INCEE: 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.
INCEE
Largest movements
- Tangible fixed assets -€5,325
down €5,325 (-18.9%), from €28,209 to €22,884
of which Land and buildings: -€5,528
- Stocks and contracts -€4,287
no longer reported in 2025 (was €4,287)
- Cash -€1,071
down €1,071 (-5.6%), from €19,274 to €18,203
mainly Other debts (-€11,337) and Debts after one year (-€5,068)
- Other debts -€11,337
down €11,337 (-15.7%), from €72,223 to €60,886
- Debts after one year -€5,068
no longer reported in 2025 (was €5,068)
- Profit (loss) carried forward +€2,376
up €2,376 (+6.6%), from -€36,241 to -€33,865
- Trade debts +€1,677
up €1,677 (+49.9%), from €3,358 to €5,035
- Tax, wage and social debts +€1,223
up €1,223 (+298.3%), from €410 to €1,633
- Gross operating margin -€7,356
down €7,356 (-37.7%), from €19,513 to €12,157
- Depreciation +€972
up €972 (+14.4%), from €6,751 to €7,723
- Other operating charges +€754
up €754 (+160.8%), from €469 to €1,223
- Financial charges -€379
down €379 (-48.5%), from €781 to €402
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 | €69,018 | €57,957 | -€11,061 | -16.0% |
| Fixed assets | 21/28 | €28,209 | €22,884 | -€5,325 | -18.9% |
| Tangible fixed assets | 22/27 | €28,209 | €22,884 | -€5,325 | -18.9% |
| Land and buildings | 22 | €20,948 | €15,420 | -€5,528 | -26.4% |
| Plant, machinery and equipment | 23 | €3,536 | €4,734 | +€1,198 | +33.9% |
| Furniture and vehicles | 24 | €3,725 | €2,730 | -€995 | -26.7% |
| Current assets | 29/58 | €40,809 | €35,073 | -€5,736 | -14.1% |
| Stocks and contracts in progress | 3 | €4,287 | - | -€4,287 | |
| Stocks | 30/36 | €4,287 | - | -€4,287 | |
| Amounts receivable within one year | 40/41 | €17,248 | €16,870 | -€378 | -2.2% |
| Trade receivables | 40 | €13,327 | €15,766 | +€2,439 | +18.3% |
| Other amounts receivable | 41 | €3,921 | €1,104 | -€2,817 | -71.8% |
| Cash at bank and in hand | 54/58 | €19,274 | €18,203 | -€1,071 | -5.6% |
| Total equity and liabilities | 10/49 | €69,018 | €57,957 | -€11,061 | -16.0% |
| Equity | 10/15 | -€17,041 | -€14,665 | +€2,376 | +13.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €600 | €600 | = | 0.0% |
| Non-distributable reserves | 130/1 | €600 | €600 | = | 0.0% |
| Reserves not available under the articles | 1311 | €600 | €600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,241 | -€33,865 | +€2,376 | +6.6% |
| Amounts payable | 17/49 | €86,059 | €72,622 | -€13,437 | -15.6% |
| Amounts payable after more than one year | 17 | €5,068 | - | -€5,068 | |
| Financial debts | 170/4 | €5,068 | - | -€5,068 | |
| Amounts payable within one year | 42/48 | €80,991 | €72,622 | -€8,369 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €5,000 | €5,068 | +€68 | +1.4% |
| Trade debts | 44 | €3,358 | €5,035 | +€1,677 | +49.9% |
| Suppliers | 440/4 | €3,358 | €5,035 | +€1,677 | +49.9% |
| Taxes, remuneration and social security | 45 | €410 | €1,633 | +€1,223 | +298.3% |
| Taxes | 450/3 | €410 | €1,633 | +€1,223 | +298.3% |
| Other amounts payable | 47/48 | €72,223 | €60,886 | -€11,337 | -15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,751 | €7,723 | +€972 | +14.4% |
| Other operating charges | 640/8 | €469 | €1,223 | +€754 | +160.8% |
| Gross operating margin | 9900 | €19,513 | €12,157 | -€7,356 | -37.7% |
| Operating profit (loss) | 9901 | €12,293 | €3,211 | -€9,082 | -73.9% |
| Financial income | 75/76B | €158 | - | -€158 | |
| Recurring financial income | 75 | €158 | - | -€158 | |
| Financial charges | 65/66B | €781 | €402 | -€379 | -48.5% |
| Recurring financial charges | 65 | €781 | €402 | -€379 | -48.5% |
| Profit (loss) for the period before taxes | 9903 | €11,670 | €2,809 | -€8,861 | -75.9% |
| Income taxes | 67/77 | €410 | €433 | +€23 | +5.6% |
| Profit (loss) for the period | 9904 | €11,260 | €2,376 | -€8,884 | -78.9% |
| Profit (loss) for the period to be appropriated | 9905 | €11,260 | €2,376 | -€8,884 | -78.9% |
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.