INCORP: 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.
INCORP
Largest movements
- Cash -€87,086
down €87,086 (-84.0%), from €103,706 to €16,619
mainly Contributions, distributions and other (-€71,568) and Trade debts (-€39,073)
- Receivables within one year +€8,999
up €8,999 (+14.6%), from €61,727 to €70,726
of which Trade receivables: +€6,838
- Tangible fixed assets +€3,771
up €3,771 (+17.4%), from €21,641 to €25,412
- Financial fixed assets +€3,000
new in 2025: €3,000
- Trade debts -€39,073
down €39,073 (-88.2%), from €44,299 to €5,225
- Profit (loss) carried forward -€17,587
down €17,587 (-100.0%), from €17,587 to €0
- Other debts -€10,600
down €10,600 (-19.3%), from €55,000 to €44,400
- Tax, wage and social debts -€3,490
down €3,490 (-4.8%), from €72,077 to €68,587
of which Remuneration and social security: -€2,480
- Gross operating margin -€62,707
down €62,707 (-28.6%), from €218,930 to €156,223
- Staff costs -€61,108
down €61,108 (-48.3%), from €126,628 to €65,520
- Write-downs -€21,206
down €21,206 (-100.0%), from €21,206 to €0
- Taxes +€4,182
up €4,182 (+29.3%), from €14,297 to €18,479
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €190,963 | €120,911 | -€70,052 | -36.7% |
| Fixed assets | 21/28 | €21,641 | €28,412 | +€6,771 | +31.3% |
| Tangible fixed assets | 22/27 | €21,641 | €25,412 | +€3,771 | +17.4% |
| Furniture and vehicles | 24 | €21,641 | €25,412 | +€3,771 | +17.4% |
| Financial fixed assets | 28 | - | €3,000 | +€3,000 | |
| Current assets | 29/58 | €169,322 | €92,499 | -€76,823 | -45.4% |
| Amounts receivable within one year | 40/41 | €61,727 | €70,726 | +€8,999 | +14.6% |
| Trade receivables | 40 | €61,727 | €68,565 | +€6,838 | +11.1% |
| Other amounts receivable | 41 | - | €2,161 | +€2,161 | |
| Cash at bank and in hand | 54/58 | €103,706 | €16,619 | -€87,086 | -84.0% |
| Deferred charges and accrued income | 490/1 | €3,889 | €5,154 | +€1,265 | +32.5% |
| Total equity and liabilities | 10/49 | €190,963 | €120,911 | -€70,052 | -36.7% |
| Equity | 10/15 | €19,587 | €2,000 | -€17,587 | -89.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,587 | €0 | -€17,587 | -100.0% |
| Amounts payable | 17/49 | €171,376 | €118,911 | -€52,465 | -30.6% |
| Amounts payable within one year | 42/48 | €171,376 | €118,911 | -€52,465 | -30.6% |
| Financial debts | 43 | - | €698 | +€698 | |
| Credit institutions | 430/8 | - | €0 | = | |
| Other loans | 439 | - | €698 | +€698 | |
| Trade debts | 44 | €44,299 | €5,225 | -€39,073 | -88.2% |
| Suppliers | 440/4 | €44,299 | €5,225 | -€39,073 | -88.2% |
| Taxes, remuneration and social security | 45 | €72,077 | €68,587 | -€3,490 | -4.8% |
| Taxes | 450/3 | €51,354 | €50,344 | -€1,010 | -2.0% |
| Remuneration and social security | 454/9 | €20,723 | €18,243 | -€2,480 | -12.0% |
| Other amounts payable | 47/48 | €55,000 | €44,400 | -€10,600 | -19.3% |
| Remuneration, social security and pensions | 62 | €126,628 | €65,520 | -€61,108 | -48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,382 | €15,410 | +€1,027 | +7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €21,206 | €0 | -€21,206 | -100.0% |
| Other operating charges | 640/8 | €1,474 | €1,573 | +€99 | +6.7% |
| Non-recurring operating charges | 66A | - | €763 | +€763 | |
| Gross operating margin | 9900 | €218,930 | €156,223 | -€62,707 | -28.6% |
| Operating profit (loss) | 9901 | €55,240 | €72,957 | +€17,718 | +32.1% |
| Financial charges | 65/66B | €979 | €498 | -€480 | -49.1% |
| Recurring financial charges | 65 | €979 | €498 | -€480 | -49.1% |
| Profit (loss) for the period before taxes | 9903 | €54,261 | €72,459 | +€18,198 | +33.5% |
| Income taxes | 67/77 | €14,297 | €18,479 | +€4,182 | +29.3% |
| Profit (loss) for the period | 9904 | €39,964 | €53,980 | +€14,016 | +35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €39,964 | €53,980 | +€14,016 | +35.1% |
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 11 October 2026 via checked.be.