Incofin Foundation: 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.
Incofin Foundation
Largest movements
- Financial fixed assets +€5.2m
up €5.2m (+789%), from €664,043 to €5.9m
- Investment grants +€4.9m
up €4.9m (+370%), from €1.3m to €6.2m
- Profit (loss) carried forward +€297,642
up €297,642, from -€4,579 to €293,063
- Financial income +€827,275
up €827,275 (+467%), from €176,976 to €1.0m
- Turnover +€306,825
new in 2025: €306,825
- Gross operating margin +€297,736
up €297,736, from -€175,824 to €121,913
- Taxes +€48,220
up €48,220 (+1,973%), from €2,443 to €50,664
- Financial charges +€11,924
up €11,924 (+506%), from €2,355 to €14,278
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 | €1,320,872 | €6,545,661 | +€5.2m | +396% |
| Fixed assets | 21/28 | €664,043 | €5,905,386 | +€5.2m | +789% |
| Financial fixed assets | 28 | €664,043 | €5,905,386 | +€5.2m | +789% |
| Current assets | 29/58 | €656,829 | €640,275 | -€16,554 | -2.5% |
| Amounts receivable within one year | 40/41 | €62 | - | -€62 | |
| Trade receivables | 40 | €62 | - | -€62 | |
| Cash at bank and in hand | 54/58 | €656,767 | €640,275 | -€16,492 | -2.5% |
| Total equity and liabilities | 10/49 | €1,320,872 | €6,545,661 | +€5.2m | +396% |
| Equity | 10/15 | €1,312,712 | €6,471,790 | +€5.2m | +393% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,579 | €293,063 | +€297,642 | |
| Investment grants | 15 | €1,312,291 | €6,173,727 | +€4.9m | +370% |
| Amounts payable | 17/49 | €8,160 | €73,871 | +€65,711 | +805% |
| Amounts payable within one year | 42/48 | €8,160 | €73,871 | +€65,711 | +805% |
| Trade debts | 44 | €4,682 | €23,942 | +€19,260 | +411% |
| Suppliers | 440/4 | €4,682 | €23,942 | +€19,260 | +411% |
| Taxes, remuneration and social security | 45 | €3,477 | €49,929 | +€46,452 | +1,336% |
| Taxes | 450/3 | €3,477 | €49,929 | +€46,452 | +1,336% |
| Turnover | 70 | - | €306,825 | +€306,825 | |
| Goods, raw materials, services and sundry goods | 60/61 | €175,824 | €184,912 | +€9,088 | +5.2% |
| Other operating charges | 640/8 | €222 | €163 | -€59 | -26.5% |
| Non-recurring operating charges | 66A | - | €763,425 | +€763,425 | |
| Gross operating margin | 9900 | -€175,824 | €121,913 | +€297,736 | |
| Operating profit (loss) | 9901 | -€176,045 | -€641,675 | -€465,630 | -264% |
| Financial income | 75/76B | €176,976 | €1,004,251 | +€827,275 | +467% |
| Recurring financial income | 75 | €176,976 | €1,004,251 | +€827,275 | +467% |
| Financial charges | 65/66B | €2,355 | €14,278 | +€11,924 | +506% |
| Recurring financial charges | 65 | €2,355 | €14,278 | +€11,924 | +506% |
| Profit (loss) for the period before taxes | 9903 | -€1,424 | €348,297 | +€349,722 | |
| Income taxes | 67/77 | €2,443 | €50,664 | +€48,220 | +1,973% |
| Profit (loss) for the period | 9904 | -€3,868 | €297,634 | +€301,501 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,868 | €297,634 | +€301,501 |
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 26 October 2026 via checked.be.