INELCO: 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.
INELCO
Largest movements
- Cash -€252,279
down €252,279 (-84.5%), from €298,525 to €46,246
mainly Debts after one year (-€530,000) and Investment in fixed assets (net) (-€35,302)
- Debts after one year -€530,000
down €530,000 (-77.9%), from €680,000 to €150,000
- Other debts +€257,795
up €257,795 (+23.7%), from €1.1m to €1.3m
- Profit (loss) carried forward +€24,611
up €24,611 (+10.5%), from €234,884 to €259,495
- Gross operating margin -€67,522
down €67,522 (-46.7%), from €144,666 to €77,144
- Taxes -€9,660
down €9,660 (-78.5%), from €12,300 to €2,640
- Financial charges +€1,543
up €1,543 (+5.1%), from €30,424 to €31,968
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 | €2,228,153 | €1,988,921 | -€239,232 | -10.7% |
| Fixed assets | 21/28 | €1,540,940 | €1,545,213 | +€4,273 | +0.3% |
| Tangible fixed assets | 22/27 | €1,424,701 | €1,433,198 | +€8,497 | +0.6% |
| Land and buildings | 22 | €1,412,175 | €1,422,898 | +€10,724 | +0.8% |
| Plant, machinery and equipment | 23 | €1,343 | €1,201 | -€142 | -10.6% |
| Furniture and vehicles | 24 | €11,183 | €9,099 | -€2,085 | -18.6% |
| Financial fixed assets | 28 | €116,239 | €112,015 | -€4,224 | -3.6% |
| Current assets | 29/58 | €687,213 | €443,708 | -€243,505 | -35.4% |
| Amounts receivable after more than one year | 29 | €375,000 | €375,000 | = | 0.0% |
| Other amounts receivable | 291 | €375,000 | €375,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €12,979 | €22,062 | +€9,083 | +70.0% |
| Trade receivables | 40 | €9,165 | €9,948 | +€783 | +8.5% |
| Other amounts receivable | 41 | €3,815 | €12,115 | +€8,300 | +217.6% |
| Cash at bank and in hand | 54/58 | €298,525 | €46,246 | -€252,279 | -84.5% |
| Deferred charges and accrued income | 490/1 | €708 | €399 | -€309 | -43.6% |
| Total equity and liabilities | 10/49 | €2,228,153 | €1,988,921 | -€239,232 | -10.7% |
| Equity | 10/15 | €450,909 | €475,520 | +€24,611 | +5.5% |
| Contributions | 10/11 | €212,000 | €212,000 | = | 0.0% |
| Capital | 10 | €212,000 | €212,000 | = | 0.0% |
| Issued capital | 100 | €212,000 | €212,000 | = | 0.0% |
| Reserves | 13 | €4,024 | €4,024 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,024 | €4,024 | = | 0.0% |
| Legal reserve | 130 | €4,024 | €4,024 | = | 0.0% |
| Profit (loss) carried forward | 14 | €234,884 | €259,495 | +€24,611 | +10.5% |
| Amounts payable | 17/49 | €1,777,244 | €1,513,401 | -€263,843 | -14.8% |
| Amounts payable after more than one year | 17 | €680,000 | €150,000 | -€530,000 | -77.9% |
| Financial debts | 170/4 | €680,000 | €150,000 | -€530,000 | -77.9% |
| Amounts payable within one year | 42/48 | €1,095,719 | €1,361,813 | +€266,094 | +24.3% |
| Trade debts | 44 | €99 | €8,291 | +€8,192 | +8286.8% |
| Suppliers | 440/4 | €99 | €8,291 | +€8,192 | +8286.8% |
| Taxes, remuneration and social security | 45 | €8,111 | €8,218 | +€107 | +1.3% |
| Taxes | 450/3 | €8,111 | €8,218 | +€107 | +1.3% |
| Other amounts payable | 47/48 | €1,087,509 | €1,345,304 | +€257,795 | +23.7% |
| Accrued charges and deferred income | 492/3 | €1,526 | €1,588 | +€62 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,422 | €31,029 | +€607 | +2.0% |
| Other operating charges | 640/8 | €12,577 | €12,764 | +€187 | +1.5% |
| Gross operating margin | 9900 | €144,666 | €77,144 | -€67,522 | -46.7% |
| Operating profit (loss) | 9901 | €101,667 | €33,351 | -€68,315 | -67.2% |
| Financial income | 75/76B | €25,883 | €25,867 | -€16 | -0.1% |
| Recurring financial income | 75 | €25,883 | €25,867 | -€16 | -0.1% |
| Financial charges | 65/66B | €30,424 | €31,968 | +€1,543 | +5.1% |
| Recurring financial charges | 65 | €30,424 | €31,968 | +€1,543 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €97,126 | €27,251 | -€69,875 | -71.9% |
| Income taxes | 67/77 | €12,300 | €2,640 | -€9,660 | -78.5% |
| Profit (loss) for the period | 9904 | €84,826 | €24,611 | -€60,215 | -71.0% |
| Profit (loss) for the period to be appropriated | 9905 | €84,826 | €24,611 | -€60,215 | -71.0% |
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 6 October 2026 via checked.be.