INKOFIN: 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.
INKOFIN
Largest movements
- Cash -€94,623
down €94,623 (-40.2%), from €235,467 to €140,844
mainly Contributions, distributions and other (-€88,235) and Other debts (-€50,321)
- Current investments +€37,023
up €37,023 (+120%), from €30,817 to €67,840
- Deferred charges and accrued income +€24,369
up €24,369 (+599%), from €4,071 to €28,441
- Tangible fixed assets -€21,137
down €21,137 (-3.2%), from €654,027 to €632,891
of which Land and buildings: -€16,654
- Receivables within one year -€18,122
down €18,122 (-55.9%), from €32,405 to €14,283
of which Trade receivables: -€17,980
- Other debts -€50,321
down €50,321 (-40.2%), from €125,321 to €75,000
- Debts after one year -€25,090
down €25,090 (-7.8%), from €319,807 to €294,717
- Gross operating margin -€87,653
down €87,653 (-35.8%), from €244,914 to €157,261
- Depreciation +€15,196
up €15,196 (+218%), from €6,978 to €22,175
- Taxes +€4,601
up €4,601 (+15.0%), from €30,735 to €35,337
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 | €961,788 | €889,299 | -€72,489 | -7.5% |
| Fixed assets | 21/28 | €659,027 | €637,891 | -€21,137 | -3.2% |
| Tangible fixed assets | 22/27 | €654,027 | €632,891 | -€21,137 | -3.2% |
| Land and buildings | 22 | €636,370 | €619,717 | -€16,654 | -2.6% |
| Plant, machinery and equipment | 23 | €1,174 | €708 | -€467 | -39.7% |
| Furniture and vehicles | 24 | €11,643 | €9,245 | -€2,398 | -20.6% |
| Other tangible fixed assets | 26 | €4,840 | €3,222 | -€1,618 | -33.4% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €302,761 | €251,408 | -€51,352 | -17.0% |
| Amounts receivable within one year | 40/41 | €32,405 | €14,283 | -€18,122 | -55.9% |
| Trade receivables | 40 | €22,000 | €4,020 | -€17,980 | -81.7% |
| Other amounts receivable | 41 | €10,405 | €10,263 | -€142 | -1.4% |
| Current investments | 50/53 | €30,817 | €67,840 | +€37,023 | +120% |
| Cash at bank and in hand | 54/58 | €235,467 | €140,844 | -€94,623 | -40.2% |
| Deferred charges and accrued income | 490/1 | €4,071 | €28,441 | +€24,369 | +599% |
| Total equity and liabilities | 10/49 | €961,788 | €889,299 | -€72,489 | -7.5% |
| Equity | 10/15 | €362,023 | €357,941 | -€4,082 | -1.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €343,473 | €339,391 | -€4,082 | -1.2% |
| Tax-exempt reserves | 132 | €324,666 | €314,792 | -€9,874 | -3.0% |
| Distributable reserves | 133 | €18,807 | €24,600 | +€5,793 | +30.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €101,579 | €98,489 | -€3,089 | -3.0% |
| Deferred taxes | 168 | €101,579 | €98,489 | -€3,089 | -3.0% |
| Amounts payable | 17/49 | €498,186 | €432,868 | -€65,318 | -13.1% |
| Amounts payable after more than one year | 17 | €319,807 | €294,717 | -€25,090 | -7.8% |
| Financial debts | 170/4 | €319,807 | €294,717 | -€25,090 | -7.8% |
| Amounts payable within one year | 42/48 | €178,379 | €138,151 | -€40,228 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €24,256 | €27,080 | +€2,825 | +11.6% |
| Trade debts | 44 | €7,518 | €12,499 | +€4,981 | +66.3% |
| Suppliers | 440/4 | €7,518 | €12,499 | +€4,981 | +66.3% |
| Taxes, remuneration and social security | 45 | €21,285 | €23,572 | +€2,287 | +10.7% |
| Taxes | 450/3 | €21,285 | €23,572 | +€2,287 | +10.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €125,321 | €75,000 | -€50,321 | -40.2% |
| Non-recurring operating income | 76A | €15,932 | €38,900 | +€22,968 | +144% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,978 | €22,175 | +€15,196 | +218% |
| Other operating charges | 640/8 | €3,166 | €4,023 | +€857 | +27.1% |
| Non-recurring operating charges | 66A | €103,740 | €0 | -€103,740 | -100% |
| Gross operating margin | 9900 | €244,914 | €157,261 | -€87,653 | -35.8% |
| Operating profit (loss) | 9901 | €131,030 | €131,064 | +€34 | 0.0% |
| Financial income | 75/76B | €1,277 | €1,843 | +€566 | +44.3% |
| Recurring financial income | 75 | €1,277 | €1,843 | +€566 | +44.3% |
| Financial charges | 65/66B | €18,570 | €16,506 | -€2,064 | -11.1% |
| Recurring financial charges | 65 | €18,570 | €16,506 | -€2,064 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €113,738 | €116,401 | +€2,663 | +2.3% |
| Transfer from deferred taxes | 780 | €371 | €3,089 | +€2,718 | +732% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €30,735 | €35,337 | +€4,601 | +15.0% |
| Profit (loss) for the period | 9904 | €83,374 | €84,154 | +€780 | +0.9% |
| Transfer from tax-exempt reserves | 789 | €1,187 | €9,874 | +€8,687 | +732% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €84,561 | €94,028 | +€9,467 | +11.2% |
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 17 October 2026 via checked.be.