Igelec: 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.
Igelec
Largest movements
- Receivables within one year +€43,623
up €43,623 (+55.4%), from €78,681 to €122,303
of which Trade receivables: +€40,474
- Tangible fixed assets -€7,204
down €7,204 (-38.6%), from €18,650 to €11,446
of which Furniture and vehicles: -€5,301
- Receivables after one year +€3,163
new in 2025: €3,163
- Stocks and contracts +€1,446
new in 2025: €1,446
- Trade debts +€24,784
up €24,784 (+34.9%), from €70,951 to €95,735
- Profit (loss) carried forward +€19,364
up €19,364 (+190%), from €10,208 to €29,573
- Debts after one year -€5,239
down €5,239 (-53.4%), from €9,810 to €4,571
- Tax, wage and social debts +€3,280
up €3,280 (+92.0%), from €3,566 to €6,846
of which Taxes: +€2,300
- Gross operating margin +€11,129
up €11,129 (+41.1%), from €27,072 to €38,201
- Taxes +€2,300
up €2,300 (+87.2%), from €2,637 to €4,937
- Write-downs -€1,720
no longer reported in 2025 (was €1,720)
- Financial charges +€1,644
up €1,644 (+53.3%), from €3,083 to €4,727
- Depreciation +€1,255
up €1,255 (+15.4%), from €8,129 to €9,383
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 | €99,519 | €141,964 | +€42,445 | +42.7% |
| Fixed assets | 21/28 | €18,650 | €11,446 | -€7,204 | -38.6% |
| Tangible fixed assets | 22/27 | €18,650 | €11,446 | -€7,204 | -38.6% |
| Plant, machinery and equipment | 23 | €6,327 | €4,424 | -€1,903 | -30.1% |
| Furniture and vehicles | 24 | €12,324 | €7,023 | -€5,301 | -43.0% |
| Current assets | 29/58 | €80,869 | €130,518 | +€49,649 | +61.4% |
| Amounts receivable after more than one year | 29 | - | €3,163 | +€3,163 | |
| Other amounts receivable | 291 | - | €3,163 | +€3,163 | |
| Stocks and contracts in progress | 3 | - | €1,446 | +€1,446 | |
| Stocks | 30/36 | - | €1,446 | +€1,446 | |
| Amounts receivable within one year | 40/41 | €78,681 | €122,303 | +€43,623 | +55.4% |
| Trade receivables | 40 | €67,257 | €107,732 | +€40,474 | +60.2% |
| Other amounts receivable | 41 | €11,423 | €14,572 | +€3,148 | +27.6% |
| Cash at bank and in hand | 54/58 | €2,188 | €3,605 | +€1,417 | +64.8% |
| Total equity and liabilities | 10/49 | €99,519 | €141,964 | +€42,445 | +42.7% |
| Equity | 10/15 | €10,208 | €29,573 | +€19,364 | +190% |
| Profit (loss) carried forward | 14 | €10,208 | €29,573 | +€19,364 | +190% |
| Amounts payable | 17/49 | €89,311 | €112,392 | +€23,081 | +25.8% |
| Amounts payable after more than one year | 17 | €9,810 | €4,571 | -€5,239 | -53.4% |
| Financial debts | 170/4 | €9,810 | €4,571 | -€5,239 | -53.4% |
| Amounts payable within one year | 42/48 | €79,500 | €107,821 | +€28,320 | +35.6% |
| Current portion of amounts payable after more than one year | 42 | €4,983 | €5,239 | +€256 | +5.1% |
| Trade debts | 44 | €70,951 | €95,735 | +€24,784 | +34.9% |
| Suppliers | 440/4 | €70,951 | €95,735 | +€24,784 | +34.9% |
| Taxes, remuneration and social security | 45 | €3,566 | €6,846 | +€3,280 | +92.0% |
| Taxes | 450/3 | €2,637 | €4,937 | +€2,300 | +87.2% |
| Remuneration and social security | 454/9 | €929 | €1,909 | +€980 | +106% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,129 | €9,383 | +€1,255 | +15.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,720 | - | -€1,720 | |
| Other operating charges | 640/8 | €147 | €239 | +€92 | +62.9% |
| Non-recurring operating charges | 66A | €1,368 | - | -€1,368 | |
| Gross operating margin | 9900 | €27,072 | €38,201 | +€11,129 | +41.1% |
| Operating profit (loss) | 9901 | €15,709 | €28,579 | +€12,870 | +81.9% |
| Financial income | 75/76B | €220 | €449 | +€230 | +105% |
| Recurring financial income | 75 | €220 | €449 | +€230 | +105% |
| Financial charges | 65/66B | €3,083 | €4,727 | +€1,644 | +53.3% |
| Recurring financial charges | 65 | €3,083 | €4,727 | +€1,644 | +53.3% |
| Profit (loss) for the period before taxes | 9903 | €12,846 | €24,302 | +€11,456 | +89.2% |
| Income taxes | 67/77 | €2,637 | €4,937 | +€2,300 | +87.2% |
| Profit (loss) for the period | 9904 | €10,208 | €19,364 | +€9,156 | +89.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,208 | €19,364 | +€9,156 | +89.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.