INCOPACK: 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
INCOPACK
NACE 10.890, Manufacture of food products
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€16.5m
2024 · €10.5m+€6.0m
Equity
€65.8m
2024 · €49.3m+€16.5m
Cash
€12.0m
2024 · €13.2m-€1.2m
Balance sheet total
€85.4m
2024 · €74.2m+€11.2m
Largest movements
Assets
- Receivables after one year +€10.7m
new in 2025: €10.7m
- Receivables within one year +€5.2m
up €5.2m (+24.5%), from €21.1m to €26.2m
of which Other amounts receivable: +€5.0m
- Financial fixed assets -€2.7m
down €2.7m (-11.5%), from €23.7m to €21.0m
- Cash -€1.2m
down €1.2m (-8.8%), from €13.2m to €12.0m
mainly Receivables after one year (-€10.7m) and Receivables within one year (-€5.2m)
- Stocks and contracts -€979,678
down €979,678 (-15.8%), from €6.2m to €5.2m
Equity and liabilities
- Reserves +€16.5m
up €16.5m (+35.3%), from €46.8m to €63.3m
of which Distributable reserves: +€16.5m
- Debts after one year -€2.7m
down €2.7m (-26.1%), from €10.5m to €7.8m
of which Financial debts: -€2.8m
- Trade debts -€2.5m
down €2.5m (-21.1%), from €12.0m to €9.4m
Income statement
- Turnover +€9.3m
up €9.3m (+6.9%), from €135.1m to €144.4m
- Financial income +€2.5m
up €2.5m (+520.5%), from €488,041 to €3.0m
of which Non-recurring financial income: +€2.3m
- Depreciation -€1.5m
down €1.5m (-45.1%), from €3.3m to €1.8m
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
€10.5m
Turnover
+€9.3m
Other operating income
+€82,371
Goods and materials
-€1.3m
Services and other goods
-€1.3m
Staff costs
-€785,308
Depreciation
+€1.5m
Write-downs
-€118,250
Provisions
-€101,742
Other operating charges
+€32,305
Other operating items
-€2.6m
Financial income
+€2.5m
Financial charges
+€12,507
Taxes
-€1.3m
Result 2025
€16.5m
Cash bridge derived
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
+€1.4m
Investment
+€765,964
Financing
-€3.3m
Cash 2024
€13.2m
From operations (derived)
+€1.4m
Net result for the year
+€16.5m
Depreciation
+€1.8m
Receivables after one year
-€10.7m
Stocks and contracts
+€979,678
Receivables within one year
-€5.2m
Smaller working-capital items
+€9,745
Trade debts
-€2.5m
Tax, wage and social debts
+€401,826
Accrued charges and deferred income
+€70,498
Investment (derived)
+€765,964
Investment in fixed assets (net)
+€791,031
Current investments
-€25,067
Financing
-€3.3m
Debts after one year
-€2.7m
Current portion of long-term debt
-€578,159
Cash 2025
€12.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €74,201,449 | €85,358,719 | +€11.2m | +15.0% |
| Fixed assets | 21/28 | €33,467,521 | €30,860,376 | -€2.6m | -7.8% |
| Tangible fixed assets | 22/27 | €9,722,265 | €9,841,726 | +€119,461 | +1.2% |
| Land and buildings | 22 | €2,925,797 | €2,811,302 | -€114,496 | -3.9% |
| Plant, machinery and equipment | 23 | €4,091,388 | €4,838,610 | +€747,222 | +18.3% |
| Furniture and vehicles | 24 | €313,514 | €238,196 | -€75,318 | -24.0% |
| Leasing and similar rights | 25 | €2,391,566 | €1,875,099 | -€516,467 | -21.6% |
| Assets under construction and advance payments | 27 | - | €78,520 | +€78,520 | |
| Financial fixed assets | 28 | €23,745,256 | €21,018,651 | -€2.7m | -11.5% |
| Affiliated companies | 280/1 | €23,745,256 | €21,018,651 | -€2.7m | -11.5% |
| Participating interests | 280 | €23,745,256 | €21,018,651 | -€2.7m | -11.5% |
| Current assets | 29/58 | €40,733,928 | €54,498,342 | +€13.8m | +33.8% |
| Amounts receivable after more than one year | 29 | - | €10,703,538 | +€10.7m | |
| Other amounts receivable | 291 | - | €10,703,538 | +€10.7m | |
| Stocks and contracts in progress | 3 | €6,190,493 | €5,210,815 | -€979,678 | -15.8% |
| Stocks | 30/36 | €6,190,493 | €5,210,815 | -€979,678 | -15.8% |
| Raw materials and consumables | 30/31 | €3,328,022 | €3,454,093 | +€126,072 | +3.8% |
| Finished goods | 33 | €2,862,471 | €1,756,721 | -€1.1m | -38.6% |
| Amounts receivable within one year | 40/41 | €21,079,022 | €26,245,958 | +€5.2m | +24.5% |
| Trade receivables | 40 | €20,515,616 | €20,646,032 | +€130,417 | +0.6% |
| Other amounts receivable | 41 | €563,407 | €5,599,925 | +€5.0m | +893.9% |
| Current investments | 50/53 | €81,678 | €106,745 | +€25,067 | +30.7% |
| Other investments | 51/53 | €81,678 | €106,745 | +€25,067 | +30.7% |
| Cash at bank and in hand | 54/58 | €13,199,996 | €12,033,213 | -€1.2m | -8.8% |
| Deferred charges and accrued income | 490/1 | €182,739 | €198,074 | +€15,335 | +8.4% |
