INEMCO: 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.
INEMCO
Largest movements
- Receivables within one year +€15,518
up €15,518 (+5.1%), from €303,534 to €319,052
of which Other amounts receivable: +€63,910
- Deferred charges and accrued income +€8,044
up €8,044 (+428%), from €1,879 to €9,923
- Cash +€5,943
up €5,943 (+42.8%), from €13,873 to €19,816
mainly Net result for the year (+€29,628) and Depreciation (+€3,698)
- Reserves +€29,628
up €29,628 (+9.9%), from €300,572 to €330,200
- Gross operating margin -€36,546
down €36,546 (-46.1%), from €79,352 to €42,806
- Taxes -€12,464
down €12,464 (-38.5%), from €32,369 to €19,905
- Financial income +€3,871
up €3,871 (+33.2%), from €11,676 to €15,547
- Financial charges +€2,616
up €2,616 (+148%), from €1,772 to €4,388
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 | €386,543 | €414,603 | +€28,060 | +7.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €16,366 | €14,921 | -€1,445 | -8.8% |
| Tangible fixed assets | 22/27 | €11,316 | €9,871 | -€1,445 | -12.8% |
| Plant, machinery and equipment | 23 | €2,136 | €1,271 | -€866 | -40.5% |
| Furniture and vehicles | 24 | €5,034 | €5,921 | +€887 | +17.6% |
| Other tangible fixed assets | 26 | €4,146 | €2,680 | -€1,466 | -35.4% |
| Financial fixed assets | 28 | €5,050 | €5,050 | = | 0.0% |
| Current assets | 29/58 | €370,176 | €399,682 | +€29,505 | +8.0% |
| Amounts receivable within one year | 40/41 | €303,534 | €319,052 | +€15,518 | +5.1% |
| Trade receivables | 40 | €48,591 | €199 | -€48,392 | -99.6% |
| Other amounts receivable | 41 | €254,943 | €318,853 | +€63,910 | +25.1% |
| Current investments | 50/53 | €50,891 | €50,891 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €13,873 | €19,816 | +€5,943 | +42.8% |
| Deferred charges and accrued income | 490/1 | €1,879 | €9,923 | +€8,044 | +428% |
| Total equity and liabilities | 10/49 | €386,543 | €414,603 | +€28,060 | +7.3% |
| Equity | 10/15 | €319,172 | €348,800 | +€29,628 | +9.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €300,572 | €330,200 | +€29,628 | +9.9% |
| Distributable reserves | 133 | €300,572 | €330,200 | +€29,628 | +9.9% |
| Amounts payable | 17/49 | €67,371 | €65,804 | -€1,567 | -2.3% |
| Amounts payable within one year | 42/48 | €67,371 | €65,804 | -€1,567 | -2.3% |
| Trade debts | 44 | €549 | €1,296 | +€747 | +136% |
| Suppliers | 440/4 | €549 | €1,296 | +€747 | +136% |
| Taxes, remuneration and social security | 45 | €66,822 | €64,507 | -€2,314 | -3.5% |
| Taxes | 450/3 | €66,822 | €64,507 | -€2,314 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,654 | €3,698 | +€44 | +1.2% |
| Other operating charges | 640/8 | €654 | €734 | +€80 | +12.2% |
| Gross operating margin | 9900 | €79,352 | €42,806 | -€36,546 | -46.1% |
| Operating profit (loss) | 9901 | €75,043 | €38,374 | -€36,670 | -48.9% |
| Financial income | 75/76B | €11,676 | €15,547 | +€3,871 | +33.2% |
| Recurring financial income | 75 | €11,676 | €15,547 | +€3,871 | +33.2% |
| Financial charges | 65/66B | €1,772 | €4,388 | +€2,616 | +148% |
| Recurring financial charges | 65 | €1,772 | €4,388 | +€2,616 | +148% |
| Profit (loss) for the period before taxes | 9903 | €84,947 | €49,533 | -€35,414 | -41.7% |
| Income taxes | 67/77 | €32,369 | €19,905 | -€12,464 | -38.5% |
| Profit (loss) for the period | 9904 | €52,577 | €29,628 | -€22,950 | -43.6% |
| Profit (loss) for the period to be appropriated | 9905 | €52,577 | €29,628 | -€22,950 | -43.6% |
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 25 October 2026 via checked.be.