INGENIM: 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.
INGENIM
Largest movements
- Cash +€425,600
up €425,600 (+161.5%), from €263,540 to €689,140
mainly Stocks and contracts (+€410,537) and Other debts (+€209,591)
- Stocks and contracts -€410,537
down €410,537 (-94.8%), from €433,037 to €22,500
- Receivables within one year -€107,011
down €107,011 (-79.7%), from €134,212 to €27,201
of which Trade receivables: -€95,492
- Financial fixed assets -€36,841
down €36,841 (-69.7%), from €52,841 to €16,000
- Reserves -€270,250
down €270,250 (-37.5%), from €721,082 to €450,832
of which Non-distributable reserves: -€229,242
- Other debts +€209,591
up €209,591 (+3638.7%), from €5,760 to €215,351
- Trade debts -€116,964
down €116,964 (-73.5%), from €159,230 to €42,266
- Debts after one year +€53,985
up €53,985 (+63.8%), from €84,682 to €138,667
- Financial charges +€34,335
up €34,335 (+352.0%), from €9,756 to €44,091
of which Non-recurring financial charges: +€36,841
- Gross operating margin -€20,652
down €20,652 (-66.8%), from €30,905 to €10,253
- Financial income +€6,876
up €6,876 (+385.6%), from €1,783 to €8,659
- Other operating charges -€655
down €655 (-31.0%), from €2,111 to €1,457
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 | €1,084,729 | €966,513 | -€118,216 | -10.9% |
| Fixed assets | 21/28 | €251,497 | €224,684 | -€26,813 | -10.7% |
| Tangible fixed assets | 22/27 | €198,656 | €208,684 | +€10,029 | +5.0% |
| Land and buildings | 22 | €189,277 | €202,296 | +€13,020 | +6.9% |
| Plant, machinery and equipment | 23 | €1,101 | €1,161 | +€60 | +5.4% |
| Furniture and vehicles | 24 | €8,277 | €5,227 | -€3,050 | -36.9% |
| Financial fixed assets | 28 | €52,841 | €16,000 | -€36,841 | -69.7% |
| Current assets | 29/58 | €833,232 | €741,829 | -€91,403 | -11.0% |
| Stocks and contracts in progress | 3 | €433,037 | €22,500 | -€410,537 | -94.8% |
| Stocks | 30/36 | €433,037 | €22,500 | -€410,537 | -94.8% |
| Amounts receivable within one year | 40/41 | €134,212 | €27,201 | -€107,011 | -79.7% |
| Trade receivables | 40 | €97,374 | €1,881 | -€95,492 | -98.1% |
| Other amounts receivable | 41 | €36,838 | €25,320 | -€11,519 | -31.3% |
| Cash at bank and in hand | 54/58 | €263,540 | €689,140 | +€425,600 | +161.5% |
| Deferred charges and accrued income | 490/1 | €2,443 | €2,987 | +€544 | +22.3% |
| Total equity and liabilities | 10/49 | €1,084,729 | €966,513 | -€118,216 | -10.9% |
| Equity | 10/15 | €811,082 | €540,832 | -€270,250 | -33.3% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Capital | 10 | €90,000 | €90,000 | = | 0.0% |
| Issued capital | 100 | €180,000 | €180,000 | = | 0.0% |
| Uncalled capital | 101 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €721,082 | €450,832 | -€270,250 | -37.5% |
| Non-distributable reserves | 130/1 | €621,860 | €392,619 | -€229,242 | -36.9% |
| Legal reserve | 130 | €23,345 | €23,345 | = | 0.0% |
| Other | 1319 | €598,515 | €369,273 | -€229,242 | -38.3% |
| Distributable reserves | 133 | €99,221 | €58,213 | -€41,008 | -41.3% |
| Amounts payable | 17/49 | €273,647 | €425,681 | +€152,034 | +55.6% |
| Amounts payable after more than one year | 17 | €84,682 | €138,667 | +€53,985 | +63.8% |
| Financial debts | 170/4 | €84,682 | €138,667 | +€53,985 | +63.8% |
| Amounts payable within one year | 42/48 | €174,300 | €267,038 | +€92,738 | +53.2% |
| Current portion of amounts payable after more than one year | 42 | €9,127 | €9,421 | +€294 | +3.2% |
| Trade debts | 44 | €159,230 | €42,266 | -€116,964 | -73.5% |
| Suppliers | 440/4 | €159,230 | €42,266 | -€116,964 | -73.5% |
| Taxes, remuneration and social security | 45 | €183 | - | -€183 | |
| Taxes | 450/3 | €183 | - | -€183 | |
| Other amounts payable | 47/48 | €5,760 | €215,351 | +€209,591 | +3638.7% |
| Accrued charges and deferred income | 492/3 | €14,665 | €19,976 | +€5,311 | +36.2% |
| Non-recurring operating income | 76A | - | €54 | +€54 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,169 | €12,420 | +€251 | +2.1% |
| Other operating charges | 640/8 | €2,111 | €1,457 | -€655 | -31.0% |
| Non-recurring operating charges | 66A | €11,613 | €1,679 | -€9,934 | -85.5% |
| Gross operating margin | 9900 | €30,905 | €10,253 | -€20,652 | -66.8% |
| Operating profit (loss) | 9901 | €5,012 | -€5,303 | -€10,315 | |
| Financial income | 75/76B | €1,783 | €8,659 | +€6,876 | +385.6% |
| Recurring financial income | 75 | €1,783 | €8,659 | +€6,876 | +385.6% |
| Financial charges | 65/66B | €9,756 | €44,091 | +€34,335 | +352.0% |
| Recurring financial charges | 65 | €9,756 | €7,249 | -€2,506 | -25.7% |
| Non-recurring financial charges | 66B | - | €36,841 | +€36,841 | |
| Profit (loss) for the period before taxes | 9903 | -€2,961 | -€40,734 | -€37,774 | -1275.9% |
| Income taxes | 67/77 | €280 | €274 | -€6 | -2.0% |
| Profit (loss) for the period | 9904 | -€3,240 | -€41,008 | -€37,768 | -1165.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,240 | -€41,008 | -€37,768 | -1165.6% |
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 4 October 2026 via checked.be.