INELEK: 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.
INELEK
Largest movements
- Receivables within one year +€35,205
up €35,205 (+105%), from €33,624 to €68,830
of which Trade receivables: +€38,942
- Cash -€13,038
down €13,038 (-48.5%), from €26,909 to €13,871
mainly Receivables within one year (-€35,205) and Other debts (-€10,620)
- Tangible fixed assets +€1,695
up €1,695 (+41.9%), from €4,040 to €5,734
- Trade debts +€37,516
up €37,516 (+36,698%), from €102 to €37,619
- Other debts -€10,620
down €10,620 (-16.1%), from €66,016 to €55,395
- Reserves -€1,969
down €1,969 (-12.7%), from €15,443 to €13,475
of which Distributable reserves: -€1,969
- Gross operating margin -€2,892
down €2,892 (-55.8%), from €5,180 to €2,288
- Taxes -€1,666
down €1,666 (-91.9%), from €1,812 to €146
- Other operating charges -€1,248
down €1,248 (-71.5%), from €1,746 to €497
- Staff costs -€1,143
no longer reported in 2025 (was €1,143)
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 | €89,573 | €114,435 | +€24,862 | +27.8% |
| Fixed assets | 21/28 | €4,040 | €5,734 | +€1,695 | +41.9% |
| Tangible fixed assets | 22/27 | €4,040 | €5,734 | +€1,695 | +41.9% |
| Furniture and vehicles | 24 | €4,040 | €5,734 | +€1,695 | +41.9% |
| Current assets | 29/58 | €85,533 | €108,700 | +€23,167 | +27.1% |
| Stocks and contracts in progress | 3 | €25,000 | €26,000 | +€1,000 | +4.0% |
| Contracts in progress | 37 | €25,000 | €26,000 | +€1,000 | +4.0% |
| Amounts receivable within one year | 40/41 | €33,624 | €68,830 | +€35,205 | +105% |
| Trade receivables | 40 | €23,681 | €62,623 | +€38,942 | +164% |
| Other amounts receivable | 41 | €9,944 | €6,207 | -€3,737 | -37.6% |
| Cash at bank and in hand | 54/58 | €26,909 | €13,871 | -€13,038 | -48.5% |
| Total equity and liabilities | 10/49 | €89,573 | €114,435 | +€24,862 | +27.8% |
| Equity | 10/15 | €21,643 | €19,675 | -€1,969 | -9.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €15,443 | €13,475 | -€1,969 | -12.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €13,583 | €11,615 | -€1,969 | -14.5% |
| Amounts payable | 17/49 | €67,930 | €94,760 | +€26,831 | +39.5% |
| Amounts payable within one year | 42/48 | €67,930 | €94,760 | +€26,831 | +39.5% |
| Trade debts | 44 | €102 | €37,619 | +€37,516 | +36,698% |
| Suppliers | 440/4 | €102 | €37,619 | +€37,516 | +36,698% |
| Taxes, remuneration and social security | 45 | €1,812 | €1,746 | -€66 | -3.6% |
| Taxes | 450/3 | €1,812 | €146 | -€1,666 | -91.9% |
| Remuneration and social security | 454/9 | - | €1,600 | +€1,600 | |
| Other amounts payable | 47/48 | €66,016 | €55,395 | -€10,620 | -16.1% |
| Remuneration, social security and pensions | 62 | €1,143 | - | -€1,143 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,388 | €3,376 | -€13 | -0.4% |
| Other operating charges | 640/8 | €1,746 | €497 | -€1,248 | -71.5% |
| Gross operating margin | 9900 | €5,180 | €2,288 | -€2,892 | -55.8% |
| Operating profit (loss) | 9901 | -€1,097 | -€1,585 | -€488 | -44.5% |
| Financial income | 75/76B | €1 | €0 | -€0 | -40.0% |
| Recurring financial income | 75 | €1 | €0 | -€0 | -40.0% |
| Financial charges | 65/66B | €249 | €238 | -€12 | -4.6% |
| Recurring financial charges | 65 | €249 | €238 | -€12 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,346 | -€1,823 | -€477 | -35.4% |
| Income taxes | 67/77 | €1,812 | €146 | -€1,666 | -91.9% |
| Profit (loss) for the period | 9904 | -€3,157 | -€1,969 | +€1,189 | +37.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,157 | -€1,969 | +€1,189 | +37.6% |
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 30 October 2026 via checked.be.