INCIPIAE: 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.
INCIPIAE
Largest movements
- Receivables within one year +€34,307
up €34,307 (+1012.6%), from €3,388 to €37,695
of which Trade receivables: +€31,278
- Current investments +€21,727
up €21,727 (+7.9%), from €276,588 to €298,315
- Other debts +€43,357
up €43,357 (+453.3%), from €9,565 to €52,922
- Tax, wage and social debts +€7,246
up €7,246 (+72.0%), from €10,062 to €17,308
- Reserves +€7,181
up €7,181 (+2.8%), from €257,777 to €264,958
- Financial income +€13,576
up €13,576 (+480.2%), from €2,827 to €16,403
- Gross operating margin -€12,237
down €12,237 (-18.3%), from €66,997 to €54,760
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 | €372,878 | €426,931 | +€54,053 | +14.5% |
| Fixed assets | 21/28 | €1,904 | €1,263 | -€641 | -33.7% |
| Tangible fixed assets | 22/27 | €1,904 | €1,263 | -€641 | -33.7% |
| Furniture and vehicles | 24 | €1,904 | €1,263 | -€641 | -33.7% |
| Current assets | 29/58 | €370,974 | €425,668 | +€54,694 | +14.7% |
| Amounts receivable within one year | 40/41 | €3,388 | €37,695 | +€34,307 | +1012.6% |
| Trade receivables | 40 | €2,275 | €33,553 | +€31,278 | +1374.9% |
| Other amounts receivable | 41 | €1,113 | €4,142 | +€3,029 | +272.1% |
| Current investments | 50/53 | €276,588 | €298,315 | +€21,727 | +7.9% |
| Cash at bank and in hand | 54/58 | €90,998 | €89,658 | -€1,340 | -1.5% |
| Total equity and liabilities | 10/49 | €372,878 | €426,931 | +€54,053 | +14.5% |
| Equity | 10/15 | €349,520 | €356,701 | +€7,181 | +2.1% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €257,777 | €264,958 | +€7,181 | +2.8% |
| Distributable reserves | 133 | €257,777 | €264,958 | +€7,181 | +2.8% |
| Profit (loss) carried forward | 14 | €83,683 | €83,683 | = | 0.0% |
| Amounts payable | 17/49 | €23,358 | €70,230 | +€46,872 | +200.7% |
| Amounts payable within one year | 42/48 | €23,358 | €70,230 | +€46,872 | +200.7% |
| Trade debts | 44 | €3,731 | - | -€3,731 | |
| Suppliers | 440/4 | €3,731 | - | -€3,731 | |
| Taxes, remuneration and social security | 45 | €10,062 | €17,308 | +€7,246 | +72.0% |
| Taxes | 450/3 | €10,062 | €17,308 | +€7,246 | +72.0% |
| Other amounts payable | 47/48 | €9,565 | €52,922 | +€43,357 | +453.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,022 | €1,796 | -€226 | -11.2% |
| Other operating charges | 640/8 | €388 | €799 | +€411 | +105.9% |
| Gross operating margin | 9900 | €66,997 | €54,760 | -€12,237 | -18.3% |
| Operating profit (loss) | 9901 | €64,587 | €52,165 | -€12,422 | -19.2% |
| Financial income | 75/76B | €2,827 | €16,403 | +€13,576 | +480.2% |
| Recurring financial income | 75 | €2,827 | €16,403 | +€13,576 | +480.2% |
| Financial charges | 65/66B | €845 | €1,174 | +€329 | +38.9% |
| Recurring financial charges | 65 | €845 | €1,174 | +€329 | +38.9% |
| Profit (loss) for the period before taxes | 9903 | €66,569 | €67,394 | +€825 | +1.2% |
| Income taxes | 67/77 | €20,228 | €20,213 | -€15 | -0.1% |
| Profit (loss) for the period | 9904 | €46,341 | €47,181 | +€840 | +1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €46,341 | €47,181 | +€840 | +1.8% |
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.