INARTE: 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.
INARTE
Largest movements
- Stocks and contracts +€69,434
up €69,434 (+37.4%), from €185,820 to €255,254
- Cash +€44,414
up €44,414 (+62.1%), from €71,571 to €115,985
mainly Advances received (+€81,608) and Depreciation (+€56,547)
- Tangible fixed assets -€19,799
down €19,799 (-10.9%), from €180,922 to €161,123
of which Other tangible fixed assets: -€29,549
- Advances received +€81,608
up €81,608 (+38.8%), from €210,404 to €292,012
- Trade debts +€29,497
up €29,497 (+61.6%), from €47,872 to €77,369
- Current portion of long-term debt -€20,433
down €20,433 (-42.0%), from €48,598 to €28,166
- Reserves +€8,982
up €8,982 (+5.3%), from €170,903 to €179,885
of which Distributable reserves: +€8,490
- Gross operating margin +€16,171
up €16,171 (+5.7%), from €284,437 to €300,607
- Depreciation +€15,662
up €15,662 (+38.3%), from €40,885 to €56,547
- Staff costs +€3,796
up €3,796 (+1.5%), from €259,679 to €263,475
- Other operating charges -€3,300
down €3,300 (-33.9%), from €9,729 to €6,429
- Financial charges +€3,139
up €3,139 (+33.4%), from €9,411 to €12,550
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 | €750,644 | €844,913 | +€94,268 | +12.6% |
| Fixed assets | 21/28 | €181,167 | €161,369 | -€19,799 | -10.9% |
| Tangible fixed assets | 22/27 | €180,922 | €161,123 | -€19,799 | -10.9% |
| Plant, machinery and equipment | 23 | €8,884 | €7,417 | -€1,467 | -16.5% |
| Furniture and vehicles | 24 | €20,647 | €31,865 | +€11,217 | +54.3% |
| Other tangible fixed assets | 26 | €151,390 | €121,842 | -€29,549 | -19.5% |
| Financial fixed assets | 28 | €245 | €245 | = | 0.0% |
| Current assets | 29/58 | €569,477 | €683,544 | +€114,067 | +20.0% |
| Stocks and contracts in progress | 3 | €185,820 | €255,254 | +€69,434 | +37.4% |
| Stocks | 30/36 | €185,820 | €255,254 | +€69,434 | +37.4% |
| Amounts receivable within one year | 40/41 | €302,449 | €301,714 | -€735 | -0.2% |
| Trade receivables | 40 | €144,861 | €145,477 | +€616 | +0.4% |
| Other amounts receivable | 41 | €157,588 | €156,237 | -€1,351 | -0.9% |
| Cash at bank and in hand | 54/58 | €71,571 | €115,985 | +€44,414 | +62.1% |
| Deferred charges and accrued income | 490/1 | €9,636 | €10,590 | +€954 | +9.9% |
| Total equity and liabilities | 10/49 | €750,644 | €844,913 | +€94,268 | +12.6% |
| Equity | 10/15 | €270,903 | €279,885 | +€8,982 | +3.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €170,903 | €179,885 | +€8,982 | +5.3% |
| Non-distributable reserves | 130/1 | €8,924 | €9,416 | +€491 | +5.5% |
| Legal reserve | 130 | €8,924 | €9,416 | +€491 | +5.5% |
| Distributable reserves | 133 | €161,979 | €170,469 | +€8,490 | +5.2% |
| Amounts payable | 17/49 | €479,741 | €565,028 | +€85,287 | +17.8% |
| Amounts payable after more than one year | 17 | €22,107 | €13,860 | -€8,247 | -37.3% |
| Financial debts | 170/4 | €22,107 | €13,860 | -€8,247 | -37.3% |
| Amounts payable within one year | 42/48 | €457,635 | €551,168 | +€93,533 | +20.4% |
| Current portion of amounts payable after more than one year | 42 | €48,598 | €28,166 | -€20,433 | -42.0% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €47,872 | €77,369 | +€29,497 | +61.6% |
| Suppliers | 440/4 | €47,872 | €77,369 | +€29,497 | +61.6% |
| Advances received on contracts in progress | 46 | €210,404 | €292,012 | +€81,608 | +38.8% |
| Taxes, remuneration and social security | 45 | €50,493 | €53,354 | +€2,861 | +5.7% |
| Taxes | 450/3 | €16,214 | €18,479 | +€2,265 | +14.0% |
| Remuneration and social security | 454/9 | €34,279 | €34,874 | +€595 | +1.7% |
| Other amounts payable | 47/48 | €267 | €267 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €259,679 | €263,475 | +€3,796 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,885 | €56,547 | +€15,662 | +38.3% |
| Other operating charges | 640/8 | €9,729 | €6,429 | -€3,300 | -33.9% |
| Gross operating margin | 9900 | €284,437 | €300,607 | +€16,171 | +5.7% |
| Operating profit (loss) | 9901 | -€25,856 | -€25,843 | +€13 | 0.0% |
| Financial income | 75/76B | €57,258 | €56,129 | -€1,129 | -2.0% |
| Recurring financial income | 75 | €57,258 | €56,129 | -€1,129 | -2.0% |
| Financial charges | 65/66B | €9,411 | €12,550 | +€3,139 | +33.4% |
| Recurring financial charges | 65 | €9,411 | €12,550 | +€3,139 | +33.4% |
| Profit (loss) for the period before taxes | 9903 | €21,991 | €17,736 | -€4,255 | -19.3% |
| Income taxes | 67/77 | €9,312 | €8,754 | -€558 | -6.0% |
| Profit (loss) for the period | 9904 | €12,679 | €8,982 | -€3,697 | -29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €12,679 | €8,982 | -€3,697 | -29.2% |
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 19 October 2026 via checked.be.