INGEVE: 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.
INGEVE
Largest movements
- Cash +€298,924
up €298,924 (+812.0%), from €36,814 to €335,738
mainly Current investments (+€250,000) and Depreciation (+€38,574)
- Current investments -€250,000
no longer reported in 2025 (was €250,000)
- Tangible fixed assets -€38,574
down €38,574 (-12.7%), from €303,943 to €265,370
of which Land and buildings: -€32,037
- Tax, wage and social debts +€10,263
up €10,263 (+201.0%), from €5,106 to €15,370
of which Taxes: +€6,803
- Reserves +€9,646
up €9,646 (+3.4%), from €280,585 to €290,231
of which Distributable reserves: +€18,142
- Staff costs +€6,375
up €6,375 (+15.9%), from €40,179 to €46,554
- Financial income -€6,120
down €6,120 (-72.1%), from €8,488 to €2,368
- Gross operating margin -€6,048
down €6,048 (-5.6%), from €108,120 to €102,072
- Taxes +€2,849
up €2,849 (+68.3%), from €4,169 to €7,018
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 | €592,915 | €607,266 | +€14,351 | +2.4% |
| Fixed assets | 21/28 | €303,943 | €265,370 | -€38,574 | -12.7% |
| Tangible fixed assets | 22/27 | €303,943 | €265,370 | -€38,574 | -12.7% |
| Land and buildings | 22 | €283,239 | €251,202 | -€32,037 | -11.3% |
| Furniture and vehicles | 24 | €17,962 | €12,339 | -€5,623 | -31.3% |
| Other tangible fixed assets | 26 | €2,743 | €1,829 | -€914 | -33.3% |
| Current assets | 29/58 | €288,972 | €341,896 | +€52,925 | +18.3% |
| Amounts receivable within one year | 40/41 | - | €1,932 | +€1,932 | |
| Other amounts receivable | 41 | - | €1,932 | +€1,932 | |
| Current investments | 50/53 | €250,000 | - | -€250,000 | |
| Cash at bank and in hand | 54/58 | €36,814 | €335,738 | +€298,924 | +812.0% |
| Deferred charges and accrued income | 490/1 | €2,158 | €4,227 | +€2,069 | +95.9% |
| Total equity and liabilities | 10/49 | €592,915 | €607,266 | +€14,351 | +2.4% |
| Equity | 10/15 | €548,310 | €557,956 | +€9,646 | +1.8% |
| Contributions | 10/11 | €267,725 | €267,725 | = | 0.0% |
| Capital | 10 | €267,725 | €267,725 | = | 0.0% |
| Issued capital | 100 | €267,725 | €267,725 | = | 0.0% |
| Reserves | 13 | €280,585 | €290,231 | +€9,646 | +3.4% |
| Non-distributable reserves | 130/1 | €26,773 | €26,773 | = | 0.0% |
| Legal reserve | 130 | €26,773 | €26,773 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,737 | €22,241 | -€8,496 | -27.6% |
| Distributable reserves | 133 | €223,075 | €241,217 | +€18,142 | +8.1% |
| Provisions and deferred taxes | 16 | €16,879 | €11,447 | -€5,432 | -32.2% |
| Deferred taxes | 168 | €16,879 | €11,447 | -€5,432 | -32.2% |
| Amounts payable | 17/49 | €27,727 | €37,864 | +€10,137 | +36.6% |
| Amounts payable within one year | 42/48 | €22,341 | €32,353 | +€10,011 | +44.8% |
| Trade debts | 44 | €218 | €4,170 | +€3,953 | +1817.0% |
| Suppliers | 440/4 | €218 | €4,170 | +€3,953 | +1817.0% |
| Taxes, remuneration and social security | 45 | €5,106 | €15,370 | +€10,263 | +201.0% |
| Taxes | 450/3 | €1,792 | €8,595 | +€6,803 | +379.5% |
| Remuneration and social security | 454/9 | €3,314 | €6,774 | +€3,460 | +104.4% |
| Other amounts payable | 47/48 | €17,017 | €12,813 | -€4,205 | -24.7% |
| Accrued charges and deferred income | 492/3 | €5,385 | €5,511 | +€126 | +2.3% |
| Remuneration, social security and pensions | 62 | €40,179 | €46,554 | +€6,375 | +15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,725 | €38,574 | -€151 | -0.4% |
| Other operating charges | 640/8 | €7,679 | €7,854 | +€175 | +2.3% |
| Gross operating margin | 9900 | €108,120 | €102,072 | -€6,048 | -5.6% |
| Operating profit (loss) | 9901 | €21,537 | €9,091 | -€12,446 | -57.8% |
| Financial income | 75/76B | €8,488 | €2,368 | -€6,120 | -72.1% |
| Recurring financial income | 75 | €8,488 | €2,368 | -€6,120 | -72.1% |
| Financial charges | 65/66B | €55 | €227 | +€173 | +317.1% |
| Recurring financial charges | 65 | €55 | €227 | +€173 | +317.1% |
| Profit (loss) for the period before taxes | 9903 | €29,971 | €11,232 | -€18,739 | -62.5% |
| Transfer from deferred taxes | 780 | €5,432 | €5,432 | = | 0.0% |
| Income taxes | 67/77 | €4,169 | €7,018 | +€2,849 | +68.3% |
| Profit (loss) for the period | 9904 | €31,234 | €9,646 | -€21,588 | -69.1% |
| Transfer from tax-exempt reserves | 789 | €8,496 | €8,496 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,730 | €18,142 | -€21,588 | -54.3% |
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 7 October 2026 via checked.be.