INCLUYO: 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.
INCLUYO
Largest movements
- Cash -€172,340
down €172,340 (-92.9%), from €185,604 to €13,264
mainly Investment in fixed assets (net) (-€275,710) and Trade debts (-€185,264)
- Tangible fixed assets +€102,471
up €102,471 (+6.3%), from €1.6m to €1.7m
of which Furniture and vehicles: +€52,212
- Stocks and contracts +€90,690
up €90,690 (+41.8%), from €216,802 to €307,492
- Deferred charges and accrued income -€57,074
down €57,074 (-92.7%), from €61,536 to €4,463
- Receivables within one year +€53,428
up €53,428 (+17.4%), from €306,228 to €359,656
of which Trade receivables: +€56,351
- Trade debts -€185,264
down €185,264 (-49.6%), from €373,181 to €187,917
- Short-term financial debts +€125,000
up €125,000, from €0 to €125,000
- Tax, wage and social debts +€51,529
up €51,529 (+57.9%), from €89,061 to €140,589
of which Taxes: +€26,771
- Profit (loss) carried forward +€50,042
up €50,042 (+5.5%), from €909,344 to €959,387
- Debts after one year -€49,294
down €49,294 (-6.2%), from €800,004 to €750,710
- Gross operating margin +€88,676
up €88,676 (+12.9%), from €686,726 to €775,402
- Staff costs +€82,916
up €82,916 (+21.9%), from €378,642 to €461,558
- Depreciation +€33,200
up €33,200 (+22.9%), from €145,059 to €178,259
- Financial income +€17,259
up €17,259 (+839%), from €2,057 to €19,316
- Other operating charges -€15,984
down €15,984 (-61.1%), from €26,147 to €10,163
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 | €2,425,149 | €2,437,304 | +€12,155 | +0.5% |
| Fixed assets | 21/28 | €1,654,979 | €1,752,429 | +€97,451 | +5.9% |
| Intangible fixed assets | 21 | €12,158 | €7,087 | -€5,071 | -41.7% |
| Tangible fixed assets | 22/27 | €1,630,976 | €1,733,447 | +€102,471 | +6.3% |
| Land and buildings | 22 | €1,507,690 | €1,551,607 | +€43,917 | +2.9% |
| Plant, machinery and equipment | 23 | €10,191 | €9,250 | -€941 | -9.2% |
| Furniture and vehicles | 24 | €88,712 | €140,924 | +€52,212 | +58.9% |
| Leasing and similar rights | 25 | €576 | €9,540 | +€8,964 | +1,556% |
| Other tangible fixed assets | 26 | €23,807 | €22,126 | -€1,681 | -7.1% |
| Financial fixed assets | 28 | €11,845 | €11,895 | +€50 | +0.4% |
| Current assets | 29/58 | €770,171 | €684,875 | -€85,296 | -11.1% |
| Stocks and contracts in progress | 3 | €216,802 | €307,492 | +€90,690 | +41.8% |
| Stocks | 30/36 | €216,802 | €307,492 | +€90,690 | +41.8% |
| Amounts receivable within one year | 40/41 | €306,228 | €359,656 | +€53,428 | +17.4% |
| Trade receivables | 40 | €294,041 | €350,392 | +€56,351 | +19.2% |
| Other amounts receivable | 41 | €12,187 | €9,265 | -€2,922 | -24.0% |
| Cash at bank and in hand | 54/58 | €185,604 | €13,264 | -€172,340 | -92.9% |
| Deferred charges and accrued income | 490/1 | €61,536 | €4,463 | -€57,074 | -92.7% |
| Total equity and liabilities | 10/49 | €2,425,149 | €2,437,304 | +€12,155 | +0.5% |
| Equity | 10/15 | €1,008,807 | €1,096,735 | +€87,928 | +8.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €37,490 | €75,375 | +€37,886 | +101% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €31,292 | €69,178 | +€37,886 | +121% |
| Profit (loss) carried forward | 14 | €909,344 | €959,387 | +€50,042 | +5.5% |
| Amounts payable | 17/49 | €1,416,342 | €1,340,569 | -€75,773 | -5.3% |
| Amounts payable after more than one year | 17 | €800,004 | €750,710 | -€49,294 | -6.2% |
| Financial debts | 170/4 | €800,004 | €750,710 | -€49,294 | -6.2% |
| Amounts payable within one year | 42/48 | €595,488 | €580,209 | -€15,279 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €113,246 | €126,702 | +€13,456 | +11.9% |
| Financial debts | 43 | €0 | €125,000 | +€125,000 | |
| Credit institutions | 430/8 | €0 | €125,000 | +€125,000 | |
| Trade debts | 44 | €373,181 | €187,917 | -€185,264 | -49.6% |
| Suppliers | 440/4 | €373,181 | €187,917 | -€185,264 | -49.6% |
| Taxes, remuneration and social security | 45 | €89,061 | €140,589 | +€51,529 | +57.9% |
| Taxes | 450/3 | €43,729 | €70,500 | +€26,771 | +61.2% |
| Remuneration and social security | 454/9 | €45,331 | €70,089 | +€24,758 | +54.6% |
| Other amounts payable | 47/48 | €20,000 | €0 | -€20,000 | -100% |
| Accrued charges and deferred income | 492/3 | €20,849 | €9,650 | -€11,199 | -53.7% |
| Non-recurring operating income | 76A | €1,393 | €783 | -€610 | -43.8% |
| Remuneration, social security and pensions | 62 | €378,642 | €461,558 | +€82,916 | +21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,059 | €178,259 | +€33,200 | +22.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€14,918 | -€23,475 | -€8,557 | -57.4% |
| Other operating charges | 640/8 | €26,147 | €10,163 | -€15,984 | -61.1% |
| Non-recurring operating charges | 66A | €304 | €0 | -€304 | -100% |
| Gross operating margin | 9900 | €686,726 | €775,402 | +€88,676 | +12.9% |
| Operating profit (loss) | 9901 | €151,492 | €148,897 | -€2,595 | -1.7% |
| Financial income | 75/76B | €2,057 | €19,316 | +€17,259 | +839% |
| Recurring financial income | 75 | €2,057 | €19,316 | +€17,259 | +839% |
| Financial charges | 65/66B | €30,777 | €39,742 | +€8,965 | +29.1% |
| Recurring financial charges | 65 | €30,777 | €39,742 | +€8,965 | +29.1% |
| Profit (loss) for the period before taxes | 9903 | €122,772 | €128,470 | +€5,699 | +4.6% |
| Income taxes | 67/77 | €30,147 | €40,542 | +€10,396 | +34.5% |
| Profit (loss) for the period | 9904 | €92,625 | €87,928 | -€4,697 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €92,625 | €87,928 | -€4,697 | -5.1% |
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 21 October 2026 via checked.be.