IneCo: 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.
IneCo
Largest movements
- Cash +€167,509
up €167,509 (+442%), from €37,930 to €205,438
mainly Net result for the year (+€317,763) and Depreciation (+€11,304)
- Current investments +€50,000
up €50,000 (+71.4%), from €70,000 to €120,000
- Tangible fixed assets -€11,304
down €11,304 (-52.0%), from €21,759 to €10,455
- Reserves +€317,763
up €317,763 (+124%), from €255,746 to €573,509
- Debts after one year -€110,000
down €110,000 (-44.9%), from €245,000 to €135,000
- Financial income +€151,550
up €151,550 (+154%), from €98,114 to €249,665
- Gross operating margin +€29,404
up €29,404 (+31.1%), from €94,478 to €123,882
- Depreciation +€10,455
up €10,455 (+1,231%), from €849 to €11,304
- Taxes +€6,173
up €6,173 (+35.5%), from €17,366 to €23,539
- Financial charges -€6,010
down €6,010 (-23.1%), from €26,074 to €20,063
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.
Derived cash bridge
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 | €643,287 | €849,884 | +€206,597 | +32.1% |
| Fixed assets | 21/28 | €521,834 | €510,530 | -€11,304 | -2.2% |
| Tangible fixed assets | 22/27 | €21,759 | €10,455 | -€11,304 | -52.0% |
| Furniture and vehicles | 24 | €21,759 | €10,455 | -€11,304 | -52.0% |
| Financial fixed assets | 28 | €500,075 | €500,075 | = | 0.0% |
| Current assets | 29/58 | €121,453 | €339,354 | +€217,902 | +179% |
| Amounts receivable within one year | 40/41 | €12,496 | €12,871 | +€374 | +3.0% |
| Trade receivables | 40 | €12,496 | €12,871 | +€374 | +3.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €70,000 | €120,000 | +€50,000 | +71.4% |
| Cash at bank and in hand | 54/58 | €37,930 | €205,438 | +€167,509 | +442% |
| Deferred charges and accrued income | 490/1 | €1,027 | €1,045 | +€18 | +1.8% |
| Total equity and liabilities | 10/49 | €643,287 | €849,884 | +€206,597 | +32.1% |
| Equity | 10/15 | €256,746 | €574,509 | +€317,763 | +124% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €255,746 | €573,509 | +€317,763 | +124% |
| Distributable reserves | 133 | €255,746 | €573,509 | +€317,763 | +124% |
| Amounts payable | 17/49 | €386,541 | €275,375 | -€111,166 | -28.8% |
| Amounts payable after more than one year | 17 | €245,000 | €135,000 | -€110,000 | -44.9% |
| Financial debts | 170/4 | €245,000 | €135,000 | -€110,000 | -44.9% |
| Amounts payable within one year | 42/48 | €137,852 | €134,858 | -€2,994 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €110,000 | €110,000 | = | 0.0% |
| Trade debts | 44 | €509 | €501 | -€9 | -1.7% |
| Suppliers | 440/4 | €509 | €501 | -€9 | -1.7% |
| Taxes, remuneration and social security | 45 | €15,249 | €12,263 | -€2,986 | -19.6% |
| Taxes | 450/3 | €15,249 | €12,263 | -€2,986 | -19.6% |
| Other amounts payable | 47/48 | €12,095 | €12,095 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,689 | €5,517 | +€1,829 | +49.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €849 | €11,304 | +€10,455 | +1,231% |
| Other operating charges | 640/8 | €609 | €878 | +€269 | +44.1% |
| Gross operating margin | 9900 | €94,478 | €123,882 | +€29,404 | +31.1% |
| Operating profit (loss) | 9901 | €93,019 | €111,700 | +€18,681 | +20.1% |
| Financial income | 75/76B | €98,114 | €249,665 | +€151,550 | +154% |
| Recurring financial income | 75 | €98,114 | €249,665 | +€151,550 | +154% |
| Financial charges | 65/66B | €26,074 | €20,063 | -€6,010 | -23.1% |
| Recurring financial charges | 65 | €26,074 | €20,063 | -€6,010 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €165,060 | €341,302 | +€176,242 | +107% |
| Income taxes | 67/77 | €17,366 | €23,539 | +€6,173 | +35.5% |
| Profit (loss) for the period | 9904 | €147,695 | €317,763 | +€170,068 | +115% |
| Profit (loss) for the period to be appropriated | 9905 | €147,695 | €317,763 | +€170,068 | +115% |
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 25 October 2026 via checked.be.