INCIK: 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.
INCIK
Largest movements
- Tangible fixed assets -€208,121
down €208,121 (-88.3%), from €235,621 to €27,501
of which Plant, machinery and equipment: -€202,701
- Receivables within one year -€202,407
down €202,407 (-49.7%), from €407,290 to €204,883
of which Other amounts receivable: -€230,071
- Stocks and contracts -€100,000
no longer reported in 2026 (was €100,000)
- Cash +€47,426
up €47,426 (+27.7%), from €171,155 to €218,581
mainly Receivables within one year (+€202,407) and Investment in fixed assets (net) (+€200,971)
- Reserves -€257,629
down €257,629 (-43.8%), from €587,564 to €329,934
- Profit (loss) carried forward -€166,335
down €166,335 (-70.9%), from €234,455 to €68,119
- Trade debts -€34,328
down €34,328 (-83.7%), from €41,035 to €6,707
- Tax, wage and social debts -€11,109
down €11,109 (-72.4%), from €15,351 to €4,242
of which Remuneration and social security: -€5,945
- Financial charges +€200,511
up €200,511 (+18,486%), from €1,085 to €201,596
of which Non-recurring financial charges: +€200,971
- Gross operating margin -€148,291
down €148,291 (-50.3%), from €294,896 to €146,605
- Staff costs -€96,230
down €96,230 (-67.1%), from €143,376 to €47,145
- Depreciation -€40,444
down €40,444 (-85.0%), from €47,594 to €7,150
- Taxes +€15,569
up €15,569 (+41.9%), from €37,136 to €52,705
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €923,404 | €454,002 | -€469,402 | -50.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €235,756 | €27,636 | -€208,121 | -88.3% |
| Tangible fixed assets | 22/27 | €235,621 | €27,501 | -€208,121 | -88.3% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €204,315 | €1,614 | -€202,701 | -99.2% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Leasing and similar rights | 25 | €31,306 | €25,886 | -€5,420 | -17.3% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €687,648 | €426,366 | -€261,281 | -38.0% |
| Stocks and contracts in progress | 3 | €100,000 | - | -€100,000 | |
| Contracts in progress | 37 | €100,000 | - | -€100,000 | |
| Amounts receivable within one year | 40/41 | €407,290 | €204,883 | -€202,407 | -49.7% |
| Trade receivables | 40 | €128,205 | €155,869 | +€27,664 | +21.6% |
| Other amounts receivable | 41 | €279,085 | €49,014 | -€230,071 | -82.4% |
| Cash at bank and in hand | 54/58 | €171,155 | €218,581 | +€47,426 | +27.7% |
| Deferred charges and accrued income | 490/1 | €9,203 | €2,902 | -€6,301 | -68.5% |
| Total equity and liabilities | 10/49 | €923,404 | €454,002 | -€469,402 | -50.8% |
| Equity | 10/15 | €867,018 | €443,054 | -€423,965 | -48.9% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €587,564 | €329,934 | -€257,629 | -43.8% |
| Non-distributable reserves | 130/1 | €587,564 | €329,934 | -€257,629 | -43.8% |
| Reserves not available under the articles | 1311 | €587,564 | €329,934 | -€257,629 | -43.8% |
| Profit (loss) carried forward | 14 | €234,455 | €68,119 | -€166,335 | -70.9% |
| Amounts payable | 17/49 | €56,386 | €10,948 | -€45,437 | -80.6% |
| Amounts payable within one year | 42/48 | €56,386 | €10,948 | -€45,437 | -80.6% |
| Trade debts | 44 | €41,035 | €6,707 | -€34,328 | -83.7% |
| Suppliers | 440/4 | €41,035 | €6,707 | -€34,328 | -83.7% |
| Taxes, remuneration and social security | 45 | €15,351 | €4,242 | -€11,109 | -72.4% |
| Taxes | 450/3 | €6,907 | €1,743 | -€5,165 | -74.8% |
| Remuneration and social security | 454/9 | €8,444 | €2,499 | -€5,945 | -70.4% |
| Non-recurring operating income | 76A | - | €1,037 | +€1,037 | |
| Remuneration, social security and pensions | 62 | €143,376 | €47,145 | -€96,230 | -67.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,594 | €7,150 | -€40,444 | -85.0% |
| Other operating charges | 640/8 | €8,675 | €4,584 | -€4,091 | -47.2% |
| Gross operating margin | 9900 | €294,896 | €146,605 | -€148,291 | -50.3% |
| Operating profit (loss) | 9901 | €95,251 | €87,726 | -€7,525 | -7.9% |
| Financial income | 75/76B | €33 | €239 | +€206 | +628% |
| Recurring financial income | 75 | €33 | €239 | +€206 | +628% |
| Financial charges | 65/66B | €1,085 | €201,596 | +€200,511 | +18,486% |
| Recurring financial charges | 65 | €1,085 | €625 | -€459 | -42.4% |
| Non-recurring financial charges | 66B | - | €200,971 | +€200,971 | |
| Profit (loss) for the period before taxes | 9903 | €94,200 | -€113,631 | -€207,830 | |
| Income taxes | 67/77 | €37,136 | €52,705 | +€15,569 | +41.9% |
| Profit (loss) for the period | 9904 | €57,064 | -€166,335 | -€223,399 | |
| Profit (loss) for the period to be appropriated | 9905 | €57,064 | -€166,335 | -€223,399 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.