IGOR-NI: what changed
Two fiscal 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-NI
Largest movements
- Receivables within one year -€179,854
down €179,854 (-99.2%), from €181,318 to €1,464
of which Other amounts receivable: -€180,044
- Cash +€172,748
up €172,748 (+564.7%), from €30,591 to €203,339
mainly Receivables within one year (+€179,854) and Other debts (+€42,446)
- Intangible fixed assets -€37,000
down €37,000 (-25.0%), from €148,000 to €111,000
- Profit (loss) carried forward -€56,521
down €56,521 (-28.1%), from €201,360 to €144,839
- Other debts +€42,446
new in 2025: €42,446
- Debts after one year -€32,194
no longer reported in 2025 (was €32,194)
- Tax, wage and social debts +€22,148
new in 2025: €22,148
- Short-term financial debts -€20,000
down €20,000 (-33.8%), from €59,100 to €39,100
- Financial income -€176,047
down €176,047 (-99.8%), from €176,460 to €413
of which Non-recurring financial income: -€175,200
- Gross operating margin -€26,698
down €26,698 (-31.8%), from €84,058 to €57,360
- Write-downs -€4,323
no longer reported in 2025 (was €4,323)
- Taxes +€4,148
new in 2025: €4,148
- Financial charges -€2,648
down €2,648 (-22.3%), from €11,889 to €9,241
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 | €629,272 | €583,621 | -€45,651 | -7.3% |
| Fixed assets | 21/28 | €411,583 | €372,156 | -€39,427 | -9.6% |
| Intangible fixed assets | 21 | €148,000 | €111,000 | -€37,000 | -25.0% |
| Tangible fixed assets | 22/27 | €5,933 | €3,506 | -€2,427 | -40.9% |
| Furniture and vehicles | 24 | €5,933 | €3,506 | -€2,427 | -40.9% |
| Financial fixed assets | 28 | €257,650 | €257,650 | = | 0.0% |
| Current assets | 29/58 | €217,689 | €211,465 | -€6,224 | -2.9% |
| Amounts receivable within one year | 40/41 | €181,318 | €1,464 | -€179,854 | -99.2% |
| Trade receivables | 40 | - | €190 | +€190 | |
| Other amounts receivable | 41 | €181,318 | €1,274 | -€180,044 | -99.3% |
| Cash at bank and in hand | 54/58 | €30,591 | €203,339 | +€172,748 | +564.7% |
| Deferred charges and accrued income | 490/1 | €5,780 | €6,662 | +€882 | +15.3% |
| Total equity and liabilities | 10/49 | €629,272 | €583,621 | -€45,651 | -7.3% |
| Equity | 10/15 | €506,494 | €449,973 | -€56,521 | -11.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €243,134 | €243,134 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €236,934 | €236,934 | = | 0.0% |
| Profit (loss) carried forward | 14 | €201,360 | €144,839 | -€56,521 | -28.1% |
| Amounts payable | 17/49 | €122,778 | €133,648 | +€10,870 | +8.9% |
| Amounts payable after more than one year | 17 | €32,194 | - | -€32,194 | |
| Other amounts payable | 178/9 | €32,194 | - | -€32,194 | |
| Amounts payable within one year | 42/48 | €90,584 | €133,648 | +€43,064 | +47.5% |
| Financial debts | 43 | €59,100 | €39,100 | -€20,000 | -33.8% |
| Credit institutions | 430/8 | €59,100 | €39,100 | -€20,000 | -33.8% |
| Trade debts | 44 | €31,484 | €29,954 | -€1,530 | -4.9% |
| Suppliers | 440/4 | €31,484 | €29,954 | -€1,530 | -4.9% |
| Taxes, remuneration and social security | 45 | - | €22,148 | +€22,148 | |
| Taxes | 450/3 | - | €22,148 | +€22,148 | |
| Other amounts payable | 47/48 | - | €42,446 | +€42,446 | |
| Non-recurring operating income | 76A | €3,364 | €108 | -€3,256 | -96.8% |
| Remuneration, social security and pensions | 62 | €1,159 | €692 | -€467 | -40.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,636 | €39,427 | +€791 | +2.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,323 | - | -€4,323 | |
| Other operating charges | 640/8 | €695 | €784 | +€89 | +12.8% |
| Non-recurring operating charges | 66A | €88 | €2 | -€86 | -97.7% |
| Gross operating margin | 9900 | €84,058 | €57,360 | -€26,698 | -31.8% |
| Operating profit (loss) | 9901 | €39,157 | €16,455 | -€22,702 | -58.0% |
| Financial income | 75/76B | €176,460 | €413 | -€176,047 | -99.8% |
| Recurring financial income | 75 | €1,260 | €413 | -€847 | -67.2% |
| Non-recurring financial income | 76B | €175,200 | - | -€175,200 | |
| Financial charges | 65/66B | €11,889 | €9,241 | -€2,648 | -22.3% |
| Recurring financial charges | 65 | €11,889 | €9,241 | -€2,648 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €203,728 | €7,627 | -€196,101 | -96.3% |
| Income taxes | 67/77 | - | €4,148 | +€4,148 | |
| Profit (loss) for the period | 9904 | €203,728 | €3,479 | -€200,249 | -98.3% |
| Profit (loss) for the period to be appropriated | 9905 | €203,728 | €3,479 | -€200,249 | -98.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.