INCUBATE: 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.
INCUBATE
Largest movements
- Tangible fixed assets +€55,083
up €55,083 (+448.0%), from €12,295 to €67,378
of which Furniture and vehicles: +€35,534
- Receivables within one year +€34,510
up €34,510 (+230.4%), from €14,980 to €49,490
of which Trade receivables: +€22,784
- Cash -€21,826
down €21,826 (-22.1%), from €98,926 to €77,100
mainly Investment in fixed assets (net) (-€75,536) and Receivables within one year (-€34,510)
- Deferred charges and accrued income -€2,020
down €2,020 (-83.5%), from €2,418 to €398
- Reserves +€31,194
up €31,194 (+44.0%), from €70,886 to €102,080
- Debts after one year +€15,336
new in 2025: €15,336
- Other debts +€8,192
up €8,192 (+43.9%), from €18,640 to €26,832
- Current portion of long-term debt +€5,510
up €5,510 (+127.0%), from €4,339 to €9,850
- Tax, wage and social debts +€4,858
up €4,858 (+57.6%), from €8,432 to €13,290
of which Taxes: +€4,861
- Gross operating margin +€18,954
up €18,954 (+27.7%), from €68,323 to €87,277
- Financial income +€17,480
up €17,480 (+9212.4%), from €190 to €17,669
of which Non-recurring financial income: +€17,306
- Taxes +€10,021
up €10,021 (+71.1%), from €14,101 to €24,122
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 | €128,619 | €194,711 | +€66,092 | +51.4% |
| Fixed assets | 21/28 | €12,295 | €67,723 | +€55,428 | +450.8% |
| Tangible fixed assets | 22/27 | €12,295 | €67,378 | +€55,083 | +448.0% |
| Land and buildings | 22 | - | €19,595 | +€19,595 | |
| Furniture and vehicles | 24 | €11,931 | €47,464 | +€35,534 | +297.8% |
| Other tangible fixed assets | 26 | €365 | €319 | -€45 | -12.5% |
| Financial fixed assets | 28 | - | €345 | +€345 | |
| Current assets | 29/58 | €116,324 | €126,988 | +€10,665 | +9.2% |
| Amounts receivable within one year | 40/41 | €14,980 | €49,490 | +€34,510 | +230.4% |
| Trade receivables | 40 | €13,794 | €36,578 | +€22,784 | +165.2% |
| Other amounts receivable | 41 | €1,186 | €12,911 | +€11,726 | +988.9% |
| Cash at bank and in hand | 54/58 | €98,926 | €77,100 | -€21,826 | -22.1% |
| Deferred charges and accrued income | 490/1 | €2,418 | €398 | -€2,020 | -83.5% |
| Total equity and liabilities | 10/49 | €128,619 | €194,711 | +€66,092 | +51.4% |
| Equity | 10/15 | €92,886 | €124,080 | +€31,194 | +33.6% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €70,886 | €102,080 | +€31,194 | +44.0% |
| Distributable reserves | 133 | €70,886 | €102,080 | +€31,194 | +44.0% |
| Amounts payable | 17/49 | €35,734 | €70,631 | +€34,898 | +97.7% |
| Amounts payable after more than one year | 17 | - | €15,336 | +€15,336 | |
| Financial debts | 170/4 | - | €15,336 | +€15,336 | |
| Amounts payable within one year | 42/48 | €35,734 | €55,296 | +€19,562 | +54.7% |
| Current portion of amounts payable after more than one year | 42 | €4,339 | €9,850 | +€5,510 | +127.0% |
| Trade debts | 44 | €4,322 | €5,323 | +€1,002 | +23.2% |
| Suppliers | 440/4 | €4,322 | €5,323 | +€1,002 | +23.2% |
| Taxes, remuneration and social security | 45 | €8,432 | €13,290 | +€4,858 | +57.6% |
| Taxes | 450/3 | €6,171 | €11,032 | +€4,861 | +78.8% |
| Remuneration and social security | 454/9 | €2,261 | €2,258 | -€3 | -0.1% |
| Other amounts payable | 47/48 | €18,640 | €26,832 | +€8,192 | +43.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,469 | €20,108 | +€639 | +3.3% |
| Other operating charges | 640/8 | €2,035 | €2,191 | +€156 | +7.7% |
| Gross operating margin | 9900 | €68,323 | €87,277 | +€18,954 | +27.7% |
| Operating profit (loss) | 9901 | €46,818 | €64,977 | +€18,159 | +38.8% |
| Financial income | 75/76B | €190 | €17,669 | +€17,480 | +9212.4% |
| Recurring financial income | 75 | €190 | €364 | +€174 | +91.6% |
| Non-recurring financial income | 76B | - | €17,306 | +€17,306 | |
| Financial charges | 65/66B | €515 | €870 | +€355 | +69.0% |
| Recurring financial charges | 65 | €515 | €870 | +€355 | +69.0% |
| Profit (loss) for the period before taxes | 9903 | €46,493 | €81,777 | +€35,283 | +75.9% |
| Income taxes | 67/77 | €14,101 | €24,122 | +€10,021 | +71.1% |
| Profit (loss) for the period | 9904 | €32,392 | €57,654 | +€25,262 | +78.0% |
| Profit (loss) for the period to be appropriated | 9905 | €32,392 | €57,654 | +€25,262 | +78.0% |
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.