INLEC: what changed
Two fiscal 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.
What changed
INLEC
NACE 47.730, Retail sale of pharmaceutical products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€11,916
2024 · €267,398-€279,314
Equity
€5.5m
2024 · €5.6m-€32,157
Cash
€63,703
2024 · €16,350+€47,353
Balance sheet total
€7.8m
2024 · €7.8m-€80,775
Largest movements
Assets
- Tangible fixed assets -€310,456
down €310,456 (-5.1%), from €6.1m to €5.8m
of which Land and buildings: -€298,402
- Current investments +€225,000
up €225,000 (+15.0%), from €1.5m to €1.7m
Equity and liabilities
- Debts after one year -€100,000
down €100,000 (-6.9%), from €1.4m to €1.3m
Income statement
- Other operating charges +€180,374
up €180,374 (+273.3%), from €66,009 to €246,382
- Gross operating margin -€121,997
down €121,997 (-13.7%), from €893,404 to €771,406
- Taxes -€93,755
down €93,755, from €93,428 to -€327
- Staff costs +€31,399
up €31,399 (+26.8%), from €117,072 to €148,471
- Financial charges +€31,319
up €31,319 (+38.0%), from €82,318 to €113,637
of which Non-recurring financial charges: +€35,165
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.
Result 2024
€267,398
Gross operating margin
-€121,997
Staff costs
-€31,399
Depreciation
+€3,230
Other operating charges
-€180,374
Other operating items
+€2,491
Financial income
-€13,701
Financial charges
-€31,319
Taxes
+€93,755
Result 2025
-€11,916
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.
From operations
+€416,386
Investment
-€248,791
Financing
-€120,242
Cash 2024
€16,350
From operations (derived)
+€416,386
Net result for the year
-€11,916
Depreciation
+€334,248
Receivables within one year
+€40,694
Deferred charges and accrued income
+€1,978
Provisions
-€6,747
Tax, wage and social debts
+€19,272
Other debts
+€41,910
Accrued charges and deferred income
-€3,052
Investment (derived)
-€248,791
Investment in fixed assets (net)
-€23,791
Current investments
-€225,000
Financing
-€120,242
Debts after one year
-€100,000
Contributions, distributions and other
-€20,242
Cash 2025
€63,703
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,832,324 | €7,751,549 | -€80,775 | -1.0% |
| Fixed assets | 21/28 | €6,113,635 | €5,803,178 | -€310,456 | -5.1% |
| Tangible fixed assets | 22/27 | €6,113,635 | €5,803,178 | -€310,456 | -5.1% |
| Land and buildings | 22 | €6,002,654 | €5,704,251 | -€298,402 | -5.0% |
| Plant, machinery and equipment | 23 | €17,222 | €13,063 | -€4,159 | -24.1% |
| Furniture and vehicles | 24 | €93,759 | €85,864 | -€7,895 | -8.4% |
| Current assets | 29/58 | €1,718,689 | €1,948,370 | +€229,681 | +13.4% |
| Amounts receivable within one year | 40/41 | €199,064 | €158,370 | -€40,694 | -20.4% |
| Trade receivables | 40 | €60,395 | €2,201 | -€58,194 | -96.4% |
| Other amounts receivable | 41 | €138,669 | €156,169 | +€17,501 | +12.6% |
| Current investments | 50/53 | €1,500,000 | €1,725,000 | +€225,000 | +15.0% |
| Cash at bank and in hand | 54/58 | €16,350 | €63,703 | +€47,353 | +289.6% |
| Deferred charges and accrued income | 490/1 | €3,275 | €1,297 | -€1,978 | -60.4% |
| Total equity and liabilities | 10/49 | €7,832,324 | €7,751,549 | -€80,775 | -1.0% |
| Equity | 10/15 | €5,565,477 | €5,533,319 | -€32,157 | -0.6% |
| 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 | €394,869 | €394,869 | = | 0.0% |
| Non-distributable reserves | 130/1 | €50,818 | €50,818 | = | 0.0% |
| Legal reserve | 130 | €50,818 | €50,818 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,798 | €23,798 | = | 0.0% |
| Distributable reserves | 133 | €320,253 | €320,253 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,866,167 | €4,854,252 | -€11,916 | -0.2% |
| Investment grants | 15 | €242,940 | €222,698 | -€20,242 | -8.3% |
| Provisions and deferred taxes | 16 | €80,980 | €74,233 | -€6,747 | -8.3% |
| Deferred taxes | 168 | €80,980 | €74,233 | -€6,747 | -8.3% |
| Amounts payable | 17/49 | €2,185,867 | €2,143,997 | -€41,871 | -1.9% |
| Amounts payable after more than one year | 17 | €1,442,900 | €1,342,900 | -€100,000 | -6.9% |
| Financial debts | 170/4 | €1,442,900 | €1,342,900 | -€100,000 | -6.9% |
| Amounts payable within one year | 42/48 | €666,787 | €727,969 | +€61,182 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €6,648 | €25,920 | +€19,272 | +289.9% |
| Taxes | 450/3 | €1,626 | €6,572 | +€4,946 | +304.1% |
| Remuneration and social security | 454/9 | €5,022 | €19,348 | +€14,326 | +285.3% |
| Other amounts payable | 47/48 | €560,139 | €602,049 | +€41,910 | +7.5% |
| Accrued charges and deferred income | 492/3 | €76,180 | €73,128 | -€3,052 | -4.0% |
| Non-recurring operating income | 76A | - | €1,187 | +€1,187 | |
| Remuneration, social security and pensions | 62 | €117,072 | €148,471 | +€31,399 | +26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €337,477 | €334,248 | -€3,230 | -1.0% |
| Other operating charges | 640/8 | €66,009 | €246,382 | +€180,374 | +273.3% |
| Non-recurring operating charges | 66A | €2,991 | €500 | -€2,491 | -83.3% |
| Gross operating margin | 9900 | €893,404 | €771,406 | -€121,997 | -13.7% |
| Operating profit (loss) | 9901 | €369,855 | €41,805 | -€328,049 | -88.7% |
| Financial income | 75/76B | €66,542 | €52,841 | -€13,701 | -20.6% |
| Recurring financial income | 75 | €66,542 | €52,841 | -€13,701 | -20.6% |
| Financial charges | 65/66B | €82,318 | €113,637 | +€31,319 | +38.0% |
| Recurring financial charges | 65 | €82,318 | €78,472 | -€3,846 | -4.7% |
| Non-recurring financial charges | 66B | - | €35,165 | +€35,165 | |
| Profit (loss) for the period before taxes | 9903 | €354,079 | -€18,990 | -€373,069 | |
| Transfer from deferred taxes | 780 | €6,747 | €6,747 | = | 0.0% |
| Income taxes | 67/77 | €93,428 | -€327 | -€93,755 | |
| Profit (loss) for the period | 9904 | €267,398 | -€11,916 | -€279,314 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €267,398 | -€11,916 | -€279,314 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.