IGC: 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.
IGC
Largest movements
- Cash -€88,406
down €88,406 (-56.2%), from €157,378 to €68,972
mainly Investment in fixed assets (net) (-€68,669) and Current investments (-€47,156)
- Tangible fixed assets +€56,516
new in 2025: €56,516
- Current investments +€47,156
new in 2025: €47,156
- Receivables within one year +€3,805
new in 2025: €3,805
- Reserves +€18,036
up €18,036 (+22.6%), from €79,892 to €97,927
- Other debts +€5,814
up €5,814 (+21.1%), from €27,506 to €33,320
- Tax, wage and social debts -€3,572
down €3,572 (-8.4%), from €42,601 to €39,029
- Depreciation +€12,153
new in 2025: €12,153
- Other operating charges +€6,675
up €6,675 (+6140.6%), from €109 to €6,784
- Taxes -€4,353
down €4,353 (-22.0%), from €19,752 to €15,399
- Gross operating margin -€2,893
down €2,893 (-5.2%), from €56,124 to €53,231
- Financial charges +€1,360
up €1,360 (+889.8%), from €153 to €1,513
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 | €157,806 | €176,449 | +€18,643 | +11.8% |
| Fixed assets | 21/28 | - | €56,516 | +€56,516 | |
| Tangible fixed assets | 22/27 | - | €56,516 | +€56,516 | |
| Furniture and vehicles | 24 | - | €56,516 | +€56,516 | |
| Current assets | 29/58 | €157,806 | €119,934 | -€37,872 | -24.0% |
| Amounts receivable within one year | 40/41 | - | €3,805 | +€3,805 | |
| Trade receivables | 40 | - | €3,805 | +€3,805 | |
| Current investments | 50/53 | - | €47,156 | +€47,156 | |
| Cash at bank and in hand | 54/58 | €157,378 | €68,972 | -€88,406 | -56.2% |
| Deferred charges and accrued income | 490/1 | €428 | - | -€428 | |
| Total equity and liabilities | 10/49 | €157,806 | €176,449 | +€18,643 | +11.8% |
| Equity | 10/15 | €80,042 | €98,077 | +€18,036 | +22.5% |
| Contributions | 10/11 | €150 | €150 | = | 0.0% |
| Reserves | 13 | €79,892 | €97,927 | +€18,036 | +22.6% |
| Distributable reserves | 133 | €79,892 | €97,927 | +€18,036 | +22.6% |
| Amounts payable | 17/49 | €77,764 | €78,372 | +€608 | +0.8% |
| Amounts payable within one year | 42/48 | €77,764 | €78,372 | +€608 | +0.8% |
| Trade debts | 44 | €7,658 | €6,023 | -€1,635 | -21.4% |
| Suppliers | 440/4 | €7,658 | €6,023 | -€1,635 | -21.4% |
| Taxes, remuneration and social security | 45 | €42,601 | €39,029 | -€3,572 | -8.4% |
| Taxes | 450/3 | €42,601 | €39,029 | -€3,572 | -8.4% |
| Other amounts payable | 47/48 | €27,506 | €33,320 | +€5,814 | +21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €12,153 | +€12,153 | |
| Other operating charges | 640/8 | €109 | €6,784 | +€6,675 | +6140.6% |
| Gross operating margin | 9900 | €56,124 | €53,231 | -€2,893 | -5.2% |
| Operating profit (loss) | 9901 | €56,016 | €34,294 | -€21,721 | -38.8% |
| Financial income | 75/76B | €1,309 | €654 | -€655 | -50.1% |
| Recurring financial income | 75 | €1,309 | €654 | -€655 | -50.1% |
| Financial charges | 65/66B | €153 | €1,513 | +€1,360 | +889.8% |
| Recurring financial charges | 65 | €153 | €1,513 | +€1,360 | +889.8% |
| Profit (loss) for the period before taxes | 9903 | €57,171 | €33,435 | -€23,737 | -41.5% |
| Income taxes | 67/77 | €19,752 | €15,399 | -€4,353 | -22.0% |
| Profit (loss) for the period | 9904 | €37,419 | €18,036 | -€19,384 | -51.8% |
| Profit (loss) for the period to be appropriated | 9905 | €37,419 | €18,036 | -€19,384 | -51.8% |
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 1 October 2026 via checked.be.