IGOV: 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.
IGOV
Largest movements
- Tangible fixed assets +€2.3m
up €2.3m (+52.7%), from €4.5m to €6.8m
of which Land and buildings: +€2.3m
- Cash +€188,758
up €188,758 (+389.5%), from €48,467 to €237,225
mainly Debts after one year (+€2.4m) and Other debts (+€291,165)
- Debts after one year +€2.4m
up €2.4m (+182.4%), from €1.3m to €3.8m
of which Financial debts: +€2.4m
- Other debts +€291,165
up €291,165 (+44.7%), from €650,984 to €942,149
- Current portion of long-term debt -€132,702
down €132,702 (-57.3%), from €231,615 to €98,913
- Reserves +€114,105
up €114,105 (+5.8%), from €2.0m to €2.1m
of which Distributable reserves: +€140,410
- Gross operating margin -€214,647
down €214,647 (-27.4%), from €783,142 to €568,495
- Depreciation +€128,117
up €128,117 (+84.2%), from €152,162 to €280,280
- Taxes -€113,143
down €113,143 (-71.7%), from €157,709 to €44,566
- Other operating charges -€8,547
down €8,547 (-10.4%), from €81,900 to €73,354
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 | €4,679,767 | €7,263,206 | +€2.6m | +55.2% |
| Fixed assets | 21/28 | €4,453,339 | €6,799,926 | +€2.3m | +52.7% |
| Tangible fixed assets | 22/27 | €4,452,445 | €6,799,032 | +€2.3m | +52.7% |
| Land and buildings | 22 | €4,449,407 | €6,796,872 | +€2.3m | +52.8% |
| Plant, machinery and equipment | 23 | €3,038 | €2,161 | -€877 | -28.9% |
| Financial fixed assets | 28 | €894 | €894 | = | 0.0% |
| Current assets | 29/58 | €226,428 | €463,279 | +€236,852 | +104.6% |
| Amounts receivable within one year | 40/41 | €22,173 | €63,931 | +€41,758 | +188.3% |
| Trade receivables | 40 | €0 | €5,648 | +€5,648 | |
| Other amounts receivable | 41 | €22,173 | €58,283 | +€36,110 | +162.9% |
| Current investments | 50/53 | €147,759 | €149,336 | +€1,577 | +1.1% |
| Cash at bank and in hand | 54/58 | €48,467 | €237,225 | +€188,758 | +389.5% |
| Deferred charges and accrued income | 490/1 | €8,029 | €12,788 | +€4,759 | +59.3% |
| Total equity and liabilities | 10/49 | €4,679,767 | €7,263,206 | +€2.6m | +55.2% |
| Equity | 10/15 | €2,048,098 | €2,162,203 | +€114,105 | +5.6% |
| Contributions | 10/11 | €65,405 | €65,405 | = | 0.0% |
| Capital | 10 | €64,094 | €64,094 | = | 0.0% |
| Issued capital | 100 | €64,094 | €64,094 | = | 0.0% |
| Outside capital | 11 | €1,311 | €1,311 | = | 0.0% |
| Share premium | 1100/10 | €1,311 | €1,311 | = | 0.0% |
| Reserves | 13 | €1,982,693 | €2,096,798 | +€114,105 | +5.8% |
| Non-distributable reserves | 130/1 | €6,409 | €6,409 | = | 0.0% |
| Legal reserve | 130 | €6,409 | €6,409 | = | 0.0% |
| Tax-exempt reserves | 132 | €274,035 | €247,730 | -€26,305 | -9.6% |
| Distributable reserves | 133 | €1,702,248 | €1,842,658 | +€140,410 | +8.2% |
| Provisions and deferred taxes | 16 | €89,001 | €82,519 | -€6,483 | -7.3% |
| Deferred taxes | 168 | €89,001 | €82,519 | -€6,483 | -7.3% |
| Amounts payable | 17/49 | €2,542,668 | €5,018,484 | +€2.5m | +97.4% |
| Amounts payable after more than one year | 17 | €1,336,023 | €3,773,544 | +€2.4m | +182.4% |
| Financial debts | 170/4 | €1,286,022 | €3,718,084 | +€2.4m | +189.1% |
| Other amounts payable | 178/9 | €50,001 | €55,459 | +€5,458 | +10.9% |
| Amounts payable within one year | 42/48 | €1,201,792 | €1,231,953 | +€30,161 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €231,615 | €98,913 | -€132,702 | -57.3% |
| Financial debts | 43 | €221,652 | €157,599 | -€64,053 | -28.9% |
| Credit institutions | 430/8 | €147,355 | €130,685 | -€16,670 | -11.3% |
| Other loans | 439 | €74,297 | €26,914 | -€47,383 | -63.8% |
| Trade debts | 44 | €26,507 | €31,121 | +€4,614 | +17.4% |
| Suppliers | 440/4 | €26,507 | €31,121 | +€4,614 | +17.4% |
| Taxes, remuneration and social security | 45 | €71,034 | €2,171 | -€68,863 | -96.9% |
| Taxes | 450/3 | €71,034 | €0 | -€71,034 | -100.0% |
| Remuneration and social security | 454/9 | - | €2,171 | +€2,171 | |
| Other amounts payable | 47/48 | €650,984 | €942,149 | +€291,165 | +44.7% |
| Accrued charges and deferred income | 492/3 | €4,853 | €12,988 | +€8,135 | +167.6% |
| Non-recurring operating income | 76A | €247,189 | €0 | -€247,189 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,162 | €280,280 | +€128,117 | +84.2% |
| Other operating charges | 640/8 | €81,900 | €73,354 | -€8,547 | -10.4% |
| Gross operating margin | 9900 | €783,142 | €568,495 | -€214,647 | -27.4% |
| Operating profit (loss) | 9901 | €549,079 | €214,861 | -€334,218 | -60.9% |
| Financial income | 75/76B | €2,200 | €2,257 | +€57 | +2.6% |
| Recurring financial income | 75 | €2,200 | €2,257 | +€57 | +2.6% |
| Financial charges | 65/66B | €65,902 | €64,929 | -€972 | -1.5% |
| Recurring financial charges | 65 | €65,902 | €64,929 | -€972 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €485,377 | €152,189 | -€333,188 | -68.6% |
| Transfer from deferred taxes | 780 | €6,483 | €6,483 | = | 0.0% |
| Income taxes | 67/77 | €157,709 | €44,566 | -€113,143 | -71.7% |
| Profit (loss) for the period | 9904 | €334,150 | €114,105 | -€220,045 | -65.9% |
| Transfer from tax-exempt reserves | 789 | €34,361 | €26,305 | -€8,056 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €368,511 | €140,410 | -€228,101 | -61.9% |
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 6 October 2026 via checked.be.