INCAFIN: what changed
INCAFIN
Largest movements
- Cash +€181,319
up €181,319 (+580%), from €31,237 to €212,556
mainly Receivables within one year (+€121,991) and Depreciation (+€70,429)
- Receivables within one year -€121,991
down €121,991 (-30.5%), from €399,586 to €277,595
of which Trade receivables: -€107,247
- Tangible fixed assets -€29,080
down €29,080 (-17.9%), from €162,583 to €133,503
of which Furniture and vehicles: -€24,384
- Financial fixed assets -€28,530
down €28,530 (-100%), from €28,530 to €0
- Short-term financial debts -€63,158
down €63,158 (-100%), from €63,158 to €0
- Profit (loss) carried forward +€41,983
up €41,983 (+48.3%), from -€86,894 to -€44,912
- Tax, wage and social debts +€26,718
up €26,718 (+142%), from €18,791 to €45,509
of which Remuneration and social security: +€26,543
- Trade debts -€26,074
down €26,074 (-31.0%), from €84,218 to €58,144
- Other debts +€20,918
up €20,918 (+3.2%), from €655,697 to €676,615
- Staff costs +€67,162
up €67,162 (+18.3%), from €367,074 to €434,237
- Gross operating margin +€66,432
up €66,432 (+11.2%), from €594,550 to €660,983
- Depreciation +€36,488
up €36,488 (+108%), from €33,941 to €70,429
- Financial charges +€15,886
up €15,886 (+27.1%), from €58,656 to €74,542
of which Non-recurring financial charges: +€8,939
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €900,084 | €900,472 | +€388 | 0.0% |
| Fixed assets | 21/28 | €203,202 | €142,320 | -€60,882 | -30.0% |
| Intangible fixed assets | 21 | €12,089 | €8,817 | -€3,272 | -27.1% |
| Tangible fixed assets | 22/27 | €162,583 | €133,503 | -€29,080 | -17.9% |
| Plant, machinery and equipment | 23 | €22,313 | €17,617 | -€4,696 | -21.0% |
| Furniture and vehicles | 24 | €140,270 | €115,886 | -€24,384 | -17.4% |
| Financial fixed assets | 28 | €28,530 | €0 | -€28,530 | -100% |
| Current assets | 29/58 | €696,882 | €758,152 | +€61,269 | +8.8% |
| Stocks and contracts in progress | 3 | €266,059 | €268,000 | +€1,941 | +0.7% |
| Stocks | 30/36 | €238,649 | €221,367 | -€17,282 | -7.2% |
| Contracts in progress | 37 | €27,410 | €46,634 | +€19,224 | +70.1% |
| Amounts receivable within one year | 40/41 | €399,586 | €277,595 | -€121,991 | -30.5% |
| Trade receivables | 40 | €355,007 | €247,760 | -€107,247 | -30.2% |
| Other amounts receivable | 41 | €44,579 | €29,834 | -€14,744 | -33.1% |
| Cash at bank and in hand | 54/58 | €31,237 | €212,556 | +€181,319 | +580% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €900,084 | €900,472 | +€388 | 0.0% |
| Equity | 10/15 | €50,806 | €92,788 | +€41,983 | +82.6% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Contributions outside capital | 11 | €120,000 | €120,000 | = | 0.0% |
| Other | 1109/19 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €17,700 | €17,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,000 | €12,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,000 | €12,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,700 | €5,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€86,894 | -€44,912 | +€41,983 | +48.3% |
| Amounts payable | 17/49 | €849,279 | €807,684 | -€41,595 | -4.9% |
| Amounts payable within one year | 42/48 | €821,863 | €780,268 | -€41,595 | -5.1% |
| Financial debts | 43 | €63,158 | €0 | -€63,158 | -100% |
| Credit institutions | 430/8 | €63,158 | €0 | -€63,158 | -100% |
| Trade debts | 44 | €84,218 | €58,144 | -€26,074 | -31.0% |
| Suppliers | 440/4 | €84,218 | €58,144 | -€26,074 | -31.0% |
| Taxes, remuneration and social security | 45 | €18,791 | €45,509 | +€26,718 | +142% |
| Taxes | 450/3 | - | €176 | +€176 | |
| Remuneration and social security | 454/9 | €18,791 | €45,333 | +€26,543 | +141% |
| Other amounts payable | 47/48 | €655,697 | €676,615 | +€20,918 | +3.2% |
| Accrued charges and deferred income | 492/3 | €27,416 | €27,416 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €367,074 | €434,237 | +€67,162 | +18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,941 | €70,429 | +€36,488 | +108% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €32,930 | €39,485 | +€6,555 | +19.9% |
| Gross operating margin | 9900 | €594,550 | €660,983 | +€66,432 | +11.2% |
| Operating profit (loss) | 9901 | €160,605 | €116,833 | -€43,773 | -27.3% |
| Financial income | 75/76B | €84 | €32 | -€52 | -61.5% |
| Recurring financial income | 75 | €84 | €32 | -€52 | -61.5% |
| Financial charges | 65/66B | €58,656 | €74,542 | +€15,886 | +27.1% |
| Recurring financial charges | 65 | €39,066 | €46,012 | +€6,946 | +17.8% |
| Non-recurring financial charges | 66B | €19,591 | €28,530 | +€8,939 | +45.6% |
| Profit (loss) for the period before taxes | 9903 | €102,033 | €42,323 | -€59,710 | -58.5% |
| Income taxes | 67/77 | €0 | €340 | +€340 | |
| Profit (loss) for the period | 9904 | €102,033 | €41,983 | -€60,051 | -58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €102,033 | €41,983 | -€60,051 | -58.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.