INES EXPRESS: 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 EXPRESS
Largest movements
- Stocks and contracts -€15,133
down €15,133 (-14.4%), from €104,859 to €89,725
- Cash -€11,686
down €11,686 (-7.5%), from €155,085 to €143,400
mainly Trade debts (-€77,054) and Tax, wage and social debts (-€15,925)
- Receivables within one year -€6,395
down €6,395 (-4.8%), from €134,378 to €127,983
of which Trade receivables: -€10,062
- Trade debts -€77,054
down €77,054 (-26.4%), from €291,565 to €214,511
- Profit (loss) carried forward +€44,026
up €44,026, from -€37,054 to €6,973
- Other debts +€25,800
up €25,800 (+25.7%), from €100,500 to €126,300
- Tax, wage and social debts -€15,925
down €15,925 (-32.5%), from €49,019 to €33,094
of which Remuneration and social security: -€15,754
- Staff costs -€68,135
down €68,135 (-29.0%), from €235,285 to €167,150
- Gross operating margin +€50,495
up €50,495 (+27.4%), from €184,189 to €234,684
- Financial charges -€7,548
down €7,548 (-40.7%), from €18,541 to €10,993
- Other operating charges +€6,545
up €6,545 (+318%), from €2,058 to €8,602
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 | €511,925 | €483,007 | -€28,918 | -5.6% |
| Fixed assets | 21/28 | €117,392 | €121,376 | +€3,983 | +3.4% |
| Tangible fixed assets | 22/27 | €27,735 | €31,718 | +€3,983 | +14.4% |
| Plant, machinery and equipment | 23 | €12,320 | €8,910 | -€3,410 | -27.7% |
| Other tangible fixed assets | 26 | €15,414 | €22,808 | +€7,394 | +48.0% |
| Financial fixed assets | 28 | €89,658 | €89,658 | = | 0.0% |
| Current assets | 29/58 | €394,532 | €361,631 | -€32,901 | -8.3% |
| Stocks and contracts in progress | 3 | €104,859 | €89,725 | -€15,133 | -14.4% |
| Stocks | 30/36 | €104,859 | €89,725 | -€15,133 | -14.4% |
| Amounts receivable within one year | 40/41 | €134,378 | €127,983 | -€6,395 | -4.8% |
| Trade receivables | 40 | €65,514 | €55,452 | -€10,062 | -15.4% |
| Other amounts receivable | 41 | €68,864 | €72,531 | +€3,667 | +5.3% |
| Cash at bank and in hand | 54/58 | €155,085 | €143,400 | -€11,686 | -7.5% |
| Deferred charges and accrued income | 490/1 | €210 | €523 | +€313 | +149% |
| Total equity and liabilities | 10/49 | €511,925 | €483,007 | -€28,918 | -5.6% |
| Equity | 10/15 | €50,224 | €94,250 | +€44,026 | +87.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €67,278 | €67,278 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €65,278 | €65,278 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,054 | €6,973 | +€44,026 | |
| Amounts payable | 17/49 | €461,701 | €388,756 | -€72,945 | -15.8% |
| Amounts payable after more than one year | 17 | €9,562 | €5,077 | -€4,484 | -46.9% |
| Financial debts | 170/4 | €9,562 | €5,077 | -€4,484 | -46.9% |
| Amounts payable within one year | 42/48 | €446,850 | €378,389 | -€68,461 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €5,766 | €4,484 | -€1,282 | -22.2% |
| Trade debts | 44 | €291,565 | €214,511 | -€77,054 | -26.4% |
| Suppliers | 440/4 | €291,565 | €214,511 | -€77,054 | -26.4% |
| Taxes, remuneration and social security | 45 | €49,019 | €33,094 | -€15,925 | -32.5% |
| Taxes | 450/3 | €171 | €0 | -€171 | -100% |
| Remuneration and social security | 454/9 | €48,848 | €33,094 | -€15,754 | -32.3% |
| Other amounts payable | 47/48 | €100,500 | €126,300 | +€25,800 | +25.7% |
| Accrued charges and deferred income | 492/3 | €5,290 | €5,290 | = | 0.0% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €235,285 | €167,150 | -€68,135 | -29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,060 | €6,184 | +€124 | +2.0% |
| Other operating charges | 640/8 | €2,058 | €8,602 | +€6,545 | +318% |
| Non-recurring operating charges | 66A | €0 | €0 | -€0 | -100% |
| Gross operating margin | 9900 | €184,189 | €234,684 | +€50,495 | +27.4% |
| Operating profit (loss) | 9901 | -€59,214 | €52,748 | +€111,962 | |
| Financial income | 75/76B | €29 | €2,271 | +€2,242 | +7,715% |
| Recurring financial income | 75 | €21 | €2,271 | +€2,250 | +10,788% |
| Non-recurring financial income | 76B | €8 | - | -€8 | |
| Financial charges | 65/66B | €18,541 | €10,993 | -€7,548 | -40.7% |
| Recurring financial charges | 65 | €18,541 | €10,993 | -€7,548 | -40.7% |
| Profit (loss) for the period before taxes | 9903 | -€77,726 | €44,026 | +€121,752 | |
| Income taxes | 67/77 | €57 | €0 | -€57 | -100% |
| Profit (loss) for the period | 9904 | -€77,783 | €44,026 | +€121,810 | |
| Profit (loss) for the period to be appropriated | 9905 | -€77,783 | €44,026 | +€121,810 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.