INCUBEL: 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.
INCUBEL
Largest movements
- Receivables within one year -€3.3m
down €3.3m (-39.0%), from €8.4m to €5.1m
of which Other amounts receivable: -€2.9m
- Deferred charges and accrued income -€205,151
down €205,151 (-98.3%), from €208,695 to €3,543
- Current investments +€127,660
new in 2025: €127,660
- Cash +€107,000
up €107,000 (+705.6%), from €15,164 to €122,165
mainly Receivables within one year (+€3.3m) and Net result for the year (+€1.9m)
- Trade debts -€2.6m
down €2.6m (-63.1%), from €4.2m to €1.5m
- Reserves -€605,857
down €605,857 (-15.1%), from €4.0m to €3.4m
of which Distributable reserves: -€605,857
- Turnover -€7.9m
down €7.9m (-22.7%), from €34.9m to €27.0m
- Goods and materials -€4.6m
down €4.6m (-17.9%), from €25.6m to €21.0m
- Services and other goods -€913,820
down €913,820 (-22.6%), from €4.0m to €3.1m
- Other operating charges -€855,393
down €855,393 (-99.8%), from €856,841 to €1,448
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 | €8,633,856 | €5,380,868 | -€3.3m | -37.7% |
| Current assets | 29/58 | €8,633,856 | €5,380,868 | -€3.3m | -37.7% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €8,409,997 | €5,127,501 | -€3.3m | -39.0% |
| Trade receivables | 40 | €2,088,522 | €1,717,406 | -€371,116 | -17.8% |
| Other amounts receivable | 41 | €6,321,475 | €3,410,094 | -€2.9m | -46.1% |
| Current investments | 50/53 | - | €127,660 | +€127,660 | |
| Other investments | 51/53 | - | €127,660 | +€127,660 | |
| Cash at bank and in hand | 54/58 | €15,164 | €122,165 | +€107,000 | +705.6% |
| Deferred charges and accrued income | 490/1 | €208,695 | €3,543 | -€205,151 | -98.3% |
| Total equity and liabilities | 10/49 | €8,633,856 | €5,380,868 | -€3.3m | -37.7% |
| Equity | 10/15 | €4,311,612 | €3,705,755 | -€605,857 | -14.1% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €4,011,612 | €3,405,755 | -€605,857 | -15.1% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €517,830 | €517,830 | = | 0.0% |
| Distributable reserves | 133 | €3,463,782 | €2,857,925 | -€605,857 | -17.5% |
| Amounts payable | 17/49 | €4,322,244 | €1,675,113 | -€2.6m | -61.2% |
| Amounts payable within one year | 42/48 | €4,322,244 | €1,675,113 | -€2.6m | -61.2% |
| Trade debts | 44 | €4,196,508 | €1,548,674 | -€2.6m | -63.1% |
| Suppliers | 440/4 | €4,196,508 | €1,548,674 | -€2.6m | -63.1% |
| Advances received on contracts in progress | 46 | €101,088 | €101,088 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €24,647 | €25,352 | +€704 | +2.9% |
| Remuneration and social security | 454/9 | €24,647 | €25,352 | +€704 | +2.9% |
| Operating income | 70/76A | €34,997,271 | €27,047,464 | -€7.9m | -22.7% |
| Turnover | 70 | €34,910,649 | €27,002,357 | -€7.9m | -22.7% |
| Other operating income | 74 | €3,847 | €2,365 | -€1,481 | -38.5% |
| Non-recurring operating income | 76A | €82,776 | €42,742 | -€40,034 | -48.4% |
| Operating charges | 60/66A | €30,778,413 | €24,348,867 | -€6.4m | -20.9% |
| Goods for resale, raw materials and consumables | 60 | €25,592,525 | €21,018,529 | -€4.6m | -17.9% |
| Purchases | 600/8 | €25,592,525 | €21,018,529 | -€4.6m | -17.9% |
| Services and other goods | 61 | €4,038,442 | €3,124,621 | -€913,820 | -22.6% |
| Remuneration, social security and pensions | 62 | €228,848 | €228,329 | -€520 | -0.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €54,257 | -€24,060 | -€78,317 | |
| Other operating charges | 640/8 | €856,841 | €1,448 | -€855,393 | -99.8% |
| Non-recurring operating charges | 66A | €7,500 | €0 | -€7,500 | -100.0% |
| Operating profit (loss) | 9901 | €4,218,858 | €2,698,597 | -€1.5m | -36.0% |
| Financial income | 75/76B | €256,904 | €33,316 | -€223,587 | -87.0% |
| Recurring financial income | 75 | €256,904 | €33,316 | -€223,587 | -87.0% |
| Income from current assets | 751 | €64,837 | €0 | -€64,837 | -100.0% |
| Other financial income | 752/9 | €192,066 | €33,316 | -€158,750 | -82.7% |
| Financial charges | 65/66B | €90,648 | €204,420 | +€113,772 | +125.5% |
| Recurring financial charges | 65 | €90,648 | €204,420 | +€113,772 | +125.5% |
| Debt charges | 650 | €280 | €0 | -€280 | -100.0% |
| Other financial charges | 652/9 | €90,369 | €204,420 | +€114,051 | +126.2% |
| Profit (loss) for the period before taxes | 9903 | €4,385,113 | €2,527,493 | -€1.9m | -42.4% |
| Income taxes | 67/77 | €917,019 | €633,350 | -€283,669 | -30.9% |
| Taxes | 670/3 | €917,019 | €633,350 | -€283,669 | -30.9% |
| Profit (loss) for the period | 9904 | €3,468,094 | €1,894,143 | -€1.6m | -45.4% |
| Transfer to tax-exempt reserves | 689 | €517,830 | €0 | -€517,830 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,950,264 | €1,894,143 | -€1.1m | -35.8% |
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.