€19,369 | -3.7% |
| Land and buildings | 22 | €525,960 | €506,591 | -€19,369 | -3.7% |
| Current assets | 29/58 | €2,500 | €8,421 | +€5,921 | +237% |
| Amounts receivable within one year | 40/41 | €0 | €0 | = | |
| Trade receivables | 40 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €549 | €8,421 | +€7,872 | +1,435% |
| Deferred charges and accrued income | 490/1 | €1,952 | - | -€1,952 | |
| Total equity and liabilities | 10/49 | €528,460 | €515,012 | -€13,449 | -2.5% |
| Equity | 10/15 | €106,140 | €141,268 | +€35,128 | +33.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | - | €35,128 | +€35,128 | |
| Distributable reserves | 133 | - | €35,128 | +€35,128 | |
| Profit (loss) carried forward | 14 | €86,140 | €86,140 | = | 0.0% |
| Amounts payable | 17/49 | €422,320 | €373,744 | -€48,576 | -11.5% |
| Amounts payable after more than one year | 17 | €302,484 | €269,318 | -€33,166 | -11.0% |
| Financial debts | 170/4 | €69,534 | €36,368 | -€33,166 | -47.7% |
| Other amounts payable | 178/9 | €232,950 | €232,950 | = | 0.0% |
| Amounts payable within one year | 42/48 | €119,836 | €101,886 | -€17,950 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €65,478 | €32,562 | -€32,917 | -50.3% |
| Trade debts | 44 | €1,644 | €420 | -€1,224 | -74.4% |
| Suppliers | 440/4 | €1,644 | €420 | -€1,224 | -74.4% |
| Taxes, remuneration and social security | 45 | €17,926 | €30,430 | +€12,503 | +69.7% |
| Taxes | 450/3 | €17,926 | €30,430 | +€12,503 | +69.7% |
| Other amounts payable | 47/48 | €34,788 | €38,474 | +€3,687 | +10.6% |
| Accrued charges and deferred income | 492/3 | - | €2,540 | +€2,540 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,369 | €19,369 | = | 0.0% |
| Other operating charges | 640/8 | €17,106 | €17,367 | +€261 | +1.5% |
| Gross operating margin | 9900 | €90,374 | €91,955 | +€1,581 | +1.7% |
| Operating profit (loss) | 9901 | €53,899 | €55,220 | +€1,321 | +2.5% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €6,953 | €2,489 | -€4,464 | -64.2% |
| Recurring financial charges | 65 | €6,953 | €2,489 | -€4,464 | -64.2% |
| Profit (loss) for the period before taxes | 9903 | €46,946 | €52,733 | +€5,788 | +12.3% |
| Income taxes | 67/77 | €12,824 | €17,606 | +€4,782 | +37.3% |
| Profit (loss) for the period | 9904 | €34,122 | €35,128 | +€1,006 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,122 | €35,128 | +€1,006 | +2.9% |
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 14 October 2026 via checked.be.