IGOP: 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.
IGOP
Largest movements
- Tangible fixed assets +€6.9m
up €6.9m (+597%), from €1.1m to €8.0m
of which Leasing and similar rights: +€6.8m
- Deferred charges and accrued income +€4.3m
up €4.3m (+1,440%), from €295,460 to €4.5m
- Cash +€1.9m
up €1.9m (+617%), from €308,335 to €2.2m
mainly Accrued charges and deferred income (+€6.8m) and Debts after one year (+€4.9m)
- Receivables within one year +€395,262
up €395,262 (+1,578%), from €25,052 to €420,314
of which Trade receivables: +€397,966
- Current investments -€340,000
no longer reported in 2025 (was €340,000)
- Accrued charges and deferred income +€6.8m
up €6.8m (+127,226%), from €5,358 to €6.8m
- Debts after one year +€4.9m
new in 2025: €4.9m
- Tax, wage and social debts +€1.0m
up €1.0m (+3,949%), from €25,665 to €1.0m
of which Taxes: +€1.0m
- Trade debts +€778,556
up €778,556 (+584%), from €133,392 to €911,948
- Short-term financial debts -€772,939
down €772,939 (-65.4%), from €1.2m to €408,260
- Financial charges +€66,486
up €66,486 (+149%), from €44,641 to €111,127
- Gross operating margin +€65,806
up €65,806 (+28.7%), from €229,242 to €295,049
- Depreciation -€10,318
down €10,318 (-62.0%), from €16,637 to €6,319
- Other operating charges +€4,427
up €4,427 (+39.6%), from €11,173 to €15,600
- Financial income +€3,855
up €3,855 (+16.4%), from €23,528 to €27,382
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 | €3,235,375 | €16,298,527 | +€13.1m | +404% |
| Fixed assets | 21/28 | €1,148,439 | €7,999,101 | +€6.9m | +597% |
| Tangible fixed assets | 22/27 | €1,148,304 | €7,998,965 | +€6.9m | +597% |
| Land and buildings | 22 | €436,165 | - | -€436,165 | |
| Leasing and similar rights | 25 | - | €6,818,681 | +€6.8m | |
| Other tangible fixed assets | 26 | - | €1,180,285 | +€1.2m | |
| Assets under construction and advance payments | 27 | €712,138 | - | -€712,138 | |
| Financial fixed assets | 28 | €136 | €136 | = | 0.0% |
| Current assets | 29/58 | €2,086,935 | €8,299,426 | +€6.2m | +298% |
| Amounts receivable after more than one year | 29 | €1,118,089 | €1,118,089 | = | 0.0% |
| Other amounts receivable | 291 | €1,118,089 | €1,118,089 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €25,052 | €420,314 | +€395,262 | +1,578% |
| Trade receivables | 40 | €18,510 | €416,476 | +€397,966 | +2,150% |
| Other amounts receivable | 41 | €6,542 | €3,838 | -€2,705 | -41.3% |
| Current investments | 50/53 | €340,000 | - | -€340,000 | |
| Cash at bank and in hand | 54/58 | €308,335 | €2,211,326 | +€1.9m | +617% |
| Deferred charges and accrued income | 490/1 | €295,460 | €4,549,697 | +€4.3m | +1,440% |
| Total equity and liabilities | 10/49 | €3,235,375 | €16,298,527 | +€13.1m | +404% |
| Equity | 10/15 | €1,497,520 | €1,543,310 | +€45,790 | +3.1% |
| Contributions | 10/11 | €94,886 | €94,886 | = | 0.0% |
| Capital | 10 | €94,886 | €94,886 | = | 0.0% |
| Issued capital | 100 | €94,886 | €94,886 | = | 0.0% |
| Reserves | 13 | €1,277,226 | €1,266,175 | -€11,051 | -0.9% |
| Non-distributable reserves | 130/1 | €10,190 | €10,190 | = | 0.0% |
| Legal reserve | 130 | €9,489 | €9,489 | = | 0.0% |
| Other | 1319 | €701 | €701 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,193,583 | €1,182,532 | -€11,051 | -0.9% |
| Distributable reserves | 133 | €73,454 | €73,454 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125,407 | €182,249 | +€56,841 | +45.3% |
| Provisions and deferred taxes | 16 | €392,240 | €388,556 | -€3,684 | -0.9% |
| Deferred taxes | 168 | €392,240 | €388,556 | -€3,684 | -0.9% |
| Amounts payable | 17/49 | €1,345,615 | €14,366,661 | +€13.0m | +968% |
| Amounts payable after more than one year | 17 | - | €4,921,241 | +€4.9m | |
| Financial debts | 170/4 | - | €4,921,241 | +€4.9m | |
| Amounts payable within one year | 42/48 | €1,340,257 | €2,623,239 | +€1.3m | +95.7% |
| Current portion of amounts payable after more than one year | 42 | - | €263,759 | +€263,759 | |
| Financial debts | 43 | €1,181,200 | €408,260 | -€772,939 | -65.4% |
| Credit institutions | 430/8 | €1,181,200 | €408,260 | -€772,939 | -65.4% |
| Trade debts | 44 | €133,392 | €911,948 | +€778,556 | +584% |
| Suppliers | 440/4 | €133,392 | €911,948 | +€778,556 | +584% |
| Taxes, remuneration and social security | 45 | €25,665 | €1,039,270 | +€1.0m | +3,949% |
| Taxes | 450/3 | €9,379 | €1,022,248 | +€1.0m | +10,800% |
| Remuneration and social security | 454/9 | €16,286 | €17,023 | +€736 | +4.5% |
| Accrued charges and deferred income | 492/3 | €5,358 | €6,822,182 | +€6.8m | +127,226% |
| Remuneration, social security and pensions | 62 | €126,899 | €127,999 | +€1,100 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,637 | €6,319 | -€10,318 | -62.0% |
| Other operating charges | 640/8 | €11,173 | €15,600 | +€4,427 | +39.6% |
| Gross operating margin | 9900 | €229,242 | €295,049 | +€65,806 | +28.7% |
| Operating profit (loss) | 9901 | €74,532 | €145,131 | +€70,598 | +94.7% |
| Financial income | 75/76B | €23,528 | €27,382 | +€3,855 | +16.4% |
| Recurring financial income | 75 | €23,528 | €27,382 | +€3,855 | +16.4% |
| Financial charges | 65/66B | €44,641 | €111,127 | +€66,486 | +149% |
| Recurring financial charges | 65 | €44,641 | €111,127 | +€66,486 | +149% |
| Profit (loss) for the period before taxes | 9903 | €53,419 | €61,386 | +€7,967 | +14.9% |
| Transfer from deferred taxes | 780 | €3,394 | €3,684 | +€290 | +8.5% |
| Income taxes | 67/77 | €17,348 | €19,279 | +€1,932 | +11.1% |
| Profit (loss) for the period | 9904 | €39,465 | €45,790 | +€6,325 | +16.0% |
| Transfer from tax-exempt reserves | 789 | €10,181 | €11,051 | +€870 | +8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €49,646 | €56,841 | +€7,196 | +14.5% |
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 14 October 2026 via checked.be.