INCITEC: 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.
INCITEC
Largest movements
- Cash +€52,293
up €52,293 (+17.4%), from €300,424 to €352,717
mainly Net result for the year (+€72,304) and Tax, wage and social debts (+€31,394)
- Tangible fixed assets +€35,214
up €35,214 (+89.8%), from €39,205 to €74,419
of which Furniture and vehicles: +€39,737
- Receivables within one year +€16,520
up €16,520 (+39.9%), from €41,392 to €57,913
of which Trade receivables: +€17,846
- Reserves +€72,304
up €72,304 (+26.1%), from €276,902 to €349,207
of which Distributable reserves: +€53,402
- Tax, wage and social debts +€31,394
up €31,394 (+67.1%), from €46,805 to €78,199
of which Taxes: +€33,158
- Debts after one year -€9,986
no longer reported in 2025 (was €9,986)
- Other debts +€7,832
new in 2025: €7,832
- Staff costs -€19,722
down €19,722 (-18.5%), from €106,844 to €87,122
- Gross operating margin +€16,256
up €16,256 (+8.9%), from €183,630 to €199,886
- Taxes +€6,168
up €6,168 (+29.6%), from €20,841 to €27,010
- Depreciation +€5,268
up €5,268 (+80.2%), from €6,570 to €11,838
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 | €381,936 | €485,851 | +€103,915 | +27.2% |
| Fixed assets | 21/28 | €39,230 | €74,444 | +€35,214 | +89.8% |
| Tangible fixed assets | 22/27 | €39,205 | €74,419 | +€35,214 | +89.8% |
| Plant, machinery and equipment | 23 | €39,205 | €34,682 | -€4,523 | -11.5% |
| Furniture and vehicles | 24 | - | €39,737 | +€39,737 | |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €342,705 | €411,407 | +€68,702 | +20.0% |
| Amounts receivable within one year | 40/41 | €41,392 | €57,913 | +€16,520 | +39.9% |
| Trade receivables | 40 | €40,067 | €57,913 | +€17,846 | +44.5% |
| Other amounts receivable | 41 | €1,326 | - | -€1,326 | |
| Cash at bank and in hand | 54/58 | €300,424 | €352,717 | +€52,293 | +17.4% |
| Deferred charges and accrued income | 490/1 | €889 | €777 | -€112 | -12.6% |
| Total equity and liabilities | 10/49 | €381,936 | €485,851 | +€103,915 | +27.2% |
| Equity | 10/15 | €299,025 | €371,330 | +€72,304 | +24.2% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Capital | 10 | €22,000 | €22,000 | = | 0.0% |
| Issued capital | 100 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €276,902 | €349,207 | +€72,304 | +26.1% |
| Non-distributable reserves | 130/1 | - | €18,902 | +€18,902 | |
| Legal reserve | 130 | - | €18,902 | +€18,902 | |
| Distributable reserves | 133 | €276,902 | €330,304 | +€53,402 | +19.3% |
| Profit (loss) carried forward | 14 | €123 | €123 | = | 0.0% |
| Amounts payable | 17/49 | €82,910 | €114,521 | +€31,611 | +38.1% |
| Amounts payable after more than one year | 17 | €9,986 | - | -€9,986 | |
| Other amounts payable | 178/9 | €9,986 | - | -€9,986 | |
| Amounts payable within one year | 42/48 | €72,924 | €114,521 | +€41,597 | +57.0% |
| Trade debts | 44 | €26,119 | €25,550 | -€569 | -2.2% |
| Suppliers | 440/4 | €26,119 | €25,550 | -€569 | -2.2% |
| Advances received on contracts in progress | 46 | - | €2,940 | +€2,940 | |
| Taxes, remuneration and social security | 45 | €46,805 | €78,199 | +€31,394 | +67.1% |
| Taxes | 450/3 | €33,636 | €66,794 | +€33,158 | +98.6% |
| Remuneration and social security | 454/9 | €13,170 | €11,406 | -€1,764 | -13.4% |
| Other amounts payable | 47/48 | - | €7,832 | +€7,832 | |
| Non-recurring operating income | 76A | €1,486 | - | -€1,486 | |
| Remuneration, social security and pensions | 62 | €106,844 | €87,122 | -€19,722 | -18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,570 | €11,838 | +€5,268 | +80.2% |
| Other operating charges | 640/8 | - | €1,932 | +€1,932 | |
| Gross operating margin | 9900 | €183,630 | €199,886 | +€16,256 | +8.9% |
| Operating profit (loss) | 9901 | €70,215 | €98,993 | +€28,778 | +41.0% |
| Financial income | 75/76B | €1,763 | €838 | -€925 | -52.5% |
| Recurring financial income | 75 | €1,763 | €838 | -€925 | -52.5% |
| Financial charges | 65/66B | €288 | €517 | +€230 | +79.9% |
| Recurring financial charges | 65 | €288 | €517 | +€230 | +79.9% |
| Profit (loss) for the period before taxes | 9903 | €71,691 | €99,314 | +€27,623 | +38.5% |
| Income taxes | 67/77 | €20,841 | €27,010 | +€6,168 | +29.6% |
| Profit (loss) for the period | 9904 | €50,849 | €72,304 | +€21,455 | +42.2% |
| Profit (loss) for the period to be appropriated | 9905 | €50,849 | €72,304 | +€21,455 | +42.2% |
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 18 October 2026 via checked.be.