INKAL: 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.
INKAL
Largest movements
- Stocks and contracts -€353,418
down €353,418 (-84.6%), from €417,830 to €64,412
- Receivables within one year -€189,928
down €189,928 (-35.9%), from €528,791 to €338,863
of which Other amounts receivable: -€174,428
- Short-term financial debts -€342,753
down €342,753 (-100.0%), from €342,799 to €46
- Profit (loss) carried forward -€85,233
new in 2025: -€85,233
- Debts after one year -€53,117
down €53,117 (-11.3%), from €469,227 to €416,111
of which Other amounts payable: -€52,643
- Reserves -€45,919
down €45,919 (-96.1%), from €47,779 to €1,860
of which Distributable reserves: -€45,919
- Accrued charges and deferred income -€16,880
no longer reported in 2025 (was €16,880)
- Gross operating margin -€224,501
down €224,501, from €112,002 to -€112,499
- Financial charges -€32,631
down €32,631 (-78.8%), from €41,417 to €8,786
- Staff costs -€3,764
down €3,764 (-64.7%), from €5,818 to €2,054
- Depreciation -€3,098
down €3,098 (-31.9%), from €9,723 to €6,625
- Other operating charges -€1,198
down €1,198 (-55.3%), from €2,169 to €970
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 | €956,595 | €403,640 | -€552,955 | -57.8% |
| Fixed assets | 21/28 | €6,821 | €195 | -€6,625 | -97.1% |
| Tangible fixed assets | 22/27 | €6,821 | €195 | -€6,625 | -97.1% |
| Furniture and vehicles | 24 | €6,821 | €195 | -€6,625 | -97.1% |
| Current assets | 29/58 | €949,774 | €403,444 | -€546,330 | -57.5% |
| Stocks and contracts in progress | 3 | €417,830 | €64,412 | -€353,418 | -84.6% |
| Stocks | 30/36 | €417,830 | €64,412 | -€353,418 | -84.6% |
| Amounts receivable within one year | 40/41 | €528,791 | €338,863 | -€189,928 | -35.9% |
| Trade receivables | 40 | €15,500 | - | -€15,500 | |
| Other amounts receivable | 41 | €513,291 | €338,863 | -€174,428 | -34.0% |
| Cash at bank and in hand | 54/58 | €12 | €77 | +€65 | +552.5% |
| Deferred charges and accrued income | 490/1 | €3,141 | €92 | -€3,049 | -97.1% |
| Total equity and liabilities | 10/49 | €956,595 | €403,640 | -€552,955 | -57.8% |
| Equity | 10/15 | €66,379 | -€64,773 | -€131,153 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €47,779 | €1,860 | -€45,919 | -96.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €45,919 | - | -€45,919 | |
| Profit (loss) carried forward | 14 | - | -€85,233 | -€85,233 | |
| Amounts payable | 17/49 | €890,216 | €468,413 | -€421,803 | -47.4% |
| Amounts payable after more than one year | 17 | €469,227 | €416,111 | -€53,117 | -11.3% |
| Financial debts | 170/4 | €474 | - | -€474 | |
| Other amounts payable | 178/9 | €468,754 | €416,111 | -€52,643 | -11.2% |
| Amounts payable within one year | 42/48 | €404,109 | €52,302 | -€351,807 | -87.1% |
| Current portion of amounts payable after more than one year | 42 | €6,106 | €1,414 | -€4,692 | -76.8% |
| Financial debts | 43 | €342,799 | €46 | -€342,753 | -100.0% |
| Credit institutions | 430/8 | €342,799 | €46 | -€342,753 | -100.0% |
| Trade debts | 44 | €22,745 | €30,198 | +€7,453 | +32.8% |
| Suppliers | 440/4 | €22,745 | €30,198 | +€7,453 | +32.8% |
| Advances received on contracts in progress | 46 | €23,250 | €10,000 | -€13,250 | -57.0% |
| Taxes, remuneration and social security | 45 | €9,209 | €8,994 | -€215 | -2.3% |
| Taxes | 450/3 | €1,209 | €758 | -€451 | -37.3% |
| Remuneration and social security | 454/9 | €8,000 | €8,236 | +€237 | +3.0% |
| Other amounts payable | 47/48 | - | €1,650 | +€1,650 | |
| Accrued charges and deferred income | 492/3 | €16,880 | - | -€16,880 | |
| Remuneration, social security and pensions | 62 | €5,818 | €2,054 | -€3,764 | -64.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,723 | €6,625 | -€3,098 | -31.9% |
| Other operating charges | 640/8 | €2,169 | €970 | -€1,198 | -55.3% |
| Gross operating margin | 9900 | €112,002 | -€112,499 | -€224,501 | |
| Operating profit (loss) | 9901 | €94,292 | -€122,149 | -€216,441 | |
| Financial charges | 65/66B | €41,417 | €8,786 | -€32,631 | -78.8% |
| Recurring financial charges | 65 | €41,417 | €8,786 | -€32,631 | -78.8% |
| Profit (loss) for the period before taxes | 9903 | €52,875 | -€130,935 | -€183,810 | |
| Income taxes | 67/77 | €541 | €217 | -€324 | -59.8% |
| Profit (loss) for the period | 9904 | €52,334 | -€131,153 | -€183,487 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,334 | -€131,153 | -€183,487 |
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 11 October 2026 via checked.be.