INSAF: 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.
INSAF
Largest movements
- Tangible fixed assets +€78,724
up €78,724 (+932%), from €8,444 to €87,168
of which Plant, machinery and equipment: +€43,771
- Cash +€17,147
up €17,147 (+101%), from €16,980 to €34,128
mainly Debts after one year (+€50,034) and Other debts (+€15,273)
- Receivables within one year -€4,116
down €4,116 (-19.8%), from €20,770 to €16,654
of which Trade receivables: -€2,501
- Debts after one year +€50,034
new in 2025: €50,034
- Other debts +€15,273
up €15,273 (+7,718%), from €198 to €15,471
- Tax, wage and social debts +€11,523
up €11,523 (+64.1%), from €17,974 to €29,497
of which Remuneration and social security: +€8,026
- Current portion of long-term debt +€11,324
new in 2025: €11,324
- Profit (loss) carried forward +€2,745
up €2,745, from -€555 to €2,191
- Gross operating margin +€15,119
up €15,119 (+45.6%), from €33,149 to €48,268
- Staff costs +€10,733
up €10,733 (+52.9%), from €20,270 to €31,002
- Depreciation +€6,760
up €6,760 (+207%), from €3,267 to €10,027
- Financial charges +€2,676
up €2,676 (+488%), from €548 to €3,225
- Other operating charges -€522
down €522 (-29.1%), from €1,792 to €1,269
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 | €51,636 | €143,391 | +€91,755 | +178% |
| Fixed assets | 21/28 | €10,444 | €89,168 | +€78,724 | +754% |
| Tangible fixed assets | 22/27 | €8,444 | €87,168 | +€78,724 | +932% |
| Plant, machinery and equipment | 23 | €3,639 | €47,410 | +€43,771 | +1,203% |
| Furniture and vehicles | 24 | €961 | €38,175 | +€37,214 | +3,871% |
| Other tangible fixed assets | 26 | €3,844 | €1,583 | -€2,261 | -58.8% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €41,192 | €54,223 | +€13,031 | +31.6% |
| Stocks and contracts in progress | 3 | €3,441 | €3,441 | = | 0.0% |
| Stocks | 30/36 | €3,441 | €3,441 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €20,770 | €16,654 | -€4,116 | -19.8% |
| Trade receivables | 40 | €18,585 | €16,084 | -€2,501 | -13.5% |
| Other amounts receivable | 41 | €2,185 | €570 | -€1,615 | -73.9% |
| Cash at bank and in hand | 54/58 | €16,980 | €34,128 | +€17,147 | +101% |
| Total equity and liabilities | 10/49 | €51,636 | €143,391 | +€91,755 | +178% |
| Equity | 10/15 | €18,201 | €20,947 | +€2,745 | +15.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €156 | €156 | = | 0.0% |
| Distributable reserves | 133 | €156 | €156 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€555 | €2,191 | +€2,745 | |
| Amounts payable | 17/49 | €33,435 | €122,444 | +€89,010 | +266% |
| Amounts payable after more than one year | 17 | - | €50,034 | +€50,034 | |
| Financial debts | 170/4 | - | €50,034 | +€50,034 | |
| Amounts payable within one year | 42/48 | €33,435 | €72,410 | +€38,975 | +117% |
| Current portion of amounts payable after more than one year | 42 | - | €11,324 | +€11,324 | |
| Trade debts | 44 | €15,263 | €16,118 | +€855 | +5.6% |
| Suppliers | 440/4 | €15,263 | €16,118 | +€855 | +5.6% |
| Taxes, remuneration and social security | 45 | €17,974 | €29,497 | +€11,523 | +64.1% |
| Taxes | 450/3 | €3,116 | €6,614 | +€3,497 | +112% |
| Remuneration and social security | 454/9 | €14,858 | €22,884 | +€8,026 | +54.0% |
| Other amounts payable | 47/48 | €198 | €15,471 | +€15,273 | +7,718% |
| Remuneration, social security and pensions | 62 | €20,270 | €31,002 | +€10,733 | +52.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,267 | €10,027 | +€6,760 | +207% |
| Other operating charges | 640/8 | €1,792 | €1,269 | -€522 | -29.1% |
| Gross operating margin | 9900 | €33,149 | €48,268 | +€15,119 | +45.6% |
| Operating profit (loss) | 9901 | €7,820 | €5,969 | -€1,851 | -23.7% |
| Financial income | 75/76B | €1 | €1 | -€0 | -35.5% |
| Recurring financial income | 75 | €1 | €1 | -€0 | -35.5% |
| Financial charges | 65/66B | €548 | €3,225 | +€2,676 | +488% |
| Recurring financial charges | 65 | €548 | €3,225 | +€2,676 | +488% |
| Profit (loss) for the period before taxes | 9903 | €7,273 | €2,745 | -€4,528 | -62.3% |
| Profit (loss) for the period | 9904 | €7,273 | €2,745 | -€4,528 | -62.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,273 | €2,745 | -€4,528 | -62.3% |
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.