INBO: what changed
INBO
Largest movements
- Receivables within one year +€498,352
up €498,352 (+97.6%), from €510,466 to €1.0m
of which Trade receivables: +€251,116
- Stocks and contracts +€474,631
up €474,631 (+158%), from €301,326 to €775,958
of which Contracts in progress: +€338,465
- Tangible fixed assets +€298,598
up €298,598 (+71.6%), from €416,899 to €715,497
of which Leasing and similar rights: +€229,351
- Cash -€190,993
down €190,993 (-58.4%), from €326,980 to €135,987
mainly Receivables within one year (-€498,352) and Stocks and contracts (-€474,631)
- Advances received +€334,639
up €334,639 (+125%), from €268,504 to €603,143
- Trade debts +€291,241
up €291,241 (+215%), from €135,760 to €427,000
- Reserves +€202,931
up €202,931 (+41.7%), from €486,633 to €689,564
- Debts after one year +€200,023
up €200,023 (+72.7%), from €275,231 to €475,255
- Tax, wage and social debts +€37,114
up €37,114 (+29.5%), from €125,927 to €163,041
of which Remuneration and social security: +€28,509
- Staff costs +€224,689
up €224,689 (+21.2%), from €1.1m to €1.3m
- Gross operating margin +€139,083
up €139,083 (+8.8%), from €1.6m to €1.7m
- Write-downs -€72,400
down €72,400 (-100%), from €72,400 to €0
- Depreciation +€47,049
up €47,049 (+50.5%), from €93,110 to €140,159
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,556,692 | €2,638,836 | +€1.1m | +69.5% |
| Fixed assets | 21/28 | €417,919 | €716,517 | +€298,598 | +71.4% |
| Tangible fixed assets | 22/27 | €416,899 | €715,497 | +€298,598 | +71.6% |
| Plant, machinery and equipment | 23 | €326,012 | €425,956 | +€99,943 | +30.7% |
| Furniture and vehicles | 24 | €90,887 | €60,191 | -€30,697 | -33.8% |
| Leasing and similar rights | 25 | - | €229,351 | +€229,351 | |
| Financial fixed assets | 28 | €1,020 | €1,020 | = | 0.0% |
| Current assets | 29/58 | €1,138,773 | €1,922,318 | +€783,546 | +68.8% |
| Stocks and contracts in progress | 3 | €301,326 | €775,958 | +€474,631 | +158% |
| Stocks | 30/36 | €192,153 | €328,319 | +€136,166 | +70.9% |
| Contracts in progress | 37 | €109,173 | €447,638 | +€338,465 | +310% |
| Amounts receivable within one year | 40/41 | €510,466 | €1,008,818 | +€498,352 | +97.6% |
| Trade receivables | 40 | €325,194 | €576,311 | +€251,116 | +77.2% |
| Other amounts receivable | 41 | €185,272 | €432,508 | +€247,236 | +133% |
| Cash at bank and in hand | 54/58 | €326,980 | €135,987 | -€190,993 | -58.4% |
| Deferred charges and accrued income | 490/1 | - | €1,555 | +€1,555 | |
| Total equity and liabilities | 10/49 | €1,556,692 | €2,638,836 | +€1.1m | +69.5% |
| Equity | 10/15 | €506,633 | €709,564 | +€202,931 | +40.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €486,633 | €689,564 | +€202,931 | +41.7% |
| Distributable reserves | 133 | €486,633 | €689,564 | +€202,931 | +41.7% |
| Amounts payable | 17/49 | €1,050,059 | €1,929,272 | +€879,213 | +83.7% |
| Amounts payable after more than one year | 17 | €275,231 | €475,255 | +€200,023 | +72.7% |
| Financial debts | 170/4 | €275,231 | €475,255 | +€200,023 | +72.7% |
| Amounts payable within one year | 42/48 | €774,572 | €1,454,017 | +€679,445 | +87.7% |
| Current portion of amounts payable after more than one year | 42 | €94,382 | €110,833 | +€16,451 | +17.4% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €135,760 | €427,000 | +€291,241 | +215% |
| Suppliers | 440/4 | €135,760 | €427,000 | +€291,241 | +215% |
| Advances received on contracts in progress | 46 | €268,504 | €603,143 | +€334,639 | +125% |
| Taxes, remuneration and social security | 45 | €125,927 | €163,041 | +€37,114 | +29.5% |
| Taxes | 450/3 | €6,813 | €15,418 | +€8,605 | +126% |
| Remuneration and social security | 454/9 | €119,114 | €147,623 | +€28,509 | +23.9% |
| Accrued charges and deferred income | 492/3 | €256 | €0 | -€256 | -100% |
| Non-recurring operating income | 76A | €20,500 | €500 | -€20,000 | -97.6% |
| Remuneration, social security and pensions | 62 | €1,060,855 | €1,285,545 | +€224,689 | +21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,110 | €140,159 | +€47,049 | +50.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €72,400 | €0 | -€72,400 | -100% |
| Other operating charges | 640/8 | €21,911 | €15,027 | -€6,884 | -31.4% |
| Gross operating margin | 9900 | €1,576,557 | €1,715,640 | +€139,083 | +8.8% |
| Operating profit (loss) | 9901 | €328,281 | €274,910 | -€53,371 | -16.3% |
| Financial income | 75/76B | €7,935 | €15,560 | +€7,625 | +96.1% |
| Recurring financial income | 75 | €7,935 | €15,560 | +€7,625 | +96.1% |
| Financial charges | 65/66B | €27,570 | €29,377 | +€1,807 | +6.6% |
| Recurring financial charges | 65 | €27,570 | €29,377 | +€1,807 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €308,645 | €261,092 | -€47,553 | -15.4% |
| Income taxes | 67/77 | €73,041 | €58,161 | -€14,880 | -20.4% |
| Profit (loss) for the period | 9904 | €235,605 | €202,931 | -€32,674 | -13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €235,605 | €202,931 | -€32,674 | -13.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.