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
- Receivables within one year +€1.1m
up €1.1m (+30.3%), from €3.5m to €4.6m
of which Trade receivables: +€1.8m
- Cash +€952,892
up €952,892 (+1332.5%), from €71,511 to €1.0m
mainly Current portion of long-term debt (+€1.4m) and Net result for the year (+€1.0m)
- Receivables after one year +€576,189
up €576,189 (+53.2%), from €1.1m to €1.7m
- Tangible fixed assets +€280,664
up €280,664 (+82.6%), from €339,889 to €620,553
of which Furniture and vehicles: +€163,906
- Stocks and contracts -€240,000
no longer reported in 2025 (was €240,000)
- Current portion of long-term debt +€1.4m
up €1.4m (+126.4%), from €1.1m to €2.6m
- Short-term financial debts +€584,503
new in 2025: €584,503
- Trade debts +€286,875
up €286,875 (+34.8%), from €824,815 to €1.1m
- Tax, wage and social debts +€260,975
up €260,975 (+65.5%), from €398,496 to €659,471
of which Taxes: +€229,849
- Reserves +€138,573
up €138,573 (+4.7%), from €3.0m to €3.1m
of which Distributable reserves: +€138,573
- Turnover +€29.8m
new in 2025: €29.8m
- Goods and materials +€13.8m
new in 2025: €13.8m
- Services and other goods +€7.6m
new in 2025: €7.6m
- Gross operating margin -€5.6m
no longer reported in 2025 (was €5.6m)
- Staff costs +€1.9m
up €1.9m (+51.2%), from €3.8m to €5.7m
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 | €5,317,486 | €8,012,151 | +€2.7m | +50.7% |
| Fixed assets | 21/28 | €376,425 | €664,588 | +€288,164 | +76.6% |
| Tangible fixed assets | 22/27 | €339,889 | €620,553 | +€280,664 | +82.6% |
| Land and buildings | 22 | €59,250 | €56,250 | -€3,000 | -5.1% |
| Plant, machinery and equipment | 23 | €78,878 | €203,464 | +€124,586 | +157.9% |
| Furniture and vehicles | 24 | €177,483 | €341,389 | +€163,906 | +92.3% |
| Other tangible fixed assets | 26 | €24,278 | €19,450 | -€4,828 | -19.9% |
| Financial fixed assets | 28 | €36,536 | €44,036 | +€7,500 | +20.5% |
| Other financial fixed assets | 284/8 | - | €44,036 | +€44,036 | |
| Amounts receivable and cash guarantees | 285/8 | - | €44,036 | +€44,036 | |
| Current assets | 29/58 | €4,941,062 | €7,347,562 | +€2.4m | +48.7% |
| Amounts receivable after more than one year | 29 | €1,082,122 | €1,658,311 | +€576,189 | +53.2% |
| Other amounts receivable | 291 | €1,082,122 | €1,658,311 | +€576,189 | +53.2% |
| Stocks and contracts in progress | 3 | €240,000 | - | -€240,000 | |
| Contracts in progress | 37 | €240,000 | - | -€240,000 | |
| Amounts receivable within one year | 40/41 | €3,539,417 | €4,610,373 | +€1.1m | +30.3% |
| Trade receivables | 40 | €1,770,491 | €3,577,951 | +€1.8m | +102.1% |
| Other amounts receivable | 41 | €1,768,927 | €1,032,422 | -€736,505 | -41.6% |
| Cash at bank and in hand | 54/58 | €71,511 | €1,024,404 | +€952,892 | +1332.5% |
| Deferred charges and accrued income | 490/1 | €8,011 | €54,474 | +€46,463 | +580.0% |
| Total equity and liabilities | 10/49 | €5,317,486 | €8,012,151 | +€2.7m | +50.7% |
| Equity | 10/15 | €2,967,914 | €3,106,486 | +€138,573 | +4.7% |
| Contributions | 10/11 | €7,605 | €7,605 | = | 0.0% |
| Reserves | 13 | €2,960,308 | €3,098,881 | +€138,573 | +4.7% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €2,904,058 | €3,042,631 | +€138,573 | +4.8% |
| Amounts payable | 17/49 | €2,349,573 | €4,905,664 | +€2.6m | +108.8% |
| Amounts payable within one year | 42/48 | €2,349,573 | €4,905,664 | +€2.6m | +108.8% |
| Current portion of amounts payable after more than one year | 42 | €1,126,262 | €2,550,000 | +€1.4m | +126.4% |
| Financial debts | 43 | - | €584,503 | +€584,503 | |
| Credit institutions | 430/8 | - | €584,503 | +€584,503 | |
| Trade debts | 44 | €824,815 | €1,111,690 | +€286,875 | +34.8% |
| Suppliers | 440/4 | €824,815 | €1,111,690 | +€286,875 | +34.8% |
| Taxes, remuneration and social security | 45 | €398,496 | €659,471 | +€260,975 | +65.5% |
| Taxes | 450/3 | €335,730 | €565,579 | +€229,849 | +68.5% |
| Remuneration and social security | 454/9 | €62,766 | €93,892 | +€31,126 | +49.6% |
| Operating income | 70/76A | - | €30,728,751 | +€30.7m | |
| Turnover | 70 | - | €29,832,346 | +€29.8m | |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | - | €439,851 | +€439,851 | |
| Other operating income | 74 | - | €296,280 | +€296,280 | |
| Non-recurring operating income | 76A | €8,786 | €160,275 | +€151,488 | +1724.2% |
| Operating charges | 60/66A | - | €28,262,024 | +€28.3m | |
| Goods for resale, raw materials and consumables | 60 | - | €13,798,888 | +€13.8m | |
| Purchases | 600/8 | - | €13,798,888 | +€13.8m | |
| Services and other goods | 61 | - | €7,578,199 | +€7.6m | |
| Remuneration, social security and pensions | 62 | €3,771,168 | €5,700,928 | +€1.9m | +51.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,145 | €129,162 | +€14,017 | +12.2% |
| Other operating charges | 640/8 | €112,439 | €1,054,846 | +€942,407 | +838.2% |
| Gross operating margin | 9900 | €5,584,906 | - | -€5.6m | |
| Operating profit (loss) | 9901 | €1,586,154 | €2,466,728 | +€880,574 | +55.5% |
| Financial income | 75/76B | €54,733 | €216,070 | +€161,337 | +294.8% |
| Recurring financial income | 75 | €54,733 | €216,070 | +€161,337 | +294.8% |
| Other financial income | 752/9 | - | €216,070 | +€216,070 | |
| Financial charges | 65/66B | €64,990 | €137,754 | +€72,764 | +112.0% |
| Recurring financial charges | 65 | €64,990 | €137,754 | +€72,764 | +112.0% |
| Other financial charges | 652/9 | - | €137,754 | +€137,754 | |
| Profit (loss) for the period before taxes | 9903 | €1,575,897 | €2,545,043 | +€969,146 | +61.5% |
| Income taxes | 67/77 | €575,698 | €1,527,878 | +€952,180 | +165.4% |
| Taxes | 670/3 | - | €1,527,878 | +€1.5m | |
| Profit (loss) for the period | 9904 | €1,000,200 | €1,017,166 | +€16,966 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,000,200 | €1,017,166 | +€16,966 | +1.7% |
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 4 October 2026 via checked.be.