MURIEL IGALSON: 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.
MURIEL IGALSON
Largest movements
- Current investments +€462,848
up €462,848 (+78.7%), from €588,321 to €1.1m
- Cash -€326,127
down €326,127 (-15.3%), from €2.1m to €1.8m
mainly Current investments (-€462,848) and Other debts (-€74,919)
- Reserves +€244,500
up €244,500 (+11.8%), from €2.1m to €2.3m
of which Tax-exempt reserves: +€210,500
- Other debts -€74,919
down €74,919 (-25.1%), from €298,644 to €223,725
- Accrued charges and deferred income -€46,797
down €46,797 (-83.1%), from €56,287 to €9,489
- Gross operating margin +€295,738
up €295,738 (+1,339%), from €22,084 to €317,822
- Taxes +€64,935
up €64,935 (+352%), from €18,440 to €83,375
- Financial charges +€8,640
up €8,640 (+74.1%), from €11,658 to €20,299
- Financial income -€8,106
down €8,106 (-18.3%), from €44,194 to €36,087
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,741,026 | €2,908,734 | +€167,708 | +6.1% |
| Fixed assets | 21/28 | €3,614 | €1,957 | -€1,657 | -45.8% |
| Tangible fixed assets | 22/27 | €3,614 | €1,957 | -€1,657 | -45.8% |
| Furniture and vehicles | 24 | €3,614 | €1,957 | -€1,657 | -45.8% |
| Current assets | 29/58 | €2,737,413 | €2,906,777 | +€169,365 | +6.2% |
| Amounts receivable within one year | 40/41 | €4,606 | €22,567 | +€17,961 | +390% |
| Trade receivables | 40 | €3,100 | €22,567 | +€19,467 | +628% |
| Other amounts receivable | 41 | €1,506 | - | -€1,506 | |
| Current investments | 50/53 | €588,321 | €1,051,170 | +€462,848 | +78.7% |
| Cash at bank and in hand | 54/58 | €2,131,621 | €1,805,494 | -€326,127 | -15.3% |
| Deferred charges and accrued income | 490/1 | €12,865 | €27,547 | +€14,683 | +114% |
| Total equity and liabilities | 10/49 | €2,741,026 | €2,908,734 | +€167,708 | +6.1% |
| Equity | 10/15 | €2,187,967 | €2,432,610 | +€244,643 | +11.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €2,079,800 | €2,324,300 | +€244,500 | +11.8% |
| Tax-exempt reserves | 132 | €336,800 | €547,300 | +€210,500 | +62.5% |
| Distributable reserves | 133 | €1,743,000 | €1,777,000 | +€34,000 | +2.0% |
| Profit (loss) carried forward | 14 | €87,707 | €87,850 | +€143 | +0.2% |
| Amounts payable | 17/49 | €553,059 | €476,124 | -€76,935 | -13.9% |
| Amounts payable after more than one year | 17 | €125,000 | €125,000 | = | 0.0% |
| Financial debts | 170/4 | €125,000 | €125,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €371,773 | €341,635 | -€30,138 | -8.1% |
| Financial debts | 43 | €0 | €0 | = | 0.0% |
| Credit institutions | 430/8 | €0 | €0 | = | 0.0% |
| Trade debts | 44 | €46,068 | €62,315 | +€16,247 | +35.3% |
| Suppliers | 440/4 | €46,068 | €62,315 | +€16,247 | +35.3% |
| Advances received on contracts in progress | 46 | €500 | €1,500 | +€1,000 | +200% |
| Taxes, remuneration and social security | 45 | €26,561 | €54,094 | +€27,534 | +104% |
| Taxes | 450/3 | €26,561 | €54,094 | +€27,534 | +104% |
| Other amounts payable | 47/48 | €298,644 | €223,725 | -€74,919 | -25.1% |
| Accrued charges and deferred income | 492/3 | €56,287 | €9,489 | -€46,797 | -83.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,535 | €1,657 | +€122 | +7.9% |
| Other operating charges | 640/8 | €2,384 | €3,935 | +€1,552 | +65.1% |
| Gross operating margin | 9900 | €22,084 | €317,822 | +€295,738 | +1,339% |
| Operating profit (loss) | 9901 | €18,165 | €312,230 | +€294,064 | +1,619% |
| Financial income | 75/76B | €44,194 | €36,087 | -€8,106 | -18.3% |
| Recurring financial income | 75 | €44,194 | €36,087 | -€8,106 | -18.3% |
| Financial charges | 65/66B | €11,658 | €20,299 | +€8,640 | +74.1% |
| Recurring financial charges | 65 | €11,658 | €20,299 | +€8,640 | +74.1% |
| Profit (loss) for the period before taxes | 9903 | €50,701 | €328,018 | +€277,317 | +547% |
| Income taxes | 67/77 | €18,440 | €83,375 | +€64,935 | +352% |
| Profit (loss) for the period | 9904 | €32,261 | €244,643 | +€212,383 | +658% |
| Transfer to tax-exempt reserves | 689 | - | €210,500 | +€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,261 | €34,143 | +€1,883 | +5.8% |
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.