IGESKA: 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.
IGESKA
Largest movements
- Cash -€926,985
down €926,985 (-93.5%), from €991,437 to €64,452
mainly Investment in fixed assets (net) (-€2.0m) and Contributions, distributions and other (-€195,180)
- Financial fixed assets +€885,000
up €885,000 (+92.9%), from €952,450 to €1.8m
- Tangible fixed assets +€807,881
up €807,881 (+34.0%), from €2.4m to €3.2m
of which Land and buildings: +€1.5m
- Receivables within one year -€154,274
down €154,274 (-41.9%), from €367,863 to €213,589
of which Other amounts receivable: -€87,839
- Receivables after one year -€150,000
no longer reported in 2025 (was €150,000)
- Reserves +€235,706
up €235,706 (+16.2%), from €1.5m to €1.7m
- Current portion of long-term debt +€148,939
up €148,939 (+40.2%), from €370,091 to €519,030
- Trade debts +€124,396
up €124,396 (+129%), from €96,644 to €221,040
- Tax, wage and social debts -€114,780
down €114,780 (-43.5%), from €263,808 to €149,028
of which Taxes: -€112,649
- Debts after one year +€72,336
up €72,336 (+3.3%), from €2.2m to €2.3m
of which Financial debts: +€72,336
- Gross operating margin +€320,400
up €320,400 (+19.0%), from €1.7m to €2.0m
- Depreciation +€95,915
up €95,915 (+47.9%), from €200,441 to €296,356
- Financial charges +€70,029
up €70,029 (+110%), from €63,610 to €133,639
- Taxes +€40,736
up €40,736 (+24.8%), from €164,232 to €204,968
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 | €4,903,633 | €5,344,561 | +€440,928 | +9.0% |
| Fixed assets | 21/28 | €3,327,473 | €5,019,896 | +€1.7m | +50.9% |
| Intangible fixed assets | 21 | €488 | €30 | -€458 | -93.8% |
| Tangible fixed assets | 22/27 | €2,374,535 | €3,182,416 | +€807,881 | +34.0% |
| Land and buildings | 22 | €1,548,933 | €3,002,195 | +€1.5m | +93.8% |
| Plant, machinery and equipment | 23 | €772,216 | €91,512 | -€680,705 | -88.1% |
| Furniture and vehicles | 24 | €53,386 | €88,710 | +€35,324 | +66.2% |
| Financial fixed assets | 28 | €952,450 | €1,837,450 | +€885,000 | +92.9% |
| Current assets | 29/58 | €1,576,160 | €324,665 | -€1.3m | -79.4% |
| Amounts receivable after more than one year | 29 | €150,000 | - | -€150,000 | |
| Other amounts receivable | 291 | €150,000 | - | -€150,000 | |
| Stocks and contracts in progress | 3 | €12,880 | €42,577 | +€29,697 | +231% |
| Stocks | 30/36 | €12,880 | €42,577 | +€29,697 | +231% |
| Amounts receivable within one year | 40/41 | €367,863 | €213,589 | -€154,274 | -41.9% |
| Trade receivables | 40 | €108,044 | €41,609 | -€66,435 | -61.5% |
| Other amounts receivable | 41 | €259,819 | €171,980 | -€87,839 | -33.8% |
| Cash at bank and in hand | 54/58 | €991,437 | €64,452 | -€926,985 | -93.5% |
| Deferred charges and accrued income | 490/1 | €53,981 | €4,047 | -€49,933 | -92.5% |
| Total equity and liabilities | 10/49 | €4,903,633 | €5,344,561 | +€440,928 | +9.0% |
| Equity | 10/15 | €1,735,740 | €1,971,445 | +€235,706 | +13.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €260,000 | €260,000 | = | 0.0% |
| Reserves | 13 | €1,457,090 | €1,692,796 | +€235,706 | +16.2% |
| Distributable reserves | 133 | €1,457,090 | €1,692,796 | +€235,706 | +16.2% |
| Profit (loss) carried forward | 14 | €50 | €50 | = | 0.0% |
| Amounts payable | 17/49 | €3,167,893 | €3,373,116 | +€205,223 | +6.5% |
| Amounts payable after more than one year | 17 | €2,190,780 | €2,263,117 | +€72,336 | +3.3% |
| Financial debts | 170/4 | €2,189,947 | €2,262,283 | +€72,336 | +3.3% |
| Other amounts payable | 178/9 | €833 | €833 | = | 0.0% |
| Amounts payable within one year | 42/48 | €967,298 | €1,100,735 | +€133,436 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €370,091 | €519,030 | +€148,939 | +40.2% |
| Trade debts | 44 | €96,644 | €221,040 | +€124,396 | +129% |
| Suppliers | 440/4 | €96,644 | €221,040 | +€124,396 | +129% |
| Taxes, remuneration and social security | 45 | €263,808 | €149,028 | -€114,780 | -43.5% |
| Taxes | 450/3 | €187,550 | €74,901 | -€112,649 | -60.1% |
| Remuneration and social security | 454/9 | €76,258 | €74,127 | -€2,131 | -2.8% |
| Other amounts payable | 47/48 | €236,756 | €211,637 | -€25,119 | -10.6% |
| Accrued charges and deferred income | 492/3 | €9,814 | €9,265 | -€550 | -5.6% |
| Remuneration, social security and pensions | 62 | €876,566 | €893,442 | +€16,877 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €200,441 | €296,356 | +€95,915 | +47.9% |
| Other operating charges | 640/8 | €20,742 | €28,927 | +€8,186 | +39.5% |
| Non-recurring operating charges | 66A | - | €17,379 | +€17,379 | |
| Gross operating margin | 9900 | €1,682,349 | €2,002,749 | +€320,400 | +19.0% |
| Operating profit (loss) | 9901 | €584,601 | €766,645 | +€182,044 | +31.1% |
| Financial income | 75/76B | €9,420 | €2,847 | -€6,573 | -69.8% |
| Recurring financial income | 75 | €7,014 | €2,847 | -€4,167 | -59.4% |
| Non-recurring financial income | 76B | €2,406 | - | -€2,406 | |
| Financial charges | 65/66B | €63,610 | €133,639 | +€70,029 | +110% |
| Recurring financial charges | 65 | €63,610 | €133,639 | +€70,029 | +110% |
| Profit (loss) for the period before taxes | 9903 | €530,412 | €635,853 | +€105,442 | +19.9% |
| Income taxes | 67/77 | €164,232 | €204,968 | +€40,736 | +24.8% |
| Profit (loss) for the period | 9904 | €366,180 | €430,886 | +€64,705 | +17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €366,180 | €430,886 | +€64,705 | +17.7% |
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 16 October 2026 via checked.be.