INCA: 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.
INCA
Largest movements
- Financial fixed assets -€70,019
down €70,019 (-28.3%), from €247,019 to €177,000
- Cash -€11,822
down €11,822 (-20.0%), from €59,213 to €47,391
mainly Other debts (-€85,483) and Debts after one year (-€8,605)
- Tangible fixed assets -€5,318
down €5,318 (-4.9%), from €108,832 to €103,513
of which Land and buildings: -€16,614
- Other debts -€85,483
down €85,483 (-55.6%), from €153,656 to €68,173
- Debts after one year -€8,605
down €8,605 (-16.5%), from €52,181 to €43,576
- Reserves +€5,254
up €5,254 (+2.6%), from €204,269 to €209,523
of which Distributable reserves: +€5,254
- Gross operating margin +€25,246
up €25,246 (+53.3%), from €47,350 to €72,596
- Staff costs +€19,282
up €19,282 (+133%), from €14,474 to €33,756
- Depreciation +€5,820
up €5,820 (+32.5%), from €17,937 to €23,757
- Financial income -€1,037
down €1,037 (-93.8%), from €1,105 to €68
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 | €444,244 | €357,309 | -€86,935 | -19.6% |
| Fixed assets | 21/28 | €355,850 | €280,513 | -€75,337 | -21.2% |
| Tangible fixed assets | 22/27 | €108,832 | €103,513 | -€5,318 | -4.9% |
| Land and buildings | 22 | €105,645 | €89,031 | -€16,614 | -15.7% |
| Furniture and vehicles | 24 | €3,187 | €14,482 | +€11,295 | +354% |
| Financial fixed assets | 28 | €247,019 | €177,000 | -€70,019 | -28.3% |
| Current assets | 29/58 | €88,394 | €76,796 | -€11,598 | -13.1% |
| Amounts receivable within one year | 40/41 | €825 | €1,586 | +€761 | +92.2% |
| Other amounts receivable | 41 | €825 | €1,586 | +€761 | +92.2% |
| Current investments | 50/53 | €28,092 | €27,430 | -€663 | -2.4% |
| Cash at bank and in hand | 54/58 | €59,213 | €47,391 | -€11,822 | -20.0% |
| Deferred charges and accrued income | 490/1 | €263 | €390 | +€126 | +47.9% |
| Total equity and liabilities | 10/49 | €444,244 | €357,309 | -€86,935 | -19.6% |
| Equity | 10/15 | €222,869 | €228,123 | +€5,254 | +2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €204,269 | €209,523 | +€5,254 | +2.6% |
| Non-distributable reserves | 130/1 | €11,400 | €11,400 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,400 | €11,400 | = | 0.0% |
| Distributable reserves | 133 | €192,869 | €198,123 | +€5,254 | +2.7% |
| Amounts payable | 17/49 | €221,375 | €129,187 | -€92,188 | -41.6% |
| Amounts payable after more than one year | 17 | €52,181 | €43,576 | -€8,605 | -16.5% |
| Financial debts | 170/4 | €52,181 | €43,576 | -€8,605 | -16.5% |
| Amounts payable within one year | 42/48 | €169,194 | €85,611 | -€83,583 | -49.4% |
| Current portion of amounts payable after more than one year | 42 | €8,469 | €8,605 | +€136 | +1.6% |
| Trade debts | 44 | €243 | €1,820 | +€1,577 | +649% |
| Suppliers | 440/4 | €243 | €1,820 | +€1,577 | +649% |
| Taxes, remuneration and social security | 45 | €6,826 | €7,014 | +€187 | +2.7% |
| Taxes | 450/3 | €2,120 | €1,615 | -€504 | -23.8% |
| Remuneration and social security | 454/9 | €4,707 | €5,398 | +€692 | +14.7% |
| Other amounts payable | 47/48 | €153,656 | €68,173 | -€85,483 | -55.6% |
| Non-recurring operating income | 76A | - | €30 | +€30 | |
| Remuneration, social security and pensions | 62 | €14,474 | €33,756 | +€19,282 | +133% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,937 | €23,757 | +€5,820 | +32.5% |
| Other operating charges | 640/8 | €3,047 | €2,568 | -€479 | -15.7% |
| Gross operating margin | 9900 | €47,350 | €72,596 | +€25,246 | +53.3% |
| Operating profit (loss) | 9901 | €11,893 | €12,515 | +€623 | +5.2% |
| Financial income | 75/76B | €1,105 | €68 | -€1,037 | -93.8% |
| Recurring financial income | 75 | €1,105 | €68 | -€1,037 | -93.8% |
| Financial charges | 65/66B | €4,348 | €4,275 | -€73 | -1.7% |
| Recurring financial charges | 65 | €4,348 | €4,275 | -€73 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €8,650 | €8,309 | -€342 | -3.9% |
| Income taxes | 67/77 | €3,683 | €3,055 | -€627 | -17.0% |
| Profit (loss) for the period | 9904 | €4,968 | €5,254 | +€286 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,968 | €5,254 | +€286 | +5.8% |
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 17 October 2026 via checked.be.