INGECOM: 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.
INGECOM
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+3,482%), from €34,738 to €1.2m
of which Land and buildings: +€1.2m
- Receivables within one year +€845,514
up €845,514 (+71.8%), from €1.2m to €2.0m
of which Trade receivables: +€935,897
- Cash -€326,615
down €326,615 (-75.5%), from €432,742 to €106,127
mainly Investment in fixed assets (net) (-€1.2m) and Receivables within one year (-€845,514)
- Trade debts +€1.3m
up €1.3m (+132%), from €1.0m to €2.3m
- Debts after one year +€329,236
new in 2025: €329,236
- Tax, wage and social debts +€285,591
up €285,591 (+146%), from €195,384 to €480,974
- Other debts -€261,500
down €261,500 (-87.2%), from €300,000 to €38,500
- Profit (loss) carried forward +€49,413
up €49,413 (+34.9%), from €141,727 to €191,140
- Gross operating margin +€237,563
up €237,563 (+47.9%), from €495,922 to €733,485
- Other operating charges +€144,196
up €144,196 (+37,526%), from €384 to €144,581
- Depreciation +€30,303
up €30,303 (+2,043%), from €1,483 to €31,786
- Financial charges +€19,572
up €19,572 (+2,344%), from €835 to €20,407
- Financial income +€12,284
up €12,284 (+122,840,500%), from €0 to €12,284
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,649,300 | €3,382,115 | +€1.7m | +105% |
| Fixed assets | 21/28 | €38,491 | €1,250,937 | +€1.2m | +3,150% |
| Tangible fixed assets | 22/27 | €34,738 | €1,244,399 | +€1.2m | +3,482% |
| Land and buildings | 22 | - | €1,184,429 | +€1.2m | |
| Plant, machinery and equipment | 23 | €2,298 | €17,119 | +€14,821 | +645% |
| Furniture and vehicles | 24 | €32,440 | €42,851 | +€10,411 | +32.1% |
| Financial fixed assets | 28 | €3,753 | €6,538 | +€2,785 | +74.2% |
| Current assets | 29/58 | €1,610,809 | €2,131,179 | +€520,370 | +32.3% |
| Amounts receivable within one year | 40/41 | €1,178,067 | €2,023,581 | +€845,514 | +71.8% |
| Trade receivables | 40 | €1,087,684 | €2,023,581 | +€935,897 | +86.0% |
| Other amounts receivable | 41 | €90,383 | - | -€90,383 | |
| Cash at bank and in hand | 54/58 | €432,742 | €106,127 | -€326,615 | -75.5% |
| Deferred charges and accrued income | 490/1 | - | €1,471 | +€1,471 | |
| Total equity and liabilities | 10/49 | €1,649,300 | €3,382,115 | +€1.7m | +105% |
| Equity | 10/15 | €150,927 | €200,340 | +€49,413 | +32.7% |
| Contributions | 10/11 | €9,200 | €9,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €141,727 | €191,140 | +€49,413 | +34.9% |
| Amounts payable | 17/49 | €1,498,373 | €3,181,775 | +€1.7m | +112% |
| Amounts payable after more than one year | 17 | - | €329,236 | +€329,236 | |
| Financial debts | 170/4 | - | €329,236 | +€329,236 | |
| Amounts payable within one year | 42/48 | €1,498,373 | €2,852,539 | +€1.4m | +90.4% |
| Current portion of amounts payable after more than one year | 42 | - | €7,321 | +€7,321 | |
| Financial debts | 43 | - | €351 | +€351 | |
| Credit institutions | 430/8 | - | €351 | +€351 | |
| Trade debts | 44 | €1,002,990 | €2,325,392 | +€1.3m | +132% |
| Suppliers | 440/4 | €1,002,990 | €2,325,392 | +€1.3m | +132% |
| Taxes, remuneration and social security | 45 | €195,384 | €480,974 | +€285,591 | +146% |
| Taxes | 450/3 | €195,384 | €480,974 | +€285,591 | +146% |
| Other amounts payable | 47/48 | €300,000 | €38,500 | -€261,500 | -87.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,483 | €31,786 | +€30,303 | +2,043% |
| Other operating charges | 640/8 | €384 | €144,581 | +€144,196 | +37,526% |
| Gross operating margin | 9900 | €495,922 | €733,485 | +€237,563 | +47.9% |
| Operating profit (loss) | 9901 | €494,055 | €557,119 | +€63,064 | +12.8% |
| Financial income | 75/76B | €0 | €12,284 | +€12,284 | +122,840,500% |
| Recurring financial income | 75 | €0 | €12,284 | +€12,284 | +122,840,500% |
| Financial charges | 65/66B | €835 | €20,407 | +€19,572 | +2,344% |
| Recurring financial charges | 65 | €835 | €20,407 | +€19,572 | +2,344% |
| Profit (loss) for the period before taxes | 9903 | €493,220 | €548,996 | +€55,776 | +11.3% |
| Income taxes | 67/77 | €140,122 | €149,583 | +€9,461 | +6.8% |
| Profit (loss) for the period | 9904 | €353,098 | €399,413 | +€46,315 | +13.1% |
| Profit (loss) for the period to be appropriated | 9905 | €353,098 | €399,413 | +€46,315 | +13.1% |
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 16 October 2026 via checked.be.