IGOR: 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.
IGOR
Largest movements
- Financial fixed assets -€331,089
down €331,089 (-8.3%), from €4.0m to €3.6m
- Cash +€200,715
up €200,715 (+280.7%), from €71,496 to €272,211
mainly Investment in fixed assets (net) (+€325,604) and Net result for the year (+€17,511)
- Tax, wage and social debts -€124,423
down €124,423 (-98.3%), from €126,533 to €2,111
- Financial income -€1.4m
down €1.4m (-98.2%), from €1.4m to €24,252
- Taxes -€119,895
down €119,895 (-95.5%), from €125,579 to €5,684
- Other operating charges +€964
up €964 (+93.7%), from €1,030 to €1,994
- Depreciation +€625
up €625 (+71.9%), from €870 to €1,495
- Gross operating margin +€595
up €595 (+26.0%), from €2,288 to €2,883
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 | €5,044,089 | €4,938,339 | -€105,750 | -2.1% |
| Fixed assets | 21/28 | €3,970,792 | €3,643,693 | -€327,099 | -8.2% |
| Tangible fixed assets | 22/27 | €1,304 | €5,293 | +€3,990 | +306.0% |
| Plant, machinery and equipment | 23 | €1,304 | €5,293 | +€3,990 | +306.0% |
| Financial fixed assets | 28 | €3,969,489 | €3,638,400 | -€331,089 | -8.3% |
| Current assets | 29/58 | €1,073,296 | €1,294,645 | +€221,349 | +20.6% |
| Amounts receivable within one year | 40/41 | - | €1,500 | +€1,500 | |
| Trade receivables | 40 | - | €1,500 | +€1,500 | |
| Current investments | 50/53 | €1,001,800 | €1,020,857 | +€19,057 | +1.9% |
| Cash at bank and in hand | 54/58 | €71,496 | €272,211 | +€200,715 | +280.7% |
| Deferred charges and accrued income | 490/1 | - | €77 | +€77 | |
| Total equity and liabilities | 10/49 | €5,044,089 | €4,938,339 | -€105,750 | -2.1% |
| Equity | 10/15 | €4,914,157 | €4,931,668 | +€17,511 | +0.4% |
| Contributions | 10/11 | €2,522,400 | €2,522,400 | = | 0.0% |
| Reserves | 13 | €2,391,757 | €2,409,268 | +€17,511 | +0.7% |
| Distributable reserves | 133 | €2,391,757 | €2,409,268 | +€17,511 | +0.7% |
| Amounts payable | 17/49 | €129,932 | €6,670 | -€123,261 | -94.9% |
| Amounts payable within one year | 42/48 | €129,920 | €6,670 | -€123,250 | -94.9% |
| Trade debts | 44 | €726 | €1,749 | +€1,023 | +140.9% |
| Suppliers | 440/4 | €726 | €1,749 | +€1,023 | +140.9% |
| Taxes, remuneration and social security | 45 | €126,533 | €2,111 | -€124,423 | -98.3% |
| Taxes | 450/3 | €126,533 | €2,111 | -€124,423 | -98.3% |
| Other amounts payable | 47/48 | €2,661 | €2,811 | +€150 | +5.6% |
| Accrued charges and deferred income | 492/3 | €12 | - | -€12 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €870 | €1,495 | +€625 | +71.9% |
| Other operating charges | 640/8 | €1,030 | €1,994 | +€964 | +93.7% |
| Gross operating margin | 9900 | €2,288 | €2,883 | +€595 | +26.0% |
| Operating profit (loss) | 9901 | €389 | -€606 | -€995 | |
| Financial income | 75/76B | €1,380,261 | €24,252 | -€1.4m | -98.2% |
| Recurring financial income | 75 | €1,380,261 | €24,252 | -€1.4m | -98.2% |
| Financial charges | 65/66B | €150 | €450 | +€301 | +200.7% |
| Recurring financial charges | 65 | €150 | €450 | +€301 | +200.7% |
| Profit (loss) for the period before taxes | 9903 | €1,380,500 | €23,195 | -€1.4m | -98.3% |
| Income taxes | 67/77 | €125,579 | €5,684 | -€119,895 | -95.5% |
| Profit (loss) for the period | 9904 | €1,254,921 | €17,511 | -€1.2m | -98.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,254,921 | €17,511 | -€1.2m | -98.6% |
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 10 October 2026 via checked.be.