CINC: 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.
CINC
Largest movements
- Financial fixed assets +€5.8m
up €5.8m (+627%), from €921,000 to €6.7m
- Tangible fixed assets +€1.8m
up €1.8m (+103%), from €1.7m to €3.5m
of which Land and buildings: +€3.5m
- Receivables within one year -€224,214
down €224,214 (-48.3%), from €464,604 to €240,390
of which Other amounts receivable: -€411,618
- Cash -€113,210
down €113,210 (-99.5%), from €113,771 to €561
mainly Investment in fixed assets (net) (-€7.7m) and Trade debts (-€547,481)
- Revaluation surpluses +€5.8m
new in 2025: €5.8m
- Short-term financial debts +€1.4m
up €1.4m (+107%), from €1.3m to €2.7m
- Reserves +€607,848
up €607,848 (+74.6%), from €815,260 to €1.4m
- Trade debts -€547,481
down €547,481 (-97.3%), from €562,429 to €14,948
- Gross operating margin +€555,291
up €555,291 (+483%), from €114,983 to €670,274
- Depreciation +€162,599
up €162,599 (+5,316%), from €3,059 to €165,658
- Financial income -€106,597
down €106,597 (-34.8%), from €306,743 to €200,146
- Financial charges +€13,463
up €13,463 (+16.4%), from €81,868 to €95,331
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 | €3,235,344 | €10,472,479 | +€7.2m | +224% |
| Fixed assets | 21/28 | €2,656,325 | €10,211,256 | +€7.6m | +284% |
| Intangible fixed assets | 21 | - | €1,671 | +€1,671 | |
| Tangible fixed assets | 22/27 | €1,735,325 | €3,515,577 | +€1.8m | +103% |
| Land and buildings | 22 | - | €3,496,837 | +€3.5m | |
| Plant, machinery and equipment | 23 | €1,163 | €775 | -€388 | -33.4% |
| Furniture and vehicles | 24 | €11,021 | €17,964 | +€6,943 | +63.0% |
| Assets under construction and advance payments | 27 | €1,723,141 | - | -€1.7m | |
| Financial fixed assets | 28 | €921,000 | €6,694,008 | +€5.8m | +627% |
| Current assets | 29/58 | €579,019 | €261,223 | -€317,796 | -54.9% |
| Amounts receivable after more than one year | 29 | - | €20,000 | +€20,000 | |
| Other amounts receivable | 291 | - | €20,000 | +€20,000 | |
| Amounts receivable within one year | 40/41 | €464,604 | €240,390 | -€224,214 | -48.3% |
| Trade receivables | 40 | €24,200 | €211,605 | +€187,405 | +774% |
| Other amounts receivable | 41 | €440,404 | €28,786 | -€411,618 | -93.5% |
| Cash at bank and in hand | 54/58 | €113,771 | €561 | -€113,210 | -99.5% |
| Deferred charges and accrued income | 490/1 | €643 | €271 | -€372 | -57.8% |
| Total equity and liabilities | 10/49 | €3,235,344 | €10,472,479 | +€7.2m | +224% |
| Equity | 10/15 | €820,260 | €7,267,717 | +€6.4m | +786% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €5,839,608 | +€5.8m | |
| Reserves | 13 | €815,260 | €1,423,109 | +€607,848 | +74.6% |
| Distributable reserves | 133 | €815,260 | €1,423,109 | +€607,848 | +74.6% |
| Amounts payable | 17/49 | €2,415,084 | €3,204,762 | +€789,678 | +32.7% |
| Amounts payable after more than one year | 17 | €434,920 | €354,795 | -€80,124 | -18.4% |
| Financial debts | 170/4 | €434,920 | €354,795 | -€80,124 | -18.4% |
| Amounts payable within one year | 42/48 | €1,979,004 | €2,849,115 | +€870,111 | +44.0% |
| Current portion of amounts payable after more than one year | 42 | €75,381 | €76,190 | +€808 | +1.1% |
| Financial debts | 43 | €1,312,535 | €2,723,170 | +€1.4m | +107% |
| Credit institutions | 430/8 | €1,312,535 | €2,723,170 | +€1.4m | +107% |
| Trade debts | 44 | €562,429 | €14,948 | -€547,481 | -97.3% |
| Suppliers | 440/4 | €562,429 | €14,948 | -€547,481 | -97.3% |
| Taxes, remuneration and social security | 45 | €14,497 | €18,876 | +€4,379 | +30.2% |
| Taxes | 450/3 | €14,497 | €18,876 | +€4,379 | +30.2% |
| Other amounts payable | 47/48 | €14,161 | €15,931 | +€1,770 | +12.5% |
| Accrued charges and deferred income | 492/3 | €1,161 | €852 | -€308 | -26.6% |
| Non-recurring operating income | 76A | - | €407,900 | +€407,900 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,059 | €165,658 | +€162,599 | +5,316% |
| Other operating charges | 640/8 | €570 | €364 | -€206 | -36.1% |
| Gross operating margin | 9900 | €114,983 | €670,274 | +€555,291 | +483% |
| Operating profit (loss) | 9901 | €111,354 | €504,252 | +€392,898 | +353% |
| Financial income | 75/76B | €306,743 | €200,146 | -€106,597 | -34.8% |
| Recurring financial income | 75 | €306,743 | €200,146 | -€106,597 | -34.8% |
| Financial charges | 65/66B | €81,868 | €95,331 | +€13,463 | +16.4% |
| Recurring financial charges | 65 | €81,868 | €95,331 | +€13,463 | +16.4% |
| Profit (loss) for the period before taxes | 9903 | €336,229 | €609,067 | +€272,838 | +81.1% |
| Income taxes | 67/77 | €7,888 | €1,219 | -€6,669 | -84.5% |
| Profit (loss) for the period | 9904 | €328,341 | €607,848 | +€279,508 | +85.1% |
| Profit (loss) for the period to be appropriated | 9905 | €328,341 | €607,848 | +€279,508 | +85.1% |
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 16 October 2026 via checked.be.