INES: 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.
INES
Largest movements
- Receivables within one year +€115,557
up €115,557 (+21.5%), from €538,248 to €653,805
of which Other amounts receivable: +€86,845
- Stocks and contracts +€83,871
up €83,871 (+73.0%), from €114,824 to €198,695
- Cash -€50,907
down €50,907 (-96.3%), from €52,849 to €1,942
mainly Receivables within one year (-€115,557) and Stocks and contracts (-€83,871)
- Reserves +€70,243
up €70,243 (+29.5%), from €238,396 to €308,638
- Trade debts -€50,209
down €50,209 (-15.3%), from €327,788 to €277,579
- Advances received +€46,887
up €46,887 (+35.7%), from €131,159 to €178,046
- Short-term financial debts +€35,105
new in 2025: €35,105
- Other debts +€29,652
up €29,652 (+614.5%), from €4,825 to €34,477
- Gross operating margin +€45,972
up €45,972 (+46.0%), from €99,895 to €145,867
- Other operating charges +€23,804
up €23,804 (+715.9%), from €3,325 to €27,129
- Taxes +€9,681
up €9,681 (+56.4%), from €17,157 to €26,838
- Financial income +€9,078
up €9,078 (+374.7%), from €2,423 to €11,500
- Depreciation -€8,311
down €8,311 (-34.0%), from €24,430 to €16,119
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 | €777,976 | €930,283 | +€152,306 | +19.6% |
| Fixed assets | 21/28 | €72,055 | €72,775 | +€720 | +1.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €72,055 | €72,775 | +€720 | +1.0% |
| Furniture and vehicles | 24 | €72,055 | €72,775 | +€720 | +1.0% |
| Current assets | 29/58 | €705,921 | €857,508 | +€151,587 | +21.5% |
| Stocks and contracts in progress | 3 | €114,824 | €198,695 | +€83,871 | +73.0% |
| Stocks | 30/36 | €114,824 | €198,695 | +€83,871 | +73.0% |
| Amounts receivable within one year | 40/41 | €538,248 | €653,805 | +€115,557 | +21.5% |
| Trade receivables | 40 | €456,941 | €485,653 | +€28,712 | +6.3% |
| Other amounts receivable | 41 | €81,307 | €168,152 | +€86,845 | +106.8% |
| Cash at bank and in hand | 54/58 | €52,849 | €1,942 | -€50,907 | -96.3% |
| Deferred charges and accrued income | 490/1 | €0 | €3,066 | +€3,066 | |
| Total equity and liabilities | 10/49 | €777,976 | €930,283 | +€152,306 | +19.6% |
| Equity | 10/15 | €244,596 | €314,838 | +€70,243 | +28.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €238,396 | €308,638 | +€70,243 | +29.5% |
| Distributable reserves | 133 | €238,396 | €308,638 | +€70,243 | +29.5% |
| Amounts payable | 17/49 | €533,381 | €615,444 | +€82,064 | +15.4% |
| Amounts payable after more than one year | 17 | €25,547 | €21,026 | -€4,521 | -17.7% |
| Financial debts | 170/4 | €25,547 | €21,026 | -€4,521 | -17.7% |
| Amounts payable within one year | 42/48 | €507,834 | €584,975 | +€77,140 | +15.2% |
| Current portion of amounts payable after more than one year | 42 | €26,905 | €32,930 | +€6,025 | +22.4% |
| Financial debts | 43 | - | €35,105 | +€35,105 | |
| Credit institutions | 430/8 | - | €35,105 | +€35,105 | |
| Trade debts | 44 | €327,788 | €277,579 | -€50,209 | -15.3% |
| Suppliers | 440/4 | €327,788 | €277,579 | -€50,209 | -15.3% |
| Advances received on contracts in progress | 46 | €131,159 | €178,046 | +€46,887 | +35.7% |
| Taxes, remuneration and social security | 45 | €17,157 | €26,838 | +€9,681 | +56.4% |
| Taxes | 450/3 | €17,157 | €26,838 | +€9,681 | +56.4% |
| Other amounts payable | 47/48 | €4,825 | €34,477 | +€29,652 | +614.5% |
| Accrued charges and deferred income | 492/3 | - | €9,444 | +€9,444 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,430 | €16,119 | -€8,311 | -34.0% |
| Other operating charges | 640/8 | €3,325 | €27,129 | +€23,804 | +715.9% |
| Gross operating margin | 9900 | €99,895 | €145,867 | +€45,972 | +46.0% |
| Operating profit (loss) | 9901 | €72,139 | €102,618 | +€30,479 | +42.3% |
| Financial income | 75/76B | €2,423 | €11,500 | +€9,078 | +374.7% |
| Recurring financial income | 75 | €2,423 | €11,500 | +€9,078 | +374.7% |
| Financial charges | 65/66B | €12,668 | €17,038 | +€4,370 | +34.5% |
| Recurring financial charges | 65 | €12,668 | €17,038 | +€4,370 | +34.5% |
| Profit (loss) for the period before taxes | 9903 | €61,894 | €97,081 | +€35,187 | +56.8% |
| Income taxes | 67/77 | €17,157 | €26,838 | +€9,681 | +56.4% |
| Profit (loss) for the period | 9904 | €44,737 | €70,243 | +€25,506 | +57.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,737 | €70,243 | +€25,506 | +57.0% |
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 12 October 2026 via checked.be.