IGORORA: 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.
IGORORA
Largest movements
- Tangible fixed assets -€30,961
down €30,961 (-18.7%), from €165,666 to €134,705
of which Leasing and similar rights: -€19,172
- Cash -€2,528
down €2,528 (-66.6%), from €3,796 to €1,268
mainly Debts after one year (-€22,751) and Current portion of long-term debt (-€11,185)
- Debts after one year -€22,751
down €22,751 (-18.1%), from €125,968 to €103,217
- Current portion of long-term debt -€11,185
down €11,185 (-32.2%), from €34,763 to €23,579
- Gross operating margin -€6,752
down €6,752 (-15.6%), from €43,347 to €36,595
- Financial charges -€1,310
down €1,310 (-20.4%), from €6,430 to €5,120
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 | €171,742 | €137,923 | -€33,820 | -19.7% |
| Formation expenses | 20 | €219 | - | -€219 | |
| Fixed assets | 21/28 | €165,666 | €134,705 | -€30,961 | -18.7% |
| Tangible fixed assets | 22/27 | €165,666 | €134,705 | -€30,961 | -18.7% |
| Land and buildings | 22 | €127,986 | €123,044 | -€4,942 | -3.9% |
| Furniture and vehicles | 24 | €2,138 | €1,114 | -€1,024 | -47.9% |
| Leasing and similar rights | 25 | €27,786 | €8,614 | -€19,172 | -69.0% |
| Other tangible fixed assets | 26 | €7,756 | €1,932 | -€5,823 | -75.1% |
| Current assets | 29/58 | €5,858 | €3,218 | -€2,640 | -45.1% |
| Amounts receivable within one year | 40/41 | €2,062 | €1,950 | -€112 | -5.4% |
| Trade receivables | 40 | €1,950 | €1,950 | = | 0.0% |
| Other amounts receivable | 41 | €112 | - | -€112 | |
| Cash at bank and in hand | 54/58 | €3,796 | €1,268 | -€2,528 | -66.6% |
| Total equity and liabilities | 10/49 | €171,742 | €137,923 | -€33,820 | -19.7% |
| Equity | 10/15 | €3,900 | €4,195 | +€295 | +7.6% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,100 | -€35,805 | +€295 | +0.8% |
| Amounts payable | 17/49 | €167,842 | €133,727 | -€34,115 | -20.3% |
| Amounts payable after more than one year | 17 | €125,968 | €103,217 | -€22,751 | -18.1% |
| Financial debts | 170/4 | €125,968 | €103,217 | -€22,751 | -18.1% |
| Amounts payable within one year | 42/48 | €41,874 | €30,510 | -€11,364 | -27.1% |
| Current portion of amounts payable after more than one year | 42 | €34,763 | €23,579 | -€11,185 | -32.2% |
| Trade debts | 44 | €3,344 | €3,409 | +€65 | +1.9% |
| Suppliers | 440/4 | €3,344 | €3,409 | +€65 | +1.9% |
| Taxes, remuneration and social security | 45 | €2,725 | €1,828 | -€897 | -32.9% |
| Taxes | 450/3 | €2,725 | €1,828 | -€897 | -32.9% |
| Other amounts payable | 47/48 | €1,042 | €1,694 | +€652 | +62.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,210 | €31,180 | -€30 | -0.1% |
| Other operating charges | 640/8 | €357 | - | -€357 | |
| Gross operating margin | 9900 | €43,347 | €36,595 | -€6,752 | -15.6% |
| Operating profit (loss) | 9901 | €11,780 | €5,415 | -€6,365 | -54.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €6,430 | €5,120 | -€1,310 | -20.4% |
| Recurring financial charges | 65 | €6,430 | €5,120 | -€1,310 | -20.4% |
| Profit (loss) for the period before taxes | 9903 | €5,350 | €295 | -€5,055 | -94.5% |
| Profit (loss) for the period | 9904 | €5,350 | €295 | -€5,055 | -94.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,350 | €295 | -€5,055 | -94.5% |
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.