IGS MANAGEMENT: 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.
IGS MANAGEMENT
Largest movements
- Receivables after one year +€87,250
new in 2025: €87,250
- Deferred charges and accrued income +€50,004
new in 2025: €50,004
- Financial fixed assets -€29,000
down €29,000 (-51.8%), from €56,000 to €27,000
- Receivables within one year +€10,411
up €10,411 (+204.5%), from €5,090 to €15,501
of which Trade receivables: +€7,161
- Cash -€2,951
down €2,951 (-100.0%), from €2,951 to €0
mainly Receivables after one year (-€87,250) and Deferred charges and accrued income (-€50,004)
- Trade debts +€61,178
up €61,178 (+154100.3%), from €40 to €61,218
- Debts after one year +€48,062
up €48,062 (+132.6%), from €36,235 to €84,297
of which Other amounts payable: +€36,201
- Accrued charges and deferred income +€7,311
new in 2025: €7,311
- Current portion of long-term debt +€5,601
up €5,601 (+60.3%), from €9,288 to €14,889
- Other debts -€5,417
down €5,417 (-90.3%), from €6,000 to €583
- Write-downs +€58,338
new in 2025: €58,338
- Gross operating margin +€52,562
up €52,562 (+487.8%), from €10,775 to €63,337
- Depreciation -€2,490
down €2,490 (-100.0%), from €2,490 to €0
- Financial charges +€977
up €977 (+50.4%), from €1,939 to €2,917
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 | €64,042 | €179,755 | +€115,713 | +180.7% |
| Fixed assets | 21/28 | €56,000 | €27,000 | -€29,000 | -51.8% |
| Financial fixed assets | 28 | €56,000 | €27,000 | -€29,000 | -51.8% |
| Current assets | 29/58 | €8,042 | €152,755 | +€144,713 | +1799.6% |
| Amounts receivable after more than one year | 29 | - | €87,250 | +€87,250 | |
| Other amounts receivable | 291 | - | €87,250 | +€87,250 | |
| Amounts receivable within one year | 40/41 | €5,090 | €15,501 | +€10,411 | +204.5% |
| Trade receivables | 40 | €5,090 | €12,251 | +€7,161 | +140.7% |
| Other amounts receivable | 41 | - | €3,250 | +€3,250 | |
| Cash at bank and in hand | 54/58 | €2,951 | €0 | -€2,951 | -100.0% |
| Deferred charges and accrued income | 490/1 | - | €50,004 | +€50,004 | |
| Total equity and liabilities | 10/49 | €64,042 | €179,755 | +€115,713 | +180.7% |
| Equity | 10/15 | €9,108 | €8,695 | -€413 | -4.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,108 | €3,695 | -€413 | -10.1% |
| Amounts payable | 17/49 | €54,933 | €171,059 | +€116,126 | +211.4% |
| Amounts payable after more than one year | 17 | €36,235 | €84,297 | +€48,062 | +132.6% |
| Financial debts | 170/4 | €36,235 | €48,096 | +€11,861 | +32.7% |
| Other amounts payable | 178/9 | - | €36,201 | +€36,201 | |
| Amounts payable within one year | 42/48 | €18,698 | €79,451 | +€60,753 | +324.9% |
| Current portion of amounts payable after more than one year | 42 | €9,288 | €14,889 | +€5,601 | +60.3% |
| Trade debts | 44 | €40 | €61,218 | +€61,178 | +154100.3% |
| Suppliers | 440/4 | €40 | €61,218 | +€61,178 | +154100.3% |
| Taxes, remuneration and social security | 45 | €3,370 | €2,762 | -€609 | -18.1% |
| Taxes | 450/3 | €3,370 | €2,762 | -€609 | -18.1% |
| Other amounts payable | 47/48 | €6,000 | €583 | -€5,417 | -90.3% |
| Accrued charges and deferred income | 492/3 | - | €7,311 | +€7,311 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,490 | €0 | -€2,490 | -100.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €58,338 | +€58,338 | |
| Other operating charges | 640/8 | €868 | €520 | -€348 | -40.1% |
| Gross operating margin | 9900 | €10,775 | €63,337 | +€52,562 | +487.8% |
| Operating profit (loss) | 9901 | €7,417 | €4,479 | -€2,938 | -39.6% |
| Financial charges | 65/66B | €1,939 | €2,917 | +€977 | +50.4% |
| Recurring financial charges | 65 | €1,939 | €2,917 | +€977 | +50.4% |
| Profit (loss) for the period before taxes | 9903 | €5,478 | €1,562 | -€3,915 | -71.5% |
| Income taxes | 67/77 | €1,369 | €1,142 | -€227 | -16.6% |
| Profit (loss) for the period | 9904 | €4,108 | €420 | -€3,688 | -89.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,108 | €420 | -€3,688 | -89.8% |
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.