INA: 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.
INA
Largest movements
- Tangible fixed assets -€24,981
down €24,981 (-21.4%), from €116,633 to €91,652
of which Furniture and vehicles: -€12,536
- Cash +€22,292
up €22,292 (+10.1%), from €220,860 to €243,153
mainly Other debts (+€72,048) and Depreciation (+€25,527)
- Receivables within one year +€17,442
up €17,442 (+75.4%), from €23,121 to €40,564
of which Other amounts receivable: +€16,111
- Other debts +€72,048
up €72,048 (+48.9%), from €147,307 to €219,355
- Reserves -€48,966
down €48,966 (-26.0%), from €188,556 to €139,590
- Tax, wage and social debts -€7,610
down €7,610 (-44.0%), from €17,290 to €9,679
of which Taxes: -€5,610
- Gross operating margin -€43,272
down €43,272 (-44.5%), from €97,214 to €53,943
- Taxes -€13,649
down €13,649 (-75.7%), from €18,033 to €4,383
- Depreciation +€6,531
up €6,531 (+34.4%), from €18,996 to €25,527
- Financial charges +€1,775
up €1,775 (+13.1%), from €13,553 to €15,328
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 | €360,624 | €375,368 | +€14,744 | +4.1% |
| Fixed assets | 21/28 | €116,643 | €91,652 | -€24,991 | -21.4% |
| Tangible fixed assets | 22/27 | €116,633 | €91,652 | -€24,981 | -21.4% |
| Land and buildings | 22 | €73,394 | €62,909 | -€10,485 | -14.3% |
| Plant, machinery and equipment | 23 | €10,918 | €8,958 | -€1,960 | -18.0% |
| Furniture and vehicles | 24 | €32,320 | €19,784 | -€12,536 | -38.8% |
| Financial fixed assets | 28 | €10 | - | -€10 | |
| Current assets | 29/58 | €243,981 | €283,716 | +€39,735 | +16.3% |
| Amounts receivable within one year | 40/41 | €23,121 | €40,564 | +€17,442 | +75.4% |
| Trade receivables | 40 | €12,870 | €14,201 | +€1,331 | +10.3% |
| Other amounts receivable | 41 | €10,251 | €26,363 | +€16,111 | +157.2% |
| Cash at bank and in hand | 54/58 | €220,860 | €243,153 | +€22,292 | +10.1% |
| Total equity and liabilities | 10/49 | €360,624 | €375,368 | +€14,744 | +4.1% |
| Equity | 10/15 | €194,756 | €145,790 | -€48,966 | -25.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €188,556 | €139,590 | -€48,966 | -26.0% |
| Distributable reserves | 133 | €188,556 | €139,590 | -€48,966 | -26.0% |
| Amounts payable | 17/49 | €165,869 | €229,578 | +€63,710 | +38.4% |
| Amounts payable within one year | 42/48 | €165,869 | €229,578 | +€63,710 | +38.4% |
| Trade debts | 44 | €1,272 | €544 | -€728 | -57.2% |
| Suppliers | 440/4 | €1,272 | €544 | -€728 | -57.2% |
| Taxes, remuneration and social security | 45 | €17,290 | €9,679 | -€7,610 | -44.0% |
| Taxes | 450/3 | €15,290 | €9,679 | -€5,610 | -36.7% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €147,307 | €219,355 | +€72,048 | +48.9% |
| Non-recurring operating income | 76A | €11,000 | - | -€11,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,996 | €25,527 | +€6,531 | +34.4% |
| Other operating charges | 640/8 | €2,112 | €1,449 | -€663 | -31.4% |
| Gross operating margin | 9900 | €97,214 | €53,943 | -€43,272 | -44.5% |
| Operating profit (loss) | 9901 | €76,106 | €26,966 | -€49,140 | -64.6% |
| Financial income | 75/76B | €1,547 | €1,486 | -€61 | -4.0% |
| Recurring financial income | 75 | €1,547 | €1,486 | -€61 | -4.0% |
| Financial charges | 65/66B | €13,553 | €15,328 | +€1,775 | +13.1% |
| Recurring financial charges | 65 | €13,553 | €15,328 | +€1,775 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €64,100 | €13,124 | -€50,976 | -79.5% |
| Income taxes | 67/77 | €18,033 | €4,383 | -€13,649 | -75.7% |
| Profit (loss) for the period | 9904 | €46,067 | €8,740 | -€37,327 | -81.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,067 | €8,740 | -€37,327 | -81.0% |
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 5 October 2026 via checked.be.