INCENTIVE DESIGN: 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.
INCENTIVE DESIGN
Largest movements
- Current investments -€44,509
down €44,509 (-11.8%), from €376,033 to €331,524
- Tangible fixed assets +€13,173
up €13,173 (+8.7%), from €151,043 to €164,216
of which Furniture and vehicles: +€22,683
- Cash +€11,923
up €11,923 (+150.8%), from €7,907 to €19,830
mainly Current investments (+€44,509) and Depreciation (+€15,181)
- Financial fixed assets +€8,956
up €8,956 (+8.5%), from €105,046 to €114,002
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€6,711
down €6,711 (-78.4%), from €8,564 to €1,853
- Depreciation +€6,244
up €6,244 (+69.9%), from €8,937 to €15,181
- Taxes -€5,902
down €5,902 (-99.0%), from €5,963 to €61
- Financial income -€3,584
down €3,584 (-22.6%), from €15,829 to €12,245
- Other operating charges +€1,190
up €1,190 (+38.1%), from €3,120 to €4,310
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 | €754,913 | €744,787 | -€10,126 | -1.3% |
| Fixed assets | 21/28 | €256,089 | €278,218 | +€22,129 | +8.6% |
| Tangible fixed assets | 22/27 | €151,043 | €164,216 | +€13,173 | +8.7% |
| Land and buildings | 22 | €151,043 | €141,533 | -€9,510 | -6.3% |
| Furniture and vehicles | 24 | - | €22,683 | +€22,683 | |
| Financial fixed assets | 28 | €105,046 | €114,002 | +€8,956 | +8.5% |
| Current assets | 29/58 | €498,824 | €466,569 | -€32,255 | -6.5% |
| Stocks and contracts in progress | 3 | €21,209 | €19,755 | -€1,454 | -6.9% |
| Stocks | 30/36 | €21,209 | €19,755 | -€1,454 | -6.9% |
| Amounts receivable within one year | 40/41 | €91,362 | €90,602 | -€760 | -0.8% |
| Trade receivables | 40 | €82,802 | €78,688 | -€4,114 | -5.0% |
| Other amounts receivable | 41 | €8,560 | €11,914 | +€3,354 | +39.2% |
| Current investments | 50/53 | €376,033 | €331,524 | -€44,509 | -11.8% |
| Cash at bank and in hand | 54/58 | €7,907 | €19,830 | +€11,923 | +150.8% |
| Deferred charges and accrued income | 490/1 | €2,313 | €4,858 | +€2,545 | +110.0% |
| Total equity and liabilities | 10/49 | €754,913 | €744,787 | -€10,126 | -1.3% |
| Equity | 10/15 | €737,475 | €731,820 | -€5,655 | -0.8% |
| Contributions | 10/11 | €149,000 | €149,000 | = | 0.0% |
| Capital | 10 | €149,000 | €149,000 | = | 0.0% |
| Issued capital | 100 | €149,000 | €149,000 | = | 0.0% |
| Reserves | 13 | €114,093 | €114,093 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,900 | €14,900 | = | 0.0% |
| Legal reserve | 130 | €14,900 | €14,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €93,750 | €93,750 | = | 0.0% |
| Distributable reserves | 133 | €5,443 | €5,443 | = | 0.0% |
| Profit (loss) carried forward | 14 | €474,382 | €468,727 | -€5,655 | -1.2% |
| Amounts payable | 17/49 | €17,438 | €12,967 | -€4,471 | -25.6% |
| Amounts payable within one year | 42/48 | €17,438 | €12,963 | -€4,475 | -25.7% |
| Trade debts | 44 | €17,438 | €12,963 | -€4,475 | -25.7% |
| Suppliers | 440/4 | €17,438 | €12,963 | -€4,475 | -25.7% |
| Accrued charges and deferred income | 492/3 | - | €4 | +€4 | |
| Non-recurring operating income | 76A | - | €4,514 | +€4,514 | |
| Remuneration, social security and pensions | 62 | €165 | - | -€165 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,937 | €15,181 | +€6,244 | +69.9% |
| Other operating charges | 640/8 | €3,120 | €4,310 | +€1,190 | +38.1% |
| Gross operating margin | 9900 | €8,564 | €1,853 | -€6,711 | -78.4% |
| Operating profit (loss) | 9901 | -€3,658 | -€17,638 | -€13,980 | -382.2% |
| Financial income | 75/76B | €15,829 | €12,245 | -€3,584 | -22.6% |
| Recurring financial income | 75 | €15,829 | €12,245 | -€3,584 | -22.6% |
| Financial charges | 65/66B | €262 | €201 | -€61 | -23.3% |
| Recurring financial charges | 65 | €262 | €201 | -€61 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €11,909 | -€5,594 | -€17,503 | |
| Income taxes | 67/77 | €5,963 | €61 | -€5,902 | -99.0% |
| Profit (loss) for the period | 9904 | €5,946 | -€5,655 | -€11,601 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,946 | -€5,655 | -€11,601 |
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 1 October 2026 via checked.be.