INCAS: what changed
Two fiscal 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.
INCAS
Largest movements
- Receivables within one year -€21,005
down €21,005 (-14.6%), from €143,678 to €122,673
of which Trade receivables: -€12,250
- Tangible fixed assets -€20,930
down €20,930 (-5.2%), from €405,961 to €385,032
of which Land and buildings: -€10,906
- Debts after one year -€16,684
down €16,684 (-7.3%), from €227,116 to €210,432
- Other debts -€12,817
down €12,817 (-26.2%), from €48,921 to €36,104
- Current portion of long-term debt -€8,182
down €8,182 (-32.9%), from €24,865 to €16,684
- Financial income -€10,465
no longer reported in 2025 (was €10,465)
- Gross operating margin -€7,389
down €7,389 (-20.1%), from €36,707 to €29,318
- Other operating charges -€1,278
no longer reported in 2025 (was €1,278)
- Financial charges -€879
down €879 (-9.4%), from €9,314 to €8,435
- Taxes -€604
down €604 (-20.3%), from €2,971 to €2,367
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 | €549,739 | €508,289 | -€41,450 | -7.5% |
| Fixed assets | 21/28 | €405,961 | €385,032 | -€20,930 | -5.2% |
| Tangible fixed assets | 22/27 | €405,961 | €385,032 | -€20,930 | -5.2% |
| Land and buildings | 22 | €384,432 | €373,526 | -€10,906 | -2.8% |
| Furniture and vehicles | 24 | €21,529 | €11,506 | -€10,023 | -46.6% |
| Current assets | 29/58 | €143,778 | €123,258 | -€20,520 | -14.3% |
| Amounts receivable within one year | 40/41 | €143,678 | €122,673 | -€21,005 | -14.6% |
| Trade receivables | 40 | €19,011 | €6,762 | -€12,250 | -64.4% |
| Other amounts receivable | 41 | €124,667 | €115,912 | -€8,756 | -7.0% |
| Cash at bank and in hand | 54/58 | €99 | €99 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | - | €485 | +€485 | |
| Total equity and liabilities | 10/49 | €549,739 | €508,289 | -€41,450 | -7.5% |
| Equity | 10/15 | €214,932 | €212,519 | -€2,413 | -1.1% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €8,000 | €8,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €126,932 | €124,519 | -€2,413 | -1.9% |
| Amounts payable | 17/49 | €334,806 | €295,770 | -€39,037 | -11.7% |
| Amounts payable after more than one year | 17 | €227,116 | €210,432 | -€16,684 | -7.3% |
| Financial debts | 170/4 | €227,116 | €210,432 | -€16,684 | -7.3% |
| Amounts payable within one year | 42/48 | €107,691 | €85,337 | -€22,353 | -20.8% |
| Current portion of amounts payable after more than one year | 42 | €24,865 | €16,684 | -€8,182 | -32.9% |
| Financial debts | 43 | €5,153 | €5,179 | +€26 | +0.5% |
| Credit institutions | 430/8 | €5,153 | €5,179 | +€26 | +0.5% |
| Trade debts | 44 | €11,275 | €10,874 | -€401 | -3.6% |
| Suppliers | 440/4 | €11,275 | €10,874 | -€401 | -3.6% |
| Taxes, remuneration and social security | 45 | €17,476 | €16,498 | -€979 | -5.6% |
| Taxes | 450/3 | €12,536 | €16,498 | +€3,961 | +31.6% |
| Remuneration and social security | 454/9 | €4,940 | - | -€4,940 | |
| Other amounts payable | 47/48 | €48,921 | €36,104 | -€12,817 | -26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,399 | €20,930 | -€469 | -2.2% |
| Other operating charges | 640/8 | €1,278 | - | -€1,278 | |
| Gross operating margin | 9900 | €36,707 | €29,318 | -€7,389 | -20.1% |
| Operating profit (loss) | 9901 | €14,031 | €8,389 | -€5,642 | -40.2% |
| Financial income | 75/76B | €10,465 | - | -€10,465 | |
| Recurring financial income | 75 | €10,465 | - | -€10,465 | |
| Financial charges | 65/66B | €9,314 | €8,435 | -€879 | -9.4% |
| Recurring financial charges | 65 | €9,314 | €8,435 | -€879 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €15,183 | -€46 | -€15,229 | |
| Income taxes | 67/77 | €2,971 | €2,367 | -€604 | -20.3% |
| Profit (loss) for the period | 9904 | €12,212 | -€2,413 | -€14,625 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,212 | -€2,413 | -€14,625 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.