INES ALMEIDA: 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 ALMEIDA
Largest movements
- Cash +€198,927
up €198,927 (+914%), from €21,757 to €220,684
mainly Current investments (+€132,917) and Depreciation (+€92,358)
- Current investments -€132,917
down €132,917 (-85.8%), from €154,917 to €22,000
- Tangible fixed assets -€84,148
down €84,148 (-15.2%), from €553,608 to €469,460
- Receivables within one year -€22,470
down €22,470 (-65.2%), from €34,474 to €12,004
of which Other amounts receivable: -€22,470
- Debts after one year -€40,319
down €40,319 (-10.9%), from €368,642 to €328,323
- Trade debts -€8,577
down €8,577 (-32.3%), from €26,566 to €17,989
- Reserves +€8,534
up €8,534 (+2.6%), from €328,265 to €336,799
of which Distributable reserves: +€8,534
- Financial income -€131,454
down €131,454 (-99.2%), from €132,470 to €1,017
- Gross operating margin +€102,698
up €102,698 (+72.6%), from €141,363 to €244,061
- Depreciation +€19,016
up €19,016 (+25.9%), from €73,343 to €92,358
- Taxes -€5,878
down €5,878 (-52.5%), from €11,195 to €5,317
- Staff costs +€4,010
up €4,010 (+3.3%), from €120,379 to €124,389
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 | €772,355 | €731,747 | -€40,608 | -5.3% |
| Fixed assets | 21/28 | €561,208 | €477,060 | -€84,148 | -15.0% |
| Tangible fixed assets | 22/27 | €553,608 | €469,460 | -€84,148 | -15.2% |
| Land and buildings | 22 | €394,657 | €360,473 | -€34,183 | -8.7% |
| Plant, machinery and equipment | 23 | €117,909 | €84,593 | -€33,316 | -28.3% |
| Furniture and vehicles | 24 | €41,042 | €24,393 | -€16,649 | -40.6% |
| Financial fixed assets | 28 | €7,600 | €7,600 | = | 0.0% |
| Current assets | 29/58 | €211,147 | €254,688 | +€43,540 | +20.6% |
| Amounts receivable within one year | 40/41 | €34,474 | €12,004 | -€22,470 | -65.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €34,474 | €12,004 | -€22,470 | -65.2% |
| Current investments | 50/53 | €154,917 | €22,000 | -€132,917 | -85.8% |
| Cash at bank and in hand | 54/58 | €21,757 | €220,684 | +€198,927 | +914% |
| Total equity and liabilities | 10/49 | €772,355 | €731,747 | -€40,608 | -5.3% |
| Equity | 10/15 | €331,265 | €339,799 | +€8,534 | +2.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €328,265 | €336,799 | +€8,534 | +2.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €328,265 | €336,799 | +€8,534 | +2.6% |
| Amounts payable | 17/49 | €441,089 | €391,948 | -€49,141 | -11.1% |
| Amounts payable after more than one year | 17 | €368,642 | €328,323 | -€40,319 | -10.9% |
| Financial debts | 170/4 | €368,642 | €328,323 | -€40,319 | -10.9% |
| Amounts payable within one year | 42/48 | €72,447 | €63,625 | -€8,822 | -12.2% |
| Current portion of amounts payable after more than one year | 42 | €45,881 | €40,319 | -€5,562 | -12.1% |
| Trade debts | 44 | €26,566 | €17,989 | -€8,577 | -32.3% |
| Suppliers | 440/4 | €26,566 | €17,989 | -€8,577 | -32.3% |
| Taxes, remuneration and social security | 45 | - | €5,317 | +€5,317 | |
| Taxes | 450/3 | - | €5,317 | +€5,317 | |
| Remuneration, social security and pensions | 62 | €120,379 | €124,389 | +€4,010 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,343 | €92,358 | +€19,016 | +25.9% |
| Other operating charges | 640/8 | €809 | €1,547 | +€738 | +91.3% |
| Gross operating margin | 9900 | €141,363 | €244,061 | +€102,698 | +72.6% |
| Operating profit (loss) | 9901 | -€53,168 | €25,766 | +€78,934 | |
| Financial income | 75/76B | €132,470 | €1,017 | -€131,454 | -99.2% |
| Recurring financial income | 75 | €132,470 | €1,017 | -€131,454 | -99.2% |
| Financial charges | 65/66B | €12,789 | €12,932 | +€143 | +1.1% |
| Recurring financial charges | 65 | €12,789 | €12,932 | +€143 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €66,513 | €13,851 | -€52,663 | -79.2% |
| Income taxes | 67/77 | €11,195 | €5,317 | -€5,878 | -52.5% |
| Profit (loss) for the period | 9904 | €55,318 | €8,534 | -€46,785 | -84.6% |
| Profit (loss) for the period to be appropriated | 9905 | €55,318 | €8,534 | -€46,785 | -84.6% |
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 23 October 2026 via checked.be.