INEC: 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.
INEC
Largest movements
- Receivables within one year -€397,007
down €397,007 (-27.7%), from €1.4m to €1.0m
of which Other amounts receivable: -€225,057
- Tangible fixed assets -€38,777
down €38,777 (-20.8%), from €186,065 to €147,288
of which Furniture and vehicles: -€36,454
- Trade debts -€198,460
down €198,460 (-37.2%), from €534,173 to €335,713
- Other debts -€110,348
down €110,348 (-20.4%), from €540,348 to €430,000
- Tax, wage and social debts -€74,712
down €74,712 (-28.5%), from €262,549 to €187,837
of which Remuneration and social security: -€42,282
- Profit (loss) carried forward -€74,600
down €74,600 (-32.7%), from €228,184 to €153,584
- Gross operating margin -€191,875
down €191,875 (-11.9%), from €1.6m to €1.4m
- Taxes -€31,233
down €31,233 (-19.3%), from €161,746 to €130,513
- Staff costs -€30,644
down €30,644 (-3.3%), from €922,107 to €891,463
- Financial income +€19,036
up €19,036 (+207.1%), from €9,192 to €28,228
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 | €1,655,250 | €1,211,794 | -€443,455 | -26.8% |
| Fixed assets | 21/28 | €186,085 | €147,308 | -€38,777 | -20.8% |
| Tangible fixed assets | 22/27 | €186,065 | €147,288 | -€38,777 | -20.8% |
| Plant, machinery and equipment | 23 | €4,872 | €2,549 | -€2,323 | -47.7% |
| Furniture and vehicles | 24 | €181,192 | €144,738 | -€36,454 | -20.1% |
| Financial fixed assets | 28 | €20 | €20 | = | 0.0% |
| Current assets | 29/58 | €1,469,165 | €1,064,487 | -€404,678 | -27.5% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €119 | €140 | +€21 | +17.6% |
| Stocks | 30/36 | €119 | €140 | +€21 | +17.6% |
| Amounts receivable within one year | 40/41 | €1,434,712 | €1,037,704 | -€397,007 | -27.7% |
| Trade receivables | 40 | €630,381 | €458,430 | -€171,951 | -27.3% |
| Other amounts receivable | 41 | €804,331 | €579,274 | -€225,057 | -28.0% |
| Cash at bank and in hand | 54/58 | €6,051 | €6,064 | +€14 | +0.2% |
| Deferred charges and accrued income | 490/1 | €28,283 | €20,577 | -€7,705 | -27.2% |
| Total equity and liabilities | 10/49 | €1,655,250 | €1,211,794 | -€443,455 | -26.8% |
| Equity | 10/15 | €295,834 | €221,234 | -€74,600 | -25.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €228,184 | €153,584 | -€74,600 | -32.7% |
| Amounts payable | 17/49 | €1,359,416 | €990,561 | -€368,855 | -27.1% |
| Amounts payable within one year | 42/48 | €1,337,070 | €953,550 | -€383,520 | -28.7% |
| Trade debts | 44 | €534,173 | €335,713 | -€198,460 | -37.2% |
| Suppliers | 440/4 | €534,173 | €335,713 | -€198,460 | -37.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €262,549 | €187,837 | -€74,712 | -28.5% |
| Taxes | 450/3 | €128,122 | €95,692 | -€32,430 | -25.3% |
| Remuneration and social security | 454/9 | €134,427 | €92,145 | -€42,282 | -31.5% |
| Other amounts payable | 47/48 | €540,348 | €430,000 | -€110,348 | -20.4% |
| Accrued charges and deferred income | 492/3 | €22,346 | €37,011 | +€14,665 | +65.6% |
| Non-recurring operating income | 76A | €455 | €0 | -€455 | -100.0% |
| Remuneration, social security and pensions | 62 | €922,107 | €891,463 | -€30,644 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,213 | €38,777 | +€6,564 | +20.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,471 | €3,224 | -€1,247 | -27.9% |
| Other operating charges | 640/8 | €7,314 | €6,069 | -€1,245 | -17.0% |
| Non-recurring operating charges | 66A | €21,719 | €0 | -€21,719 | -100.0% |
| Gross operating margin | 9900 | €1,606,879 | €1,415,004 | -€191,875 | -11.9% |
| Operating profit (loss) | 9901 | €619,054 | €475,471 | -€143,583 | -23.2% |
| Financial income | 75/76B | €9,192 | €28,228 | +€19,036 | +207.1% |
| Recurring financial income | 75 | €9,192 | €28,228 | +€19,036 | +207.1% |
| Financial charges | 65/66B | €30,864 | €17,786 | -€13,078 | -42.4% |
| Recurring financial charges | 65 | €30,864 | €17,786 | -€13,078 | -42.4% |
| Profit (loss) for the period before taxes | 9903 | €597,383 | €485,913 | -€111,470 | -18.7% |
| Income taxes | 67/77 | €161,746 | €130,513 | -€31,233 | -19.3% |
| Profit (loss) for the period | 9904 | €435,636 | €355,400 | -€80,236 | -18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €435,636 | €355,400 | -€80,236 | -18.4% |
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.