INCOPRO: 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.
INCOPRO
Largest movements
- Current investments +€44,542
up €44,542 (+10.1%), from €442,518 to €487,060
- Cash -€42,514
down €42,514 (-63.7%), from €66,788 to €24,274
mainly Current investments (-€44,542) and Debts after one year (-€39,837)
- Receivables within one year +€20,980
up €20,980 (+115%), from €18,323 to €39,303
of which Other amounts receivable: +€17,869
- Reserves +€48,455
up €48,455 (+14.3%), from €337,832 to €386,286
of which Distributable reserves: +€49,252
- Debts after one year -€39,837
down €39,837 (-13.4%), from €297,753 to €257,916
of which Financial debts: -€39,837
- Financial charges +€25,520
up €25,520 (+48.9%), from €52,199 to €77,719
- Gross operating margin +€12,892
up €12,892 (+9.2%), from €139,701 to €152,593
- Taxes -€4,597
down €4,597 (-19.3%), from €23,776 to €19,178
- Financial income -€2,975
down €2,975 (-30.4%), from €9,791 to €6,816
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 | €840,814 | €857,870 | +€17,056 | +2.0% |
| Fixed assets | 21/28 | €312,574 | €305,915 | -€6,659 | -2.1% |
| Tangible fixed assets | 22/27 | €312,574 | €305,915 | -€6,659 | -2.1% |
| Land and buildings | 22 | €303,982 | €297,674 | -€6,308 | -2.1% |
| Plant, machinery and equipment | 23 | €5,357 | €4,183 | -€1,173 | -21.9% |
| Other tangible fixed assets | 26 | €3,235 | €4,057 | +€822 | +25.4% |
| Current assets | 29/58 | €528,240 | €551,955 | +€23,716 | +4.5% |
| Amounts receivable within one year | 40/41 | €18,323 | €39,303 | +€20,980 | +115% |
| Trade receivables | 40 | €18,323 | €21,434 | +€3,112 | +17.0% |
| Other amounts receivable | 41 | - | €17,869 | +€17,869 | |
| Current investments | 50/53 | €442,518 | €487,060 | +€44,542 | +10.1% |
| Cash at bank and in hand | 54/58 | €66,788 | €24,274 | -€42,514 | -63.7% |
| Deferred charges and accrued income | 490/1 | €611 | €1,318 | +€708 | +116% |
| Total equity and liabilities | 10/49 | €840,814 | €857,870 | +€17,056 | +2.0% |
| Equity | 10/15 | €387,446 | €435,901 | +€48,455 | +12.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €337,832 | €386,286 | +€48,455 | +14.3% |
| Tax-exempt reserves | 132 | €127,449 | €126,651 | -€797 | -0.6% |
| Distributable reserves | 133 | €210,383 | €259,635 | +€49,252 | +23.4% |
| Profit (loss) carried forward | 14 | €19,614 | €19,614 | +€0 | 0.0% |
| Provisions and deferred taxes | 16 | €31,862 | €31,663 | -€199 | -0.6% |
| Deferred taxes | 168 | €31,862 | €31,663 | -€199 | -0.6% |
| Amounts payable | 17/49 | €421,506 | €390,307 | -€31,199 | -7.4% |
| Amounts payable after more than one year | 17 | €297,753 | €257,916 | -€39,837 | -13.4% |
| Financial debts | 170/4 | €192,753 | €152,916 | -€39,837 | -20.7% |
| Other amounts payable | 178/9 | €105,000 | €105,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €115,332 | €124,957 | +€9,625 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €39,260 | €39,837 | +€577 | +1.5% |
| Trade debts | 44 | €6,587 | €7,364 | +€777 | +11.8% |
| Suppliers | 440/4 | €6,587 | €7,364 | +€777 | +11.8% |
| Taxes, remuneration and social security | 45 | €8,032 | €11,466 | +€3,434 | +42.8% |
| Taxes | 450/3 | €8,032 | €11,466 | +€3,434 | +42.8% |
| Other amounts payable | 47/48 | €61,453 | €66,291 | +€4,837 | +7.9% |
| Accrued charges and deferred income | 492/3 | €8,421 | €7,434 | -€987 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,505 | €12,113 | +€607 | +5.3% |
| Other operating charges | 640/8 | €1,807 | €2,144 | +€337 | +18.6% |
| Gross operating margin | 9900 | €139,701 | €152,593 | +€12,892 | +9.2% |
| Operating profit (loss) | 9901 | €126,389 | €138,336 | +€11,948 | +9.5% |
| Financial income | 75/76B | €9,791 | €6,816 | -€2,975 | -30.4% |
| Recurring financial income | 75 | €9,791 | €6,816 | -€2,975 | -30.4% |
| Financial charges | 65/66B | €52,199 | €77,719 | +€25,520 | +48.9% |
| Recurring financial charges | 65 | €52,199 | €77,719 | +€25,520 | +48.9% |
| Profit (loss) for the period before taxes | 9903 | €83,981 | €67,433 | -€16,547 | -19.7% |
| Transfer from deferred taxes | 780 | €199 | €199 | = | 0.0% |
| Income taxes | 67/77 | €23,776 | €19,178 | -€4,597 | -19.3% |
| Profit (loss) for the period | 9904 | €60,405 | €48,455 | -€11,950 | -19.8% |
| Transfer from tax-exempt reserves | 789 | €797 | €797 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €61,202 | €49,252 | -€11,950 | -19.5% |
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 20 October 2026 via checked.be.