INBEL: 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.
INBEL
Largest movements
- Cash +€5,336
up €5,336 (+15.0%), from €35,659 to €40,994
mainly Net result for the year (+€4,394) and Depreciation (+€4,059)
- Tangible fixed assets -€1,718
down €1,718 (-43.3%), from €3,963 to €2,245
of which Leasing and similar rights: -€3,963
- Receivables within one year +€1,252
up €1,252 (+5.2%), from €24,096 to €25,347
of which Other amounts receivable: +€1,900
- Reserves +€6,500
up €6,500 (+41.0%), from €15,860 to €22,360
of which Distributable reserves: +€6,500
- Tax, wage and social debts +€2,869
up €2,869 (+317%), from €905 to €3,775
- Current portion of long-term debt -€2,678
no longer reported in 2025 (was €2,678)
- Profit (loss) carried forward -€2,106
down €2,106 (-7.2%), from €29,188 to €27,082
- Gross operating margin +€5,516
up €5,516 (+86.4%), from €6,386 to €11,903
- Taxes +€2,510
new in 2025: €2,510
- Financial income +€377
new in 2025: €377
- Depreciation -€321
down €321 (-7.3%), from €4,380 to €4,059
- Financial charges -€232
down €232 (-40.3%), from €575 to €343
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 | €64,068 | €68,938 | +€4,870 | +7.6% |
| Fixed assets | 21/28 | €4,314 | €2,596 | -€1,718 | -39.8% |
| Tangible fixed assets | 22/27 | €3,963 | €2,245 | -€1,718 | -43.3% |
| Furniture and vehicles | 24 | - | €2,245 | +€2,245 | |
| Leasing and similar rights | 25 | €3,963 | - | -€3,963 | |
| Financial fixed assets | 28 | €351 | €351 | = | 0.0% |
| Current assets | 29/58 | €59,754 | €66,341 | +€6,587 | +11.0% |
| Amounts receivable within one year | 40/41 | €24,096 | €25,347 | +€1,252 | +5.2% |
| Trade receivables | 40 | €17,442 | €16,794 | -€648 | -3.7% |
| Other amounts receivable | 41 | €6,653 | €8,553 | +€1,900 | +28.6% |
| Cash at bank and in hand | 54/58 | €35,659 | €40,994 | +€5,336 | +15.0% |
| Total equity and liabilities | 10/49 | €64,068 | €68,938 | +€4,870 | +7.6% |
| Equity | 10/15 | €60,128 | €64,522 | +€4,394 | +7.3% |
| Contributions | 10/11 | €15,080 | €15,080 | = | 0.0% |
| Reserves | 13 | €15,860 | €22,360 | +€6,500 | +41.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €14,000 | €20,500 | +€6,500 | +46.4% |
| Profit (loss) carried forward | 14 | €29,188 | €27,082 | -€2,106 | -7.2% |
| Amounts payable | 17/49 | €3,941 | €4,416 | +€475 | +12.1% |
| Amounts payable within one year | 42/48 | €3,941 | €4,416 | +€475 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €2,678 | - | -€2,678 | |
| Trade debts | 44 | €357 | €641 | +€284 | +79.6% |
| Suppliers | 440/4 | €357 | €641 | +€284 | +79.6% |
| Taxes, remuneration and social security | 45 | €905 | €3,775 | +€2,869 | +317% |
| Taxes | 450/3 | €905 | €3,775 | +€2,869 | +317% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,380 | €4,059 | -€321 | -7.3% |
| Other operating charges | 640/8 | €869 | €973 | +€104 | +12.0% |
| Gross operating margin | 9900 | €6,386 | €11,903 | +€5,516 | +86.4% |
| Operating profit (loss) | 9901 | €1,137 | €6,871 | +€5,734 | +504% |
| Financial income | 75/76B | - | €377 | +€377 | |
| Recurring financial income | 75 | - | €377 | +€377 | |
| Financial charges | 65/66B | €575 | €343 | -€232 | -40.3% |
| Recurring financial charges | 65 | €575 | €343 | -€232 | -40.3% |
| Profit (loss) for the period before taxes | 9903 | €562 | €6,904 | +€6,342 | +1,128% |
| Income taxes | 67/77 | - | €2,510 | +€2,510 | |
| Profit (loss) for the period | 9904 | €562 | €4,394 | +€3,832 | +681% |
| Profit (loss) for the period to be appropriated | 9905 | €562 | €4,394 | +€3,832 | +681% |
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 22 October 2026 via checked.be.