Integra Global Fund: what changed
Two financial 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.
What changed
Integra Global Fund
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€3.1m
2024 · -€2.6m-€516,585
Equity
€159.8m
2024 · €104.6m+€55.2m
Cash
€806,976
2024 · €1.2m-€379,423
Balance sheet total
€170.7m
2024 · €107.7m+€63.1m
Largest movements
Assets
- Financial fixed assets +€63.9m
up €63.9m (+60.2%), from €106.0m to €169.9m
Equity and liabilities
- Contributions +€58.3m
up €58.3m (+51.8%), from €112.6m to €170.9m
- Short-term financial debts +€7.7m
up €7.7m (+258%), from €3.0m to €10.7m
- Profit (loss) carried forward -€3.1m
down €3.1m (-38.3%), from -€8.1m to -€11.2m
Income statement
- Services and other goods -€3.1m
no longer reported in 2025 (was €3.1m)
- Gross operating margin -€2.9m
new in 2025: -€2.9m
- Financial income -€418,169
down €418,169 (-45.4%), from €920,649 to €502,479
- Financial charges +€242,544
up €242,544 (+58.6%), from €414,086 to €656,629
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.
Result 2024
-€2.6m
Other operating charges
-€35
Other operating items
+€144,626
Financial income
-€418,169
Financial charges
-€242,544
Taxes
-€463
Result 2025
-€3.1m
lowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
-€2.6m
Investment
-€63.9m
Financing
+€66.0m
Cash 2024
€1.2m
From operations (derived)
-€2.6m
Net result for the year
-€3.1m
Depreciation
+€23,445
Receivables within one year
+€383,875
Smaller working-capital items
+€108,368
Investment (derived)
-€63.9m
Investment in fixed assets (net)
-€63.9m
Financing
+€66.0m
Short-term financial debts
+€7.7m
Contributions, distributions and other
+€58.3m
Cash 2025
€806,976
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €107,653,254 | €170,718,859 | +€63.1m | +58.6% |
| Formation expenses | 20 | €59,320 | €35,875 | -€23,445 | -39.5% |
| Fixed assets | 21/28 | €106,010,592 | €169,862,737 | +€63.9m | +60.2% |
| Financial fixed assets | 28 | €106,010,592 | €169,862,737 | +€63.9m | +60.2% |
| Other financial fixed assets | 284/8 | €106,010,592 | - | -€106.0m | |
| Shares | 284 | €106,010,592 | - | -€106.0m | |
| Current assets | 29/58 | €1,583,342 | €820,247 | -€763,095 | -48.2% |
| Amounts receivable within one year | 40/41 | €392,649 | €8,774 | -€383,875 | -97.8% |
| Trade receivables | 40 | €345 | €345 | = | 0.0% |
| Other amounts receivable | 41 | €392,304 | €8,429 | -€383,875 | -97.9% |
| Cash at bank and in hand | 54/58 | €1,186,399 | €806,976 | -€379,423 | -32.0% |
| Deferred charges and accrued income | 490/1 | €4,293 | €4,497 | +€203 | +4.7% |
| Total equity and liabilities | 10/49 | €107,653,254 | €170,718,859 | +€63.1m | +58.6% |
| Equity | 10/15 | €104,557,730 | €159,789,764 | +€55.2m | +52.8% |
| Contributions | 10/11 | €112,625,746 | €170,949,746 | +€58.3m | +51.8% |
| Profit (loss) carried forward | 14 | -€8,068,016 | -€11,159,982 | -€3.1m | -38.3% |
| Amounts payable | 17/49 | €3,095,523 | €10,929,095 | +€7.8m | +253% |
| Amounts payable within one year | 42/48 | €3,090,483 | €10,888,595 | +€7.8m | +252% |
| Financial debts | 43 | €3,000,000 | €10,725,000 | +€7.7m | +258% |
| Credit institutions | 430/8 | €3,000,000 | €10,725,000 | +€7.7m | +258% |
| Trade debts | 44 | €90,483 | €163,495 | +€73,011 | +80.7% |
| Suppliers | 440/4 | €90,483 | €163,495 | +€73,011 | +80.7% |
| Other amounts payable | 47/48 | - | €101 | +€101 | |
| Accrued charges and deferred income | 492/3 | €5,040 | €40,499 | +€35,459 | +704% |
| Operating charges | 60/66A | €3,080,181 | - | -€3.1m | |
| Services and other goods | 61 | €3,055,628 | - | -€3.1m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,445 | €23,445 | = | 0.0% |
| Other operating charges | 640/8 | €1,108 | €1,143 | +€35 | +3.1% |
| Gross operating margin | 9900 | - | -€2,911,002 | -€2.9m | |
| Operating profit (loss) | 9901 | -€3,080,181 | -€2,935,589 | +€144,591 | +4.7% |
| Financial income | 75/76B | €920,649 | €502,479 | -€418,169 | -45.4% |
| Recurring financial income | 75 | €920,649 | €502,479 | -€418,169 | -45.4% |
| Income from financial fixed assets | 750 | €888,221 | - | -€888,221 | |
| Income from current assets | 751 | €32,428 | - | -€32,428 | |
| Other financial income | 752/9 | €0 | - | -€0 | |
| Financial charges | 65/66B | €414,086 | €656,629 | +€242,544 | +58.6% |
| Recurring financial charges | 65 | €414,086 | €656,629 | +€242,544 | +58.6% |
| Debt charges | 650 | €304,726 | - | -€304,726 | |
| Other financial charges | 652/9 | €109,360 | - | -€109,360 | |
| Profit (loss) for the period before taxes | 9903 | -€2,573,618 | -€3,089,739 | -€516,122 | -20.1% |
| Income taxes | 67/77 | €1,764 | €2,227 | +€463 | +26.3% |
| Taxes | 670/3 | €1,764 | - | -€1,764 | |
| Profit (loss) for the period | 9904 | -€2,575,382 | -€3,091,967 | -€516,585 | -20.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,575,382 | -€3,091,967 | -€516,585 | -20.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.