INCLUSIO: 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.
INCLUSIO
Largest movements
- Financial fixed assets +€29.8m
up €29.8m (+537.3%), from €5.5m to €35.4m
- Tangible fixed assets +€23.9m
up €23.9m (+64.8%), from €36.9m to €60.7m
- Current assets -€8.8m
down €8.8m (-76.7%), from €11.5m to €2.7m
of which Cash: -€9.2m
- Equity +€31.2m
up €31.2m (+59.4%), from €52.6m to €83.8m
of which Contributions: +€31.4m
- Debts +€13.8m
up €13.8m (+1005.2%), from €1.4m to €15.2m
of which Debts after one year: +€14.0m
- Depreciation -€370,597
down €370,597 (-32.9%), from €1.1m to €756,705
- Turnover +€308,959
up €308,959 (+27.1%), from €1.1m to €1.4m
From the 2018 result to the 2019 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2018 | 2019 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €53,946,887 | €98,955,516 | +€45.0m | +83.4% |
| Fixed assets | 21/28 | €42,415,792 | €96,264,954 | +€53.8m | +127.0% |
| Intangible fixed assets | 21 | €2,535 | €148,663 | +€146,128 | +5763.7% |
| Tangible fixed assets | 22/27 | €36,863,570 | €60,746,701 | +€23.9m | +64.8% |
| Financial fixed assets | 28 | €5,549,687 | €35,369,589 | +€29.8m | +537.3% |
| Current assets | 29/58 | €11,531,095 | €2,690,562 | -€8.8m | -76.7% |
| Amounts receivable within one year | 40/41 | €230,670 | €571,392 | +€340,722 | +147.7% |
| Cash at bank and in hand | 54/58 | €11,267,614 | €2,095,274 | -€9.2m | -81.4% |
| Total equity and liabilities | 10/49 | €53,946,887 | €98,955,516 | +€45.0m | +83.4% |
| Equity | 10/15 | €52,574,456 | €83,786,918 | +€31.2m | +59.4% |
| Contributions | 10/11 | €55,216,000 | €86,592,300 | +€31.4m | +56.8% |
| Profit (loss) carried forward | 14 | -€5,824,821 | -€7,543,970 | -€1.7m | -29.5% |
| Amounts payable | 17/49 | €1,372,431 | €15,168,598 | +€13.8m | +1005.2% |
| Amounts payable after more than one year | 17 | - | €14,007,579 | +€14.0m | |
| Amounts payable within one year | 42/48 | €1,298,321 | €969,420 | -€328,901 | -25.3% |
| Trade debts | 44 | €1,225,319 | €588,634 | -€636,684 | -52.0% |
| Turnover | 70 | €1,140,053 | €1,449,011 | +€308,959 | +27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,127,302 | €756,705 | -€370,597 | -32.9% |
| Operating profit (loss) | 9901 | -€1,433,215 | -€1,644,042 | -€210,826 | -14.7% |
| Recurring financial income | 75 | €225,555 | €177,213 | -€48,342 | -21.4% |
| Recurring financial charges | 65 | €13,016 | €252,652 | +€239,636 | +1841.0% |
| Debt charges | 650 | €11,677 | €103,980 | +€92,302 | +790.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,220,676 | -€1,719,481 | -€498,804 | -40.9% |
| Income taxes | 67/77 | €310 | -€332 | -€642 | |
| Profit (loss) for the period | 9904 | -€1,220,987 | -€1,719,149 | -€498,162 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,220,987 | -€1,719,149 | -€498,162 | -40.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2018 and 31 December 2019. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.