Incubate: what changed
Two fiscal 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 +€140,450
up €140,450 (+1468.0%), from €9,568 to €150,018
of which Furniture and vehicles: +€135,784
- Cash +€118,512
up €118,512 (+140.1%), from €84,565 to €203,077
mainly Debts after one year (+€111,815) and Receivables within one year (+€103,573)
- Receivables within one year -€103,573
down €103,573 (-56.7%), from €182,828 to €79,255
of which Trade receivables: -€103,761
- Intangible fixed assets -€15,743
down €15,743 (-38.9%), from €40,480 to €24,737
- Debts after one year +€111,815
new in 2025: €111,815
- Other debts -€40,093
down €40,093 (-11.4%), from €350,285 to €310,192
- Current portion of long-term debt +€30,267
new in 2025: €30,267
- Profit (loss) carried forward +€28,099
up €28,099 (+16.1%), from -€174,219 to -€146,120
- Tax, wage and social debts +€14,757
up €14,757 (+96.6%), from €15,275 to €30,033
of which Taxes: +€10,302
- Gross operating margin +€8,250
up €8,250 (+4.8%), from €171,437 to €179,687
- Financial charges +€3,651
up €3,651 (+3925.9%), from €93 to €3,744
- Depreciation +€3,345
up €3,345 (+6.1%), from €54,813 to €58,158
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 | €320,153 | €459,895 | +€139,741 | +43.6% |
| Fixed assets | 21/28 | €50,047 | €174,755 | +€124,707 | +249.2% |
| Intangible fixed assets | 21 | €40,480 | €24,737 | -€15,743 | -38.9% |
| Tangible fixed assets | 22/27 | €9,568 | €150,018 | +€140,450 | +1468.0% |
| Plant, machinery and equipment | 23 | €556 | €5,222 | +€4,667 | +840.0% |
| Furniture and vehicles | 24 | €9,012 | €144,796 | +€135,784 | +1506.7% |
| Current assets | 29/58 | €270,106 | €285,140 | +€15,034 | +5.6% |
| Amounts receivable within one year | 40/41 | €182,828 | €79,255 | -€103,573 | -56.7% |
| Trade receivables | 40 | €182,828 | €79,067 | -€103,761 | -56.8% |
| Other amounts receivable | 41 | €0 | €188 | +€188 | |
| Cash at bank and in hand | 54/58 | €84,565 | €203,077 | +€118,512 | +140.1% |
| Deferred charges and accrued income | 490/1 | €2,713 | €2,809 | +€96 | +3.5% |
| Total equity and liabilities | 10/49 | €320,153 | €459,895 | +€139,741 | +43.6% |
| Equity | 10/15 | -€52,285 | -€24,186 | +€28,099 | +53.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €109,534 | €109,534 | = | 0.0% |
| Distributable reserves | 133 | €109,534 | €109,534 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€174,219 | -€146,120 | +€28,099 | +16.1% |
| Amounts payable | 17/49 | €372,439 | €484,081 | +€111,643 | +30.0% |
| Amounts payable after more than one year | 17 | - | €111,815 | +€111,815 | |
| Financial debts | 170/4 | - | €111,815 | +€111,815 | |
| Amounts payable within one year | 42/48 | €369,039 | €372,266 | +€3,227 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | - | €30,267 | +€30,267 | |
| Trade debts | 44 | €3,478 | €1,775 | -€1,704 | -49.0% |
| Suppliers | 440/4 | €3,478 | €1,775 | -€1,704 | -49.0% |
| Taxes, remuneration and social security | 45 | €15,275 | €30,033 | +€14,757 | +96.6% |
| Taxes | 450/3 | €3,806 | €14,108 | +€10,302 | +270.7% |
| Remuneration and social security | 454/9 | €11,469 | €15,925 | +€4,456 | +38.9% |
| Other amounts payable | 47/48 | €350,285 | €310,192 | -€40,093 | -11.4% |
| Accrued charges and deferred income | 492/3 | €3,400 | €0 | -€3,400 | -100.0% |
| Remuneration, social security and pensions | 62 | €86,980 | €88,155 | +€1,175 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,813 | €58,158 | +€3,345 | +6.1% |
| Other operating charges | 640/8 | €355 | €917 | +€562 | +158.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €171,437 | €179,687 | +€8,250 | +4.8% |
| Operating profit (loss) | 9901 | €29,290 | €32,457 | +€3,168 | +10.8% |
| Financial income | 75/76B | €113 | €4 | -€110 | -96.8% |
| Recurring financial income | 75 | €113 | €4 | -€110 | -96.8% |
| Financial charges | 65/66B | €93 | €3,744 | +€3,651 | +3925.9% |
| Recurring financial charges | 65 | €93 | €3,744 | +€3,651 | +3925.9% |
| Profit (loss) for the period before taxes | 9903 | €29,310 | €28,717 | -€593 | -2.0% |
| Income taxes | 67/77 | €321 | €618 | +€297 | +92.7% |
| Profit (loss) for the period | 9904 | €28,989 | €28,099 | -€891 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,989 | €28,099 | -€891 | -3.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.