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
- Tangible fixed assets +€106,211
up €106,211 (+754%), from €14,093 to €120,304
of which Furniture and vehicles: +€105,879
- Cash -€76,889
down €76,889 (-32.0%), from €240,121 to €163,232
mainly Investment in fixed assets (net) (-€120,340) and Contributions, distributions and other (-€61,836)
- Receivables within one year -€12,727
down €12,727 (-50.4%), from €25,227 to €12,500
of which Trade receivables: -€14,373
- Other debts +€58,668
up €58,668 (+3,535%), from €1,660 to €60,328
- Reserves -€43,004
down €43,004 (-30.9%), from €139,167 to €96,163
- Gross operating margin +€11,629
up €11,629 (+37.3%), from €31,161 to €42,790
- Depreciation +€9,105
up €9,105 (+181%), from €5,024 to €14,129
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 | €280,209 | €299,282 | +€19,073 | +6.8% |
| Fixed assets | 21/28 | €14,093 | €120,304 | +€106,211 | +754% |
| Tangible fixed assets | 22/27 | €14,093 | €120,304 | +€106,211 | +754% |
| Plant, machinery and equipment | 23 | €11,507 | €9,095 | -€2,412 | -21.0% |
| Furniture and vehicles | 24 | €2,586 | €108,465 | +€105,879 | +4,094% |
| Other tangible fixed assets | 26 | - | €2,745 | +€2,745 | |
| Current assets | 29/58 | €266,115 | €178,978 | -€87,137 | -32.7% |
| Amounts receivable within one year | 40/41 | €25,227 | €12,500 | -€12,727 | -50.4% |
| Trade receivables | 40 | €25,227 | €10,854 | -€14,373 | -57.0% |
| Other amounts receivable | 41 | - | €1,647 | +€1,647 | |
| Cash at bank and in hand | 54/58 | €240,121 | €163,232 | -€76,889 | -32.0% |
| Deferred charges and accrued income | 490/1 | €767 | €3,245 | +€2,478 | +323% |
| Total equity and liabilities | 10/49 | €280,209 | €299,282 | +€19,073 | +6.8% |
| Equity | 10/15 | €251,557 | €208,553 | -€43,003 | -17.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €139,167 | €96,163 | -€43,004 | -30.9% |
| Distributable reserves | 133 | €139,167 | €96,163 | -€43,004 | -30.9% |
| Profit (loss) carried forward | 14 | €93,790 | €93,790 | +€1 | 0.0% |
| Amounts payable | 17/49 | €28,652 | €90,729 | +€62,077 | +217% |
| Amounts payable within one year | 42/48 | €21,150 | €83,118 | +€61,968 | +293% |
| Trade debts | 44 | €1,362 | €4,003 | +€2,641 | +194% |
| Suppliers | 440/4 | €1,362 | €4,003 | +€2,641 | +194% |
| Taxes, remuneration and social security | 45 | €18,128 | €18,788 | +€659 | +3.6% |
| Taxes | 450/3 | €18,128 | €18,788 | +€659 | +3.6% |
| Other amounts payable | 47/48 | €1,660 | €60,328 | +€58,668 | +3,535% |
| Accrued charges and deferred income | 492/3 | €7,502 | €7,611 | +€108 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,024 | €14,129 | +€9,105 | +181% |
| Other operating charges | 640/8 | €1,021 | €1,187 | +€165 | +16.2% |
| Gross operating margin | 9900 | €31,161 | €42,790 | +€11,629 | +37.3% |
| Operating profit (loss) | 9901 | €25,115 | €27,474 | +€2,359 | +9.4% |
| Financial charges | 65/66B | €414 | €288 | -€126 | -30.5% |
| Recurring financial charges | 65 | €414 | €288 | -€126 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €24,701 | €27,186 | +€2,485 | +10.1% |
| Income taxes | 67/77 | €8,124 | €8,353 | +€230 | +2.8% |
| Profit (loss) for the period | 9904 | €16,577 | €18,833 | +€2,256 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €16,577 | €18,833 | +€2,256 | +13.6% |
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 14 October 2026 via checked.be.