INGELS GROUP: 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.
INGELS GROUP
Largest movements
- Stocks and contracts -€215,779
no longer reported in 2025 (was €215,779)
- Tangible fixed assets +€188,815
up €188,815 (+2223.5%), from €8,492 to €197,307
of which Land and buildings: +€163,164
- Cash -€12,475
down €12,475 (-35.5%), from €35,127 to €22,652
mainly Investment in fixed assets (net) (-€228,351) and Contributions, distributions and other (-€64,661)
- Receivables within one year -€9,964
down €9,964 (-15.1%), from €66,078 to €56,114
of which Trade receivables: -€20,479
- Reserves -€45,506
down €45,506 (-35.2%), from €129,148 to €83,642
- Other debts -€16,197
down €16,197 (-51.6%), from €31,362 to €15,165
- Trade debts -€14,616
down €14,616 (-37.5%), from €38,977 to €24,360
- Debts after one year +€11,644
up €11,644 (+9.5%), from €122,587 to €134,231
- Current portion of long-term debt +€9,188
up €9,188 (+290.4%), from €3,164 to €12,352
- Depreciation +€35,527
up €35,527 (+888.8%), from €3,997 to €39,525
- Staff costs +€16,488
up €16,488 (+140.6%), from €11,729 to €28,217
- Taxes -€12,166
down €12,166 (-73.4%), from €16,582 to €4,416
- Gross operating margin +€10,673
up €10,673 (+11.0%), from €97,368 to €108,041
- Financial charges +€4,512
up €4,512 (+99.9%), from €4,517 to €9,029
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 | €340,868 | €289,459 | -€51,409 | -15.1% |
| Fixed assets | 21/28 | €10,354 | €199,180 | +€188,827 | +1823.8% |
| Tangible fixed assets | 22/27 | €8,492 | €197,307 | +€188,815 | +2223.5% |
| Land and buildings | 22 | - | €163,164 | +€163,164 | |
| Plant, machinery and equipment | 23 | €1,778 | €30,022 | +€28,244 | +1588.6% |
| Furniture and vehicles | 24 | €6,714 | €4,121 | -€2,592 | -38.6% |
| Financial fixed assets | 28 | €1,862 | €1,873 | +€11 | +0.6% |
| Current assets | 29/58 | €330,514 | €90,279 | -€240,235 | -72.7% |
| Stocks and contracts in progress | 3 | €215,779 | - | -€215,779 | |
| Stocks | 30/36 | €215,779 | - | -€215,779 | |
| Amounts receivable within one year | 40/41 | €66,078 | €56,114 | -€9,964 | -15.1% |
| Trade receivables | 40 | €38,310 | €17,830 | -€20,479 | -53.5% |
| Other amounts receivable | 41 | €27,769 | €38,284 | +€10,515 | +37.9% |
| Cash at bank and in hand | 54/58 | €35,127 | €22,652 | -€12,475 | -35.5% |
| Deferred charges and accrued income | 490/1 | €13,530 | €11,513 | -€2,017 | -14.9% |
| Total equity and liabilities | 10/49 | €340,868 | €289,459 | -€51,409 | -15.1% |
| Equity | 10/15 | €133,148 | €87,642 | -€45,506 | -34.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €129,148 | €83,642 | -€45,506 | -35.2% |
| Distributable reserves | 133 | €129,148 | €83,642 | -€45,506 | -35.2% |
| Amounts payable | 17/49 | €207,720 | €201,817 | -€5,902 | -2.8% |
| Amounts payable after more than one year | 17 | €122,587 | €134,231 | +€11,644 | +9.5% |
| Financial debts | 170/4 | €122,587 | €134,231 | +€11,644 | +9.5% |
| Amounts payable within one year | 42/48 | €85,133 | €67,587 | -€17,546 | -20.6% |
| Current portion of amounts payable after more than one year | 42 | €3,164 | €12,352 | +€9,188 | +290.4% |
| Trade debts | 44 | €38,977 | €24,360 | -€14,616 | -37.5% |
| Suppliers | 440/4 | €38,977 | €24,360 | -€14,616 | -37.5% |
| Taxes, remuneration and social security | 45 | €11,630 | €15,709 | +€4,079 | +35.1% |
| Taxes | 450/3 | €7,261 | €6,270 | -€991 | -13.6% |
| Remuneration and social security | 454/9 | €4,369 | €9,439 | +€5,070 | +116.1% |
| Other amounts payable | 47/48 | €31,362 | €15,165 | -€16,197 | -51.6% |
| Remuneration, social security and pensions | 62 | €11,729 | €28,217 | +€16,488 | +140.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,997 | €39,525 | +€35,527 | +888.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,250 | - | +€2,250 | |
| Other operating charges | 640/8 | €3,282 | €6,674 | +€3,393 | +103.4% |
| Non-recurring operating charges | 66A | €995 | €1,048 | +€53 | +5.3% |
| Gross operating margin | 9900 | €97,368 | €108,041 | +€10,673 | +11.0% |
| Operating profit (loss) | 9901 | €79,615 | €32,577 | -€47,038 | -59.1% |
| Financial income | 75/76B | €3 | €22 | +€19 | +651.2% |
| Recurring financial income | 75 | €3 | €22 | +€19 | +651.2% |
| Financial charges | 65/66B | €4,517 | €9,029 | +€4,512 | +99.9% |
| Recurring financial charges | 65 | €4,517 | €9,029 | +€4,512 | +99.9% |
| Profit (loss) for the period before taxes | 9903 | €75,101 | €23,570 | -€51,531 | -68.6% |
| Income taxes | 67/77 | €16,582 | €4,416 | -€12,166 | -73.4% |
| Profit (loss) for the period | 9904 | €58,519 | €19,154 | -€39,365 | -67.3% |
| Profit (loss) for the period to be appropriated | 9905 | €58,519 | €19,154 | -€39,365 | -67.3% |
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 8 October 2026 via checked.be.