INHALE: 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.
INHALE
Largest movements
- Tangible fixed assets -€607,341
down €607,341 (-18.7%), from €3.3m to €2.6m
of which Land and buildings: -€603,729
- Cash -€294,115
down €294,115 (-90.2%), from €326,149 to €32,034
mainly Short-term financial debts (-€750,000) and Trade debts (-€679,148)
- Short-term financial debts -€750,000
down €750,000 (-100%), from €750,000 to €0
- Trade debts -€679,148
down €679,148 (-99.9%), from €679,655 to €507
- Debts after one year +€541,841
up €541,841 (+42.0%), from €1.3m to €1.8m
- Other debts -€260,000
down €260,000 (-34.6%), from €750,721 to €490,721
- Reserves +€168,000
new in 2025: €168,000
- Depreciation -€336,787
down €336,787 (-73.8%), from €456,315 to €119,528
- Gross operating margin +€241,352
up €241,352 (+149%), from €161,653 to €403,005
- Financial charges +€34,082
up €34,082 (+64.2%), from €53,050 to €87,132
- Taxes +€16,800
new in 2025: €16,800
- Other operating charges +€9,946
up €9,946 (+941%), from €1,057 to €11,002
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 | €3,636,797 | €2,702,404 | -€934,393 | -25.7% |
| Fixed assets | 21/28 | €3,250,483 | €2,643,142 | -€607,341 | -18.7% |
| Tangible fixed assets | 22/27 | €3,250,483 | €2,643,142 | -€607,341 | -18.7% |
| Land and buildings | 22 | €3,234,889 | €2,631,159 | -€603,729 | -18.7% |
| Furniture and vehicles | 24 | €15,595 | €11,983 | -€3,612 | -23.2% |
| Current assets | 29/58 | €386,314 | €59,262 | -€327,052 | -84.7% |
| Amounts receivable within one year | 40/41 | €58,353 | €25,174 | -€33,180 | -56.9% |
| Trade receivables | 40 | €3,866 | €3,795 | -€71 | -1.8% |
| Other amounts receivable | 41 | €54,487 | €21,378 | -€33,109 | -60.8% |
| Cash at bank and in hand | 54/58 | €326,149 | €32,034 | -€294,115 | -90.2% |
| Deferred charges and accrued income | 490/1 | €1,811 | €2,054 | +€243 | +13.4% |
| Total equity and liabilities | 10/49 | €3,636,797 | €2,702,404 | -€934,393 | -25.7% |
| Equity | 10/15 | €53,652 | €222,194 | +€168,543 | +314% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | - | €168,000 | +€168,000 | |
| Distributable reserves | 133 | - | €168,000 | +€168,000 | |
| Profit (loss) carried forward | 14 | €47,452 | €47,994 | +€543 | +1.1% |
| Amounts payable | 17/49 | €3,583,145 | €2,480,210 | -€1.1m | -30.8% |
| Amounts payable after more than one year | 17 | €1,288,906 | €1,830,748 | +€541,841 | +42.0% |
| Financial debts | 170/4 | €1,288,906 | €1,830,748 | +€541,841 | +42.0% |
| Amounts payable within one year | 42/48 | €2,290,345 | €649,296 | -€1.6m | -71.7% |
| Current portion of amounts payable after more than one year | 42 | €69,213 | €107,142 | +€37,929 | +54.8% |
| Financial debts | 43 | €750,000 | €0 | -€750,000 | -100% |
| Credit institutions | 430/8 | €750,000 | €0 | -€750,000 | -100% |
| Trade debts | 44 | €679,655 | €507 | -€679,148 | -99.9% |
| Suppliers | 440/4 | €679,655 | €507 | -€679,148 | -99.9% |
| Advances received on contracts in progress | 46 | €20,312 | €24,712 | +€4,400 | +21.7% |
| Taxes, remuneration and social security | 45 | €20,445 | €26,215 | +€5,770 | +28.2% |
| Taxes | 450/3 | €20,445 | €26,215 | +€5,770 | +28.2% |
| Other amounts payable | 47/48 | €750,721 | €490,721 | -€260,000 | -34.6% |
| Accrued charges and deferred income | 492/3 | €3,894 | €166 | -€3,727 | -95.7% |
| Non-recurring operating income | 76A | €61,292 | €279,241 | +€217,948 | +356% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €456,315 | €119,528 | -€336,787 | -73.8% |
| Other operating charges | 640/8 | €1,057 | €11,002 | +€9,946 | +941% |
| Gross operating margin | 9900 | €161,653 | €403,005 | +€241,352 | +149% |
| Operating profit (loss) | 9901 | -€295,719 | €272,474 | +€568,193 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -99.1% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -99.1% |
| Financial charges | 65/66B | €53,050 | €87,132 | +€34,082 | +64.2% |
| Recurring financial charges | 65 | €53,050 | €87,132 | +€34,082 | +64.2% |
| Profit (loss) for the period before taxes | 9903 | -€348,768 | €185,343 | +€534,111 | |
| Income taxes | 67/77 | - | €16,800 | +€16,800 | |
| Profit (loss) for the period | 9904 | -€348,768 | €168,543 | +€517,311 | |
| Profit (loss) for the period to be appropriated | 9905 | -€348,768 | €168,543 | +€517,311 |
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 22 October 2026 via checked.be.