IGMA: 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.
IGMA
Largest movements
- Stocks and contracts -€65,551
down €65,551 (-95.0%), from €68,983 to €3,432
of which Contracts in progress: -€60,898
- Cash +€42,884
up €42,884 (+204%), from €21,015 to €63,899
mainly Other debts (+€67,190) and Stocks and contracts (+€65,551)
- Receivables within one year +€40,676
up €40,676 (+71.7%), from €56,723 to €97,399
of which Trade receivables: +€40,213
- Tangible fixed assets +€18,697
up €18,697 (+187%), from €10,018 to €28,715
of which Plant, machinery and equipment: +€19,350
- Other debts +€67,190
new in 2025: €67,190
- Reserves -€43,968
down €43,968 (-44.1%), from €99,623 to €55,655
- Contributions +€12,400
up €12,400 (+200%), from €6,200 to €18,600
- Advances received +€3,168
new in 2025: €3,168
- Trade debts -€2,724
down €2,724 (-5.1%), from €53,796 to €51,072
- Gross operating margin +€48,570
up €48,570 (+209%), from €23,263 to €71,833
- Taxes +€9,679
up €9,679 (+246%), from €3,938 to €13,617
- Financial charges -€6,337
down €6,337 (-94.4%), from €6,710 to €373
- Other operating charges -€1,121
down €1,121 (-45.1%), from €2,486 to €1,365
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 | €160,908 | €196,970 | +€36,062 | +22.4% |
| Fixed assets | 21/28 | €10,018 | €28,715 | +€18,697 | +187% |
| Tangible fixed assets | 22/27 | €10,018 | €28,715 | +€18,697 | +187% |
| Plant, machinery and equipment | 23 | €8,713 | €28,063 | +€19,350 | +222% |
| Furniture and vehicles | 24 | €1,305 | €653 | -€653 | -50.0% |
| Current assets | 29/58 | €150,889 | €168,254 | +€17,365 | +11.5% |
| Stocks and contracts in progress | 3 | €68,983 | €3,432 | -€65,551 | -95.0% |
| Stocks | 30/36 | €8,085 | €3,432 | -€4,654 | -57.6% |
| Contracts in progress | 37 | €60,898 | - | -€60,898 | |
| Amounts receivable within one year | 40/41 | €56,723 | €97,399 | +€40,676 | +71.7% |
| Trade receivables | 40 | €15,266 | €55,479 | +€40,213 | +263% |
| Other amounts receivable | 41 | €41,457 | €41,920 | +€463 | +1.1% |
| Cash at bank and in hand | 54/58 | €21,015 | €63,899 | +€42,884 | +204% |
| Deferred charges and accrued income | 490/1 | €4,168 | €3,525 | -€644 | -15.4% |
| Total equity and liabilities | 10/49 | €160,908 | €196,970 | +€36,062 | +22.4% |
| Equity | 10/15 | €105,823 | €74,255 | -€31,568 | -29.8% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200% |
| Reserves | 13 | €99,623 | €55,655 | -€43,968 | -44.1% |
| Distributable reserves | 133 | €99,623 | €55,655 | -€43,968 | -44.1% |
| Amounts payable | 17/49 | €55,085 | €122,715 | +€67,630 | +123% |
| Amounts payable within one year | 42/48 | €55,085 | €122,715 | +€67,630 | +123% |
| Financial debts | 43 | €1,288 | €1,285 | -€4 | -0.3% |
| Other loans | 439 | €1,288 | €1,285 | -€4 | -0.3% |
| Trade debts | 44 | €53,796 | €51,072 | -€2,724 | -5.1% |
| Suppliers | 440/4 | €53,796 | €51,072 | -€2,724 | -5.1% |
| Advances received on contracts in progress | 46 | - | €3,168 | +€3,168 | |
| Other amounts payable | 47/48 | - | €67,190 | +€67,190 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,508 | €3,066 | -€442 | -12.6% |
| Other operating charges | 640/8 | €2,486 | €1,365 | -€1,121 | -45.1% |
| Gross operating margin | 9900 | €23,263 | €71,833 | +€48,570 | +209% |
| Operating profit (loss) | 9901 | €17,268 | €67,402 | +€50,134 | +290% |
| Financial income | 75/76B | €1,032 | €383 | -€650 | -62.9% |
| Recurring financial income | 75 | €1,032 | €383 | -€650 | -62.9% |
| Financial charges | 65/66B | €6,710 | €373 | -€6,337 | -94.4% |
| Recurring financial charges | 65 | €6,710 | €373 | -€6,337 | -94.4% |
| Profit (loss) for the period before taxes | 9903 | €11,591 | €67,412 | +€55,821 | +482% |
| Income taxes | 67/77 | €3,938 | €13,617 | +€9,679 | +246% |
| Profit (loss) for the period | 9904 | €7,653 | €53,795 | +€46,142 | +603% |
| Profit (loss) for the period to be appropriated | 9905 | €7,653 | €53,795 | +€46,142 | +603% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.