INOREX: 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.
INOREX
Largest movements
- Receivables within one year +€48,978
up €48,978 (+193%), from €25,422 to €74,400
of which Other amounts receivable: +€45,319
- Cash -€24,102
down €24,102 (-49.0%), from €49,198 to €25,096
mainly Receivables within one year (-€48,978) and Advances received (-€5,028)
- Tangible fixed assets -€7,010
down €7,010 (-25.3%), from €27,742 to €20,732
- Reserves +€21,539
up €21,539 (+28.8%), from €74,907 to €96,446
- Advances received -€5,028
down €5,028 (-100%), from €5,028 to €0
- Gross operating margin +€2,317
up €2,317 (+5.9%), from €38,975 to €41,292
- Depreciation +€2,069
up €2,069 (+41.9%), from €4,941 to €7,010
- Taxes +€417
up €417 (+3.9%), from €10,663 to €11,080
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 | €102,362 | €120,228 | +€17,866 | +17.5% |
| Fixed assets | 21/28 | €27,742 | €20,732 | -€7,010 | -25.3% |
| Tangible fixed assets | 22/27 | €27,742 | €20,732 | -€7,010 | -25.3% |
| Furniture and vehicles | 24 | €27,742 | €20,732 | -€7,010 | -25.3% |
| Current assets | 29/58 | €74,619 | €99,495 | +€24,876 | +33.3% |
| Amounts receivable within one year | 40/41 | €25,422 | €74,400 | +€48,978 | +193% |
| Trade receivables | 40 | €0 | €3,659 | +€3,659 | |
| Other amounts receivable | 41 | €25,422 | €70,741 | +€45,319 | +178% |
| Cash at bank and in hand | 54/58 | €49,198 | €25,096 | -€24,102 | -49.0% |
| Total equity and liabilities | 10/49 | €102,362 | €120,228 | +€17,866 | +17.5% |
| Equity | 10/15 | €93,457 | €114,996 | +€21,539 | +23.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €74,907 | €96,446 | +€21,539 | +28.8% |
| Distributable reserves | 133 | €74,907 | €96,446 | +€21,539 | +28.8% |
| Amounts payable | 17/49 | €8,904 | €5,231 | -€3,673 | -41.2% |
| Amounts payable within one year | 42/48 | €8,904 | €5,231 | -€3,673 | -41.2% |
| Trade debts | 44 | €38 | €1,159 | +€1,121 | +2,968% |
| Suppliers | 440/4 | €38 | €1,159 | +€1,121 | +2,968% |
| Advances received on contracts in progress | 46 | €5,028 | €0 | -€5,028 | -100% |
| Taxes, remuneration and social security | 45 | €3,839 | €4,073 | +€234 | +6.1% |
| Taxes | 450/3 | €3,839 | €4,073 | +€234 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,941 | €7,010 | +€2,069 | +41.9% |
| Other operating charges | 640/8 | €1,501 | €1,508 | +€7 | +0.5% |
| Gross operating margin | 9900 | €38,975 | €41,292 | +€2,317 | +5.9% |
| Operating profit (loss) | 9901 | €32,533 | €32,774 | +€241 | +0.7% |
| Financial income | 75/76B | €97 | €320 | +€223 | +229% |
| Recurring financial income | 75 | €97 | €320 | +€223 | +229% |
| Financial charges | 65/66B | €459 | €475 | +€17 | +3.6% |
| Recurring financial charges | 65 | €459 | €475 | +€17 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €32,171 | €32,619 | +€448 | +1.4% |
| Income taxes | 67/77 | €10,663 | €11,080 | +€417 | +3.9% |
| Profit (loss) for the period | 9904 | €21,508 | €21,539 | +€31 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €21,508 | €21,539 | +€31 | +0.1% |
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 15 October 2026 via checked.be.