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
- Receivables after one year -€86,179
down €86,179 (-100.0%), from €86,179 to €0
- Cash +€79,653
up €79,653 (+41.3%), from €192,817 to €272,470
mainly Receivables after one year (+€86,179) and Receivables within one year (+€31,640)
- Receivables within one year -€31,640
down €31,640 (-22.9%), from €138,203 to €106,562
of which Other amounts receivable: -€29,825
- Tangible fixed assets -€20,795
down €20,795 (-22.2%), from €93,528 to €72,733
of which Leasing and similar rights: -€14,045
- Trade debts -€33,957
down €33,957 (-77.0%), from €44,077 to €10,120
- Debts after one year -€23,416
down €23,416 (-23.4%), from €100,078 to €76,661
- Tax, wage and social debts -€20,958
down €20,958 (-30.1%), from €69,701 to €48,744
- Reserves +€14,323
up €14,323 (+5.1%), from €280,872 to €295,195
of which Distributable reserves: +€14,323
- Taxes -€59,724
down €59,724 (-90.2%), from €66,196 to €6,472
- Financial income -€30,328
down €30,328 (-85.3%), from €35,567 to €5,240
- Gross operating margin -€8,202
down €8,202 (-14.1%), from €58,314 to €50,113
- Depreciation +€7,429
up €7,429 (+42.9%), from €17,331 to €24,760
- Financial charges +€1,400
up €1,400 (+30.1%), from €4,654 to €6,054
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 | €527,140 | €468,525 | -€58,615 | -11.1% |
| Fixed assets | 21/28 | €93,528 | €72,733 | -€20,795 | -22.2% |
| Tangible fixed assets | 22/27 | €93,528 | €72,733 | -€20,795 | -22.2% |
| Furniture and vehicles | 24 | €47,700 | €40,950 | -€6,751 | -14.2% |
| Leasing and similar rights | 25 | €45,828 | €31,783 | -€14,045 | -30.6% |
| Current assets | 29/58 | €433,612 | €395,793 | -€37,820 | -8.7% |
| Amounts receivable after more than one year | 29 | €86,179 | €0 | -€86,179 | -100.0% |
| Other amounts receivable | 291 | €86,179 | €0 | -€86,179 | -100.0% |
| Amounts receivable within one year | 40/41 | €138,203 | €106,562 | -€31,640 | -22.9% |
| Trade receivables | 40 | €18,150 | €16,335 | -€1,815 | -10.0% |
| Other amounts receivable | 41 | €120,053 | €90,227 | -€29,825 | -24.8% |
| Cash at bank and in hand | 54/58 | €192,817 | €272,470 | +€79,653 | +41.3% |
| Deferred charges and accrued income | 490/1 | €16,414 | €16,760 | +€346 | +2.1% |
| Total equity and liabilities | 10/49 | €527,140 | €468,525 | -€58,615 | -11.1% |
| Equity | 10/15 | €287,072 | €301,395 | +€14,323 | +5.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €280,872 | €295,195 | +€14,323 | +5.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €279,012 | €293,335 | +€14,323 | +5.1% |
| Amounts payable | 17/49 | €240,068 | €167,130 | -€72,938 | -30.4% |
| Amounts payable after more than one year | 17 | €100,078 | €76,661 | -€23,416 | -23.4% |
| Financial debts | 170/4 | €100,078 | €76,661 | -€23,416 | -23.4% |
| Amounts payable within one year | 42/48 | €139,990 | €89,566 | -€50,425 | -36.0% |
| Current portion of amounts payable after more than one year | 42 | €23,617 | €28,125 | +€4,508 | +19.1% |
| Financial debts | 43 | - | €2,577 | +€2,577 | |
| Credit institutions | 430/8 | - | €2,577 | +€2,577 | |
| Trade debts | 44 | €44,077 | €10,120 | -€33,957 | -77.0% |
| Suppliers | 440/4 | €44,077 | €10,120 | -€33,957 | -77.0% |
| Taxes, remuneration and social security | 45 | €69,701 | €48,744 | -€20,958 | -30.1% |
| Taxes | 450/3 | €69,701 | €48,744 | -€20,958 | -30.1% |
| Other amounts payable | 47/48 | €2,595 | €0 | -€2,595 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €903 | +€903 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,331 | €24,760 | +€7,429 | +42.9% |
| Other operating charges | 640/8 | €2,760 | €3,742 | +€982 | +35.6% |
| Gross operating margin | 9900 | €58,314 | €50,113 | -€8,202 | -14.1% |
| Operating profit (loss) | 9901 | €38,223 | €21,610 | -€16,613 | -43.5% |
| Financial income | 75/76B | €35,567 | €5,240 | -€30,328 | -85.3% |
| Recurring financial income | 75 | €35,567 | €5,240 | -€30,328 | -85.3% |
| Financial charges | 65/66B | €4,654 | €6,054 | +€1,400 | +30.1% |
| Recurring financial charges | 65 | €4,654 | €6,054 | +€1,400 | +30.1% |
| Profit (loss) for the period before taxes | 9903 | €69,136 | €20,796 | -€48,340 | -69.9% |
| Transfer from deferred taxes | 780 | €46,446 | €0 | -€46,446 | -100.0% |
| Income taxes | 67/77 | €66,196 | €6,472 | -€59,724 | -90.2% |
| Profit (loss) for the period | 9904 | €49,386 | €14,323 | -€35,062 | -71.0% |
| Transfer from tax-exempt reserves | 789 | €139,337 | €0 | -€139,337 | -100.0% |
| Transfer to tax-exempt reserves | 689 | €139,337 | €0 | -€139,337 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €49,386 | €14,323 | -€35,062 | -71.0% |
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.