IGEL TECHNOLOGY BVBA: 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.
IGEL TECHNOLOGY BVBA
Largest movements
- Cash -€111,779
down €111,779 (-65.2%), from €171,349 to €59,570
mainly Accrued charges and deferred income (-€225,946) and Other debts (-€38,635)
- Financial fixed assets -€86,500
down €86,500 (-15.0%), from €576,331 to €489,830
- Receivables within one year -€34,632
down €34,632 (-40.8%), from €84,833 to €50,201
of which Trade receivables: -€38,164
- Accrued charges and deferred income -€225,946
down €225,946 (-30.8%), from €734,589 to €508,644
- Other debts -€38,635
no longer reported in 2025 (was €38,635)
- Profit (loss) carried forward +€14,476
up €14,476, from -€8,764 to €5,712
- Trade debts +€9,088
up €9,088 (+41.2%), from €22,046 to €31,133
- Staff costs +€26,044
up €26,044 (+10.6%), from €246,260 to €272,303
- Gross operating margin +€24,782
up €24,782 (+9.8%), from €252,375 to €277,157
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 | €850,127 | €609,487 | -€240,640 | -28.3% |
| Fixed assets | 21/28 | €576,714 | €489,830 | -€86,884 | -15.1% |
| Tangible fixed assets | 22/27 | €383 | €0 | -€383 | -100% |
| Furniture and vehicles | 24 | €383 | €0 | -€383 | -100% |
| Financial fixed assets | 28 | €576,331 | €489,830 | -€86,500 | -15.0% |
| Current assets | 29/58 | €273,413 | €119,657 | -€153,756 | -56.2% |
| Amounts receivable within one year | 40/41 | €84,833 | €50,201 | -€34,632 | -40.8% |
| Trade receivables | 40 | €84,833 | €46,669 | -€38,164 | -45.0% |
| Other amounts receivable | 41 | - | €3,532 | +€3,532 | |
| Cash at bank and in hand | 54/58 | €171,349 | €59,570 | -€111,779 | -65.2% |
| Deferred charges and accrued income | 490/1 | €17,232 | €9,886 | -€7,346 | -42.6% |
| Total equity and liabilities | 10/49 | €850,127 | €609,487 | -€240,640 | -28.3% |
| Equity | 10/15 | €11,697 | €26,172 | +€14,476 | +124% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,764 | €5,712 | +€14,476 | |
| Amounts payable | 17/49 | €838,431 | €583,315 | -€255,116 | -30.4% |
| Amounts payable within one year | 42/48 | €103,841 | €74,672 | -€29,170 | -28.1% |
| Trade debts | 44 | €22,046 | €31,133 | +€9,088 | +41.2% |
| Suppliers | 440/4 | €22,046 | €31,133 | +€9,088 | +41.2% |
| Taxes, remuneration and social security | 45 | €43,160 | €43,538 | +€378 | +0.9% |
| Taxes | 450/3 | €5,794 | €477 | -€5,317 | -91.8% |
| Remuneration and social security | 454/9 | €37,366 | €43,061 | +€5,694 | +15.2% |
| Other amounts payable | 47/48 | €38,635 | - | -€38,635 | |
| Accrued charges and deferred income | 492/3 | €734,589 | €508,644 | -€225,946 | -30.8% |
| Remuneration, social security and pensions | 62 | €246,260 | €272,303 | +€26,044 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €601 | €383 | -€218 | -36.3% |
| Other operating charges | 640/8 | €51 | €1,271 | +€1,219 | +2,372% |
| Gross operating margin | 9900 | €252,375 | €277,157 | +€24,782 | +9.8% |
| Operating profit (loss) | 9901 | €5,463 | €3,200 | -€2,263 | -41.4% |
| Financial income | 75/76B | €13,586 | €15,521 | +€1,935 | +14.2% |
| Recurring financial income | 75 | €13,586 | €15,521 | +€1,935 | +14.2% |
| Financial charges | 65/66B | €3,489 | €3,815 | +€326 | +9.4% |
| Recurring financial charges | 65 | €3,489 | €3,815 | +€326 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | €15,560 | €14,906 | -€654 | -4.2% |
| Income taxes | 67/77 | €467 | €430 | -€37 | -8.0% |
| Profit (loss) for the period | 9904 | €15,092 | €14,476 | -€617 | -4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,092 | €14,476 | -€617 | -4.1% |
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 15 October 2026 via checked.be.