Inesco: 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.
Inesco
Largest movements
- Tangible fixed assets -€330,500
down €330,500 (-37.5%), from €881,776 to €551,276
of which Plant, machinery and equipment: -€197,856
- Receivables within one year +€274,102
up €274,102 (+3,167%), from €8,656 to €282,758
of which Other amounts receivable: +€254,563
- Cash -€212,501
down €212,501 (-75.7%), from €280,703 to €68,202
mainly Receivables within one year (-€274,102) and Debts after one year (-€199,560)
- Deferred charges and accrued income -€27,156
down €27,156 (-42.5%), from €63,922 to €36,766
- Debts after one year -€199,560
down €199,560 (-32.1%), from €620,848 to €421,288
- Current portion of long-term debt -€123,955
down €123,955 (-38.3%), from €323,514 to €199,559
- Reserves +€46,671
up €46,671 (+24.0%), from €194,649 to €241,320
of which Distributable reserves: +€46,671
- Depreciation -€141,104
down €141,104 (-35.2%), from €400,713 to €259,609
- Gross operating margin -€98,866
down €98,866 (-19.9%), from €497,712 to €398,846
- Financial charges -€5,032
down €5,032 (-16.8%), from €29,897 to €24,865
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 | €1,235,057 | €939,002 | -€296,055 | -24.0% |
| Fixed assets | 21/28 | €881,776 | €551,276 | -€330,500 | -37.5% |
| Tangible fixed assets | 22/27 | €881,776 | €551,276 | -€330,500 | -37.5% |
| Plant, machinery and equipment | 23 | €702,217 | €504,361 | -€197,856 | -28.2% |
| Leasing and similar rights | 25 | €179,559 | €46,915 | -€132,644 | -73.9% |
| Current assets | 29/58 | €353,281 | €387,726 | +€34,445 | +9.8% |
| Amounts receivable within one year | 40/41 | €8,656 | €282,758 | +€274,102 | +3,167% |
| Trade receivables | 40 | €8,656 | €28,195 | +€19,539 | +226% |
| Other amounts receivable | 41 | - | €254,563 | +€254,563 | |
| Cash at bank and in hand | 54/58 | €280,703 | €68,202 | -€212,501 | -75.7% |
| Deferred charges and accrued income | 490/1 | €63,922 | €36,766 | -€27,156 | -42.5% |
| Total equity and liabilities | 10/49 | €1,235,057 | €939,002 | -€296,055 | -24.0% |
| Equity | 10/15 | €256,149 | €302,820 | +€46,671 | +18.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €194,649 | €241,320 | +€46,671 | +24.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €188,499 | €235,170 | +€46,671 | +24.8% |
| Amounts payable | 17/49 | €978,908 | €636,182 | -€342,726 | -35.0% |
| Amounts payable after more than one year | 17 | €620,848 | €421,288 | -€199,560 | -32.1% |
| Financial debts | 170/4 | €620,848 | €421,288 | -€199,560 | -32.1% |
| Amounts payable within one year | 42/48 | €358,060 | €214,894 | -€143,166 | -40.0% |
| Current portion of amounts payable after more than one year | 42 | €323,514 | €199,559 | -€123,955 | -38.3% |
| Trade debts | 44 | €23,558 | €11,676 | -€11,882 | -50.4% |
| Suppliers | 440/4 | €23,558 | €11,676 | -€11,882 | -50.4% |
| Advances received on contracts in progress | 46 | €6,553 | - | -€6,553 | |
| Other amounts payable | 47/48 | €4,435 | €3,659 | -€776 | -17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €400,713 | €259,609 | -€141,104 | -35.2% |
| Other operating charges | 640/8 | €1,537 | €1,373 | -€164 | -10.7% |
| Non-recurring operating charges | 66A | €4,208 | €70,891 | +€66,683 | +1,585% |
| Gross operating margin | 9900 | €497,712 | €398,846 | -€98,866 | -19.9% |
| Operating profit (loss) | 9901 | €91,254 | €66,973 | -€24,281 | -26.6% |
| Financial income | 75/76B | - | €4,563 | +€4,563 | |
| Recurring financial income | 75 | - | €4,563 | +€4,563 | |
| Financial charges | 65/66B | €29,897 | €24,865 | -€5,032 | -16.8% |
| Recurring financial charges | 65 | €29,897 | €24,865 | -€5,032 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €61,357 | €46,671 | -€14,686 | -23.9% |
| Profit (loss) for the period | 9904 | €61,357 | €46,671 | -€14,686 | -23.9% |
| Profit (loss) for the period to be appropriated | 9905 | €61,357 | €46,671 | -€14,686 | -23.9% |
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 15 October 2026 via checked.be.