INBELCO: 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.
INBELCO
Largest movements
- Tangible fixed assets -€22,766
down €22,766 (-6.2%), from €366,548 to €343,782
of which Furniture and vehicles: -€17,058
- Cash -€5,328
down €5,328 (-56.9%), from €9,360 to €4,032
mainly Other debts (-€36,906) and Debts after one year (-€10,348)
- Other debts -€36,906
down €36,906 (-44.6%), from €82,700 to €45,794
- Debts after one year -€10,348
down €10,348 (-56.1%), from €18,439 to €8,091
- Profit (loss) carried forward +€8,500
up €8,500 (+37.7%), from -€22,576 to -€14,076
- Tax, wage and social debts +€6,790
up €6,790 (+188%), from €3,607 to €10,397
- Gross operating margin +€26,534
up €26,534 (+81.6%), from €32,506 to €59,040
- Taxes +€7,712
up €7,712 (+129%), from €5,966 to €13,678
- Other operating charges -€6,728
down €6,728 (-58.2%), from €11,559 to €4,831
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 | €378,310 | €350,235 | -€28,075 | -7.4% |
| Fixed assets | 21/28 | €366,548 | €343,782 | -€22,766 | -6.2% |
| Tangible fixed assets | 22/27 | €366,548 | €343,782 | -€22,766 | -6.2% |
| Land and buildings | 22 | €298,302 | €293,364 | -€4,937 | -1.7% |
| Plant, machinery and equipment | 23 | €6,840 | €6,069 | -€770 | -11.3% |
| Furniture and vehicles | 24 | €61,406 | €44,348 | -€17,058 | -27.8% |
| Current assets | 29/58 | €11,762 | €6,453 | -€5,309 | -45.1% |
| Amounts receivable within one year | 40/41 | €1,534 | €1,534 | = | 0.0% |
| Other amounts receivable | 41 | €1,534 | €1,534 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €9,360 | €4,032 | -€5,328 | -56.9% |
| Deferred charges and accrued income | 490/1 | €868 | €886 | +€19 | +2.2% |
| Total equity and liabilities | 10/49 | €378,310 | €350,235 | -€28,075 | -7.4% |
| Equity | 10/15 | €260,874 | €269,374 | +€8,500 | +3.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €192,000 | €192,000 | = | 0.0% |
| Reserves | 13 | €29,450 | €29,450 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €23,250 | €23,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,576 | -€14,076 | +€8,500 | +37.7% |
| Amounts payable | 17/49 | €117,436 | €80,861 | -€36,575 | -31.1% |
| Amounts payable after more than one year | 17 | €18,439 | €8,091 | -€10,348 | -56.1% |
| Financial debts | 170/4 | €18,439 | €8,091 | -€10,348 | -56.1% |
| Amounts payable within one year | 42/48 | €98,997 | €72,770 | -€26,227 | -26.5% |
| Current portion of amounts payable after more than one year | 42 | €9,868 | €10,348 | +€481 | +4.9% |
| Trade debts | 44 | €2,822 | €6,231 | +€3,409 | +121% |
| Suppliers | 440/4 | €2,822 | €6,231 | +€3,409 | +121% |
| Taxes, remuneration and social security | 45 | €3,607 | €10,397 | +€6,790 | +188% |
| Taxes | 450/3 | €3,607 | €10,397 | +€6,790 | +188% |
| Other amounts payable | 47/48 | €82,700 | €45,794 | -€36,906 | -44.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,700 | €29,494 | -€206 | -0.7% |
| Other operating charges | 640/8 | €11,559 | €4,831 | -€6,728 | -58.2% |
| Gross operating margin | 9900 | €32,506 | €59,040 | +€26,534 | +81.6% |
| Operating profit (loss) | 9901 | -€8,753 | €24,715 | +€33,468 | |
| Financial charges | 65/66B | €2,768 | €2,537 | -€231 | -8.3% |
| Recurring financial charges | 65 | €2,768 | €2,537 | -€231 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | -€11,521 | €22,177 | +€33,699 | |
| Income taxes | 67/77 | €5,966 | €13,678 | +€7,712 | +129% |
| Profit (loss) for the period | 9904 | -€17,487 | €8,500 | +€25,987 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,487 | €8,500 | +€25,987 |
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.