INC: 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.
INC
Largest movements
- Tangible fixed assets +€107,626
up €107,626 (+83.3%), from €129,219 to €236,845
of which Land and buildings: +€112,681
- Cash -€51,966
down €51,966 (-78.8%), from €65,977 to €14,011
mainly Investment in fixed assets (net) (-€125,001) and Provisions (-€17,860)
- Receivables within one year -€28,408
down €28,408 (-26.1%), from €108,842 to €80,434
of which Trade receivables: -€26,999
- Reserves +€27,900
up €27,900 (+14.8%), from €188,060 to €215,960
of which Distributable reserves: +€27,900
- Provisions -€17,860
no longer reported in 2025 (was €17,860)
- Other debts +€16,047
up €16,047 (+129%), from €12,471 to €28,518
- Debts after one year -€5,513
down €5,513 (-9.8%), from €56,280 to €50,767
- Tax, wage and social debts +€5,457
up €5,457 (+74.3%), from €7,348 to €12,805
- Gross operating margin +€5,698
up €5,698 (+8.5%), from €66,974 to €72,672
- Depreciation +€4,475
up €4,475 (+34.7%), from €12,900 to €17,375
- Financial charges -€2,972
down €2,972 (-58.8%), from €5,055 to €2,083
- Other operating charges +€1,120
up €1,120 (+62.8%), from €1,784 to €2,904
- Taxes -€991
down €991 (-7.4%), from €13,376 to €12,385
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 | €310,851 | €339,443 | +€28,592 | +9.2% |
| Fixed assets | 21/28 | €129,219 | €236,845 | +€107,626 | +83.3% |
| Tangible fixed assets | 22/27 | €129,219 | €236,845 | +€107,626 | +83.3% |
| Land and buildings | 22 | €65,289 | €177,970 | +€112,681 | +173% |
| Furniture and vehicles | 24 | €5,114 | €3,784 | -€1,330 | -26.0% |
| Other tangible fixed assets | 26 | €58,816 | €55,091 | -€3,725 | -6.3% |
| Current assets | 29/58 | €181,632 | €102,598 | -€79,034 | -43.5% |
| Amounts receivable within one year | 40/41 | €108,842 | €80,434 | -€28,408 | -26.1% |
| Trade receivables | 40 | €107,433 | €80,434 | -€26,999 | -25.1% |
| Other amounts receivable | 41 | €1,409 | - | -€1,409 | |
| Cash at bank and in hand | 54/58 | €65,977 | €14,011 | -€51,966 | -78.8% |
| Deferred charges and accrued income | 490/1 | €6,813 | €8,153 | +€1,340 | +19.7% |
| Total equity and liabilities | 10/49 | €310,851 | €339,443 | +€28,592 | +9.2% |
| Equity | 10/15 | €210,993 | €238,928 | +€27,935 | +13.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €188,060 | €215,960 | +€27,900 | +14.8% |
| 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 | €186,200 | €214,100 | +€27,900 | +15.0% |
| Profit (loss) carried forward | 14 | €4,333 | €4,368 | +€35 | +0.8% |
| Provisions and deferred taxes | 16 | €17,860 | - | -€17,860 | |
| Provisions for liabilities and charges | 160/5 | €17,860 | - | -€17,860 | |
| Other liabilities and charges | 164/5 | €17,860 | - | -€17,860 | |
| Amounts payable | 17/49 | €81,998 | €100,515 | +€18,517 | +22.6% |
| Amounts payable after more than one year | 17 | €56,280 | €50,767 | -€5,513 | -9.8% |
| Financial debts | 170/4 | €56,280 | €50,767 | -€5,513 | -9.8% |
| Amounts payable within one year | 42/48 | €25,718 | €49,748 | +€24,030 | +93.4% |
| Current portion of amounts payable after more than one year | 42 | €5,421 | €5,512 | +€91 | +1.7% |
| Trade debts | 44 | €478 | €2,913 | +€2,435 | +509% |
| Suppliers | 440/4 | €478 | €2,913 | +€2,435 | +509% |
| Taxes, remuneration and social security | 45 | €7,348 | €12,805 | +€5,457 | +74.3% |
| Taxes | 450/3 | €7,348 | €12,805 | +€5,457 | +74.3% |
| Other amounts payable | 47/48 | €12,471 | €28,518 | +€16,047 | +129% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,900 | €17,375 | +€4,475 | +34.7% |
| Other operating charges | 640/8 | €1,784 | €2,904 | +€1,120 | +62.8% |
| Gross operating margin | 9900 | €66,974 | €72,672 | +€5,698 | +8.5% |
| Operating profit (loss) | 9901 | €52,290 | €52,393 | +€103 | +0.2% |
| Financial income | 75/76B | €251 | €10 | -€241 | -96.0% |
| Recurring financial income | 75 | €251 | €10 | -€241 | -96.0% |
| Financial charges | 65/66B | €5,055 | €2,083 | -€2,972 | -58.8% |
| Recurring financial charges | 65 | €5,055 | €2,083 | -€2,972 | -58.8% |
| Profit (loss) for the period before taxes | 9903 | €47,486 | €50,320 | +€2,834 | +6.0% |
| Income taxes | 67/77 | €13,376 | €12,385 | -€991 | -7.4% |
| Profit (loss) for the period | 9904 | €34,110 | €37,935 | +€3,825 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €34,110 | €37,935 | +€3,825 | +11.2% |
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 24 October 2026 via checked.be.