INCA MANAGEMENT: 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.
INCA MANAGEMENT
Largest movements
- Cash +€36,105
up €36,105 (+50.4%), from €71,639 to €107,743
mainly Net result for the year (+€45,575) and Other debts (+€30,576)
- Tangible fixed assets -€12,281
down €12,281 (-52.6%), from €23,364 to €11,083
- Receivables within one year -€10,252
down €10,252 (-34.6%), from €29,645 to €19,393
of which Trade receivables: -€14,399
- Other debts +€30,576
up €30,576 (+97.5%), from €31,352 to €61,928
- Reserves -€12,164
down €12,164 (-6.9%), from €177,565 to €165,401
- Tax, wage and social debts -€5,157
down €5,157 (-43.9%), from €11,748 to €6,590
- Gross operating margin -€18,916
down €18,916 (-19.9%), from €94,936 to €76,021
- Taxes -€5,260
down €5,260 (-22.8%), from €23,113 to €17,853
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 | €344,811 | €358,093 | +€13,282 | +3.9% |
| Fixed assets | 21/28 | €23,364 | €11,083 | -€12,281 | -52.6% |
| Tangible fixed assets | 22/27 | €23,364 | €11,083 | -€12,281 | -52.6% |
| Furniture and vehicles | 24 | €23,364 | €11,083 | -€12,281 | -52.6% |
| Current assets | 29/58 | €321,447 | €347,010 | +€25,563 | +8.0% |
| Amounts receivable within one year | 40/41 | €29,645 | €19,393 | -€10,252 | -34.6% |
| Trade receivables | 40 | €29,645 | €15,246 | -€14,399 | -48.6% |
| Other amounts receivable | 41 | - | €4,147 | +€4,147 | |
| Current investments | 50/53 | €216,629 | €216,629 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €71,639 | €107,743 | +€36,105 | +50.4% |
| Deferred charges and accrued income | 490/1 | €3,534 | €3,244 | -€290 | -8.2% |
| Total equity and liabilities | 10/49 | €344,811 | €358,093 | +€13,282 | +3.9% |
| Equity | 10/15 | €301,635 | €289,472 | -€12,164 | -4.0% |
| Contributions | 10/11 | €124,071 | €124,071 | = | 0.0% |
| Reserves | 13 | €177,565 | €165,401 | -€12,164 | -6.9% |
| Distributable reserves | 133 | €177,565 | €165,401 | -€12,164 | -6.9% |
| Amounts payable | 17/49 | €43,176 | €68,621 | +€25,446 | +58.9% |
| Amounts payable within one year | 42/48 | €43,176 | €68,621 | +€25,446 | +58.9% |
| Trade debts | 44 | €76 | €103 | +€27 | +35.5% |
| Suppliers | 440/4 | €76 | €103 | +€27 | +35.5% |
| Taxes, remuneration and social security | 45 | €11,748 | €6,590 | -€5,157 | -43.9% |
| Taxes | 450/3 | €11,748 | €6,590 | -€5,157 | -43.9% |
| Other amounts payable | 47/48 | €31,352 | €61,928 | +€30,576 | +97.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,247 | €12,281 | +€34 | +0.3% |
| Other operating charges | 640/8 | €485 | €501 | +€16 | +3.2% |
| Gross operating margin | 9900 | €94,936 | €76,021 | -€18,916 | -19.9% |
| Operating profit (loss) | 9901 | €82,205 | €63,239 | -€18,965 | -23.1% |
| Financial income | 75/76B | €629 | €244 | -€385 | -61.2% |
| Recurring financial income | 75 | €629 | €244 | -€385 | -61.2% |
| Financial charges | 65/66B | €54 | €55 | +€1 | +2.5% |
| Recurring financial charges | 65 | €54 | €55 | +€1 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €82,780 | €63,428 | -€19,352 | -23.4% |
| Income taxes | 67/77 | €23,113 | €17,853 | -€5,260 | -22.8% |
| Profit (loss) for the period | 9904 | €59,667 | €45,575 | -€14,091 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €59,667 | €45,575 | -€14,091 | -23.6% |
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 9 October 2026 via checked.be.