INE VS: 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.
INE VS
Largest movements
- Receivables after one year +€55,658
up €55,658 (+21.2%), from €262,707 to €318,365
- Cash +€16,599
up €16,599 (+30.5%), from €54,422 to €71,021
mainly Net result for the year (+€77,400) and Depreciation (+€14,636)
- Tangible fixed assets -€13,307
down €13,307 (-21.6%), from €61,553 to €48,247
of which Furniture and vehicles: -€11,524
- Receivables within one year -€12,455
no longer reported in 2025 (was €12,455)
- Reserves +€77,400
up €77,400 (+22.9%), from €337,673 to €415,073
- Tax, wage and social debts -€29,985
down €29,985 (-57.7%), from €51,971 to €21,986
- Gross operating margin -€23,385
down €23,385 (-17.7%), from €131,987 to €108,602
- Taxes -€7,808
down €7,808 (-26.2%), from €29,794 to €21,986
- Depreciation +€7,208
up €7,208 (+97.0%), from €7,428 to €14,636
- Financial income -€1,681
down €1,681 (-20.8%), from €8,081 to €6,400
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 | €392,596 | €439,252 | +€46,657 | +11.9% |
| Fixed assets | 21/28 | €61,553 | €48,247 | -€13,307 | -21.6% |
| Tangible fixed assets | 22/27 | €61,553 | €48,247 | -€13,307 | -21.6% |
| Plant, machinery and equipment | 23 | €4,895 | €3,113 | -€1,783 | -36.4% |
| Furniture and vehicles | 24 | €56,658 | €45,134 | -€11,524 | -20.3% |
| Current assets | 29/58 | €331,042 | €391,006 | +€59,964 | +18.1% |
| Amounts receivable after more than one year | 29 | €262,707 | €318,365 | +€55,658 | +21.2% |
| Other amounts receivable | 291 | €262,707 | €318,365 | +€55,658 | +21.2% |
| Amounts receivable within one year | 40/41 | €12,455 | - | -€12,455 | |
| Other amounts receivable | 41 | €12,455 | - | -€12,455 | |
| Cash at bank and in hand | 54/58 | €54,422 | €71,021 | +€16,599 | +30.5% |
| Deferred charges and accrued income | 490/1 | €1,459 | €1,620 | +€161 | +11.0% |
| Total equity and liabilities | 10/49 | €392,596 | €439,252 | +€46,657 | +11.9% |
| Equity | 10/15 | €339,673 | €417,073 | +€77,400 | +22.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €337,673 | €415,073 | +€77,400 | +22.9% |
| Distributable reserves | 133 | €337,673 | €415,073 | +€77,400 | +22.9% |
| Amounts payable | 17/49 | €52,922 | €22,179 | -€30,743 | -58.1% |
| Amounts payable within one year | 42/48 | €52,922 | €22,179 | -€30,743 | -58.1% |
| Trade debts | 44 | €951 | €193 | -€758 | -79.7% |
| Suppliers | 440/4 | €951 | €193 | -€758 | -79.7% |
| Taxes, remuneration and social security | 45 | €51,971 | €21,986 | -€29,985 | -57.7% |
| Taxes | 450/3 | €51,971 | €21,986 | -€29,985 | -57.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,428 | €14,636 | +€7,208 | +97.0% |
| Other operating charges | 640/8 | €236 | €934 | +€698 | +295.8% |
| Gross operating margin | 9900 | €131,987 | €108,602 | -€23,385 | -17.7% |
| Operating profit (loss) | 9901 | €124,323 | €93,033 | -€31,291 | -25.2% |
| Financial income | 75/76B | €8,081 | €6,400 | -€1,681 | -20.8% |
| Recurring financial income | 75 | €8,081 | €6,400 | -€1,681 | -20.8% |
| Financial charges | 65/66B | €75 | €47 | -€29 | -38.0% |
| Recurring financial charges | 65 | €75 | €47 | -€29 | -38.0% |
| Profit (loss) for the period before taxes | 9903 | €132,329 | €99,386 | -€32,943 | -24.9% |
| Income taxes | 67/77 | €29,794 | €21,986 | -€7,808 | -26.2% |
| Profit (loss) for the period | 9904 | €102,536 | €77,400 | -€25,135 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €102,536 | €77,400 | -€25,135 | -24.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.