INCISIVE: 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.
INCISIVE
Largest movements
- Tangible fixed assets -€67,542
down €67,542 (-7.9%), from €855,896 to €788,354
of which Land and buildings: -€53,919
- Financial fixed assets -€25,000
down €25,000 (-90.2%), from €27,710 to €2,710
- Deferred charges and accrued income +€21,221
up €21,221 (+47.8%), from €44,420 to €65,641
- Cash -€16,224
down €16,224 (-13.7%), from €118,764 to €102,540
mainly Other debts (-€47,667) and Net result for the year (-€21,968)
- Other debts -€47,667
down €47,667 (-13.3%), from €358,539 to €310,872
- Reserves -€13,443
down €13,443 (-39.4%), from €34,123 to €20,680
of which Tax-exempt reserves: -€13,443
- Debts after one year -€11,374
down €11,374 (-42.2%), from €26,951 to €15,577
- Gross operating margin +€15,650
up €15,650 (+21.9%), from €71,386 to €87,036
- Taxes -€4,778
down €4,778 (-51.9%), from €9,213 to €4,435
- Depreciation -€3,265
down €3,265 (-4.5%), from €72,076 to €68,811
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 | €1,065,690 | €982,184 | -€83,506 | -7.8% |
| Fixed assets | 21/28 | €883,606 | €791,064 | -€92,542 | -10.5% |
| Tangible fixed assets | 22/27 | €855,896 | €788,354 | -€67,542 | -7.9% |
| Land and buildings | 22 | €719,919 | €666,000 | -€53,919 | -7.5% |
| Plant, machinery and equipment | 23 | €127,621 | €116,737 | -€10,884 | -8.5% |
| Furniture and vehicles | 24 | €8,356 | €5,617 | -€2,739 | -32.8% |
| Financial fixed assets | 28 | €27,710 | €2,710 | -€25,000 | -90.2% |
| Current assets | 29/58 | €182,084 | €191,120 | +€9,036 | +5.0% |
| Stocks and contracts in progress | 3 | €5,524 | €5,524 | = | 0.0% |
| Stocks | 30/36 | €5,524 | €5,524 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €13,376 | €17,415 | +€4,039 | +30.2% |
| Trade receivables | 40 | €6,617 | €10,656 | +€4,039 | +61.0% |
| Other amounts receivable | 41 | €6,759 | €6,759 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €118,764 | €102,540 | -€16,224 | -13.7% |
| Deferred charges and accrued income | 490/1 | €44,420 | €65,641 | +€21,221 | +47.8% |
| Total equity and liabilities | 10/49 | €1,065,690 | €982,184 | -€83,506 | -7.8% |
| Equity | 10/15 | €656,720 | €634,752 | -€21,968 | -3.3% |
| Contributions | 10/11 | €24,797 | €24,797 | = | 0.0% |
| Reserves | 13 | €34,123 | €20,680 | -€13,443 | -39.4% |
| Non-distributable reserves | 130/1 | €3,719 | €3,719 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,719 | €3,719 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,404 | €16,961 | -€13,443 | -44.2% |
| Profit (loss) carried forward | 14 | €597,800 | €589,275 | -€8,525 | -1.4% |
| Provisions and deferred taxes | 16 | €16,811 | €10,473 | -€6,338 | -37.7% |
| Deferred taxes | 168 | €16,811 | €10,473 | -€6,338 | -37.7% |
| Amounts payable | 17/49 | €392,159 | €336,959 | -€55,200 | -14.1% |
| Amounts payable after more than one year | 17 | €26,951 | €15,577 | -€11,374 | -42.2% |
| Financial debts | 170/4 | €26,951 | €15,577 | -€11,374 | -42.2% |
| Amounts payable within one year | 42/48 | €365,208 | €321,382 | -€43,826 | -12.0% |
| Current portion of amounts payable after more than one year | 42 | €4,700 | €10,510 | +€5,810 | +123.6% |
| Trade debts | 44 | €1,969 | - | -€1,969 | |
| Suppliers | 440/4 | €1,969 | - | -€1,969 | |
| Other amounts payable | 47/48 | €358,539 | €310,872 | -€47,667 | -13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,076 | €68,811 | -€3,265 | -4.5% |
| Other operating charges | 640/8 | €10,667 | €10,807 | +€140 | +1.3% |
| Non-recurring operating charges | 66A | €5,304 | €30,615 | +€25,311 | +477.2% |
| Gross operating margin | 9900 | €71,386 | €87,036 | +€15,650 | +21.9% |
| Operating profit (loss) | 9901 | -€16,661 | -€23,197 | -€6,536 | -39.2% |
| Financial income | 75/76B | €439 | €688 | +€249 | +56.7% |
| Recurring financial income | 75 | €439 | €688 | +€249 | +56.7% |
| Financial charges | 65/66B | €1,418 | €1,362 | -€56 | -3.9% |
| Recurring financial charges | 65 | €1,418 | €1,362 | -€56 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | -€17,640 | -€23,871 | -€6,231 | -35.3% |
| Transfer from deferred taxes | 780 | €6,338 | €6,338 | = | 0.0% |
| Income taxes | 67/77 | €9,213 | €4,435 | -€4,778 | -51.9% |
| Profit (loss) for the period | 9904 | -€20,515 | -€21,968 | -€1,453 | -7.1% |
| Transfer from tax-exempt reserves | 789 | €13,443 | €13,443 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,072 | -€8,525 | -€1,453 | -20.5% |
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 7 October 2026 via checked.be.