INCENDIN: 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.
What changed
INCENDIN
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.9m
2024 · €6.4m-€4.5m
Equity
€16.4m
2024 · €14.5m+€1.9m
Cash
€2.9m
2024 · €1.6m+€1.4m
Balance sheet total
€45.2m
2024 · €64.2m-€19.0m
Largest movements
Assets
- Receivables within one year -€19.8m
down €19.8m (-83.8%), from €23.6m to €3.8m
of which Other amounts receivable: -€19.6m
- Cash +€1.4m
up €1.4m (+86.0%), from €1.6m to €2.9m
mainly Receivables within one year (+€19.8m) and Net result for the year (+€1.9m)
Equity and liabilities
- Other debts -€15.1m
down €15.1m (-69.2%), from €21.9m to €6.7m
- Debts after one year -€5.3m
down €5.3m (-25.7%), from €20.8m to €15.5m
- Profit (loss) carried forward +€1.9m
up €1.9m (+52.1%), from €3.6m to €5.5m
Income statement
- Financial income -€5.8m
down €5.8m (-62.4%), from €9.3m to €3.5m
- Financial charges -€349,565
down €349,565 (-22.8%), from €1.5m to €1.2m
- Services and other goods +€324,536
up €324,536 (+20.6%), from €1.6m to €1.9m
- Staff costs +€141,678
up €141,678 (+13.1%), from €1.1m to €1.2m
- Depreciation +€52,226
up €52,226 (+59.8%), from €87,378 to €139,605
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.
Result 2024
€6.4m
Other operating income
+€49,068
Goods and materials
+€90
Services and other goods
-€324,536
Staff costs
-€141,678
Depreciation
-€52,226
Other operating charges
-€1,873
Other operating items
+€1.4m
Financial income
-€5.8m
Financial charges
+€349,565
Taxes
-€3,221
Result 2025
€1.9m
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.
From operations
+€6.2m
Investment
+€450,530
Financing
-€5.3m
Cash 2024
€1.6m
From operations (derived)
+€6.2m
Net result for the year
+€1.9m
Depreciation
+€139,605
Receivables within one year
+€19.8m
Deferred charges and accrued income
-€69,368
Trade debts
-€220,870
Tax, wage and social debts
-€86,444
Other debts
-€15.1m
Accrued charges and deferred income
-€59,826
Investment (derived)
+€450,530
Investment in fixed assets (net)
+€450,530
Financing
-€5.3m
Debts after one year
-€5.3m
Cash 2025
€2.9m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €64,172,604 | €45,206,599 | -€19.0m | -29.6% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €38,901,401 | €38,311,266 | -€590,134 | -1.5% |
| Intangible fixed assets | 21 | €207,844 | €148,306 | -€59,538 | -28.6% |
| Tangible fixed assets | 22/27 | €202,559 | €184,238 | -€18,321 | -9.0% |
| Furniture and vehicles | 24 | €202,559 | €184,238 | -€18,321 | -9.0% |
| Financial fixed assets | 28 | €38,490,998 | €37,978,723 | -€512,275 | -1.3% |
| Affiliated companies | 280/1 | €38,328,404 | €31,832,887 | -€6.5m | -16.9% |
| Participating interests | 280 | €37,816,129 | €31,832,887 | -€6.0m | -15.8% |
| Amounts receivable | 281 | €512,275 | - | -€512,275 | |
| Companies linked by participating interests | 282/3 | €162,594 | €6,145,836 | +€6.0m | +3679.9% |
| Participating interests | 282 | €162,594 | €6,145,836 | +€6.0m | +3679.9% |
| Current assets | 29/58 | €25,271,203 | €6,895,333 | -€18.4m | -72.7% |
| Amounts receivable within one year | 40/41 | €23,620,309 | €3,815,859 | -€19.8m | -83.8% |
| Trade receivables | 40 | €205,057 | €38,189 | -€166,868 | -81.4% |
| Other amounts receivable | 41 | €23,415,252 | €3,777,671 | -€19.6m | -83.9% |
| Cash at bank and in hand | 54/58 | €1,580,871 | €2,940,082 | +€1.4m | +86.0% |
| Deferred charges and accrued income | 490/1 | €70,023 | €139,391 | +€69,368 | +99.1% |
| Total equity and liabilities | 10/49 | €64,172,604 | €45,206,599 | -€19.0m | -29.6% |
| Equity | 10/15 | €14,490,881 | €16,358,088 | +€1.9m | +12.9% |
| Contributions | 10/11 | €8,223,048 | €8,223,048 | = | 0.0% |
| Capital | 10 | €8,223,048 | €8,223,048 | = | 0.0% |
| Issued capital | 100 | €8,223,048 | €8,223,048 | = | 0.0% |
