IGM: 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.
IGM
Largest movements
- Cash +€158,595
up €158,595 (+87.2%), from €181,900 to €340,495
mainly Net result for the year (+€128,226) and Receivables within one year (+€93,308)
- Current investments +€100,000
up €100,000 (+33.3%), from €300,000 to €400,000
- Receivables within one year -€93,308
down €93,308 (-34.5%), from €270,125 to €176,818
of which Trade receivables: -€111,470
- Stocks and contracts -€30,980
down €30,980 (-46.8%), from €66,234 to €35,254
of which Contracts in progress: -€30,980
- Tangible fixed assets +€17,250
up €17,250 (+79.3%), from €21,763 to €39,012
of which Furniture and vehicles: +€17,581
- Other debts +€75,605
up €75,605 (+18.3%), from €413,511 to €489,116
- Profit (loss) carried forward +€51,726
up €51,726 (+21.8%), from €237,277 to €289,003
- Trade debts +€39,994
up €39,994 (+330.8%), from €12,091 to €52,084
- Advances received -€20,500
no longer reported in 2025 (was €20,500)
- Gross operating margin -€56,459
down €56,459 (-18.0%), from €314,278 to €257,819
- Staff costs +€10,124
up €10,124 (+9.1%), from €111,001 to €121,125
- Financial income +€5,226
up €5,226 (+164.6%), from €3,174 to €8,401
- Depreciation +€5,064
up €5,064 (+65.8%), from €7,696 to €12,760
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 | €873,281 | €1,020,032 | +€146,751 | +16.8% |
| Fixed assets | 21/28 | €22,073 | €39,323 | +€17,250 | +78.1% |
| Tangible fixed assets | 22/27 | €21,763 | €39,012 | +€17,250 | +79.3% |
| Plant, machinery and equipment | 23 | €526 | €195 | -€331 | -62.9% |
| Furniture and vehicles | 24 | €21,237 | €38,818 | +€17,581 | +82.8% |
| Financial fixed assets | 28 | €311 | €311 | = | 0.0% |
| Current assets | 29/58 | €851,208 | €980,709 | +€129,501 | +15.2% |
| Amounts receivable after more than one year | 29 | €30,993 | €22,788 | -€8,205 | -26.5% |
| Other amounts receivable | 291 | €30,993 | €22,788 | -€8,205 | -26.5% |
| Stocks and contracts in progress | 3 | €66,234 | €35,254 | -€30,980 | -46.8% |
| Stocks | 30/36 | €17,254 | €17,254 | = | 0.0% |
| Contracts in progress | 37 | €48,980 | €18,000 | -€30,980 | -63.3% |
| Amounts receivable within one year | 40/41 | €270,125 | €176,818 | -€93,308 | -34.5% |
| Trade receivables | 40 | €198,346 | €86,876 | -€111,470 | -56.2% |
| Other amounts receivable | 41 | €71,780 | €89,942 | +€18,162 | +25.3% |
| Current investments | 50/53 | €300,000 | €400,000 | +€100,000 | +33.3% |
| Cash at bank and in hand | 54/58 | €181,900 | €340,495 | +€158,595 | +87.2% |
| Deferred charges and accrued income | 490/1 | €1,955 | €5,354 | +€3,399 | +173.8% |
| Total equity and liabilities | 10/49 | €873,281 | €1,020,032 | +€146,751 | +16.8% |
| Equity | 10/15 | €414,631 | €466,357 | +€51,726 | +12.5% |
| 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 | €115,355 | €115,355 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,674 | €5,674 | = | 0.0% |
| Distributable reserves | 133 | €103,481 | €103,481 | = | 0.0% |
| Profit (loss) carried forward | 14 | €237,277 | €289,003 | +€51,726 | +21.8% |
| Amounts payable | 17/49 | €458,650 | €553,675 | +€95,025 | +20.7% |
| Amounts payable within one year | 42/48 | €449,850 | €545,002 | +€95,152 | +21.2% |
| Trade debts | 44 | €12,091 | €52,084 | +€39,994 | +330.8% |
| Suppliers | 440/4 | €12,091 | €52,084 | +€39,994 | +330.8% |
| Advances received on contracts in progress | 46 | €20,500 | - | -€20,500 | |
| Taxes, remuneration and social security | 45 | €3,748 | €3,801 | +€53 | +1.4% |
| Taxes | 450/3 | €190 | - | -€190 | |
| Remuneration and social security | 454/9 | €3,559 | €3,801 | +€243 | +6.8% |
| Other amounts payable | 47/48 | €413,511 | €489,116 | +€75,605 | +18.3% |
| Accrued charges and deferred income | 492/3 | €8,800 | €8,673 | -€127 | -1.4% |
| Remuneration, social security and pensions | 62 | €111,001 | €121,125 | +€10,124 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,696 | €12,760 | +€5,064 | +65.8% |
| Other operating charges | 640/8 | €1,840 | €1,557 | -€283 | -15.4% |
| Gross operating margin | 9900 | €314,278 | €257,819 | -€56,459 | -18.0% |
| Operating profit (loss) | 9901 | €193,741 | €122,378 | -€71,363 | -36.8% |
| Financial income | 75/76B | €3,174 | €8,401 | +€5,226 | +164.6% |
| Recurring financial income | 75 | €3,174 | €8,401 | +€5,226 | +164.6% |
| Financial charges | 65/66B | €1,944 | €1,407 | -€537 | -27.6% |
| Recurring financial charges | 65 | €1,944 | €1,407 | -€537 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | €194,972 | €129,371 | -€65,600 | -33.6% |
| Income taxes | 67/77 | €380 | €1,145 | +€766 | +201.8% |
| Profit (loss) for the period | 9904 | €194,592 | €128,226 | -€66,366 | -34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €194,592 | €128,226 | -€66,366 | -34.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.