INRO: 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.
INRO
Largest movements
- Tangible fixed assets +€88,376
up €88,376 (+6.1%), from €1.4m to €1.5m
- Cash -€64,679
down €64,679 (-80.0%), from €80,880 to €16,202
mainly Investment in fixed assets (net) (-€174,952) and Other debts (-€1,198)
- Receivables within one year -€17,461
down €17,461 (-38.6%), from €45,238 to €27,777
of which Other amounts receivable: -€32,461
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€6,206
down €6,206 (-4.3%), from €143,893 to €137,687
- Financial charges +€5,423
up €5,423 (+18.0%), from €30,181 to €35,604
- Taxes -€4,019
down €4,019 (-99.1%), from €4,057 to €38
- Depreciation +€2,672
up €2,672 (+3.2%), from €83,903 to €86,575
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,564,077 | €1,570,313 | +€6,236 | +0.4% |
| Fixed assets | 21/28 | €1,437,958 | €1,526,334 | +€88,376 | +6.1% |
| Tangible fixed assets | 22/27 | €1,437,958 | €1,526,334 | +€88,376 | +6.1% |
| Land and buildings | 22 | €1,437,958 | €1,526,334 | +€88,376 | +6.1% |
| Current assets | 29/58 | €126,119 | €43,979 | -€82,140 | -65.1% |
| Amounts receivable within one year | 40/41 | €45,238 | €27,777 | -€17,461 | -38.6% |
| Trade receivables | 40 | €7,865 | €22,865 | +€15,000 | +190.7% |
| Other amounts receivable | 41 | €37,373 | €4,912 | -€32,461 | -86.9% |
| Cash at bank and in hand | 54/58 | €80,880 | €16,202 | -€64,679 | -80.0% |
| Total equity and liabilities | 10/49 | €1,564,077 | €1,570,313 | +€6,236 | +0.4% |
| Equity | 10/15 | €516,156 | €516,414 | +€258 | 0.0% |
| 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 | €454,656 | €454,914 | +€258 | +0.1% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €448,506 | €448,764 | +€258 | +0.1% |
| Amounts payable | 17/49 | €1,047,920 | €1,053,899 | +€5,978 | +0.6% |
| Amounts payable after more than one year | 17 | €500,000 | €500,000 | = | 0.0% |
| Financial debts | 170/4 | €500,000 | €500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €543,133 | €548,841 | +€5,708 | +1.1% |
| Trade debts | 44 | €171 | €4,321 | +€4,151 | +2434.4% |
| Suppliers | 440/4 | €171 | €4,321 | +€4,151 | +2434.4% |
| Taxes, remuneration and social security | 45 | €16,392 | €19,148 | +€2,756 | +16.8% |
| Taxes | 450/3 | €16,392 | €19,148 | +€2,756 | +16.8% |
| Other amounts payable | 47/48 | €526,571 | €525,372 | -€1,198 | -0.2% |
| Accrued charges and deferred income | 492/3 | €4,787 | €5,057 | +€270 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,903 | €86,575 | +€2,672 | +3.2% |
| Other operating charges | 640/8 | €14,778 | €15,395 | +€618 | +4.2% |
| Gross operating margin | 9900 | €143,893 | €137,687 | -€6,206 | -4.3% |
| Operating profit (loss) | 9901 | €45,212 | €35,716 | -€9,496 | -21.0% |
| Financial income | 75/76B | €1 | €184 | +€183 | +18293.0% |
| Recurring financial income | 75 | €1 | €184 | +€183 | +18293.0% |
| Financial charges | 65/66B | €30,181 | €35,604 | +€5,423 | +18.0% |
| Recurring financial charges | 65 | €30,181 | €35,604 | +€5,423 | +18.0% |
| Profit (loss) for the period before taxes | 9903 | €15,032 | €296 | -€14,736 | -98.0% |
| Income taxes | 67/77 | €4,057 | €38 | -€4,019 | -99.1% |
| Profit (loss) for the period | 9904 | €10,975 | €258 | -€10,717 | -97.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,975 | €258 | -€10,717 | -97.7% |
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 7 October 2026 via checked.be.