INGERT: 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.
INGERT
Largest movements
- Receivables within one year +€209,322
up €209,322 (+206.8%), from €101,235 to €310,556
of which Trade receivables: +€157,674
- Tangible fixed assets +€155,220
up €155,220 (+8.2%), from €1.9m to €2.1m
of which Assets under construction and advance payments: +€215,212
- Cash +€26,065
up €26,065 (+35.9%), from €72,580 to €98,645
mainly Debts after one year (+€157,379) and Depreciation (+€102,475)
- Debts after one year +€157,379
up €157,379 (+29.0%), from €543,219 to €700,598
- Accrued charges and deferred income +€100,737
up €100,737 (+3212.3%), from €3,136 to €103,873
- Trade debts +€54,777
up €54,777 (+1798.3%), from €3,046 to €57,824
- Current portion of long-term debt +€33,473
up €33,473 (+74.2%), from €45,125 to €78,598
- Reserves +€31,620
up €31,620 (+5.5%), from €579,528 to €611,149
of which Distributable reserves: +€31,620
- Gross operating margin +€49,785
up €49,785 (+30.4%), from €163,520 to €213,305
- Taxes +€10,797
up €10,797 (+116.4%), from €9,276 to €20,073
- Depreciation +€7,453
up €7,453 (+7.8%), from €95,022 to €102,475
- Other operating charges -€7,061
down €7,061 (-15.5%), from €45,609 to €38,548
- Financial charges +€5,186
up €5,186 (+33.2%), from €15,609 to €20,795
of which Financial charges: +€3,674
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 | €2,078,341 | €2,469,276 | +€390,935 | +18.8% |
| Fixed assets | 21/28 | €1,901,023 | €2,058,151 | +€157,128 | +8.3% |
| Tangible fixed assets | 22/27 | €1,901,023 | €2,056,243 | +€155,220 | +8.2% |
| Land and buildings | 22 | €1,671,116 | €1,611,296 | -€59,821 | -3.6% |
| Furniture and vehicles | 24 | €171 | - | -€171 | |
| Assets under construction and advance payments | 27 | €229,735 | €444,947 | +€215,212 | +93.7% |
| Financial fixed assets | 28 | - | €1,908 | +€1,908 | |
| Current assets | 29/58 | €177,318 | €411,126 | +€233,808 | +131.9% |
| Amounts receivable within one year | 40/41 | €101,235 | €310,556 | +€209,322 | +206.8% |
| Trade receivables | 40 | €760 | €158,434 | +€157,674 | +20737.6% |
| Other amounts receivable | 41 | €100,474 | €152,122 | +€51,647 | +51.4% |
| Cash at bank and in hand | 54/58 | €72,580 | €98,645 | +€26,065 | +35.9% |
| Deferred charges and accrued income | 490/1 | €3,503 | €1,924 | -€1,579 | -45.1% |
| Total equity and liabilities | 10/49 | €2,078,341 | €2,469,276 | +€390,935 | +18.8% |
| Equity | 10/15 | €1,378,528 | €1,410,149 | +€31,620 | +2.3% |
| Contributions | 10/11 | €799,000 | €799,000 | = | 0.0% |
| Capital | 10 | €799,000 | €799,000 | = | 0.0% |
| Issued capital | 100 | €799,000 | €799,000 | = | 0.0% |
| Reserves | 13 | €579,528 | €611,149 | +€31,620 | +5.5% |
| Non-distributable reserves | 130/1 | €79,900 | €79,900 | = | 0.0% |
| Legal reserve | 130 | €79,900 | €79,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,708 | €2,708 | = | 0.0% |
| Distributable reserves | 133 | €496,920 | €528,541 | +€31,620 | +6.4% |
| Amounts payable | 17/49 | €699,813 | €1,059,128 | +€359,315 | +51.3% |
| Amounts payable after more than one year | 17 | €543,219 | €700,598 | +€157,379 | +29.0% |
| Financial debts | 170/4 | €543,219 | €700,598 | +€157,379 | +29.0% |
| Amounts payable within one year | 42/48 | €153,458 | €254,657 | +€101,199 | +65.9% |
| Current portion of amounts payable after more than one year | 42 | €45,125 | €78,598 | +€33,473 | +74.2% |
| Trade debts | 44 | €3,046 | €57,824 | +€54,777 | +1798.3% |
| Suppliers | 440/4 | €3,046 | €57,824 | +€54,777 | +1798.3% |
| Taxes, remuneration and social security | 45 | €19,849 | €32,477 | +€12,628 | +63.6% |
| Taxes | 450/3 | €19,849 | €32,477 | +€12,628 | +63.6% |
| Other amounts payable | 47/48 | €85,438 | €85,758 | +€320 | +0.4% |
| Accrued charges and deferred income | 492/3 | €3,136 | €103,873 | +€100,737 | +3212.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,022 | €102,475 | +€7,453 | +7.8% |
| Other operating charges | 640/8 | €45,609 | €38,548 | -€7,061 | -15.5% |
| Gross operating margin | 9900 | €163,520 | €213,305 | +€49,785 | +30.4% |
| Operating profit (loss) | 9901 | €22,889 | €72,283 | +€49,394 | +215.8% |
| Financial income | 75/76B | €59 | €206 | +€147 | +247.5% |
| Recurring financial income | 75 | €59 | €206 | +€147 | +247.5% |
| Financial charges | 65/66B | €15,609 | €20,795 | +€5,186 | +33.2% |
| Recurring financial charges | 65 | €15,609 | €19,283 | +€3,674 | +23.5% |
| Non-recurring financial charges | 66B | - | €1,512 | +€1,512 | |
| Profit (loss) for the period before taxes | 9903 | €7,339 | €51,693 | +€44,355 | +604.4% |
| Income taxes | 67/77 | €9,276 | €20,073 | +€10,797 | +116.4% |
| Profit (loss) for the period | 9904 | -€1,937 | €31,620 | +€33,557 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,937 | €31,620 | +€33,557 |
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.