INOCA RESEARCH AND DEVELOPMENT: 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.
INOCA RESEARCH AND DEVELOPMENT
Largest movements
- Cash -€384,398
down €384,398 (-86.8%), from €442,915 to €58,517
mainly Current investments (-€337,999) and Accrued charges and deferred income (-€80,000)
- Current investments +€337,999
new in 2025: €337,999
- Receivables within one year +€41,102
up €41,102 (+80.0%), from €51,388 to €92,490
- Reserves +€101,752
up €101,752 (+28.6%), from €355,311 to €457,063
of which Distributable reserves: +€101,752
- Accrued charges and deferred income -€80,000
no longer reported in 2025 (was €80,000)
- Other debts -€21,205
down €21,205 (-85.6%), from €24,782 to €3,577
- Profit (loss) carried forward -€19,600
down €19,600 (-99.5%), from €19,692 to €92
- Tax, wage and social debts +€10,902
up €10,902 (+99.1%), from €11,002 to €21,904
- Gross operating margin +€26,677
up €26,677 (+23.8%), from €111,992 to €138,669
- Taxes +€9,442
up €9,442 (+37.3%), from €25,296 to €34,738
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 | €497,037 | €491,925 | -€5,112 | -1.0% |
| Fixed assets | 21/28 | €2,734 | €2,919 | +€185 | +6.8% |
| Tangible fixed assets | 22/27 | €1,634 | €1,819 | +€185 | +11.3% |
| Furniture and vehicles | 24 | €1,634 | €1,819 | +€185 | +11.3% |
| Financial fixed assets | 28 | €1,100 | €1,100 | = | 0.0% |
| Current assets | 29/58 | €494,303 | €489,006 | -€5,297 | -1.1% |
| Amounts receivable within one year | 40/41 | €51,388 | €92,490 | +€41,102 | +80.0% |
| Trade receivables | 40 | €51,388 | €92,490 | +€41,102 | +80.0% |
| Current investments | 50/53 | - | €337,999 | +€337,999 | |
| Cash at bank and in hand | 54/58 | €442,915 | €58,517 | -€384,398 | -86.8% |
| Total equity and liabilities | 10/49 | €497,037 | €491,925 | -€5,112 | -1.0% |
| Equity | 10/15 | €381,253 | €463,405 | +€82,152 | +21.5% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Capital | 10 | €6,250 | €6,250 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,350 | €12,350 | = | 0.0% |
| Reserves | 13 | €355,311 | €457,063 | +€101,752 | +28.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €353,451 | €455,203 | +€101,752 | +28.8% |
| Profit (loss) carried forward | 14 | €19,692 | €92 | -€19,600 | -99.5% |
| Amounts payable | 17/49 | €115,784 | €28,520 | -€87,264 | -75.4% |
| Amounts payable within one year | 42/48 | €35,784 | €28,520 | -€7,264 | -20.3% |
| Trade debts | 44 | - | €3,039 | +€3,039 | |
| Suppliers | 440/4 | - | €3,039 | +€3,039 | |
| Taxes, remuneration and social security | 45 | €11,002 | €21,904 | +€10,902 | +99.1% |
| Taxes | 450/3 | €11,002 | €21,904 | +€10,902 | +99.1% |
| Other amounts payable | 47/48 | €24,782 | €3,577 | -€21,205 | -85.6% |
| Accrued charges and deferred income | 492/3 | €80,000 | - | -€80,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,274 | €1,291 | -€983 | -43.2% |
| Other operating charges | 640/8 | €384 | €387 | +€3 | +0.8% |
| Gross operating margin | 9900 | €111,992 | €138,669 | +€26,677 | +23.8% |
| Operating profit (loss) | 9901 | €109,334 | €136,991 | +€27,657 | +25.3% |
| Financial income | 75/76B | €191 | €35 | -€156 | -81.7% |
| Recurring financial income | 75 | €191 | €35 | -€156 | -81.7% |
| Financial charges | 65/66B | €702 | €536 | -€166 | -23.6% |
| Recurring financial charges | 65 | €702 | €536 | -€166 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | €108,823 | €136,490 | +€27,667 | +25.4% |
| Income taxes | 67/77 | €25,296 | €34,738 | +€9,442 | +37.3% |
| Profit (loss) for the period | 9904 | €83,527 | €101,752 | +€18,225 | +21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €83,527 | €101,752 | +€18,225 | +21.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.