INGELEC: 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.
INGELEC
Largest movements
- Receivables within one year +€656,748
up €656,748 (+79.2%), from €828,821 to €1.5m
of which Trade receivables: +€580,922
- Cash -€375,030
down €375,030 (-64.3%), from €583,257 to €208,227
mainly Receivables within one year (-€656,748) and Contributions, distributions and other (-€400,000)
- Stocks and contracts -€280,020
down €280,020 (-27.6%), from €1.0m to €735,710
of which Stocks: -€155,121
- Deferred charges and accrued income +€35,262
up €35,262 (+227.7%), from €15,485 to €50,746
- Tangible fixed assets +€29,336
up €29,336 (+35.6%), from €82,396 to €111,732
of which Furniture and vehicles: +€46,082
- Profit (loss) carried forward -€536,777
down €536,777 (-53.8%), from €996,992 to €460,215
- Other debts +€404,341
up €404,341 (+49956.9%), from €809 to €405,150
- Accrued charges and deferred income +€157,348
up €157,348 (+140.6%), from €111,885 to €269,233
- Tax, wage and social debts +€48,870
up €48,870 (+42.4%), from €115,171 to €164,041
of which Remuneration and social security: +€44,947
- Gross operating margin -€395,799
down €395,799 (-27.6%), from €1.4m to €1.0m
- Taxes -€63,899
down €63,899 (-100.0%), from €63,899 to €0
- Staff costs -€19,809
down €19,809 (-1.8%), from €1.1m to €1.1m
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 | €2,526,973 | €2,601,625 | +€74,652 | +3.0% |
| Fixed assets | 21/28 | €83,681 | €121,373 | +€37,693 | +45.0% |
| Intangible fixed assets | 21 | - | €9,356 | +€9,356 | |
| Tangible fixed assets | 22/27 | €82,396 | €111,732 | +€29,336 | +35.6% |
| Land and buildings | 22 | €30,808 | €23,329 | -€7,478 | -24.3% |
| Plant, machinery and equipment | 23 | €38,845 | €29,578 | -€9,268 | -23.9% |
| Furniture and vehicles | 24 | €12,743 | €58,825 | +€46,082 | +361.6% |
| Financial fixed assets | 28 | €1,285 | €285 | -€1,000 | -77.8% |
| Current assets | 29/58 | €2,443,292 | €2,480,252 | +€36,960 | +1.5% |
| Stocks and contracts in progress | 3 | €1,015,729 | €735,710 | -€280,020 | -27.6% |
| Stocks | 30/36 | €735,010 | €579,889 | -€155,121 | -21.1% |
| Contracts in progress | 37 | €280,720 | €155,821 | -€124,899 | -44.5% |
| Amounts receivable within one year | 40/41 | €828,821 | €1,485,569 | +€656,748 | +79.2% |
| Trade receivables | 40 | €579,835 | €1,160,756 | +€580,922 | +100.2% |
| Other amounts receivable | 41 | €248,986 | €324,812 | +€75,826 | +30.5% |
| Cash at bank and in hand | 54/58 | €583,257 | €208,227 | -€375,030 | -64.3% |
| Deferred charges and accrued income | 490/1 | €15,485 | €50,746 | +€35,262 | +227.7% |
| Total equity and liabilities | 10/49 | €2,526,973 | €2,601,625 | +€74,652 | +3.0% |
| Equity | 10/15 | €1,601,993 | €1,065,216 | -€536,777 | -33.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €586,401 | €586,401 | = | 0.0% |
| Tax-exempt reserves | 132 | €231 | €231 | = | 0.0% |
| Distributable reserves | 133 | €586,170 | €586,170 | = | 0.0% |
| Profit (loss) carried forward | 14 | €996,992 | €460,215 | -€536,777 | -53.8% |
| Investment grants | 15 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €295,712 | €304,389 | +€8,677 | +2.9% |
| Provisions for liabilities and charges | 160/5 | €295,712 | €304,389 | +€8,677 | +2.9% |
| Other liabilities and charges | 164/5 | €295,712 | €304,389 | +€8,677 | +2.9% |
| Amounts payable | 17/49 | €629,268 | €1,232,021 | +€602,752 | +95.8% |
| Amounts payable after more than one year | 17 | €0 | €7,751 | +€7,751 | |
| Financial debts | 170/4 | €0 | €7,751 | +€7,751 | |
| Amounts payable within one year | 42/48 | €517,383 | €955,037 | +€437,653 | +84.6% |
| Current portion of amounts payable after more than one year | 42 | €10,254 | €5,940 | -€4,314 | -42.1% |
| Financial debts | 43 | €28,707 | €28,621 | -€86 | -0.3% |
| Credit institutions | 430/8 | €28,707 | €28,621 | -€86 | -0.3% |
| Trade debts | 44 | €352,442 | €337,477 | -€14,964 | -4.2% |
| Suppliers | 440/4 | €324,466 | €331,985 | +€7,519 | +2.3% |
| Bills of exchange payable | 441 | €27,976 | €5,493 | -€22,483 | -80.4% |
| Advances received on contracts in progress | 46 | €10,000 | €13,807 | +€3,807 | +38.1% |
| Taxes, remuneration and social security | 45 | €115,171 | €164,041 | +€48,870 | +42.4% |
| Taxes | 450/3 | €2,799 | €6,721 | +€3,922 | +140.2% |
| Remuneration and social security | 454/9 | €112,373 | €157,320 | +€44,947 | +40.0% |
| Other amounts payable | 47/48 | €809 | €405,150 | +€404,341 | +49956.9% |
| Accrued charges and deferred income | 492/3 | €111,885 | €269,233 | +€157,348 | +140.6% |
| Non-recurring operating income | 76A | €8,905 | €8,188 | -€717 | -8.1% |
| Remuneration, social security and pensions | 62 | €1,123,867 | €1,104,058 | -€19,809 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,349 | €35,460 | -€1,888 | -5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,721 | +€6,721 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €3,100 | €8,677 | +€5,577 | +179.9% |
| Other operating charges | 640/8 | €11,969 | €11,596 | -€373 | -3.1% |
| Non-recurring operating charges | 66A | €32,944 | €17,711 | -€15,233 | -46.2% |
| Gross operating margin | 9900 | €1,433,472 | €1,037,673 | -€395,799 | -27.6% |
| Operating profit (loss) | 9901 | €224,242 | -€146,551 | -€370,792 | |
| Financial income | 75/76B | €26,877 | €20,191 | -€6,686 | -24.9% |
| Recurring financial income | 75 | €26,877 | €20,191 | -€6,686 | -24.9% |
| Financial charges | 65/66B | €7,511 | €10,418 | +€2,907 | +38.7% |
| Recurring financial charges | 65 | €7,511 | €9,680 | +€2,169 | +28.9% |
| Non-recurring financial charges | 66B | - | €738 | +€738 | |
| Profit (loss) for the period before taxes | 9903 | €243,608 | -€136,777 | -€380,385 | |
| Income taxes | 67/77 | €63,899 | €0 | -€63,899 | -100.0% |
| Profit (loss) for the period | 9904 | €179,709 | -€136,777 | -€316,486 | |
| Profit (loss) for the period to be appropriated | 9905 | €179,709 | -€136,777 | -€316,486 |
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.