Inkubis: 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.
Inkubis
Largest movements
- Financial fixed assets +€178,880
up €178,880 (+4.2%), from €4.3m to €4.5m
- Cash -€82,503
down €82,503 (-93.1%), from €88,579 to €6,076
mainly Net result for the year (-€2.1m) and Investment in fixed assets (net) (-€181,407)
- Reserves -€2.1m
down €2.1m (-61.6%), from €3.4m to €1.3m
of which Distributable reserves: -€2.1m
- Other debts +€2.0m
up €2.0m (+200%), from €978,587 to €2.9m
- Trade debts +€195,336
up €195,336 (+41.5%), from €470,300 to €665,636
- Financial income -€1.3m
down €1.3m (-74.6%), from €1.8m to €449,911
- Financial charges +€749,811
up €749,811 (+72.7%), from €1.0m to €1.8m
of which Non-recurring financial charges: +€792,446
- Turnover -€670,802
down €670,802 (-29.6%), from €2.3m to €1.6m
- Gross operating margin -€448,889
down €448,889, from €231,897 to -€216,991
- Purchases and services -€295,048
down €295,048 (-10.6%), from €2.8m to €2.5m
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 | €4,972,824 | €4,994,066 | +€21,242 | +0.4% |
| Fixed assets | 21/28 | €4,314,992 | €4,486,303 | +€171,311 | +4.0% |
| Tangible fixed assets | 22/27 | €34,576 | €27,007 | -€7,569 | -21.9% |
| Plant, machinery and equipment | 23 | €9,477 | €6,391 | -€3,086 | -32.6% |
| Furniture and vehicles | 24 | €16,730 | €13,809 | -€2,920 | -17.5% |
| Other tangible fixed assets | 26 | €8,370 | €6,807 | -€1,563 | -18.7% |
| Financial fixed assets | 28 | €4,280,416 | €4,459,296 | +€178,880 | +4.2% |
| Current assets | 29/58 | €657,833 | €507,763 | -€150,070 | -22.8% |
| Amounts receivable within one year | 40/41 | €533,160 | €492,633 | -€40,527 | -7.6% |
| Trade receivables | 40 | €531,512 | €445,547 | -€85,965 | -16.2% |
| Other amounts receivable | 41 | €1,648 | €47,086 | +€45,438 | +2,757% |
| Cash at bank and in hand | 54/58 | €88,579 | €6,076 | -€82,503 | -93.1% |
| Deferred charges and accrued income | 490/1 | €36,093 | €9,054 | -€27,039 | -74.9% |
| Total equity and liabilities | 10/49 | €4,972,824 | €4,994,066 | +€21,242 | +0.4% |
| Equity | 10/15 | €3,487,057 | €1,377,255 | -€2.1m | -60.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €3,424,200 | €1,315,200 | -€2.1m | -61.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €3,418,000 | €1,309,000 | -€2.1m | -61.7% |
| Profit (loss) carried forward | 14 | €857 | €55 | -€802 | -93.5% |
| Provisions and deferred taxes | 16 | - | €109 | +€109 | |
| Provisions for liabilities and charges | 160/5 | - | €109 | +€109 | |
| Pensions and similar obligations | 160 | - | €109 | +€109 | |
| Amounts payable | 17/49 | €1,485,767 | €3,616,701 | +€2.1m | +143% |
| Amounts payable within one year | 42/48 | €1,484,813 | €3,616,701 | +€2.1m | +144% |
| Trade debts | 44 | €470,300 | €665,636 | +€195,336 | +41.5% |
| Suppliers | 440/4 | €470,300 | €665,636 | +€195,336 | +41.5% |
| Taxes, remuneration and social security | 45 | €35,926 | €18,300 | -€17,626 | -49.1% |
| Taxes | 450/3 | €12,526 | €522 | -€12,004 | -95.8% |
| Remuneration and social security | 454/9 | €23,400 | €17,778 | -€5,622 | -24.0% |
| Other amounts payable | 47/48 | €978,587 | €2,932,766 | +€2.0m | +200% |
| Accrued charges and deferred income | 492/3 | €955 | - | -€955 | |
| Turnover | 70 | €2,264,662 | €1,593,859 | -€670,802 | -29.6% |
| Non-recurring operating income | 76A | - | €166 | +€166 | |
| Goods, raw materials, services and sundry goods | 60/61 | €2,792,501 | €2,497,453 | -€295,048 | -10.6% |
| Remuneration, social security and pensions | 62 | €310,127 | €308,146 | -€1,980 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,949 | €10,096 | -€3,853 | -27.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€285 | €109 | +€395 | |
| Other operating charges | 640/8 | €2,514 | €3,701 | +€1,187 | +47.2% |
| Non-recurring operating charges | 66A | - | €239,200 | +€239,200 | |
| Gross operating margin | 9900 | €231,897 | -€216,991 | -€448,889 | |
| Operating profit (loss) | 9901 | -€94,408 | -€778,244 | -€683,836 | -724% |
| Financial income | 75/76B | €1,768,048 | €449,911 | -€1.3m | -74.6% |
| Recurring financial income | 75 | €890,137 | €449,911 | -€440,226 | -49.5% |
| Non-recurring financial income | 76B | €877,911 | €449,911 | -€428,000 | -48.8% |
| Financial charges | 65/66B | €1,031,708 | €1,781,518 | +€749,811 | +72.7% |
| Recurring financial charges | 65 | €109,008 | €66,372 | -€42,635 | -39.1% |
| Non-recurring financial charges | 66B | €922,700 | €1,715,146 | +€792,446 | +85.9% |
| Profit (loss) for the period before taxes | 9903 | €641,933 | -€2,109,851 | -€2.8m | |
| Income taxes | 67/77 | €800 | -€50 | -€849 | |
| Profit (loss) for the period | 9904 | €641,134 | -€2,109,802 | -€2.8m | |
| Profit (loss) for the period to be appropriated | 9905 | €641,134 | -€2,109,802 | -€2.8m |
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 14 October 2026 via checked.be.