INCITA: 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.
INCITA
Largest movements
- Cash -€222,668
down €222,668 (-70.7%), from €314,825 to €92,157
mainly Net result for the year (-€88,269) and Trade debts (-€61,749)
- Tangible fixed assets -€58,902
down €58,902 (-6.7%), from €875,482 to €816,580
of which Assets under construction and advance payments: -€399,074
- Receivables within one year +€42,536
up €42,536 (+89.8%), from €47,347 to €89,883
of which Trade receivables: +€27,225
- Profit (loss) carried forward -€88,269
new in 2025: -€88,269
- Trade debts -€61,749
down €61,749 (-83.9%), from €73,599 to €11,850
- Debts after one year -€39,060
down €39,060 (-8.1%), from €481,027 to €441,967
- Current portion of long-term debt -€28,983
down €28,983 (-42.0%), from €68,976 to €39,993
- Other debts -€21,259
down €21,259 (-25.6%), from €83,104 to €61,845
- Gross operating margin -€167,017
down €167,017, from €149,436 to -€17,581
- Taxes -€17,521
down €17,521 (-92.2%), from €18,997 to €1,476
- Depreciation -€17,161
down €17,161 (-22.6%), from €76,063 to €58,902
- Financial income -€2,235
down €2,235 (-99.7%), from €2,241 to €7
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.
Derived cash bridge
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 | €1,241,665 | €1,001,086 | -€240,579 | -19.4% |
| Fixed assets | 21/28 | €875,482 | €816,580 | -€58,902 | -6.7% |
| Tangible fixed assets | 22/27 | €875,482 | €816,580 | -€58,902 | -6.7% |
| Land and buildings | 22 | €388,799 | €770,287 | +€381,487 | +98.1% |
| Plant, machinery and equipment | 23 | €25,413 | €21,488 | -€3,926 | -15.4% |
| Furniture and vehicles | 24 | €62,196 | €24,806 | -€37,390 | -60.1% |
| Assets under construction and advance payments | 27 | €399,074 | €0 | -€399,074 | -100% |
| Current assets | 29/58 | €366,183 | €184,506 | -€181,677 | -49.6% |
| Amounts receivable within one year | 40/41 | €47,347 | €89,883 | +€42,536 | +89.8% |
| Trade receivables | 40 | €0 | €27,225 | +€27,225 | |
| Other amounts receivable | 41 | €47,347 | €62,658 | +€15,311 | +32.3% |
| Cash at bank and in hand | 54/58 | €314,825 | €92,157 | -€222,668 | -70.7% |
| Deferred charges and accrued income | 490/1 | €4,011 | €2,466 | -€1,545 | -38.5% |
| Total equity and liabilities | 10/49 | €1,241,665 | €1,001,086 | -€240,579 | -19.4% |
| Equity | 10/15 | €533,700 | €445,431 | -€88,269 | -16.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €527,500 | €527,500 | = | 0.0% |
| Distributable reserves | 133 | €527,500 | €527,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€88,269 | -€88,269 | |
| Amounts payable | 17/49 | €707,965 | €555,655 | -€152,310 | -21.5% |
| Amounts payable after more than one year | 17 | €481,027 | €441,967 | -€39,060 | -8.1% |
| Financial debts | 170/4 | €481,027 | €441,967 | -€39,060 | -8.1% |
| Amounts payable within one year | 42/48 | €226,938 | €113,688 | -€113,250 | -49.9% |
| Current portion of amounts payable after more than one year | 42 | €68,976 | €39,993 | -€28,983 | -42.0% |
| Trade debts | 44 | €73,599 | €11,850 | -€61,749 | -83.9% |
| Suppliers | 440/4 | €73,599 | €11,850 | -€61,749 | -83.9% |
| Taxes, remuneration and social security | 45 | €1,259 | €0 | -€1,259 | -100% |
| Taxes | 450/3 | €1,259 | €0 | -€1,259 | -100% |
| Other amounts payable | 47/48 | €83,104 | €61,845 | -€21,259 | -25.6% |
| Non-recurring operating income | 76A | €25,299 | €0 | -€25,299 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,063 | €58,902 | -€17,161 | -22.6% |
| Other operating charges | 640/8 | €1,314 | €2,034 | +€719 | +54.7% |
| Gross operating margin | 9900 | €149,436 | -€17,581 | -€167,017 | |
| Operating profit (loss) | 9901 | €72,059 | -€78,517 | -€150,576 | |
| Financial income | 75/76B | €2,241 | €7 | -€2,235 | -99.7% |
| Recurring financial income | 75 | €2,241 | €7 | -€2,235 | -99.7% |
| Financial charges | 65/66B | €9,568 | €8,283 | -€1,286 | -13.4% |
| Recurring financial charges | 65 | €9,568 | €8,283 | -€1,286 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €64,732 | -€86,792 | -€151,525 | |
| Income taxes | 67/77 | €18,997 | €1,476 | -€17,521 | -92.2% |
| Profit (loss) for the period | 9904 | €45,735 | -€88,269 | -€134,004 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,735 | -€88,269 | -€134,004 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.