Ingelbrecht: 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.
Ingelbrecht
Largest movements
- Receivables within one year +€537,420
up €537,420 (+30.3%), from €1.8m to €2.3m
of which Trade receivables: +€526,119
- Tangible fixed assets -€87,687
down €87,687 (-16.4%), from €535,545 to €447,857
of which Leasing and similar rights: -€84,613
- Trade debts +€517,674
up €517,674 (+56.4%), from €917,841 to €1.4m
- Other debts -€145,510
down €145,510 (-51.5%), from €282,776 to €137,266
- Debts after one year -€84,793
down €84,793 (-26.2%), from €323,755 to €238,962
- Reserves +€84,320
up €84,320 (+13.6%), from €620,644 to €704,964
of which Distributable reserves: +€84,320
- Tax, wage and social debts +€31,995
up €31,995 (+79.4%), from €40,314 to €72,309
of which Taxes: +€23,694
- Gross operating margin +€395,636
up €395,636 (+64.2%), from €616,532 to €1.0m
- Staff costs +€181,908
up €181,908 (+42.3%), from €429,962 to €611,870
- Taxes +€28,012
up €28,012 (+269.6%), from €10,392 to €38,404
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 | €2,380,262 | €2,793,243 | +€412,981 | +17.4% |
| Fixed assets | 21/28 | €536,050 | €448,362 | -€87,687 | -16.4% |
| Tangible fixed assets | 22/27 | €535,545 | €447,857 | -€87,687 | -16.4% |
| Plant, machinery and equipment | 23 | €5,252 | €4,100 | -€1,152 | -21.9% |
| Furniture and vehicles | 24 | €6,633 | €12,143 | +€5,511 | +83.1% |
| Leasing and similar rights | 25 | €435,412 | €350,799 | -€84,613 | -19.4% |
| Other tangible fixed assets | 26 | €88,248 | €80,816 | -€7,432 | -8.4% |
| Financial fixed assets | 28 | €505 | €505 | = | 0.0% |
| Current assets | 29/58 | €1,844,213 | €2,344,881 | +€500,668 | +27.1% |
| Amounts receivable within one year | 40/41 | €1,775,735 | €2,313,155 | +€537,420 | +30.3% |
| Trade receivables | 40 | €1,758,521 | €2,284,641 | +€526,119 | +29.9% |
| Other amounts receivable | 41 | €17,213 | €28,514 | +€11,301 | +65.7% |
| Cash at bank and in hand | 54/58 | €48,166 | €23,831 | -€24,335 | -50.5% |
| Deferred charges and accrued income | 490/1 | €20,312 | €7,895 | -€12,417 | -61.1% |
| Total equity and liabilities | 10/49 | €2,380,262 | €2,793,243 | +€412,981 | +17.4% |
| Equity | 10/15 | €695,640 | €779,960 | +€84,320 | +12.1% |
| Contributions | 10/11 | €74,996 | €74,996 | = | 0.0% |
| Capital | 10 | €74,996 | €74,996 | = | 0.0% |
| Issued capital | 100 | €74,996 | €74,996 | = | 0.0% |
| Reserves | 13 | €620,644 | €704,964 | +€84,320 | +13.6% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €613,144 | €697,464 | +€84,320 | +13.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,684,622 | €2,013,283 | +€328,661 | +19.5% |
| Amounts payable after more than one year | 17 | €323,755 | €238,962 | -€84,793 | -26.2% |
| Financial debts | 170/4 | €323,755 | €238,962 | -€84,793 | -26.2% |
| Amounts payable within one year | 42/48 | €1,354,289 | €1,772,379 | +€418,090 | +30.9% |
| Current portion of amounts payable after more than one year | 42 | €113,357 | €118,492 | +€5,134 | +4.5% |
| Financial debts | 43 | - | €8,796 | +€8,796 | |
| Credit institutions | 430/8 | - | €8,796 | +€8,796 | |
| Trade debts | 44 | €917,841 | €1,435,515 | +€517,674 | +56.4% |
| Suppliers | 440/4 | €917,841 | €1,435,515 | +€517,674 | +56.4% |
| Taxes, remuneration and social security | 45 | €40,314 | €72,309 | +€31,995 | +79.4% |
| Taxes | 450/3 | €11,276 | €34,970 | +€23,694 | +210.1% |
| Remuneration and social security | 454/9 | €29,038 | €37,340 | +€8,302 | +28.6% |
| Other amounts payable | 47/48 | €282,776 | €137,266 | -€145,510 | -51.5% |
| Accrued charges and deferred income | 492/3 | €6,578 | €1,942 | -€4,636 | -70.5% |
| Non-recurring operating income | 76A | €17,552 | €0 | -€17,552 | -100.0% |
| Remuneration, social security and pensions | 62 | €429,962 | €611,870 | +€181,908 | +42.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,343 | €141,644 | +€6,300 | +4.7% |
| Other operating charges | 640/8 | €10,436 | €7,201 | -€3,235 | -31.0% |
| Gross operating margin | 9900 | €616,532 | €1,012,168 | +€395,636 | +64.2% |
| Operating profit (loss) | 9901 | €40,792 | €251,454 | +€210,662 | +516.4% |
| Financial income | 75/76B | €7 | €6 | -€2 | -20.4% |
| Recurring financial income | 75 | €7 | €6 | -€2 | -20.4% |
| Financial charges | 65/66B | €25,350 | €19,735 | -€5,615 | -22.1% |
| Recurring financial charges | 65 | €25,350 | €19,735 | -€5,615 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €15,449 | €231,725 | +€216,275 | +1399.9% |
| Income taxes | 67/77 | €10,392 | €38,404 | +€28,012 | +269.6% |
| Profit (loss) for the period | 9904 | €5,057 | €193,320 | +€188,263 | +3722.8% |
| Transfer from tax-exempt reserves | 789 | €13,987 | €0 | -€13,987 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,044 | €193,320 | +€174,277 | +915.1% |
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 10 October 2026 via checked.be.