INBOCO: 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.
INBOCO
Largest movements
- Receivables within one year -€767,860
down €767,860 (-42.1%), from €1.8m to €1.1m
of which Trade receivables: -€692,256
- Cash +€164,255
up €164,255 (+70.8%), from €231,866 to €396,121
mainly Receivables within one year (+€767,860) and Net result for the year (+€144,390)
- Tangible fixed assets +€146,166
up €146,166 (+76.5%), from €191,102 to €337,268
of which Plant, machinery and equipment: +€111,193
- Trade debts -€331,176
down €331,176 (-61.0%), from €542,501 to €211,325
- Tax, wage and social debts -€165,563
down €165,563 (-78.4%), from €211,132 to €45,569
of which Taxes: -€138,225
- Reserves +€119,390
up €119,390 (+9.8%), from €1.2m to €1.3m
of which Distributable reserves: +€119,390
- Current portion of long-term debt -€97,075
down €97,075 (-33.6%), from €289,296 to €192,221
- Other debts +€25,000
up €25,000, from €0 to €25,000
- Gross operating margin +€145,013
up €145,013 (+13.8%), from €1.1m to €1.2m
- Write-downs +€46,326
up €46,326 (+1172.7%), from €3,950 to €50,277
- Staff costs -€36,344
down €36,344 (-4.0%), from €919,805 to €883,462
- Depreciation +€13,153
up €13,153 (+25.6%), from €51,391 to €64,544
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 | €2,397,171 | €1,966,423 | -€430,748 | -18.0% |
| Fixed assets | 21/28 | €236,442 | €377,874 | +€141,432 | +59.8% |
| Intangible fixed assets | 21 | €44,840 | €40,106 | -€4,734 | -10.6% |
| Tangible fixed assets | 22/27 | €191,102 | €337,268 | +€146,166 | +76.5% |
| Land and buildings | 22 | €88,316 | €81,151 | -€7,165 | -8.1% |
| Plant, machinery and equipment | 23 | €43,090 | €154,283 | +€111,193 | +258.0% |
| Furniture and vehicles | 24 | €8,727 | €15,162 | +€6,435 | +73.7% |
| Leasing and similar rights | 25 | €50,969 | €86,672 | +€35,703 | +70.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €2,160,728 | €1,588,548 | -€572,180 | -26.5% |
| Stocks and contracts in progress | 3 | €80,744 | €93,557 | +€12,813 | +15.9% |
| Stocks | 30/36 | €80,744 | €93,557 | +€12,813 | +15.9% |
| Amounts receivable within one year | 40/41 | €1,823,768 | €1,055,908 | -€767,860 | -42.1% |
| Trade receivables | 40 | €1,052,280 | €360,023 | -€692,256 | -65.8% |
| Other amounts receivable | 41 | €771,488 | €695,884 | -€75,604 | -9.8% |
| Cash at bank and in hand | 54/58 | €231,866 | €396,121 | +€164,255 | +70.8% |
| Deferred charges and accrued income | 490/1 | €24,350 | €42,962 | +€18,612 | +76.4% |
| Total equity and liabilities | 10/49 | €2,397,171 | €1,966,423 | -€430,748 | -18.0% |
| Equity | 10/15 | €1,315,180 | €1,434,570 | +€119,390 | +9.1% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Capital | 10 | €99,157 | €99,157 | = | 0.0% |
| Issued capital | 100 | €99,157 | €99,157 | = | 0.0% |
| Reserves | 13 | €1,216,022 | €1,335,413 | +€119,390 | +9.8% |
| Non-distributable reserves | 130/1 | €9,916 | €9,916 | = | 0.0% |
| Legal reserve | 130 | €9,916 | €9,916 | = | 0.0% |
| Distributable reserves | 133 | €1,206,107 | €1,325,497 | +€119,390 | +9.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,081,991 | €531,852 | -€550,138 | -50.8% |
| Amounts payable after more than one year | 17 | €35,342 | €57,738 | +€22,396 | +63.4% |
| Financial debts | 170/4 | €35,342 | €57,738 | +€22,396 | +63.4% |
| Amounts payable within one year | 42/48 | €1,043,929 | €474,115 | -€569,814 | -54.6% |
| Current portion of amounts payable after more than one year | 42 | €289,296 | €192,221 | -€97,075 | -33.6% |
| Trade debts | 44 | €542,501 | €211,325 | -€331,176 | -61.0% |
| Suppliers | 440/4 | €542,501 | €211,325 | -€331,176 | -61.0% |
| Advances received on contracts in progress | 46 | €1,000 | €0 | -€1,000 | -100.0% |
| Taxes, remuneration and social security | 45 | €211,132 | €45,569 | -€165,563 | -78.4% |
| Taxes | 450/3 | €165,840 | €27,615 | -€138,225 | -83.3% |
| Remuneration and social security | 454/9 | €45,292 | €17,953 | -€27,338 | -60.4% |
| Other amounts payable | 47/48 | €0 | €25,000 | +€25,000 | |
| Accrued charges and deferred income | 492/3 | €2,720 | €0 | -€2,720 | -100.0% |
| Non-recurring operating income | 76A | €15,000 | €2,963 | -€12,037 | -80.2% |
| Remuneration, social security and pensions | 62 | €919,805 | €883,462 | -€36,344 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,391 | €64,544 | +€13,153 | +25.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,950 | €50,277 | +€46,326 | +1172.7% |
| Other operating charges | 640/8 | €7,066 | €7,619 | +€553 | +7.8% |
| Non-recurring operating charges | 66A | €702 | €0 | -€702 | -100.0% |
| Gross operating margin | 9900 | €1,053,100 | €1,198,113 | +€145,013 | +13.8% |
| Operating profit (loss) | 9901 | €70,185 | €192,212 | +€122,027 | +173.9% |
| Financial income | 75/76B | €554 | €3,858 | +€3,304 | +595.9% |
| Recurring financial income | 75 | €554 | €3,858 | +€3,304 | +595.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €12,586 | €15,059 | +€2,472 | +19.6% |
| Recurring financial charges | 65 | €12,586 | €15,059 | +€2,472 | +19.6% |
| Profit (loss) for the period before taxes | 9903 | €58,153 | €181,011 | +€122,858 | +211.3% |
| Income taxes | 67/77 | €33,135 | €36,621 | +€3,486 | +10.5% |
| Profit (loss) for the period | 9904 | €25,018 | €144,390 | +€119,373 | +477.2% |
| Profit (loss) for the period to be appropriated | 9905 | €25,018 | €144,390 | +€119,373 | +477.2% |
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 1 October 2026 via checked.be.