INCIPIO: 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.
INCIPIO
Largest movements
- Cash +€32,015
up €32,015 (+27.4%), from €116,785 to €148,800
mainly Net result for the year (+€95,617) and Other debts (+€21,000)
- Receivables within one year +€12,566
up €12,566 (+83.0%), from €15,144 to €27,710
of which Trade receivables: +€13,406
- Profit (loss) carried forward +€23,617
up €23,617 (+7.5%), from €313,041 to €336,658
- Other debts +€21,000
up €21,000 (+41.2%), from €51,000 to €72,000
- Gross operating margin +€23,544
up €23,544 (+28.4%), from €82,911 to €106,455
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 | €397,139 | €441,905 | +€44,766 | +11.3% |
| Fixed assets | 21/28 | €265,000 | €265,000 | = | 0.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €265,000 | €265,000 | = | 0.0% |
| Current assets | 29/58 | €132,139 | €176,905 | +€44,766 | +33.9% |
| Amounts receivable within one year | 40/41 | €15,144 | €27,710 | +€12,566 | +83.0% |
| Trade receivables | 40 | €14,014 | €27,420 | +€13,406 | +95.7% |
| Other amounts receivable | 41 | €1,130 | €290 | -€840 | -74.3% |
| Current investments | 50/53 | €4 | - | -€4 | |
| Cash at bank and in hand | 54/58 | €116,785 | €148,800 | +€32,015 | +27.4% |
| Deferred charges and accrued income | 490/1 | €206 | €395 | +€189 | +92.0% |
| Total equity and liabilities | 10/49 | €397,139 | €441,905 | +€44,766 | +11.3% |
| Equity | 10/15 | €346,041 | €369,658 | +€23,617 | +6.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €313,041 | €336,658 | +€23,617 | +7.5% |
| Amounts payable | 17/49 | €51,098 | €72,247 | +€21,149 | +41.4% |
| Amounts payable within one year | 42/48 | €51,098 | €72,247 | +€21,149 | +41.4% |
| Financial debts | 43 | - | €19 | +€19 | |
| Credit institutions | 430/8 | - | €19 | +€19 | |
| Trade debts | 44 | €98 | - | -€98 | |
| Suppliers | 440/4 | €98 | - | -€98 | |
| Taxes, remuneration and social security | 45 | - | €228 | +€228 | |
| Taxes | 450/3 | - | €228 | +€228 | |
| Other amounts payable | 47/48 | €51,000 | €72,000 | +€21,000 | +41.2% |
| Non-recurring operating income | 76A | - | €1,172 | +€1,172 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €822 | - | -€822 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | - | €1,828 | +€1,828 | |
| Gross operating margin | 9900 | €82,911 | €106,455 | +€23,544 | +28.4% |
| Operating profit (loss) | 9901 | €81,701 | €104,227 | +€22,526 | +27.6% |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €571 | €382 | -€189 | -33.1% |
| Recurring financial charges | 65 | €571 | €382 | -€189 | -33.1% |
| Profit (loss) for the period before taxes | 9903 | €81,136 | €103,845 | +€22,710 | +28.0% |
| Income taxes | 67/77 | €7,710 | €8,228 | +€518 | +6.7% |
| Profit (loss) for the period | 9904 | €73,426 | €95,617 | +€22,191 | +30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €73,426 | €95,617 | +€22,191 | +30.2% |
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 4 October 2026 via checked.be.