INS: 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.
INS
Largest movements
- Tangible fixed assets +€376,870
up €376,870 (+159.4%), from €236,388 to €613,258
of which Land and buildings: +€394,574
- Stocks and contracts +€38,345
up €38,345 (+39.3%), from €97,651 to €135,996
- Cash -€23,809
down €23,809 (-13.4%), from €177,864 to €154,055
mainly Investment in fixed assets (net) (-€472,304) and Stocks and contracts (-€38,345)
- Receivables within one year +€20,509
up €20,509 (+82.2%), from €24,965 to €45,474
of which Trade receivables: +€20,751
- Debts after one year +€319,082
up €319,082 (+743.6%), from €42,908 to €361,990
- Reserves +€58,995
up €58,995 (+25.7%), from €229,543 to €288,538
of which Distributable reserves: +€58,995
- Other debts +€15,612
up €15,612 (+10916.2%), from €143 to €15,755
- Current portion of long-term debt +€14,840
up €14,840 (+66.6%), from €22,281 to €37,121
- Depreciation +€60,972
up €60,972 (+176.9%), from €34,463 to €95,435
- Gross operating margin +€44,789
up €44,789 (+31.0%), from €144,626 to €189,415
- Staff costs -€30,865
down €30,865, from €30,228 to -€637
- Financial charges +€9,771
up €9,771 (+575.1%), from €1,699 to €11,470
- Other operating charges +€4,381
up €4,381 (+118.8%), from €3,688 to €8,069
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 | €541,093 | €951,770 | +€410,677 | +75.9% |
| Fixed assets | 21/28 | €236,418 | €613,288 | +€376,870 | +159.4% |
| Tangible fixed assets | 22/27 | €236,388 | €613,258 | +€376,870 | +159.4% |
| Land and buildings | 22 | €128,170 | €522,745 | +€394,574 | +307.9% |
| Plant, machinery and equipment | 23 | €16,289 | €13,818 | -€2,471 | -15.2% |
| Furniture and vehicles | 24 | €1,593 | €42,897 | +€41,304 | +2592.2% |
| Leasing and similar rights | 25 | €49,335 | €33,798 | -€15,537 | -31.5% |
| Assets under construction and advance payments | 27 | €41,000 | €0 | -€41,000 | -100.0% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €304,674 | €338,482 | +€33,808 | +11.1% |
| Stocks and contracts in progress | 3 | €97,651 | €135,996 | +€38,345 | +39.3% |
| Stocks | 30/36 | €97,651 | €135,996 | +€38,345 | +39.3% |
| Amounts receivable within one year | 40/41 | €24,965 | €45,474 | +€20,509 | +82.2% |
| Trade receivables | 40 | €24,282 | €45,033 | +€20,751 | +85.5% |
| Other amounts receivable | 41 | €683 | €440 | -€242 | -35.5% |
| Cash at bank and in hand | 54/58 | €177,864 | €154,055 | -€23,809 | -13.4% |
| Deferred charges and accrued income | 490/1 | €4,194 | €2,958 | -€1,237 | -29.5% |
| Total equity and liabilities | 10/49 | €541,093 | €951,770 | +€410,677 | +75.9% |
| Equity | 10/15 | €443,924 | €502,918 | +€58,995 | +13.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €229,543 | €288,538 | +€58,995 | +25.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €227,683 | €286,678 | +€58,995 | +25.9% |
| Profit (loss) carried forward | 14 | €195,780 | €195,780 | = | 0.0% |
| Amounts payable | 17/49 | €97,169 | €448,852 | +€351,683 | +361.9% |
| Amounts payable after more than one year | 17 | €42,908 | €361,990 | +€319,082 | +743.6% |
| Financial debts | 170/4 | €42,908 | €361,990 | +€319,082 | +743.6% |
| Amounts payable within one year | 42/48 | €53,511 | €86,111 | +€32,600 | +60.9% |
| Current portion of amounts payable after more than one year | 42 | €22,281 | €37,121 | +€14,840 | +66.6% |
| Trade debts | 44 | €75 | €3,009 | +€2,934 | +3893.3% |
| Suppliers | 440/4 | €75 | €3,009 | +€2,934 | +3893.3% |
| Taxes, remuneration and social security | 45 | €31,011 | €30,225 | -€786 | -2.5% |
| Taxes | 450/3 | €24,784 | €30,225 | +€5,441 | +22.0% |
| Remuneration and social security | 454/9 | €6,227 | €0 | -€6,227 | -100.0% |
| Other amounts payable | 47/48 | €143 | €15,755 | +€15,612 | +10916.2% |
| Accrued charges and deferred income | 492/3 | €750 | €750 | = | 0.0% |
| Non-recurring operating income | 76A | €35,401 | €16,322 | -€19,079 | -53.9% |
| Remuneration, social security and pensions | 62 | €30,228 | -€637 | -€30,865 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,463 | €95,435 | +€60,972 | +176.9% |
| Other operating charges | 640/8 | €3,688 | €8,069 | +€4,381 | +118.8% |
| Gross operating margin | 9900 | €144,626 | €189,415 | +€44,789 | +31.0% |
| Operating profit (loss) | 9901 | €76,248 | €86,549 | +€10,301 | +13.5% |
| Financial income | 75/76B | €2,994 | €6,582 | +€3,588 | +119.8% |
| Recurring financial income | 75 | €2,994 | €6,582 | +€3,588 | +119.8% |
| Financial charges | 65/66B | €1,699 | €11,470 | +€9,771 | +575.1% |
| Recurring financial charges | 65 | €1,699 | €11,470 | +€9,771 | +575.1% |
| Profit (loss) for the period before taxes | 9903 | €77,543 | €81,661 | +€4,118 | +5.3% |
| Income taxes | 67/77 | €26,222 | €22,666 | -€3,555 | -13.6% |
| Profit (loss) for the period | 9904 | €51,321 | €58,995 | +€7,673 | +15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,321 | €58,995 | +€7,673 | +15.0% |
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 29 September 2026 via checked.be.