INCOTECH: 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.
INCOTECH
Largest movements
- Cash +€41,153
up €41,153 (+76.2%), from €54,034 to €95,187
mainly Net result for the year (+€107,328) and Current investments (+€26,874)
- Tangible fixed assets +€31,798
up €31,798 (+111.1%), from €28,610 to €60,409
of which Furniture and vehicles: +€35,252
- Current investments -€26,874
down €26,874 (-5.0%), from €534,037 to €507,163
- Receivables within one year +€16,096
up €16,096 (+59.5%), from €27,048 to €43,144
of which Trade receivables: +€16,271
- Reserves +€49,070
up €49,070 (+8.9%), from €552,441 to €601,511
- Current portion of long-term debt +€17,818
new in 2025: €17,818
- Gross operating margin +€50,432
up €50,432 (+30.2%), from €167,019 to €217,451
- Taxes +€10,123
up €10,123 (+30.4%), from €33,271 to €43,394
- Financial charges +€5,579
up €5,579 (+166.7%), from €3,346 to €8,926
- Depreciation +€4,100
up €4,100 (+54.2%), from €7,571 to €11,671
- Staff costs +€2,351
up €2,351 (+4.7%), from €49,768 to €52,119
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 | €673,066 | €731,308 | +€58,242 | +8.7% |
| Fixed assets | 21/28 | €28,765 | €60,564 | +€31,798 | +110.5% |
| Tangible fixed assets | 22/27 | €28,610 | €60,409 | +€31,798 | +111.1% |
| Land and buildings | 22 | €28,217 | €24,928 | -€3,289 | -11.7% |
| Plant, machinery and equipment | 23 | €174 | €9 | -€165 | -94.8% |
| Furniture and vehicles | 24 | €220 | €35,472 | +€35,252 | +16031.6% |
| Financial fixed assets | 28 | €155 | €155 | = | 0.0% |
| Current assets | 29/58 | €644,300 | €670,744 | +€26,444 | +4.1% |
| Stocks and contracts in progress | 3 | €25,270 | €24,617 | -€653 | -2.6% |
| Stocks | 30/36 | €25,270 | €24,617 | -€653 | -2.6% |
| Amounts receivable within one year | 40/41 | €27,048 | €43,144 | +€16,096 | +59.5% |
| Trade receivables | 40 | €26,873 | €43,144 | +€16,271 | +60.5% |
| Other amounts receivable | 41 | €175 | - | -€175 | |
| Current investments | 50/53 | €534,037 | €507,163 | -€26,874 | -5.0% |
| Cash at bank and in hand | 54/58 | €54,034 | €95,187 | +€41,153 | +76.2% |
| Deferred charges and accrued income | 490/1 | €3,912 | €633 | -€3,279 | -83.8% |
| Total equity and liabilities | 10/49 | €673,066 | €731,308 | +€58,242 | +8.7% |
| Equity | 10/15 | €571,033 | €620,103 | +€49,070 | +8.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €552,441 | €601,511 | +€49,070 | +8.9% |
| Distributable reserves | 133 | €552,441 | €601,511 | +€49,070 | +8.9% |
| Amounts payable | 17/49 | €102,033 | €111,204 | +€9,172 | +9.0% |
| Amounts payable after more than one year | 17 | €40,076 | €33,584 | -€6,492 | -16.2% |
| Financial debts | 170/4 | - | €9,098 | +€9,098 | |
| Other amounts payable | 178/9 | €40,076 | €24,486 | -€15,590 | -38.9% |
| Amounts payable within one year | 42/48 | €59,656 | €75,920 | +€16,264 | +27.3% |
| Current portion of amounts payable after more than one year | 42 | - | €17,818 | +€17,818 | |
| Trade debts | 44 | €40,338 | €38,699 | -€1,639 | -4.1% |
| Suppliers | 440/4 | €40,338 | €38,699 | -€1,639 | -4.1% |
| Taxes, remuneration and social security | 45 | €19,318 | €19,403 | +€85 | +0.4% |
| Taxes | 450/3 | €12,240 | €13,767 | +€1,528 | +12.5% |
| Remuneration and social security | 454/9 | €7,078 | €5,636 | -€1,443 | -20.4% |
| Accrued charges and deferred income | 492/3 | €2,300 | €1,700 | -€600 | -26.1% |
| Non-recurring operating income | 76A | - | €300 | +€300 | |
| Remuneration, social security and pensions | 62 | €49,768 | €52,119 | +€2,351 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,571 | €11,671 | +€4,100 | +54.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €223 | - | -€223 | |
| Other operating charges | 640/8 | €3,852 | €5,825 | +€1,972 | +51.2% |
| Gross operating margin | 9900 | €167,019 | €217,451 | +€50,432 | +30.2% |
| Operating profit (loss) | 9901 | €105,604 | €147,835 | +€42,232 | +40.0% |
| Financial income | 75/76B | €14,100 | €11,812 | -€2,289 | -16.2% |
| Recurring financial income | 75 | €14,100 | €11,812 | -€2,289 | -16.2% |
| Financial charges | 65/66B | €3,346 | €8,926 | +€5,579 | +166.7% |
| Recurring financial charges | 65 | €3,346 | €8,926 | +€5,579 | +166.7% |
| Profit (loss) for the period before taxes | 9903 | €116,358 | €150,721 | +€34,363 | +29.5% |
| Income taxes | 67/77 | €33,271 | €43,394 | +€10,123 | +30.4% |
| Profit (loss) for the period | 9904 | €83,087 | €107,328 | +€24,241 | +29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €83,087 | €107,328 | +€24,241 | +29.2% |
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 12 October 2026 via checked.be.