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
- Receivables within one year -€318,893
down €318,893 (-53.5%), from €596,341 to €277,448
of which Other amounts receivable: -€334,674
- Tangible fixed assets +€201,878
up €201,878 (+24.4%), from €829,058 to €1.0m
of which Land and buildings: +€197,327
- Cash -€97,938
down €97,938 (-84.1%), from €116,486 to €18,548
mainly Contributions, distributions and other (-€407,418) and Investment in fixed assets (net) (-€276,939)
- Deferred charges and accrued income +€68,073
up €68,073 (+1928.8%), from €3,529 to €71,602
- Reserves -€234,652
down €234,652 (-28.6%), from €819,570 to €584,919
- Debts after one year +€55,959
up €55,959 (+13.5%), from €413,555 to €469,515
- Tax, wage and social debts +€38,107
up €38,107 (+85.9%), from €44,378 to €82,485
of which Taxes: +€37,107
- Trade debts -€22,454
down €22,454 (-28.9%), from €77,721 to €55,267
- Gross operating margin +€48,357
up €48,357 (+17.6%), from €275,087 to €323,443
- Depreciation +€28,023
up €28,023 (+58.6%), from €47,838 to €75,861
- Other operating charges -€21,766
down €21,766 (-60.5%), from €35,992 to €14,226
- Taxes +€11,389
up €11,389 (+19.3%), from €59,151 to €70,540
- Financial charges -€5,274
down €5,274 (-33.9%), from €15,543 to €10,269
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 | €1,546,215 | €1,398,534 | -€147,681 | -9.6% |
| Fixed assets | 21/28 | €829,858 | €1,030,936 | +€201,078 | +24.2% |
| Tangible fixed assets | 22/27 | €829,058 | €1,030,936 | +€201,878 | +24.4% |
| Land and buildings | 22 | €785,788 | €983,115 | +€197,327 | +25.1% |
| Plant, machinery and equipment | 23 | €8,602 | €11,091 | +€2,489 | +28.9% |
| Furniture and vehicles | 24 | €34,668 | €36,729 | +€2,062 | +5.9% |
| Financial fixed assets | 28 | €800 | €0 | -€800 | -100.0% |
| Current assets | 29/58 | €716,357 | €367,598 | -€348,758 | -48.7% |
| Amounts receivable within one year | 40/41 | €596,341 | €277,448 | -€318,893 | -53.5% |
| Trade receivables | 40 | €219,328 | €235,109 | +€15,781 | +7.2% |
| Other amounts receivable | 41 | €377,013 | €42,339 | -€334,674 | -88.8% |
| Cash at bank and in hand | 54/58 | €116,486 | €18,548 | -€97,938 | -84.1% |
| Deferred charges and accrued income | 490/1 | €3,529 | €71,602 | +€68,073 | +1928.8% |
| Total equity and liabilities | 10/49 | €1,546,215 | €1,398,534 | -€147,681 | -9.6% |
| Equity | 10/15 | €943,132 | €708,480 | -€234,652 | -24.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €819,570 | €584,919 | -€234,652 | -28.6% |
| Distributable reserves | 133 | €819,570 | €584,919 | -€234,652 | -28.6% |
| Profit (loss) carried forward | 14 | €104,962 | €104,962 | = | 0.0% |
| Amounts payable | 17/49 | €603,083 | €690,054 | +€86,971 | +14.4% |
| Amounts payable after more than one year | 17 | €413,555 | €469,515 | +€55,959 | +13.5% |
| Financial debts | 170/4 | €413,555 | €469,515 | +€55,959 | +13.5% |
| Amounts payable within one year | 42/48 | €189,528 | €218,263 | +€28,735 | +15.2% |
| Current portion of amounts payable after more than one year | 42 | €57,168 | €70,930 | +€13,762 | +24.1% |
| Financial debts | 43 | €10,261 | €9,580 | -€681 | -6.6% |
| Credit institutions | 430/8 | €10,261 | €9,580 | -€681 | -6.6% |
| Trade debts | 44 | €77,721 | €55,267 | -€22,454 | -28.9% |
| Suppliers | 440/4 | €77,721 | €55,267 | -€22,454 | -28.9% |
| Taxes, remuneration and social security | 45 | €44,378 | €82,485 | +€38,107 | +85.9% |
| Taxes | 450/3 | €41,473 | €78,580 | +€37,107 | +89.5% |
| Remuneration and social security | 454/9 | €2,905 | €3,905 | +€1,000 | +34.4% |
| Accrued charges and deferred income | 492/3 | - | €2,277 | +€2,277 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,838 | €75,861 | +€28,023 | +58.6% |
| Other operating charges | 640/8 | €35,992 | €14,226 | -€21,766 | -60.5% |
| Gross operating margin | 9900 | €275,087 | €323,443 | +€48,357 | +17.6% |
| Operating profit (loss) | 9901 | €191,256 | €233,356 | +€42,100 | +22.0% |
| Financial income | 75/76B | €22,058 | €20,219 | -€1,839 | -8.3% |
| Recurring financial income | 75 | €22,058 | €20,219 | -€1,839 | -8.3% |
| Financial charges | 65/66B | €15,543 | €10,269 | -€5,274 | -33.9% |
| Recurring financial charges | 65 | €15,543 | €10,269 | -€5,274 | -33.9% |
| Profit (loss) for the period before taxes | 9903 | €197,772 | €243,306 | +€45,534 | +23.0% |
| Income taxes | 67/77 | €59,151 | €70,540 | +€11,389 | +19.3% |
| Profit (loss) for the period | 9904 | €138,621 | €172,766 | +€34,145 | +24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €138,621 | €172,766 | +€34,145 | +24.6% |
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 9 October 2026 via checked.be.