INGAPA: 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.
What changed
INGAPA
NACE 47.110, Non-specialised retail sale with food, beverages or tobacco predominating
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€480,257
2024 · €588,584-€108,326
Equity
€250,264
2024 · €288,706-€38,443
Cash
€335,235
2024 · €370,216-€34,981
Balance sheet total
€3.1m
2024 · €3.8m-€718,463
Largest movements
Assets
- Current investments -€650,000
down €650,000 (-100%), from €650,000 to €0
- Tangible fixed assets -€241,369
down €241,369 (-15.8%), from €1.5m to €1.3m
- Receivables after one year +€117,000
new in 2025: €117,000
- Stocks and contracts +€65,859
up €65,859 (+8.6%), from €762,495 to €828,353
Equity and liabilities
- Other debts -€740,393
down €740,393 (-46.6%), from €1.6m to €847,607
- Trade debts +€64,391
up €64,391 (+4.1%), from €1.6m to €1.6m
- Profit (loss) carried forward -€38,443
down €38,443 (-99.3%), from €38,706 to €264
Income statement
- Staff costs +€69,342
up €69,342 (+12.4%), from €560,138 to €629,481
- Gross operating margin -€62,635
down €62,635 (-3.9%), from €1.6m to €1.5m
- Taxes -€45,543
down €45,543 (-24.5%), from €185,990 to €140,446
- Depreciation +€20,748
up €20,748 (+8.1%), from €256,723 to €277,471
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.
Result 2024
€588,584
Gross operating margin
-€62,635
Staff costs
-€69,342
Depreciation
-€20,748
Other operating charges
-€943
Other operating items
+€4,520
Financial income
-€889
Financial charges
-€3,832
Taxes
+€45,543
Result 2025
€480,257
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
-€128,679
Investment
+€612,398
Financing
-€518,700
Cash 2024
€370,216
From operations (derived)
-€128,679
Net result for the year
+€480,257
Depreciation
+€277,471
Receivables after one year
-€117,000
Stocks and contracts
-€65,859
Receivables within one year
-€29,645
Deferred charges and accrued income
+€6,117
Trade debts
+€64,391
Tax, wage and social debts
+€33,693
Advances received
-€8,208
Other debts
-€740,393
Accrued charges and deferred income
-€29,503
Investment (derived)
+€612,398
Investment in fixed assets (net)
-€37,602
Current investments
+€650,000
Financing
-€518,700
Contributions, distributions and other
-€518,700
Cash 2025
€335,235
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,815,212 | €3,096,749 | -€718,463 | -18.8% |
| Fixed assets | 21/28 | €1,524,631 | €1,284,761 | -€239,869 | -15.7% |
| Tangible fixed assets | 22/27 | €1,524,631 | €1,283,261 | -€241,369 | -15.8% |
| Plant, machinery and equipment | 23 | €667,872 | €552,914 | -€114,957 | -17.2% |
| Furniture and vehicles | 24 | €240,853 | €190,329 | -€50,524 | -21.0% |
| Other tangible fixed assets | 26 | €615,906 | €540,018 | -€75,888 | -12.3% |
| Financial fixed assets | 28 | - | €1,500 | +€1,500 | |
| Current assets | 29/58 | €2,290,582 | €1,811,988 | -€478,594 | -20.9% |
| Amounts receivable after more than one year | 29 | - | €117,000 | +€117,000 | |
| Other amounts receivable | 291 | - | €117,000 | +€117,000 | |
| Stocks and contracts in progress | 3 | €762,495 | €828,353 | +€65,859 | +8.6% |
| Stocks | 30/36 | €762,495 | €828,353 | +€65,859 | +8.6% |
| Amounts receivable within one year | 40/41 | €501,573 | €531,218 | +€29,645 | +5.9% |
| Trade receivables | 40 | €182,713 | €214,270 | +€31,556 | +17.3% |
| Other amounts receivable | 41 | €318,860 | €316,948 | -€1,912 | -0.6% |
| Current investments | 50/53 | €650,000 | €0 | -€650,000 | -100% |
| Cash at bank and in hand | 54/58 | €370,216 | €335,235 | -€34,981 | -9.4% |
| Deferred charges and accrued income | 490/1 | €6,298 | €181 | -€6,117 | -97.1% |
| Total equity and liabilities | 10/49 | €3,815,212 | €3,096,749 | -€718,463 | -18.8% |
| Equity | 10/15 | €288,706 | €250,264 | -€38,443 | -13.3% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €38,706 | €264 | -€38,443 | -99.3% |
| Amounts payable | 17/49 | €3,526,506 | €2,846,485 | -€680,021 | -19.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €3,242,983 | €2,592,465 | -€650,518 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,574,978 | €1,639,369 | +€64,391 | +4.1% |
| Suppliers | 440/4 | €1,574,978 | €1,639,369 | +€64,391 | +4.1% |
| Advances received on contracts in progress | 46 | €10,582 | €2,374 | -€8,208 | -77.6% |
| Taxes, remuneration and social security | 45 | €69,423 | €103,116 | +€33,693 | +48.5% |
| Taxes | 450/3 | €3,538 | €34,655 | +€31,117 | +879% |
| Remuneration and social security | 454/9 | €65,885 | €68,461 | +€2,576 | +3.9% |
| Other amounts payable | 47/48 | €1,588,000 | €847,607 | -€740,393 | -46.6% |
| Accrued charges and deferred income | 492/3 | €283,523 | €254,020 | -€29,503 | -10.4% |
| Remuneration, social security and pensions | 62 | €560,138 | €629,481 | +€69,342 | +12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €256,723 | €277,471 | +€20,748 | +8.1% |
| Other operating charges | 640/8 | €3,441 | €4,384 | +€943 | +27.4% |
| Non-recurring operating charges | 66A | €4,520 | €0 | -€4,520 | -100% |
| Gross operating margin | 9900 | €1,604,584 | €1,541,949 | -€62,635 | -3.9% |
| Operating profit (loss) | 9901 | €779,762 | €630,613 | -€149,149 | -19.1% |
| Financial income | 75/76B | €18,091 | €17,203 | -€889 | -4.9% |
| Recurring financial income | 75 | €18,091 | €17,203 | -€889 | -4.9% |
| Financial charges | 65/66B | €23,280 | €27,112 | +€3,832 | +16.5% |
| Recurring financial charges | 65 | €23,280 | €27,112 | +€3,832 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | €774,573 | €620,704 | -€153,870 | -19.9% |
| Income taxes | 67/77 | €185,990 | €140,446 | -€45,543 | -24.5% |
| Profit (loss) for the period | 9904 | €588,584 | €480,257 | -€108,326 | -18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €588,584 | €480,257 | -€108,326 | -18.4% |
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 18 October 2026 via checked.be.