INGAP: 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.
INGAP
Largest movements
- Cash +€4,581
up €4,581 (+26.5%), from €17,256 to €21,838
mainly Net result for the year (+€19,332) and Depreciation (+€760)
- Profit (loss) carried forward +€19,332
up €19,332 (+504.7%), from €3,831 to €23,162
- Other debts -€15,397
down €15,397 (-29.4%), from €52,343 to €36,946
- Gross operating margin -€3,670
down €3,670 (-12.9%), from €28,451 to €24,781
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 | €166,648 | €170,350 | +€3,702 | +2.2% |
| Fixed assets | 21/28 | €58,187 | €57,426 | -€760 | -1.3% |
| Tangible fixed assets | 22/27 | €58,187 | €57,426 | -€760 | -1.3% |
| Land and buildings | 22 | €58,187 | €57,426 | -€760 | -1.3% |
| Current assets | 29/58 | €108,461 | €112,923 | +€4,462 | +4.1% |
| Amounts receivable after more than one year | 29 | €25,000 | €25,000 | = | 0.0% |
| Other amounts receivable | 291 | €25,000 | €25,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €66,205 | €66,086 | -€119 | -0.2% |
| Other amounts receivable | 41 | €66,205 | €66,086 | -€119 | -0.2% |
| Cash at bank and in hand | 54/58 | €17,256 | €21,838 | +€4,581 | +26.5% |
| Total equity and liabilities | 10/49 | €166,648 | €170,350 | +€3,702 | +2.2% |
| Equity | 10/15 | €113,831 | €133,162 | +€19,332 | +17.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,831 | €23,162 | +€19,332 | +504.7% |
| Amounts payable | 17/49 | €52,817 | €37,187 | -€15,630 | -29.6% |
| Amounts payable within one year | 42/48 | €52,817 | €37,187 | -€15,630 | -29.6% |
| Taxes, remuneration and social security | 45 | €475 | €241 | -€233 | -49.2% |
| Taxes | 450/3 | €475 | €241 | -€233 | -49.2% |
| Other amounts payable | 47/48 | €52,343 | €36,946 | -€15,397 | -29.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €760 | €760 | = | 0.0% |
| Other operating charges | 640/8 | €4,356 | €4,417 | +€61 | +1.4% |
| Gross operating margin | 9900 | €28,451 | €24,781 | -€3,670 | -12.9% |
| Operating profit (loss) | 9901 | €23,334 | €19,603 | -€3,731 | -16.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €29 | €30 | +€2 | +5.3% |
| Recurring financial charges | 65 | €29 | €30 | +€2 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €23,305 | €19,573 | -€3,733 | -16.0% |
| Income taxes | 67/77 | €236 | €241 | +€5 | +2.1% |
| Profit (loss) for the period | 9904 | €23,069 | €19,332 | -€3,738 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €23,069 | €19,332 | -€3,738 | -16.2% |
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.