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INGKA SUPPORT AND SERVICES: what changed

BE 0437.785.744NACE 70.100, Activities of head officesOther company

Position among the sector peers

What moved between 2023 and 2025

not consecutive
Net result for the year
€303,053
2023 · €151,074+€151,979
Equity
€278,968
2023 · €278,968+€0
Cash
€79
2023 · €79-€0
Balance sheet total
€1.5m
2023 · €2.1m-€576,608

Largest movements

2023 to 2025
Assets
  • Receivables within one year -€510,267

    down €510,267 (-26.3%), from €1.9m to €1.4m

    of which Other amounts receivable: -€514,305

  • Deferred charges and accrued income -€34,946

    down €34,946 (-30.5%), from €114,669 to €79,723

  • Tangible fixed assets -€31,396

    down €31,396 (-55.7%), from €56,371 to €24,975

    of which Other tangible fixed assets: -€34,137

Equity and liabilities
  • Tax, wage and social debts -€470,100

    down €470,100 (-46.1%), from €1.0m to €549,182

    of which Remuneration and social security: -€484,027

  • Trade debts -€269,719

    down €269,719 (-46.6%), from €579,104 to €309,385

  • Other debts +€152,319

    up €152,319 (+101%), from €151,074 to €303,393

Income statement
  • Staff costs -€784,268

    down €784,268 (-22.1%), from €3.6m to €2.8m

  • Turnover -€424,254

    down €424,254 (-8.0%), from €5.3m to €4.9m

  • Services and other goods +€346,552

    up €346,552 (+23.2%), from €1.5m to €1.8m

  • Taxes -€151,308

    down €151,308, from €113,159 to -€38,149

Change in the result, 2023 to 2025

effect on the result

For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.

Result 2023 €151,074
Turnover -€424,254
Services and other goods -€346,552
Staff costs +€784,268
Depreciation +€31
Provisions -€8,878
Other operating charges +€6,088
Other operating items -€5,371
Financial income +€16,922
Financial charges -€829
Other financial items -€20,753
Taxes +€151,308
Result 2025 €303,053
raises the resultlowers the resultnot broken down further in the accounts

Derived cash bridge

cash 2023 to 2025

A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.

