Inclusiemo: 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.
What changed
Inclusiemo
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.8m
2024 · €2.0m-€196,225
Equity
€10.5m
2024 · €8.7m+€1.8m
Cash
€1.9m
2024 · €917,580+€1.0m
Balance sheet total
€16.5m
2024 · €14.4m+€2.1m
Largest movements
Assets
- Tangible fixed assets +€1.3m
up €1.3m (+20.5%), from €6.1m to €7.3m
of which Assets under construction and advance payments: +€1.5m
- Cash +€1.0m
up €1.0m (+111%), from €917,580 to €1.9m
mainly Net result for the year (+€1.8m) and Debts within one year (+€628,181)
Equity and liabilities
- Reserves +€1.8m
up €1.8m (+23.3%), from €7.7m to €9.5m
- Debts within one year +€628,181
up €628,181 (+35.6%), from €1.8m to €2.4m
- Debts after one year -€311,774
down €311,774 (-7.8%), from €4.0m to €3.7m
of which Financial debts: -€311,774
Income statement
- Turnover +€496,425
new in 2025: €496,425
- Other operating charges +€175,603
up €175,603 (+2,352%), from €7,466 to €183,069
- Gross operating margin -€140,056
down €140,056 (-6.5%), from €2.2m to €2.0m
- Financial income +€86,687
up €86,687 (+173%), from €50,177 to €136,864
- Purchases and services +€42,229
up €42,229 (+178%), from €23,676 to €65,905
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.
Result 2024
€2.0m
Gross operating margin
-€140,056
Depreciation
+€7,768
Other operating charges
-€175,603
Other operating items
-€172
Financial income
+€86,687
Financial charges
+€25,151
Result 2025
€1.8m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.7m
Investment
-€1.3m
Financing
-€311,774
Cash 2024
€917,580
From operations (derived)
+€2.7m
Net result for the year
+€1.8m
Depreciation
+€158,001
Receivables within one year
+€99,252
Deferred charges and accrued income
-€4,096
Debts within one year
+€628,181
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.4m
Current investments
+€56,035
Financing
-€311,774
Debts after one year
-€311,774
Cash 2025
€1.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,423,941 | €16,533,868 | +€2.1m | +14.6% |
| Fixed assets | 21/28 | €7,599,082 | €8,842,013 | +€1.2m | +16.4% |
| Tangible fixed assets | 22/27 | €6,089,286 | €7,339,717 | +€1.3m | +20.5% |
| Land and buildings | 22 | €5,259,106 | €5,127,824 | -€131,282 | -2.5% |
| Plant, machinery and equipment | 23 | €112,221 | €0 | -€112,221 | -100% |
| Furniture and vehicles | 24 | - | €0 | = | |
| Leasing and similar rights | 25 | €341,400 | €337,400 | -€4,000 | -1.2% |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Assets under construction and advance payments | 27 | €376,559 | €1,874,493 | +€1.5m | +398% |
| Financial fixed assets | 28 | €1,509,796 | €1,502,296 | -€7,500 | -0.5% |
| Current assets | 29/58 | €6,824,859 | €7,691,855 | +€866,996 | +12.7% |
| Amounts receivable after more than one year | 29 | €0 | €0 | = | |
| Trade receivables | 290 | €0 | €0 | = | |
| Other amounts receivable | 291 | - | €0 | = | |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Stocks | 30/36 | - | €0 | = | |
| Contracts in progress | 37 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €99,252 | €0 | -€99,252 | -100% |
| Trade receivables | 40 | €99,252 | €0 | -€99,252 | -100% |
| Other amounts receivable | 41 | - | €0 | = | |
| Current investments | 50/53 | €5,802,510 | €5,746,475 | -€56,035 | -1.0% |
| Cash at bank and in hand | 54/58 | €917,580 | €1,935,767 | +€1.0m | +111% |
| Deferred charges and accrued income | 490/1 | €5,517 | €9,613 | +€4,096 | +74.2% |
