INCAELEC: 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.
INCAELEC
Largest movements
- Tangible fixed assets +€12,629
up €12,629 (+3.7%), from €337,649 to €350,278
of which Plant, machinery and equipment: +€28,638
- Cash +€11,402
up €11,402 (+75.8%), from €15,048 to €26,450
mainly Net result for the year (+€31,255) and Trade debts (+€27,930)
- Receivables within one year +€5,933
up €5,933 (+4.8%), from €123,867 to €129,800
of which Other amounts receivable: +€10,794
- Reserves +€30,000
up €30,000 (+125.0%), from €24,000 to €54,000
- Trade debts +€27,930
up €27,930 (+88.6%), from €31,507 to €59,437
- Short-term financial debts -€24,472
no longer reported in 2025 (was €24,472)
- Debts after one year -€11,205
down €11,205 (-3.5%), from €316,101 to €304,896
- Tax, wage and social debts +€6,602
up €6,602 (+21.7%), from €30,477 to €37,079
of which Taxes: +€7,211
- Gross operating margin +€47,221
up €47,221 (+26.7%), from €177,001 to €224,222
- Taxes +€8,245
up €8,245 (+2568.5%), from €321 to €8,566
- Staff costs +€4,323
up €4,323 (+3.2%), from €133,644 to €137,967
- Depreciation +€2,851
up €2,851 (+14.8%), from €19,237 to €22,088
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 | €494,011 | €522,712 | +€28,701 | +5.8% |
| Fixed assets | 21/28 | €337,749 | €350,378 | +€12,629 | +3.7% |
| Tangible fixed assets | 22/27 | €337,649 | €350,278 | +€12,629 | +3.7% |
| Land and buildings | 22 | €322,396 | €305,220 | -€17,176 | -5.3% |
| Plant, machinery and equipment | 23 | €15,122 | €43,760 | +€28,638 | +189.4% |
| Furniture and vehicles | 24 | €131 | €1,298 | +€1,167 | +890.8% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €156,262 | €172,334 | +€16,072 | +10.3% |
| Stocks and contracts in progress | 3 | €1,992 | €4,868 | +€2,876 | +144.4% |
| Stocks | 30/36 | €1,992 | €4,868 | +€2,876 | +144.4% |
| Amounts receivable within one year | 40/41 | €123,867 | €129,800 | +€5,933 | +4.8% |
| Trade receivables | 40 | €65,497 | €60,636 | -€4,861 | -7.4% |
| Other amounts receivable | 41 | €58,370 | €69,164 | +€10,794 | +18.5% |
| Cash at bank and in hand | 54/58 | €15,048 | €26,450 | +€11,402 | +75.8% |
| Deferred charges and accrued income | 490/1 | €15,355 | €11,216 | -€4,139 | -27.0% |
| Total equity and liabilities | 10/49 | €494,011 | €522,712 | +€28,701 | +5.8% |
| Equity | 10/15 | €71,922 | €101,314 | +€29,392 | +40.9% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €24,000 | €54,000 | +€30,000 | +125.0% |
| Distributable reserves | 133 | €24,000 | €54,000 | +€30,000 | +125.0% |
| Profit (loss) carried forward | 14 | €4,476 | €5,731 | +€1,255 | +28.0% |
| Investment grants | 15 | €35,386 | €33,523 | -€1,863 | -5.3% |
| Provisions and deferred taxes | 16 | €8,846 | €8,381 | -€465 | -5.3% |
| Deferred taxes | 168 | €8,846 | €8,381 | -€465 | -5.3% |
| Amounts payable | 17/49 | €413,243 | €413,017 | -€226 | -0.1% |
| Amounts payable after more than one year | 17 | €316,101 | €304,896 | -€11,205 | -3.5% |
| Financial debts | 170/4 | €316,101 | €304,896 | -€11,205 | -3.5% |
| Amounts payable within one year | 42/48 | €97,142 | €107,721 | +€10,579 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €10,686 | €11,205 | +€519 | +4.9% |
| Financial debts | 43 | €24,472 | - | -€24,472 | |
| Credit institutions | 430/8 | €24,472 | - | -€24,472 | |
| Trade debts | 44 | €31,507 | €59,437 | +€27,930 | +88.6% |
| Suppliers | 440/4 | €31,507 | €59,437 | +€27,930 | +88.6% |
| Taxes, remuneration and social security | 45 | €30,477 | €37,079 | +€6,602 | +21.7% |
| Taxes | 450/3 | €3,652 | €10,863 | +€7,211 | +197.5% |
| Remuneration and social security | 454/9 | €26,825 | €26,216 | -€609 | -2.3% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Remuneration, social security and pensions | 62 | €133,644 | €137,967 | +€4,323 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,237 | €22,088 | +€2,851 | +14.8% |
| Other operating charges | 640/8 | €3,818 | €2,756 | -€1,062 | -27.8% |
| Gross operating margin | 9900 | €177,001 | €224,222 | +€47,221 | +26.7% |
| Operating profit (loss) | 9901 | €20,302 | €61,411 | +€41,109 | +202.5% |
| Financial income | 75/76B | €2,747 | €1,910 | -€837 | -30.5% |
| Recurring financial income | 75 | €2,747 | €1,910 | -€837 | -30.5% |
| Financial charges | 65/66B | €22,735 | €23,966 | +€1,231 | +5.4% |
| Recurring financial charges | 65 | €22,735 | €23,966 | +€1,231 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | €314 | €39,355 | +€39,041 | +12433.4% |
| Transfer from deferred taxes | 780 | €466 | €466 | = | 0.0% |
| Income taxes | 67/77 | €321 | €8,566 | +€8,245 | +2568.5% |
| Profit (loss) for the period | 9904 | €459 | €31,255 | +€30,796 | +6709.4% |
| Profit (loss) for the period to be appropriated | 9905 | €459 | €31,255 | +€30,796 | +6709.4% |
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 9 October 2026 via checked.be.