INCARNO: 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.
INCARNO
Largest movements
- Cash +€5,141
up €5,141 (+16.2%), from €31,750 to €36,890
mainly Net result for the year (+€6,473) and Depreciation (+€5,489)
- Receivables within one year +€3,283
up €3,283 (+877.7%), from €374 to €3,657
of which Trade receivables: +€3,331
- Reserves +€6,473
up €6,473 (+57.7%), from €11,219 to €17,692
- Trade debts +€5,363
new in 2025: €5,363
- Gross operating margin -€3,781
down €3,781 (-17.7%), from €21,323 to €17,542
- Depreciation +€1,463
up €1,463 (+36.4%), from €4,026 to €5,489
- Other operating charges +€547
up €547 (+8.5%), from €6,452 to €6,999
- Financial income +€545
up €545 (+43.8%), from €1,245 to €1,790
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 | €271,407 | €282,812 | +€11,404 | +4.2% |
| Fixed assets | 21/28 | €213,425 | €215,026 | +€1,601 | +0.8% |
| Tangible fixed assets | 22/27 | €213,425 | €215,026 | +€1,601 | +0.8% |
| Land and buildings | 22 | €212,562 | €214,533 | +€1,972 | +0.9% |
| Plant, machinery and equipment | 23 | €863 | €493 | -€370 | -42.9% |
| Current assets | 29/58 | €57,982 | €67,785 | +€9,803 | +16.9% |
| Amounts receivable within one year | 40/41 | €374 | €3,657 | +€3,283 | +877.7% |
| Trade receivables | 40 | €4 | €3,334 | +€3,331 | +86059.4% |
| Other amounts receivable | 41 | €370 | €322 | -€48 | -13.0% |
| Current investments | 50/53 | €25,858 | €27,238 | +€1,380 | +5.3% |
| Cash at bank and in hand | 54/58 | €31,750 | €36,890 | +€5,141 | +16.2% |
| Total equity and liabilities | 10/49 | €271,407 | €282,812 | +€11,404 | +4.2% |
| Equity | 10/15 | €239,281 | €245,754 | +€6,473 | +2.7% |
| Contributions | 10/11 | €228,062 | €228,062 | = | 0.0% |
| Capital | 10 | €228,062 | €228,062 | = | 0.0% |
| Issued capital | 100 | €228,062 | €228,062 | = | 0.0% |
| Reserves | 13 | €11,219 | €17,692 | +€6,473 | +57.7% |
| Non-distributable reserves | 130/1 | €11,219 | €17,692 | +€6,473 | +57.7% |
| Legal reserve | 130 | €11,219 | €17,692 | +€6,473 | +57.7% |
| Amounts payable | 17/49 | €32,126 | €37,058 | +€4,932 | +15.4% |
| Amounts payable within one year | 42/48 | €32,126 | €37,058 | +€4,932 | +15.4% |
| Trade debts | 44 | - | €5,363 | +€5,363 | |
| Suppliers | 440/4 | - | €5,363 | +€5,363 | |
| Other amounts payable | 47/48 | €32,126 | €31,695 | -€431 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,026 | €5,489 | +€1,463 | +36.4% |
| Other operating charges | 640/8 | €6,452 | €6,999 | +€547 | +8.5% |
| Gross operating margin | 9900 | €21,323 | €17,542 | -€3,781 | -17.7% |
| Operating profit (loss) | 9901 | €10,845 | €5,054 | -€5,791 | -53.4% |
| Financial income | 75/76B | €1,245 | €1,790 | +€545 | +43.8% |
| Recurring financial income | 75 | €1,245 | €1,790 | +€545 | +43.8% |
| Financial charges | 65/66B | €179 | €210 | +€30 | +16.9% |
| Recurring financial charges | 65 | €179 | €210 | +€30 | +16.9% |
| Profit (loss) for the period before taxes | 9903 | €11,911 | €6,635 | -€5,276 | -44.3% |
| Income taxes | 67/77 | - | €162 | +€162 | |
| Profit (loss) for the period | 9904 | €11,911 | €6,473 | -€5,438 | -45.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,911 | €6,473 | -€5,438 | -45.7% |
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 10 October 2026 via checked.be.