| Total equity and liabilities | 10/49 | €14,423,941 | €16,533,868 | +€2.1m | +14.6% |
| Equity | 10/15 | €8,662,612 | €10,456,132 | +€1.8m | +20.7% |
| Contributions | 10/11 | €401,936 | €401,936 | = | 0.0% |
| Capital | 10 | €401,936 | €401,936 | = | 0.0% |
| Revaluation surpluses | 12 | - | €0 | = | |
| Reserves | 13 | €7,682,000 | €9,475,000 | +€1.8m | +23.3% |
| Profit (loss) carried forward | 14 | €578,676 | €579,196 | +€520 | +0.1% |
| Investment grants | 15 | - | €0 | = | |
| Provisions and deferred taxes | 16 | - | €0 | = | |
| Provisions for liabilities and charges | 160/5 | - | €0 | = | |
| Pensions and similar obligations | 160 | - | €0 | = | |
| Taxes | 161 | - | €0 | = | |
| Major repairs and maintenance | 162 | - | €0 | = | |
| Environmental obligations | 163 | - | €0 | = | |
| Other liabilities and charges | 164/5 | - | €0 | = | |
| Deferred taxes | 168 | - | €0 | = | |
| Amounts payable | 17/49 | €5,761,329 | €6,077,736 | +€316,407 | +5.5% |
| Amounts payable after more than one year | 17 | €3,998,849 | €3,687,075 | -€311,774 | -7.8% |
| Financial debts | 170/4 | €3,998,849 | €3,687,075 | -€311,774 | -7.8% |
| Trade debts | 175 | - | €0 | = | |
| Advances received on contracts in progress | 176 | - | €0 | = | |
| Other amounts payable | 178/9 | - | €0 | = | |
| Amounts payable within one year | 42/48 | €1,762,480 | €2,390,661 | +€628,181 | +35.6% |
| Current portion of amounts payable after more than one year | 42 | €309,002 | €311,774 | +€2,772 | +0.9% |
| Financial debts | 43 | - | €0 | = | |
| Credit institutions | 430/8 | - | €0 | = | |
| Other loans | 439 | - | €0 | = | |
| Trade debts | 44 | €40,648 | €120,443 | +€79,795 | +196% |
| Suppliers | 440/4 | €40,648 | €120,443 | +€79,795 | +196% |
| Bills of exchange payable | 441 | - | €0 | = | |
| Advances received on contracts in progress | 46 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €12,830 | €8,444 | -€4,386 | -34.2% |
| Taxes | 450/3 | €12,830 | €8,444 | -€4,386 | -34.2% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Turnover | 70 | - | €496,425 | +€496,425 | |
| Membership fees, donations, legacies and grants | 73 | €1,700,000 | €1,600,000 | -€100,000 | -5.9% |
| Non-recurring operating income | 76A | €494,252 | €0 | -€494,252 | -100% |
| Goods, raw materials, services and sundry goods | 60/61 | €23,676 | €65,905 | +€42,229 | +178% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165,769 | €158,001 | -€7,768 | -4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €0 | = | |
| Other operating charges | 640/8 | €7,466 | €183,069 | +€175,603 | +2,352% |
| Non-recurring operating charges | 66A | €913 | €1,085 | +€172 | +18.8% |
| Gross operating margin | 9900 | €2,170,576 | €2,030,520 | -€140,056 | -6.5% |
| Operating profit (loss) | 9901 | €1,996,428 | €1,688,365 | -€308,063 | -15.4% |
| Financial income | 75/76B | €50,177 | €136,864 | +€86,687 | +173% |
| Recurring financial income | 75 | €50,177 | €136,864 | +€86,687 | +173% |
| Financial charges | 65/66B | €56,860 | €31,709 | -€25,151 | -44.2% |
| Recurring financial charges | 65 | €56,860 | €31,709 | -€25,151 | -44.2% |
| Profit (loss) for the period before taxes | 9903 | €1,989,745 | €1,793,520 | -€196,225 | -9.9% |
| Profit (loss) for the period | 9904 | €1,989,745 | €1,793,520 | -€196,225 | -9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,989,745 | €1,793,520 | -€196,225 | -9.9% |
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 28 October 2026 via checked.be.