INCO: 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.
INCO
Largest movements
- Current investments +€20,000
up €20,000 (+11.4%), from €175,302 to €195,302
- Tangible fixed assets -€10,127
down €10,127 (-16.1%), from €62,759 to €52,632
of which Leasing and similar rights: -€10,421
- Reserves +€33,842
up €33,842 (+23.1%), from €146,434 to €180,276
- Debts after one year -€16,384
down €16,384 (-52.0%), from €31,493 to €15,109
- Accrued charges and deferred income -€3,913
down €3,913 (-54.2%), from €7,219 to €3,307
- Depreciation +€9,662
up €9,662 (+248%), from €3,896 to €13,558
- Gross operating margin -€6,519
down €6,519 (-9.0%), from €72,049 to €65,529
- Financial income +€4,193
up €4,193 (+254%), from €1,652 to €5,844
- Taxes -€3,848
down €3,848 (-18.0%), from €21,323 to €17,476
- Financial charges -€1,730
down €1,730 (-24.5%), from €7,074 to €5,344
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 | €282,761 | €293,156 | +€10,395 | +3.7% |
| Fixed assets | 21/28 | €86,759 | €76,632 | -€10,127 | -11.7% |
| Tangible fixed assets | 22/27 | €62,759 | €52,632 | -€10,127 | -16.1% |
| Furniture and vehicles | 24 | - | €904 | +€904 | |
| Leasing and similar rights | 25 | €58,074 | €47,653 | -€10,421 | -17.9% |
| Other tangible fixed assets | 26 | €4,685 | €4,075 | -€610 | -13.0% |
| Financial fixed assets | 28 | €24,000 | €24,000 | = | 0.0% |
| Current assets | 29/58 | €196,002 | €216,524 | +€20,522 | +10.5% |
| Amounts receivable within one year | 40/41 | €12,661 | €14,760 | +€2,099 | +16.6% |
| Trade receivables | 40 | €12,655 | €10,459 | -€2,196 | -17.4% |
| Other amounts receivable | 41 | €5 | €4,301 | +€4,296 | +79,107% |
| Current investments | 50/53 | €175,302 | €195,302 | +€20,000 | +11.4% |
| Cash at bank and in hand | 54/58 | €6,253 | €4,207 | -€2,046 | -32.7% |
| Deferred charges and accrued income | 490/1 | €1,786 | €2,256 | +€469 | +26.3% |
| Total equity and liabilities | 10/49 | €282,761 | €293,156 | +€10,395 | +3.7% |
| Equity | 10/15 | €158,834 | €192,676 | +€33,842 | +21.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €146,434 | €180,276 | +€33,842 | +23.1% |
| Distributable reserves | 133 | €146,434 | €180,276 | +€33,842 | +23.1% |
| Amounts payable | 17/49 | €123,927 | €100,480 | -€23,447 | -18.9% |
| Amounts payable after more than one year | 17 | €31,493 | €15,109 | -€16,384 | -52.0% |
| Financial debts | 170/4 | €31,493 | €15,109 | -€16,384 | -52.0% |
| Amounts payable within one year | 42/48 | €85,215 | €82,065 | -€3,150 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €24,883 | €25,428 | +€545 | +2.2% |
| Financial debts | 43 | €854 | €99 | -€755 | -88.4% |
| Other loans | 439 | €854 | €99 | -€755 | -88.4% |
| Trade debts | 44 | €1,496 | €994 | -€502 | -33.5% |
| Suppliers | 440/4 | €1,496 | €994 | -€502 | -33.5% |
| Taxes, remuneration and social security | 45 | €6,401 | €4,895 | -€1,506 | -23.5% |
| Taxes | 450/3 | €6,401 | €4,895 | -€1,506 | -23.5% |
| Other amounts payable | 47/48 | €51,582 | €50,649 | -€933 | -1.8% |
| Accrued charges and deferred income | 492/3 | €7,219 | €3,307 | -€3,913 | -54.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,896 | €13,558 | +€9,662 | +248% |
| Other operating charges | 640/8 | €513 | €589 | +€76 | +14.8% |
| Gross operating margin | 9900 | €72,049 | €65,529 | -€6,519 | -9.0% |
| Operating profit (loss) | 9901 | €67,639 | €51,382 | -€16,257 | -24.0% |
| Financial income | 75/76B | €1,652 | €5,844 | +€4,193 | +254% |
| Recurring financial income | 75 | €1,652 | €5,844 | +€4,193 | +254% |
| Financial charges | 65/66B | €7,074 | €5,344 | -€1,730 | -24.5% |
| Recurring financial charges | 65 | €7,074 | €5,344 | -€1,730 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €62,216 | €51,883 | -€10,334 | -16.6% |
| Income taxes | 67/77 | €21,323 | €17,476 | -€3,848 | -18.0% |
| Profit (loss) for the period | 9904 | €40,893 | €34,407 | -€6,486 | -15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €40,893 | €34,407 | -€6,486 | -15.9% |
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 18 October 2026 via checked.be.