IGHOR: 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.
IGHOR
Largest movements
- Receivables within one year +€4,085
up €4,085 (+13.0%), from €31,463 to €35,548
of which Trade receivables: +€4,085
- Current investments -€3,924
down €3,924 (-17.8%), from €22,055 to €18,131
- Cash -€2,061
down €2,061 (-64.3%), from €3,205 to €1,144
mainly Other debts (-€13,463) and Investment in fixed assets (net) (-€8,873)
- Tangible fixed assets +€1,863
up €1,863 (+10.1%), from €18,390 to €20,253
of which Land and buildings: +€10,160
- Other debts -€13,463
down €13,463 (-22.0%), from €61,282 to €47,819
- Reserves +€7,550
up €7,550 (+309.5%), from €2,440 to €9,990
of which Distributable reserves: +€7,550
- Profit (loss) carried forward +€6,490
up €6,490, from -€6,490 to €0
- Trade debts -€1,559
down €1,559 (-67.3%), from €2,318 to €759
- Tax, wage and social debts +€946
up €946 (+29.9%), from €3,163 to €4,108
- Gross operating margin +€5,137
up €5,137 (+24.6%), from €20,877 to €26,014
- Depreciation -€3,421
down €3,421 (-32.8%), from €10,431 to €7,009
- Other operating charges +€2,096
up €2,096 (+179.6%), from €1,167 to €3,263
- Taxes +€608
up €608 (+502.8%), from €121 to €728
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 | €75,113 | €75,076 | -€36 | 0.0% |
| Fixed assets | 21/28 | €18,390 | €20,253 | +€1,863 | +10.1% |
| Tangible fixed assets | 22/27 | €18,390 | €20,253 | +€1,863 | +10.1% |
| Land and buildings | 22 | €4,590 | €14,749 | +€10,160 | +221.4% |
| Plant, machinery and equipment | 23 | €2,069 | €1,414 | -€654 | -31.6% |
| Furniture and vehicles | 24 | €11,731 | €4,089 | -€7,642 | -65.1% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €56,723 | €54,824 | -€1,900 | -3.3% |
| Amounts receivable within one year | 40/41 | €31,463 | €35,548 | +€4,085 | +13.0% |
| Trade receivables | 40 | €10,268 | €14,353 | +€4,085 | +39.8% |
| Other amounts receivable | 41 | €21,195 | €21,195 | = | 0.0% |
| Current investments | 50/53 | €22,055 | €18,131 | -€3,924 | -17.8% |
| Cash at bank and in hand | 54/58 | €3,205 | €1,144 | -€2,061 | -64.3% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €75,113 | €75,076 | -€36 | 0.0% |
| Equity | 10/15 | €8,350 | €22,390 | +€14,040 | +168.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,440 | €9,990 | +€7,550 | +309.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €580 | €580 | = | 0.0% |
| Distributable reserves | 133 | €0 | €7,550 | +€7,550 | |
| Profit (loss) carried forward | 14 | -€6,490 | €0 | +€6,490 | |
| Amounts payable | 17/49 | €66,763 | €52,686 | -€14,076 | -21.1% |
| Amounts payable within one year | 42/48 | €66,763 | €52,686 | -€14,076 | -21.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €2,318 | €759 | -€1,559 | -67.3% |
| Suppliers | 440/4 | €2,318 | €759 | -€1,559 | -67.3% |
| Taxes, remuneration and social security | 45 | €3,163 | €4,108 | +€946 | +29.9% |
| Taxes | 450/3 | €3,163 | €4,108 | +€946 | +29.9% |
| Other amounts payable | 47/48 | €61,282 | €47,819 | -€13,463 | -22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,431 | €7,009 | -€3,421 | -32.8% |
| Other operating charges | 640/8 | €1,167 | €3,263 | +€2,096 | +179.6% |
| Gross operating margin | 9900 | €20,877 | €26,014 | +€5,137 | +24.6% |
| Operating profit (loss) | 9901 | €9,279 | €15,742 | +€6,463 | +69.6% |
| Financial income | 75/76B | €82 | €232 | +€149 | +181.2% |
| Recurring financial income | 75 | €82 | €232 | +€149 | +181.2% |
| Financial charges | 65/66B | €959 | €1,205 | +€246 | +25.7% |
| Recurring financial charges | 65 | €959 | €1,205 | +€246 | +25.7% |
| Profit (loss) for the period before taxes | 9903 | €8,402 | €14,768 | +€6,366 | +75.8% |
| Income taxes | 67/77 | €121 | €728 | +€608 | +502.8% |
| Profit (loss) for the period | 9904 | €8,282 | €14,040 | +€5,758 | +69.5% |
| Profit (loss) for the period to be appropriated | 9905 | €8,282 | €14,040 | +€5,758 | +69.5% |
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 6 October 2026 via checked.be.