INCEPTIO: 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.
INCEPTIO
Largest movements
- Receivables after one year +€1.5m
new in 2025: €1.5m
of which Other amounts receivable: +€1.0m
- Tangible fixed assets -€320,776
down €320,776 (-15.9%), from €2.0m to €1.7m
of which Land and buildings: -€339,082
- Current investments +€201,071
new in 2025: €201,071
- Receivables within one year -€157,804
down €157,804 (-88.4%), from €178,423 to €20,619
of which Trade receivables: -€158,307
- Debts after one year +€1.2m
up €1.2m (+303%), from €408,653 to €1.6m
of which Financial debts: +€1.2m
- Reserves +€148,665
up €148,665 (+9.4%), from €1.6m to €1.7m
- Tax, wage and social debts -€58,929
down €58,929 (-78.2%), from €75,386 to €16,458
- Other debts -€48,768
down €48,768 (-97.4%), from €50,045 to €1,277
- Current portion of long-term debt -€37,070
down €37,070 (-34.7%), from €106,955 to €69,885
- Gross operating margin -€18,457
down €18,457 (-5.1%), from €359,965 to €341,507
- Taxes +€13,744
up €13,744 (+27.5%), from €49,990 to €63,734
- Financial income +€9,949
new in 2025: €9,949
- Depreciation -€7,487
down €7,487 (-6.6%), from €112,878 to €105,391
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.
Derived cash bridge
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 | €2,258,642 | €3,511,510 | +€1.3m | +55.5% |
| Fixed assets | 21/28 | €2,019,571 | €1,698,795 | -€320,776 | -15.9% |
| Tangible fixed assets | 22/27 | €2,019,571 | €1,698,795 | -€320,776 | -15.9% |
| Land and buildings | 22 | €1,820,563 | €1,481,481 | -€339,082 | -18.6% |
| Plant, machinery and equipment | 23 | €4,000 | €7,863 | +€3,863 | +96.6% |
| Furniture and vehicles | 24 | €55,237 | €100,864 | +€45,626 | +82.6% |
| Other tangible fixed assets | 26 | €139,770 | €108,587 | -€31,183 | -22.3% |
| Current assets | 29/58 | €239,071 | €1,812,715 | +€1.6m | +658% |
| Amounts receivable after more than one year | 29 | - | €1,500,000 | +€1.5m | |
| Trade receivables | 290 | - | €500,000 | +€500,000 | |
| Other amounts receivable | 291 | - | €1,000,000 | +€1.0m | |
| Amounts receivable within one year | 40/41 | €178,423 | €20,619 | -€157,804 | -88.4% |
| Trade receivables | 40 | €178,350 | €20,043 | -€158,307 | -88.8% |
| Other amounts receivable | 41 | €73 | €576 | +€503 | +690% |
| Current investments | 50/53 | - | €201,071 | +€201,071 | |
| Cash at bank and in hand | 54/58 | €54,567 | €76,345 | +€21,778 | +39.9% |
| Deferred charges and accrued income | 490/1 | €6,081 | €14,679 | +€8,599 | +141% |
| Total equity and liabilities | 10/49 | €2,258,642 | €3,511,510 | +€1.3m | +55.5% |
| Equity | 10/15 | €1,599,940 | €1,748,605 | +€148,665 | +9.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,581,340 | €1,730,005 | +€148,665 | +9.4% |
| Distributable reserves | 133 | €1,581,340 | €1,730,005 | +€148,665 | +9.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €658,702 | €1,762,905 | +€1.1m | +168% |
| Amounts payable after more than one year | 17 | €408,653 | €1,645,435 | +€1.2m | +303% |
| Financial debts | 170/4 | €405,853 | €1,642,635 | +€1.2m | +305% |
| Other amounts payable | 178/9 | €2,800 | €2,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €248,231 | €108,543 | -€139,688 | -56.3% |
| Current portion of amounts payable after more than one year | 42 | €106,955 | €69,885 | -€37,070 | -34.7% |
| Financial debts | 43 | €12,677 | €12,825 | +€148 | +1.2% |
| Credit institutions | 430/8 | €12,677 | €12,825 | +€148 | +1.2% |
| Trade debts | 44 | €3,168 | €8,099 | +€4,931 | +156% |
| Suppliers | 440/4 | €3,168 | €8,099 | +€4,931 | +156% |
| Taxes, remuneration and social security | 45 | €75,386 | €16,458 | -€58,929 | -78.2% |
| Taxes | 450/3 | €75,386 | €16,458 | -€58,929 | -78.2% |
| Other amounts payable | 47/48 | €50,045 | €1,277 | -€48,768 | -97.4% |
| Accrued charges and deferred income | 492/3 | €1,817 | €8,927 | +€7,109 | +391% |
| Non-recurring operating income | 76A | - | €127,714 | +€127,714 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,878 | €105,391 | -€7,487 | -6.6% |
| Other operating charges | 640/8 | €14,175 | €13,645 | -€531 | -3.7% |
| Gross operating margin | 9900 | €359,965 | €341,507 | -€18,457 | -5.1% |
| Operating profit (loss) | 9901 | €232,911 | €222,471 | -€10,440 | -4.5% |
| Financial income | 75/76B | - | €9,949 | +€9,949 | |
| Recurring financial income | 75 | - | €9,949 | +€9,949 | |
| Financial charges | 65/66B | €20,279 | €20,022 | -€257 | -1.3% |
| Recurring financial charges | 65 | €20,279 | €20,022 | -€257 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €212,632 | €212,399 | -€234 | -0.1% |
| Income taxes | 67/77 | €49,990 | €63,734 | +€13,744 | +27.5% |
| Profit (loss) for the period | 9904 | €162,642 | €148,665 | -€13,978 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €162,642 | €148,665 | -€13,978 | -8.6% |
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 15 October 2026 via checked.be.