INCOTEMA: 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.
INCOTEMA
Largest movements
- Current investments -€100,000
down €100,000 (-100%), from €100,000 to €0
- Cash +€98,365
up €98,365 (+45.8%), from €214,821 to €313,186
mainly Other debts (+€118,000) and Current investments (+€100,000)
- Receivables within one year -€29,485
down €29,485 (-24.2%), from €121,620 to €92,135
of which Other amounts receivable: -€29,611
- Reserves -€186,100
down €186,100 (-46.3%), from €401,890 to €215,790
- Other debts +€118,000
new in 2025: €118,000
- Tax, wage and social debts +€35,401
up €35,401 (+172%), from €20,600 to €56,001
of which Taxes: +€31,080
- Trade debts -€4,980
down €4,980 (-65.2%), from €7,642 to €2,662
- Gross operating margin +€16,972
up €16,972 (+13.8%), from €122,992 to €139,964
- Taxes +€8,957
up €8,957 (+26.2%), from €34,247 to €43,204
- Staff costs +€8,955
new in 2025: €8,955
- Financial income +€6,090
up €6,090 (+421%), from €1,445 to €7,535
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 | €443,917 | €410,224 | -€33,692 | -7.6% |
| Fixed assets | 21/28 | €7,476 | €4,903 | -€2,573 | -34.4% |
| Tangible fixed assets | 22/27 | €7,476 | €4,903 | -€2,573 | -34.4% |
| Plant, machinery and equipment | 23 | - | €1,555 | +€1,555 | |
| Furniture and vehicles | 24 | €7,476 | €3,348 | -€4,128 | -55.2% |
| Current assets | 29/58 | €436,441 | €405,321 | -€31,119 | -7.1% |
| Amounts receivable within one year | 40/41 | €121,620 | €92,135 | -€29,485 | -24.2% |
| Trade receivables | 40 | €21,329 | €21,455 | +€126 | +0.6% |
| Other amounts receivable | 41 | €100,291 | €70,680 | -€29,611 | -29.5% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100% |
| Cash at bank and in hand | 54/58 | €214,821 | €313,186 | +€98,365 | +45.8% |
| Total equity and liabilities | 10/49 | €443,917 | €410,224 | -€33,692 | -7.6% |
| Equity | 10/15 | €415,674 | €229,599 | -€186,075 | -44.8% |
| Contributions | 10/11 | €12,600 | €12,600 | = | 0.0% |
| Contributions outside capital | 11 | €12,600 | - | -€12,600 | |
| Other | 1109/19 | €12,600 | - | -€12,600 | |
| Reserves | 13 | €401,890 | €215,790 | -€186,100 | -46.3% |
| Distributable reserves | 133 | €401,890 | €215,790 | -€186,100 | -46.3% |
| Profit (loss) carried forward | 14 | €1,184 | €1,209 | +€25 | +2.1% |
| Amounts payable | 17/49 | €28,242 | €180,625 | +€152,383 | +540% |
| Amounts payable within one year | 42/48 | €28,242 | €178,375 | +€150,133 | +532% |
| Trade debts | 44 | €7,642 | €2,662 | -€4,980 | -65.2% |
| Suppliers | 440/4 | €7,642 | €2,662 | -€4,980 | -65.2% |
| Advances received on contracts in progress | 46 | - | €1,712 | +€1,712 | |
| Taxes, remuneration and social security | 45 | €20,600 | €56,001 | +€35,401 | +172% |
| Taxes | 450/3 | €20,600 | €51,680 | +€31,080 | +151% |
| Remuneration and social security | 454/9 | - | €4,321 | +€4,321 | |
| Other amounts payable | 47/48 | - | €118,000 | +€118,000 | |
| Accrued charges and deferred income | 492/3 | - | €2,250 | +€2,250 | |
| Non-recurring operating income | 76A | €23,369 | €0 | -€23,369 | -100% |
| Remuneration, social security and pensions | 62 | - | €8,955 | +€8,955 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,184 | €2,573 | +€389 | +17.8% |
| Other operating charges | 640/8 | €1,425 | €1,473 | +€48 | +3.4% |
| Non-recurring operating charges | 66A | €247 | €0 | -€247 | -100% |
| Gross operating margin | 9900 | €122,992 | €139,964 | +€16,972 | +13.8% |
| Operating profit (loss) | 9901 | €119,136 | €126,963 | +€7,827 | +6.6% |
| Financial income | 75/76B | €1,445 | €7,535 | +€6,090 | +421% |
| Recurring financial income | 75 | €1,445 | €7,535 | +€6,090 | +421% |
| Financial charges | 65/66B | €252 | €1,369 | +€1,117 | +444% |
| Recurring financial charges | 65 | €252 | €1,369 | +€1,117 | +444% |
| Profit (loss) for the period before taxes | 9903 | €120,329 | €133,129 | +€12,800 | +10.6% |
| Income taxes | 67/77 | €34,247 | €43,204 | +€8,957 | +26.2% |
| Profit (loss) for the period | 9904 | €86,082 | €89,925 | +€3,843 | +4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €86,082 | €89,925 | +€3,843 | +4.5% |
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 19 October 2026 via checked.be.