Every line side by side 56 lines
Line Code 2023 2025 Change %
Total assets 20/58 €2,110,064 €1,533,456 -€576,608 -27.3%
Fixed assets 21/28 €56,371 €24,975 -€31,396 -55.7%
Tangible fixed assets 22/27 €56,371 €24,975 -€31,396 -55.7%
Furniture and vehicles 24 €3,059 €5,801 +€2,742 +89.6%
Other tangible fixed assets 26 €53,312 €19,175 -€34,137 -64.0%
Current assets 29/58 €2,053,693 €1,508,481 -€545,212 -26.5%
Amounts receivable within one year 40/41 €1,938,946 €1,428,679 -€510,267 -26.3%
Trade receivables 40 €583,527 €587,565 +€4,038 +0.7%
Other amounts receivable 41 €1,355,419 €841,114 -€514,305 -37.9%
Cash at bank and in hand 54/58 €79 €79 -€0 -0.5%
Deferred charges and accrued income 490/1 €114,669 €79,723 -€34,946 -30.5%
Total equity and liabilities 10/49 €2,110,064 €1,533,456 -€576,608 -27.3%
Equity 10/15 €278,968 €278,968 +€0 0.0%
Contributions 10/11 €62,000 €62,000 = 0.0%
Capital 10 €62,000 €62,000 = 0.0%
Issued capital 100 €62,000 €62,000 = 0.0%
Reserves 13 €6,200 €6,200 = 0.0%
Non-distributable reserves 130/1 €6,200 €6,200 = 0.0%
Legal reserve 130 €6,200 €6,200 = 0.0%
Profit (loss) carried forward 14 €210,768 €210,768 +€0 0.0%
Provisions and deferred taxes 16 €33,978 €37,628 +€3,650 +10.7%
Provisions for liabilities and charges 160/5 €33,978 €37,628 +€3,650 +10.7%
Pensions and similar obligations 160 €33,978 €37,628 +€3,650 +10.7%
Amounts payable 17/49 €1,797,118 €1,216,860 -€580,258 -32.3%
Amounts payable within one year 42/48 €1,749,460 €1,161,959 -€587,501 -33.6%
Trade debts 44 €579,104 €309,385 -€269,719 -46.6%
Suppliers 440/4 €579,104 €309,385 -€269,719 -46.6%
Taxes, remuneration and social security 45 €1,019,282 €549,182 -€470,100 -46.1%
Taxes 450/3 €25,914 €39,841 +€13,927 +53.7%
Remuneration and social security 454/9 €993,368 €509,341 -€484,027 -48.7%
Other amounts payable 47/48 €151,074 €303,393 +€152,319 +101%
Accrued charges and deferred income 492/3 €47,658 €54,901 +€7,243 +15.2%
Operating income 70/76A €5,336,821 €4,907,195 -€429,626 -8.1%
Turnover 70 €5,331,449 €4,907,195 -€424,254 -8.0%
Non-recurring operating income 76A €5,372 - -€5,372
Operating charges 60/66A €5,093,186 €4,658,229 -€434,957 -8.5%
Services and other goods 61 €1,495,814 €1,842,366 +€346,552 +23.2%
Remuneration, social security and pensions 62 €3,553,217 €2,768,949 -€784,268 -22.1%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €20,304 €20,273 -€31 -0.2%
Provisions for liabilities and charges: additions (uses and reversals) 635/8 -€6,624 €2,254 +€8,878
Other operating charges 640/8 €30,474 €24,386 -€6,088 -20.0%
Operating profit (loss) 9901 €243,635 €248,966 +€5,331 +2.2%
Financial income 75/76B - €16,922 +€16,922
Recurring financial income 75 €20,753 €16,922 -€3,831 -18.5%
Income from current assets 751 €20,018 €13,536 -€6,482 -32.4%
Other financial income 752/9 €734 €3,387 +€2,653 +361%
Financial charges 65/66B €155 €984 +€829 +535%
Recurring financial charges 65 €155 €984 +€829 +535%
Debt charges 650 - €15 +€15
Other financial charges 652/9 €155 €970 +€815 +526%
Profit (loss) for the period before taxes 9903 €264,233 €264,904 +€671 +0.3%
Income taxes 67/77 €113,159 -€38,149 -€151,308
Taxes 670/3 €113,159 €79,600 -€33,559 -29.7%
Tax adjustments and reversals of tax provisions 77 - €117,749 +€117,749
Profit (loss) for the period 9904 €151,074 €303,053 +€151,979 +101%
Profit (loss) for the period to be appropriated 9905 €151,074 €303,053 +€151,979 +101%

Value

latest balance sheet 31-08-2025 · indication, not a valuation or advice

For holding and financial companies, the adjusted equity is usually a better measure than the earnings. Give the capitalised earnings a lower weight then.

Indicative value of the equity

Indication, not a valuation or advice
€868,974 to €1.2m

Midpoint €990,555 · 50% capitalised earnings, 50% adjusted equity

Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50%

Adjusted equity €278,968
Capitalised earnings €1.5m to €2.0m
Indication €868,974 to €1.2m

Adjusted equity

balance sheet 31-08-2025
Equity (10/15)
€278,968
Revaluation of assets
€0
Deferred tax on the revaluation
€0
Other adjustment
€0
Adjusted equity
€278,968

Capitalised earnings

net result for the year (9904)
2025
€303,053
2023
€151,074
excluding non-recurring income and charges
€145,702
2022
€223,111
excluding non-recurring income and charges
€164,016
2020
€165,679,127
excluding non-recurring income and charges
-€29,311,877
Average result, excluding non-recurring income and charges
€204,257
Divided by the capitalisation rate
14% / 12% / 10%
Capitalised earnings
€1.5m / €1.7m / €2.0m

Limits of the indication

  • Checked holds no market prices or comparable transactions.
  • Anything after the latest accounts and items off the balance sheet (guarantees, leases, disputes) are left out.
  • Checked does not know the real value of buildings, stock and receivables. Enter your own revaluation or adjustment for it.
  • The owner's role in the business, synergies for a buyer and the tax consequences of a sale are left out.

For a valuation to base a decision on, go to a company auditor or a certified accountant.

Next steps

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Calculation and sources

Source: filed annual accounts (NBB) and main activity (KBO). The movements compare the financial years ended 31 August 2023 and 31 August 2025. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 11 November 2026 via checked.be.

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