INCA'VALLEY: 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'VALLEY
Largest movements
- Receivables within one year -€348,840
down €348,840 (-57.8%), from €603,112 to €254,272
of which Trade receivables: -€408,625
- Stocks and contracts -€47,522
down €47,522 (-14.5%), from €327,427 to €279,905
- Tangible fixed assets -€43,007
down €43,007 (-9.4%), from €456,387 to €413,380
of which Leasing and similar rights: -€21,857
- Profit (loss) carried forward -€530,631
down €530,631 (-232%), from -€228,941 to -€759,572
- Debts after one year +€482,891
up €482,891 (+231%), from €208,753 to €691,644
of which Other amounts payable: +€527,610
- Trade debts -€279,696
down €279,696 (-57.3%), from €488,411 to €208,715
- Other debts -€216,800
no longer reported in 2025 (was €216,800)
- Short-term financial debts +€150,000
new in 2025: €150,000
- Gross operating margin -€188,322
down €188,322 (-1,591%), from -€11,838 to -€200,160
- Staff costs +€144,860
up €144,860 (+250%), from €57,836 to €202,695
- Financial charges +€23,060
up €23,060 (+335%), from €6,885 to €29,945
- Depreciation +€22,511
up €22,511 (+34.2%), from €65,750 to €88,262
- Other operating charges -€2,371
down €2,371 (-18.6%), from €12,739 to €10,369
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 | €1,386,926 | €958,245 | -€428,681 | -30.9% |
| Fixed assets | 21/28 | €456,387 | €413,380 | -€43,007 | -9.4% |
| Tangible fixed assets | 22/27 | €456,387 | €413,380 | -€43,007 | -9.4% |
| Land and buildings | 22 | €47,549 | €41,521 | -€6,028 | -12.7% |
| Plant, machinery and equipment | 23 | €370,216 | €357,622 | -€12,595 | -3.4% |
| Furniture and vehicles | 24 | €10,664 | €8,136 | -€2,527 | -23.7% |
| Leasing and similar rights | 25 | €27,958 | €6,101 | -€21,857 | -78.2% |
| Current assets | 29/58 | €930,539 | €544,865 | -€385,674 | -41.4% |
| Stocks and contracts in progress | 3 | €327,427 | €279,905 | -€47,522 | -14.5% |
| Stocks | 30/36 | €327,427 | €279,905 | -€47,522 | -14.5% |
| Amounts receivable within one year | 40/41 | €603,112 | €254,272 | -€348,840 | -57.8% |
| Trade receivables | 40 | €568,692 | €160,066 | -€408,625 | -71.9% |
| Other amounts receivable | 41 | €34,420 | €94,205 | +€59,785 | +174% |
| Cash at bank and in hand | 54/58 | - | €10,688 | +€10,688 | |
| Total equity and liabilities | 10/49 | €1,386,926 | €958,245 | -€428,681 | -30.9% |
| Equity | 10/15 | €373,559 | -€157,072 | -€530,631 | |
| Contributions | 10/11 | €602,500 | €602,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€228,941 | -€759,572 | -€530,631 | -232% |
| Amounts payable | 17/49 | €1,013,367 | €1,115,317 | +€101,950 | +10.1% |
| Amounts payable after more than one year | 17 | €208,753 | €691,644 | +€482,891 | +231% |
| Financial debts | 170/4 | €208,753 | €164,033 | -€44,719 | -21.4% |
| Other amounts payable | 178/9 | - | €527,610 | +€527,610 | |
| Amounts payable within one year | 42/48 | €804,614 | €423,673 | -€380,941 | -47.3% |
| Current portion of amounts payable after more than one year | 42 | €61,077 | €37,489 | -€23,589 | -38.6% |
| Financial debts | 43 | - | €150,000 | +€150,000 | |
| Credit institutions | 430/8 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €488,411 | €208,715 | -€279,696 | -57.3% |
| Suppliers | 440/4 | €488,411 | €208,715 | -€279,696 | -57.3% |
| Advances received on contracts in progress | 46 | €25,952 | - | -€25,952 | |
| Taxes, remuneration and social security | 45 | €12,373 | €27,470 | +€15,096 | +122% |
| Taxes | 450/3 | €7,043 | €3,541 | -€3,502 | -49.7% |
| Remuneration and social security | 454/9 | €5,331 | €23,929 | +€18,598 | +349% |
| Other amounts payable | 47/48 | €216,800 | - | -€216,800 | |
| Remuneration, social security and pensions | 62 | €57,836 | €202,695 | +€144,860 | +250% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,750 | €88,262 | +€22,511 | +34.2% |
| Other operating charges | 640/8 | €12,739 | €10,369 | -€2,371 | -18.6% |
| Gross operating margin | 9900 | -€11,838 | -€200,160 | -€188,322 | -1,591% |
| Operating profit (loss) | 9901 | -€148,163 | -€501,485 | -€353,322 | -238% |
| Financial income | 75/76B | €267 | €800 | +€533 | +200% |
| Recurring financial income | 75 | €267 | €800 | +€533 | +200% |
| Financial charges | 65/66B | €6,885 | €29,945 | +€23,060 | +335% |
| Recurring financial charges | 65 | €6,885 | €29,945 | +€23,060 | +335% |
| Profit (loss) for the period before taxes | 9903 | -€154,781 | -€530,631 | -€375,849 | -243% |
| Profit (loss) for the period | 9904 | -€154,781 | -€530,631 | -€375,849 | -243% |
| Profit (loss) for the period to be appropriated | 9905 | -€154,781 | -€530,631 | -€375,849 | -243% |
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.