INEE: 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.
INEE
Largest movements
- Tangible fixed assets +€603,696
up €603,696 (+25.2%), from €2.4m to €3.0m
of which Land and buildings: +€602,864
- Cash +€31,906
up €31,906 (+144.7%), from €22,057 to €53,963
mainly Debts after one year (+€566,700) and Depreciation (+€116,708)
- Debts after one year +€566,700
up €566,700 (+158.8%), from €356,834 to €923,534
of which Financial debts: +€566,700
- Reserves +€69,016
up €69,016 (+77.4%), from €89,116 to €158,132
- Current portion of long-term debt +€53,704
up €53,704 (+118.5%), from €45,337 to €99,042
- Gross operating margin +€69,772
up €69,772 (+39.8%), from €175,486 to €245,259
- Taxes +€24,042
up €24,042 (+363.7%), from €6,609 to €30,651
- Financial charges +€13,942
up €13,942 (+306.0%), from €4,555 to €18,497
- Depreciation -€4,352
down €4,352 (-3.6%), from €121,060 to €116,708
- Other operating charges -€2,910
down €2,910 (-21.6%), from €13,491 to €10,582
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 | €2,468,529 | €3,120,700 | +€652,171 | +26.4% |
| Fixed assets | 21/28 | €2,393,218 | €2,996,914 | +€603,696 | +25.2% |
| Tangible fixed assets | 22/27 | €2,393,128 | €2,996,824 | +€603,696 | +25.2% |
| Land and buildings | 22 | €2,363,106 | €2,965,970 | +€602,864 | +25.5% |
| Furniture and vehicles | 24 | - | €2,541 | +€2,541 | |
| Other tangible fixed assets | 26 | €30,022 | €28,313 | -€1,710 | -5.7% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €75,311 | €123,786 | +€48,475 | +64.4% |
| Amounts receivable within one year | 40/41 | €50,777 | €67,678 | +€16,901 | +33.3% |
| Trade receivables | 40 | €7,852 | €60,250 | +€52,399 | +667.4% |
| Other amounts receivable | 41 | €42,926 | €7,428 | -€35,498 | -82.7% |
| Cash at bank and in hand | 54/58 | €22,057 | €53,963 | +€31,906 | +144.7% |
| Deferred charges and accrued income | 490/1 | €2,477 | €2,145 | -€332 | -13.4% |
| Total equity and liabilities | 10/49 | €2,468,529 | €3,120,700 | +€652,171 | +26.4% |
| Equity | 10/15 | €1,953,116 | €2,022,132 | +€69,016 | +3.5% |
| Contributions | 10/11 | €1,864,000 | €1,864,000 | = | 0.0% |
| Reserves | 13 | €89,116 | €158,132 | +€69,016 | +77.4% |
| Distributable reserves | 133 | €89,116 | €158,132 | +€69,016 | +77.4% |
| Amounts payable | 17/49 | €515,413 | €1,098,568 | +€583,155 | +113.1% |
| Amounts payable after more than one year | 17 | €356,834 | €923,534 | +€566,700 | +158.8% |
| Financial debts | 170/4 | €156,834 | €723,534 | +€566,700 | +361.3% |
| Trade debts | 175 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €158,579 | €175,034 | +€16,455 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €45,337 | €99,042 | +€53,704 | +118.5% |
| Trade debts | 44 | €31,633 | €22,539 | -€9,094 | -28.7% |
| Suppliers | 440/4 | €31,633 | €22,539 | -€9,094 | -28.7% |
| Taxes, remuneration and social security | 45 | €13,052 | €14,781 | +€1,729 | +13.2% |
| Taxes | 450/3 | €10,446 | €12,781 | +€2,335 | +22.4% |
| Remuneration and social security | 454/9 | €2,606 | €2,000 | -€606 | -23.3% |
| Other amounts payable | 47/48 | €68,557 | €38,672 | -€29,884 | -43.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,060 | €116,708 | -€4,352 | -3.6% |
| Other operating charges | 640/8 | €13,491 | €10,582 | -€2,910 | -21.6% |
| Gross operating margin | 9900 | €175,486 | €245,259 | +€69,772 | +39.8% |
| Operating profit (loss) | 9901 | €40,935 | €117,969 | +€77,034 | +188.2% |
| Financial income | 75/76B | €1,236 | €195 | -€1,041 | -84.2% |
| Recurring financial income | 75 | €1,236 | €195 | -€1,041 | -84.2% |
| Financial charges | 65/66B | €4,555 | €18,497 | +€13,942 | +306.0% |
| Recurring financial charges | 65 | €4,555 | €18,497 | +€13,942 | +306.0% |
| Profit (loss) for the period before taxes | 9903 | €37,615 | €99,667 | +€62,052 | +165.0% |
| Income taxes | 67/77 | €6,609 | €30,651 | +€24,042 | +363.7% |
| Profit (loss) for the period | 9904 | €31,006 | €69,016 | +€38,010 | +122.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,006 | €69,016 | +€38,010 | +122.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.