INCLUSIEF: 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.
INCLUSIEF
Largest movements
- Cash -€249,966
down €249,966 (-77.7%), from €321,719 to €71,754
mainly Investment in fixed assets (net) (-€396,915) and Debts after one year (-€53,973)
- Tangible fixed assets +€246,684
up €246,684 (+5.3%), from €4.6m to €4.9m
of which Land and buildings: +€310,242
- Trade debts +€65,554
up €65,554 (+88.1%), from €74,404 to €139,958
- Debts after one year -€53,973
down €53,973 (-5.3%), from €1.0m to €963,767
of which Financial debts: -€53,973
- Gross operating margin -€30,009
down €30,009 (-13.3%), from €226,444 to €196,435
- Financial charges -€12,802
down €12,802 (-33.6%), from €38,111 to €25,309
- Depreciation +€12,662
up €12,662 (+9.2%), from €137,569 to €150,231
- Taxes -€7,509
down €7,509 (-58.9%), from €12,737 to €5,229
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 | €4,972,607 | €4,973,001 | +€394 | 0.0% |
| Fixed assets | 21/28 | €4,644,016 | €4,890,700 | +€246,684 | +5.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €4,644,016 | €4,890,700 | +€246,684 | +5.3% |
| Land and buildings | 22 | €4,551,867 | €4,862,109 | +€310,242 | +6.8% |
| Plant, machinery and equipment | 23 | €21,851 | €28,591 | +€6,739 | +30.8% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Assets under construction and advance payments | 27 | €70,297 | - | -€70,297 | |
| Current assets | 29/58 | €328,591 | €82,302 | -€246,290 | -75.0% |
| Amounts receivable within one year | 40/41 | €2,579 | €10,212 | +€7,633 | +296% |
| Trade receivables | 40 | - | €785 | +€785 | |
| Other amounts receivable | 41 | €2,579 | €9,427 | +€6,848 | +265% |
| Cash at bank and in hand | 54/58 | €321,719 | €71,754 | -€249,966 | -77.7% |
| Deferred charges and accrued income | 490/1 | €4,293 | €336 | -€3,957 | -92.2% |
| Total equity and liabilities | 10/49 | €4,972,607 | €4,973,001 | +€394 | 0.0% |
| Equity | 10/15 | €3,792,513 | €3,808,199 | +€15,686 | +0.4% |
| Contributions | 10/11 | €3,578,100 | €3,578,100 | = | 0.0% |
| Reserves | 13 | €90,273 | €95,763 | +€5,490 | +6.1% |
| Non-distributable reserves | 130/1 | €7,143 | €7,927 | +€784 | +11.0% |
| Reserves not available under the articles | 1311 | €7,143 | €7,927 | +€784 | +11.0% |
| Distributable reserves | 133 | €83,130 | €87,836 | +€4,706 | +5.7% |
| Profit (loss) carried forward | 14 | €124,140 | €134,336 | +€10,196 | +8.2% |
| Amounts payable | 17/49 | €1,180,094 | €1,164,802 | -€15,292 | -1.3% |
| Amounts payable after more than one year | 17 | €1,017,740 | €963,767 | -€53,973 | -5.3% |
| Financial debts | 170/4 | €1,010,240 | €956,267 | -€53,973 | -5.3% |
| Other amounts payable | 178/9 | €7,500 | €7,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €141,289 | €201,036 | +€59,746 | +42.3% |
| Current portion of amounts payable after more than one year | 42 | €53,257 | €53,973 | +€716 | +1.3% |
| Trade debts | 44 | €74,404 | €139,958 | +€65,554 | +88.1% |
| Suppliers | 440/4 | €74,404 | €139,958 | +€65,554 | +88.1% |
| Other amounts payable | 47/48 | €13,628 | €7,104 | -€6,524 | -47.9% |
| Accrued charges and deferred income | 492/3 | €21,065 | - | -€21,065 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,569 | €150,231 | +€12,662 | +9.2% |
| Other operating charges | 640/8 | €1,164 | €1,445 | +€281 | +24.2% |
| Non-recurring operating charges | 66A | €31 | - | -€31 | |
| Gross operating margin | 9900 | €226,444 | €196,435 | -€30,009 | -13.3% |
| Operating profit (loss) | 9901 | €87,681 | €44,759 | -€42,921 | -49.0% |
| Financial income | 75/76B | €1,380 | €1,464 | +€84 | +6.1% |
| Recurring financial income | 75 | €1,380 | €1,464 | +€84 | +6.1% |
| Financial charges | 65/66B | €38,111 | €25,309 | -€12,802 | -33.6% |
| Recurring financial charges | 65 | €38,111 | €25,309 | -€12,802 | -33.6% |
| Profit (loss) for the period before taxes | 9903 | €50,950 | €20,915 | -€30,035 | -58.9% |
| Income taxes | 67/77 | €12,737 | €5,229 | -€7,509 | -58.9% |
| Profit (loss) for the period | 9904 | €38,212 | €15,686 | -€22,526 | -58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €38,212 | €15,686 | -€22,526 | -58.9% |
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 17 October 2026 via checked.be.