IGEFA: 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.
IGEFA
Largest movements
- Tangible fixed assets -€51,277
down €51,277 (-6.4%), from €796,715 to €745,438
of which Land and buildings: -€42,780
- Current investments -€20,000
no longer reported in 2025 (was €20,000)
- Debts after one year -€40,868
down €40,868 (-8.0%), from €513,901 to €473,033
of which Financial debts: -€30,288
- Tax, wage and social debts -€31,058
down €31,058 (-82.8%), from €37,492 to €6,434
- Advances received -€9,594
down €9,594 (-68.6%), from €13,992 to €4,398
- Gross operating margin -€203,376
down €203,376 (-68.4%), from €297,329 to €93,952
- Taxes -€34,421
down €34,421 (-92.5%), from €37,211 to €2,790
- Financial charges +€6,894
up €6,894 (+50.7%), from €13,610 to €20,503
- Other operating charges +€5,408
up €5,408 (+41.3%), from €13,109 to €18,517
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 | €828,511 | €751,078 | -€77,433 | -9.3% |
| Fixed assets | 21/28 | €796,715 | €745,438 | -€51,277 | -6.4% |
| Tangible fixed assets | 22/27 | €796,715 | €745,438 | -€51,277 | -6.4% |
| Land and buildings | 22 | €774,158 | €731,378 | -€42,780 | -5.5% |
| Plant, machinery and equipment | 23 | €7,340 | €5,056 | -€2,284 | -31.1% |
| Furniture and vehicles | 24 | €15,217 | €9,004 | -€6,213 | -40.8% |
| Current assets | 29/58 | €31,796 | €5,640 | -€26,155 | -82.3% |
| Amounts receivable within one year | 40/41 | €5,075 | €1,541 | -€3,534 | -69.6% |
| Trade receivables | 40 | €4,087 | €1,541 | -€2,546 | -62.3% |
| Other amounts receivable | 41 | €988 | - | -€988 | |
| Current investments | 50/53 | €20,000 | - | -€20,000 | |
| Cash at bank and in hand | 54/58 | €5,252 | €2,620 | -€2,632 | -50.1% |
| Deferred charges and accrued income | 490/1 | €1,469 | €1,479 | +€10 | +0.7% |
| Total equity and liabilities | 10/49 | €828,511 | €751,078 | -€77,433 | -9.3% |
| Equity | 10/15 | €202,630 | €203,491 | +€861 | +0.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €117,084 | €117,084 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €110,884 | €110,884 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,546 | €24,407 | +€861 | +3.7% |
| Amounts payable | 17/49 | €625,881 | €547,587 | -€78,294 | -12.5% |
| Amounts payable after more than one year | 17 | €513,901 | €473,033 | -€40,868 | -8.0% |
| Financial debts | 170/4 | €344,145 | €313,857 | -€30,288 | -8.8% |
| Other amounts payable | 178/9 | €169,755 | €159,176 | -€10,579 | -6.2% |
| Amounts payable within one year | 42/48 | €111,980 | €71,929 | -€40,051 | -35.8% |
| Current portion of amounts payable after more than one year | 42 | €49,055 | €51,321 | +€2,266 | +4.6% |
| Trade debts | 44 | €10,441 | €9,776 | -€665 | -6.4% |
| Suppliers | 440/4 | €10,441 | €9,776 | -€665 | -6.4% |
| Advances received on contracts in progress | 46 | €13,992 | €4,398 | -€9,594 | -68.6% |
| Taxes, remuneration and social security | 45 | €37,492 | €6,434 | -€31,058 | -82.8% |
| Taxes | 450/3 | €37,492 | €6,434 | -€31,058 | -82.8% |
| Other amounts payable | 47/48 | €1,000 | - | -€1,000 | |
| Accrued charges and deferred income | 492/3 | - | €2,625 | +€2,625 | |
| Non-recurring operating income | 76A | €246,768 | - | -€246,768 | |
| Remuneration, social security and pensions | 62 | - | €4 | +€4 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,389 | €51,277 | -€2,112 | -4.0% |
| Other operating charges | 640/8 | €13,109 | €18,517 | +€5,408 | +41.3% |
| Non-recurring operating charges | 66A | €40,180 | - | -€40,180 | |
| Gross operating margin | 9900 | €297,329 | €93,952 | -€203,376 | -68.4% |
| Operating profit (loss) | 9901 | €190,650 | €24,154 | -€166,496 | -87.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €13,610 | €20,503 | +€6,894 | +50.7% |
| Recurring financial charges | 65 | €13,610 | €20,503 | +€6,894 | +50.7% |
| Profit (loss) for the period before taxes | 9903 | €177,041 | €3,651 | -€173,390 | -97.9% |
| Income taxes | 67/77 | €37,211 | €2,790 | -€34,421 | -92.5% |
| Profit (loss) for the period | 9904 | €139,830 | €861 | -€138,969 | -99.4% |
| Profit (loss) for the period to be appropriated | 9905 | €139,830 | €861 | -€138,969 | -99.4% |
Source: filed annual accounts (NBB), fiscal 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 October 2026 via checked.be.