IGNACE HUGAERTS: 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.
IGNACE HUGAERTS
Largest movements
- Cash +€8,672
up €8,672 (+12.7%), from €68,287 to €76,960
mainly Receivables within one year (+€8,632) and Other debts (+€8,571)
- Receivables within one year -€8,632
down €8,632 (-68.0%), from €12,690 to €4,058
of which Trade receivables: -€9,268
- Tangible fixed assets -€7,879
down €7,879 (-21.8%), from €36,205 to €28,326
of which Furniture and vehicles: -€4,501
- Deferred charges and accrued income +€2,337
up €2,337 (+102%), from €2,288 to €4,625
- Reserves -€14,155
down €14,155 (-14.1%), from €100,217 to €86,062
of which Distributable reserves: -€14,155
- Other debts +€8,571
new in 2025: €8,571
- Gross operating margin -€9,966
down €9,966 (-76.8%), from €12,981 to €3,016
- Taxes -€1,110
down €1,110 (-93.5%), from €1,187 to €78
- Depreciation -€130
down €130 (-1.6%), from €8,009 to €7,879
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 | €119,630 | €114,128 | -€5,501 | -4.6% |
| Fixed assets | 21/28 | €36,365 | €28,486 | -€7,879 | -21.7% |
| Tangible fixed assets | 22/27 | €36,205 | €28,326 | -€7,879 | -21.8% |
| Plant, machinery and equipment | 23 | €6,500 | €3,843 | -€2,658 | -40.9% |
| Furniture and vehicles | 24 | €28,985 | €24,483 | -€4,501 | -15.5% |
| Other tangible fixed assets | 26 | €720 | €0 | -€720 | -100% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €83,265 | €85,642 | +€2,378 | +2.9% |
| Amounts receivable within one year | 40/41 | €12,690 | €4,058 | -€8,632 | -68.0% |
| Trade receivables | 40 | €9,268 | €0 | -€9,268 | -100% |
| Other amounts receivable | 41 | €3,421 | €4,058 | +€637 | +18.6% |
| Cash at bank and in hand | 54/58 | €68,287 | €76,960 | +€8,672 | +12.7% |
| Deferred charges and accrued income | 490/1 | €2,288 | €4,625 | +€2,337 | +102% |
| Total equity and liabilities | 10/49 | €119,630 | €114,128 | -€5,501 | -4.6% |
| Equity | 10/15 | €118,810 | €104,654 | -€14,155 | -11.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €100,217 | €86,062 | -€14,155 | -14.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €98,358 | €84,203 | -€14,155 | -14.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €820 | €9,474 | +€8,654 | +1,055% |
| Amounts payable within one year | 42/48 | €820 | €9,461 | +€8,641 | +1,054% |
| Trade debts | 44 | €820 | €741 | -€79 | -9.6% |
| Suppliers | 440/4 | €820 | €741 | -€79 | -9.6% |
| Taxes, remuneration and social security | 45 | €0 | €149 | +€149 | |
| Taxes | 450/3 | €0 | €149 | +€149 | |
| Other amounts payable | 47/48 | - | €8,571 | +€8,571 | |
| Accrued charges and deferred income | 492/3 | - | €12 | +€12 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,009 | €7,879 | -€130 | -1.6% |
| Other operating charges | 640/8 | €417 | €465 | +€48 | +11.6% |
| Gross operating margin | 9900 | €12,981 | €3,016 | -€9,966 | -76.8% |
| Operating profit (loss) | 9901 | €4,555 | -€5,329 | -€9,884 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -89.5% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -89.5% |
| Financial charges | 65/66B | €181 | €177 | -€3 | -1.7% |
| Recurring financial charges | 65 | €181 | €177 | -€3 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €4,375 | -€5,506 | -€9,881 | |
| Income taxes | 67/77 | €1,187 | €78 | -€1,110 | -93.5% |
| Profit (loss) for the period | 9904 | €3,187 | -€5,584 | -€8,771 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,187 | -€5,584 | -€8,771 |
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.