IncaF: 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.
IncaF
Largest movements
- Receivables within one year +€180,130
up €180,130 (+22.3%), from €809,125 to €989,255
of which Other amounts receivable: +€160,270
- Cash +€158,196
up €158,196 (+136%), from €116,369 to €274,565
mainly Net result for the year (+€395,857) and Depreciation (+€78,815)
- Tangible fixed assets -€57,641
down €57,641 (-13.0%), from €442,041 to €384,400
of which Land and buildings: -€31,971
- Receivables after one year -€47,500
down €47,500 (-4.4%), from €1.1m to €1.0m
- Deferred charges and accrued income +€43,920
up €43,920 (+61.2%), from €71,731 to €115,652
- Reserves +€345,857
up €345,857 (+11.5%), from €3.0m to €3.4m
of which Distributable reserves: +€345,857
- Tax, wage and social debts -€132,135
down €132,135 (-54.4%), from €242,793 to €110,657
of which Taxes: -€130,329
- Short-term financial debts +€63,193
up €63,193 (+31.4%), from €201,241 to €264,434
- Financial income +€215,450
up €215,450 (+236%), from €91,224 to €306,674
of which Financial income: +€215,450
- Gross operating margin -€73,107
down €73,107 (-20.6%), from €354,321 to €281,214
- Taxes -€34,118
down €34,118 (-25.2%), from €135,615 to €101,497
- Staff costs -€12,131
down €12,131, from €12,112 to -€19
- Financial charges -€4,005
down €4,005 (-28.3%), from €14,152 to €10,147
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 | €3,469,478 | €3,746,582 | +€277,105 | +8.0% |
| Fixed assets | 21/28 | €1,401,827 | €1,344,186 | -€57,641 | -4.1% |
| Tangible fixed assets | 22/27 | €442,041 | €384,400 | -€57,641 | -13.0% |
| Land and buildings | 22 | €322,872 | €290,901 | -€31,971 | -9.9% |
| Plant, machinery and equipment | 23 | €17,238 | €12,329 | -€4,909 | -28.5% |
| Furniture and vehicles | 24 | €88,578 | €61,517 | -€27,061 | -30.6% |
| Other tangible fixed assets | 26 | €13,354 | €19,654 | +€6,300 | +47.2% |
| Financial fixed assets | 28 | €959,786 | €959,786 | = | 0.0% |
| Current assets | 29/58 | €2,067,650 | €2,402,396 | +€334,746 | +16.2% |
| Amounts receivable after more than one year | 29 | €1,069,720 | €1,022,220 | -€47,500 | -4.4% |
| Other amounts receivable | 291 | €1,069,720 | €1,022,220 | -€47,500 | -4.4% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €809,125 | €989,255 | +€180,130 | +22.3% |
| Trade receivables | 40 | €195 | €20,054 | +€19,859 | +10,209% |
| Other amounts receivable | 41 | €808,931 | €969,201 | +€160,270 | +19.8% |
| Current investments | 50/53 | €705 | €705 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €116,369 | €274,565 | +€158,196 | +136% |
| Deferred charges and accrued income | 490/1 | €71,731 | €115,652 | +€43,920 | +61.2% |
| Total equity and liabilities | 10/49 | €3,469,478 | €3,746,582 | +€277,105 | +8.0% |
| Equity | 10/15 | €3,018,968 | €3,364,825 | +€345,857 | +11.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €3,006,568 | €3,352,425 | +€345,857 | +11.5% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €3,006,568 | €3,352,425 | +€345,857 | +11.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €450,510 | €381,758 | -€68,752 | -15.3% |
| Amounts payable within one year | 42/48 | €450,510 | €381,758 | -€68,752 | -15.3% |
| Financial debts | 43 | €201,241 | €264,434 | +€63,193 | +31.4% |
| Credit institutions | 430/8 | €201,241 | €264,434 | +€63,193 | +31.4% |
| Trade debts | 44 | €6,476 | €6,666 | +€190 | +2.9% |
| Suppliers | 440/4 | €6,476 | €6,666 | +€190 | +2.9% |
| Taxes, remuneration and social security | 45 | €242,793 | €110,657 | -€132,135 | -54.4% |
| Taxes | 450/3 | €240,987 | €110,657 | -€130,329 | -54.1% |
| Remuneration and social security | 454/9 | €1,806 | €0 | -€1,806 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €18,377 | €15,231 | -€3,146 | -17.1% |
| Remuneration, social security and pensions | 62 | €12,112 | -€19 | -€12,131 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,442 | €78,815 | +€1,373 | +1.8% |
| Other operating charges | 640/8 | €2,159 | €1,592 | -€567 | -26.3% |
| Gross operating margin | 9900 | €354,321 | €281,214 | -€73,107 | -20.6% |
| Operating profit (loss) | 9901 | €262,609 | €200,827 | -€61,782 | -23.5% |
| Financial income | 75/76B | €91,224 | €306,674 | +€215,450 | +236% |
| Recurring financial income | 75 | €91,224 | €306,674 | +€215,450 | +236% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €14,152 | €10,147 | -€4,005 | -28.3% |
| Recurring financial charges | 65 | €14,152 | €10,147 | -€4,005 | -28.3% |
| Profit (loss) for the period before taxes | 9903 | €339,681 | €497,354 | +€157,673 | +46.4% |
| Income taxes | 67/77 | €135,615 | €101,497 | -€34,118 | -25.2% |
| Profit (loss) for the period | 9904 | €204,066 | €395,857 | +€191,791 | +94.0% |
| Transfer from tax-exempt reserves | 789 | €126,300 | €0 | -€126,300 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €330,366 | €395,857 | +€65,491 | +19.8% |
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 30 October 2026 via checked.be.