IGUAL: 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.
IGUAL
Largest movements
- Receivables within one year +€205,637
up €205,637 (+530.2%), from €38,783 to €244,421
of which Other amounts receivable: +€213,327
- Tangible fixed assets -€41,237
down €41,237 (-12.8%), from €321,447 to €280,210
of which Plant, machinery and equipment: -€51,192
- Cash -€21,258
down €21,258 (-53.8%), from €39,537 to €18,280
mainly Receivables within one year (-€205,637) and Investment in fixed assets (net) (-€34,501)
- Stocks and contracts -€17,089
down €17,089 (-24.2%), from €70,754 to €53,665
- Debts after one year +€137,971
up €137,971 (+172.7%), from €79,905 to €217,876
- Trade debts +€27,445
up €27,445 (+16.5%), from €166,307 to €193,752
- Tax, wage and social debts -€25,378
down €25,378 (-53.6%), from €47,350 to €21,972
of which Remuneration and social security: -€16,391
- Profit (loss) carried forward -€6,712
new in 2025: -€6,712
- Gross operating margin -€209,370
down €209,370 (-45.8%), from €457,172 to €247,802
- Staff costs -€156,828
down €156,828 (-47.5%), from €330,462 to €173,634
- Other operating charges -€22,820
down €22,820 (-92.6%), from €24,649 to €1,830
- Financial income +€9,633
up €9,633 (+6422300.0%), from €0 to €9,634
- Taxes -€5,612
down €5,612 (-100.0%), from €5,612 to €0
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 | €483,895 | €610,032 | +€126,137 | +26.1% |
| Fixed assets | 21/28 | €332,147 | €288,710 | -€43,437 | -13.1% |
| Intangible fixed assets | 21 | €4,400 | €2,200 | -€2,200 | -50.0% |
| Tangible fixed assets | 22/27 | €321,447 | €280,210 | -€41,237 | -12.8% |
| Plant, machinery and equipment | 23 | €245,974 | €194,782 | -€51,192 | -20.8% |
| Furniture and vehicles | 24 | €13,059 | €12,275 | -€785 | -6.0% |
| Other tangible fixed assets | 26 | €62,414 | €73,154 | +€10,740 | +17.2% |
| Financial fixed assets | 28 | €6,300 | €6,300 | = | 0.0% |
| Current assets | 29/58 | €151,748 | €321,322 | +€169,574 | +111.7% |
| Stocks and contracts in progress | 3 | €70,754 | €53,665 | -€17,089 | -24.2% |
| Stocks | 30/36 | €70,754 | €53,665 | -€17,089 | -24.2% |
| Amounts receivable within one year | 40/41 | €38,783 | €244,421 | +€205,637 | +530.2% |
| Trade receivables | 40 | €23,284 | €15,594 | -€7,690 | -33.0% |
| Other amounts receivable | 41 | €15,499 | €228,827 | +€213,327 | +1376.4% |
| Cash at bank and in hand | 54/58 | €39,537 | €18,280 | -€21,258 | -53.8% |
| Deferred charges and accrued income | 490/1 | €2,673 | €4,956 | +€2,283 | +85.4% |
| Total equity and liabilities | 10/49 | €483,895 | €610,032 | +€126,137 | +26.1% |
| Equity | 10/15 | €129,153 | €122,441 | -€6,712 | -5.2% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €122,853 | €122,853 | = | 0.0% |
| Distributable reserves | 133 | €122,853 | €122,853 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€6,712 | -€6,712 | |
| Amounts payable | 17/49 | €354,743 | €487,591 | +€132,849 | +37.4% |
| Amounts payable after more than one year | 17 | €79,905 | €217,876 | +€137,971 | +172.7% |
| Financial debts | 170/4 | €79,905 | €217,876 | +€137,971 | +172.7% |
| Amounts payable within one year | 42/48 | €274,837 | €269,715 | -€5,122 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €56,128 | €53,029 | -€3,099 | -5.5% |
| Financial debts | 43 | €1,686 | €742 | -€944 | -56.0% |
| Credit institutions | 430/8 | €1,686 | €742 | -€944 | -56.0% |
| Trade debts | 44 | €166,307 | €193,752 | +€27,445 | +16.5% |
| Suppliers | 440/4 | €166,307 | €193,752 | +€27,445 | +16.5% |
| Advances received on contracts in progress | 46 | €2,866 | €0 | -€2,866 | -100.0% |
| Taxes, remuneration and social security | 45 | €47,350 | €21,972 | -€25,378 | -53.6% |
| Taxes | 450/3 | €12,624 | €3,637 | -€8,987 | -71.2% |
| Remuneration and social security | 454/9 | €34,726 | €18,335 | -€16,391 | -47.2% |
| Other amounts payable | 47/48 | €500 | €220 | -€280 | -56.0% |
| Remuneration, social security and pensions | 62 | €330,462 | €173,634 | -€156,828 | -47.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,612 | €77,938 | +€326 | +0.4% |
| Other operating charges | 640/8 | €24,649 | €1,830 | -€22,820 | -92.6% |
| Non-recurring operating charges | 66A | €3,050 | €0 | -€3,050 | -100.0% |
| Gross operating margin | 9900 | €457,172 | €247,802 | -€209,370 | -45.8% |
| Operating profit (loss) | 9901 | €21,399 | -€5,600 | -€26,999 | |
| Financial income | 75/76B | €0 | €9,634 | +€9,633 | +6422300.0% |
| Recurring financial income | 75 | €0 | €9,634 | +€9,633 | +6422300.0% |
| Financial charges | 65/66B | €12,493 | €10,745 | -€1,748 | -14.0% |
| Recurring financial charges | 65 | €12,493 | €10,745 | -€1,748 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €8,906 | -€6,712 | -€15,618 | |
| Income taxes | 67/77 | €5,612 | €0 | -€5,612 | -100.0% |
| Profit (loss) for the period | 9904 | €3,294 | -€6,712 | -€10,006 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,294 | -€6,712 | -€10,006 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.