| Reserves | 13 | €2,681,837 | €2,681,837 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,681,837 | €2,681,837 | = | 0.0% |
| Legal reserve | 130 | €2,681,837 | €2,681,837 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,585,996 | €5,453,203 | +€1.9m | +52.1% |
| Provisions and deferred taxes | 16 | €100,000 | €100,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €100,000 | €100,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable | 17/49 | €49,581,723 | €28,748,511 | -€20.8m | -42.0% |
| Amounts payable after more than one year | 17 | €20,800,000 | €15,460,000 | -€5.3m | -25.7% |
| Financial debts | 170/4 | €20,800,000 | €15,460,000 | -€5.3m | -25.7% |
| Credit institutions | 173 | €20,800,000 | €15,460,000 | -€5.3m | -25.7% |
| Amounts payable within one year | 42/48 | €28,663,108 | €13,229,723 | -€15.4m | -53.8% |
| Current portion of amounts payable after more than one year | 42 | €5,340,000 | €5,340,000 | = | 0.0% |
| Trade debts | 44 | €885,484 | €664,614 | -€220,870 | -24.9% |
| Suppliers | 440/4 | €885,484 | €664,614 | -€220,870 | -24.9% |
| Taxes, remuneration and social security | 45 | €570,774 | €484,330 | -€86,444 | -15.1% |
| Taxes | 450/3 | €427,737 | €305,837 | -€121,900 | -28.5% |
| Remuneration and social security | 454/9 | €143,037 | €178,493 | +€35,456 | +24.8% |
| Other amounts payable | 47/48 | €21,866,850 | €6,740,779 | -€15.1m | -69.2% |
| Accrued charges and deferred income | 492/3 | €118,614 | €58,788 | -€59,826 | -50.4% |
| Operating income | 70/76A | €3,334,978 | €3,575,841 | +€240,863 | +7.2% |
| Turnover | 70 | €1,080,000 | €1,080,000 | = | 0.0% |
| Other operating income | 74 | €25,567 | €74,635 | +€49,068 | +191.9% |
| Non-recurring operating income | 76A | €2,229,412 | €2,421,206 | +€191,795 | +8.6% |
| Operating charges | 60/66A | €4,693,000 | €4,022,064 | -€670,936 | -14.3% |
| Goods for resale, raw materials and consumables | 60 | €90 | - | -€90 | |
| Purchases | 600/8 | €90 | - | -€90 | |
| Services and other goods | 61 | €1,579,085 | €1,903,621 | +€324,536 | +20.6% |
| Remuneration, social security and pensions | 62 | €1,078,229 | €1,219,907 | +€141,678 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,378 | €139,605 | +€52,226 | +59.8% |
| Other operating charges | 640/8 | €1,684 | €3,557 | +€1,873 | +111.2% |
| Non-recurring operating charges | 66A | €1,946,534 | €755,374 | -€1.2m | -61.2% |
| Operating profit (loss) | 9901 | -€1,358,021 | -€446,222 | +€911,799 | +67.1% |
| Financial income | 75/76B | €9,307,446 | €3,502,701 | -€5.8m | -62.4% |
| Recurring financial income | 75 | €9,307,446 | €3,502,701 | -€5.8m | -62.4% |
| Income from financial fixed assets | 750 | €9,199,500 | €3,188,709 | -€6.0m | -65.3% |
| Income from current assets | 751 | €98,558 | €208,601 | +€110,043 | +111.7% |
| Other financial income | 752/9 | €9,388 | €105,392 | +€96,004 | +1022.6% |
| Financial charges | 65/66B | €1,533,338 | €1,183,774 | -€349,565 | -22.8% |
| Recurring financial charges | 65 | €1,533,338 | €1,183,774 | -€349,565 | -22.8% |
| Debt charges | 650 | €1,511,058 | €1,069,789 | -€441,269 | -29.2% |
| Other financial charges | 652/9 | €22,280 | €113,984 | +€91,705 | +411.6% |
| Profit (loss) for the period before taxes | 9903 | €6,416,086 | €1,872,705 | -€4.5m | -70.8% |
| Income taxes | 67/77 | €2,277 | €5,498 | +€3,221 | +141.5% |
| Taxes | 670/3 | €2,277 | €5,528 | +€3,251 | +142.8% |
| Tax adjustments and reversals of tax provisions | 77 | - | €30 | +€30 | |
| Profit (loss) for the period | 9904 | €6,413,809 | €1,867,207 | -€4.5m | -70.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,413,809 | €1,867,207 | -€4.5m | -70.9% |
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 3 October 2026 via checked.be.