| Total equity and liabilities | 10/49 | €74,201,449 | €85,358,719 | +€11.2m | +15.0% |
| Equity | 10/15 | €49,306,786 | €65,820,754 | +€16.5m | +33.5% |
| Contributions | 10/11 | €2,479,000 | €2,479,000 | = | 0.0% |
| Capital | 10 | €2,479,000 | €2,479,000 | = | 0.0% |
| Issued capital | 100 | €2,479,000 | €2,479,000 | = | 0.0% |
| Reserves | 13 | €46,827,786 | €63,341,754 | +€16.5m | +35.3% |
| Non-distributable reserves | 130/1 | €247,900 | €247,900 | = | 0.0% |
| Legal reserve | 130 | €247,900 | €247,900 | = | 0.0% |
| Distributable reserves | 133 | €46,579,886 | €63,093,854 | +€16.5m | +35.5% |
| Provisions and deferred taxes | 16 | €81,604 | €106,684 | +€25,080 | +30.7% |
| Provisions for liabilities and charges | 160/5 | €81,604 | €106,684 | +€25,080 | +30.7% |
| Other liabilities and charges | 164/5 | €81,604 | €106,684 | +€25,080 | +30.7% |
| Amounts payable | 17/49 | €24,813,060 | €19,431,280 | -€5.4m | -21.7% |
| Amounts payable after more than one year | 17 | €10,532,254 | €7,784,368 | -€2.7m | -26.1% |
| Financial debts | 170/4 | €6,196,764 | €3,425,109 | -€2.8m | -44.7% |
| Leasing and similar obligations | 172 | €4,146,050 | €3,425,109 | -€720,940 | -17.4% |
| Credit institutions | 173 | €2,050,714 | - | -€2.1m | |
| Other amounts payable | 178/9 | €4,335,491 | €4,359,259 | +€23,768 | +0.5% |
| Amounts payable within one year | 42/48 | €14,276,989 | €11,572,598 | -€2.7m | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €1,299,099 | €720,940 | -€578,159 | -44.5% |
| Trade debts | 44 | €11,968,235 | €9,440,177 | -€2.5m | -21.1% |
| Suppliers | 440/4 | €11,968,235 | €9,440,177 | -€2.5m | -21.1% |
| Taxes, remuneration and social security | 45 | €1,009,655 | €1,411,481 | +€401,826 | +39.8% |
| Taxes | 450/3 | €55,365 | €410,067 | +€354,702 | +640.7% |
| Remuneration and social security | 454/9 | €954,290 | €1,001,414 | +€47,123 | +4.9% |
| Accrued charges and deferred income | 492/3 | €3,816 | €74,314 | +€70,498 | +1847.2% |
| Operating income | 70/76A | €137,125,095 | €143,938,342 | +€6.8m | +5.0% |
| Turnover | 70 | €135,124,251 | €144,416,742 | +€9.3m | +6.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €844,618 | -€1,105,750 | -€2.0m | |
| Other operating income | 74 | €526,954 | €609,325 | +€82,371 | +15.6% |
| Non-recurring operating income | 76A | €629,272 | €18,025 | -€611,247 | -97.1% |
| Operating charges | 60/66A | €123,519,156 | €125,590,132 | +€2.1m | +1.7% |
| Goods for resale, raw materials and consumables | 60 | €102,949,650 | €104,260,369 | +€1.3m | +1.3% |
| Purchases | 600/8 | €103,002,578 | €104,386,440 | +€1.4m | +1.3% |
| Change in stocks: decrease (increase) | 609 | -€52,928 | -€126,072 | -€73,144 | -138.2% |
| Services and other goods | 61 | €9,634,729 | €10,912,268 | +€1.3m | +13.3% |
| Remuneration, social security and pensions | 62 | €7,255,436 | €8,040,743 | +€785,308 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,306,391 | €1,816,113 | -€1.5m | -45.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €118,250 | +€118,250 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€76,662 | €25,080 | +€101,742 | |
| Other operating charges | 640/8 | €449,613 | €417,308 | -€32,305 | -7.2% |
| Operating profit (loss) | 9901 | €13,605,938 | €18,348,211 | +€4.7m | +34.9% |
| Financial income | 75/76B | €488,041 | €3,028,383 | +€2.5m | +520.5% |
| Recurring financial income | 75 | €488,041 | €715,756 | +€227,715 | +46.7% |
| Income from current assets | 751 | €227,188 | €490,947 | +€263,759 | +116.1% |
| Other financial income | 752/9 | €260,853 | €224,810 | -€36,043 | -13.8% |
| Non-recurring financial income | 76B | - | €2,312,626 | +€2.3m | |
| Financial charges | 65/66B | €298,624 | €286,116 | -€12,507 | -4.2% |
| Recurring financial charges | 65 | €298,624 | €286,116 | -€12,507 | -4.2% |
| Debt charges | 650 | €127,774 | €100,864 | -€26,910 | -21.1% |
| Other financial charges | 652/9 | €170,850 | €185,253 | +€14,403 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €13,795,355 | €21,090,477 | +€7.3m | +52.9% |
| Income taxes | 67/77 | €3,302,874 | €4,576,509 | +€1.3m | +38.6% |
| Taxes | 670/3 | €3,302,874 | €4,576,509 | +€1.3m | +38.6% |
| Profit (loss) for the period | 9904 | €10,492,482 | €16,513,968 | +€6.0m | +57.4% |
| Profit (loss) for the period to be appropriated | 9905 | €10,492,482 | €16,513,968 | +€6.0m | +57.4% |
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 10 October 2026 via checked.be.