INSAL: 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.
INSAL
Largest movements
- Receivables within one year +€18,334
up €18,334 (+82.2%), from €22,294 to €40,628
of which Other amounts receivable: +€28,330
- Cash -€18,102
down €18,102 (-6.0%), from €301,116 to €283,014
mainly Receivables within one year (-€18,334) and Trade debts (-€10,260)
- Reserves +€16,000
up €16,000 (+6.3%), from €254,150 to €270,150
of which Distributable reserves: +€16,000
- Trade debts -€10,260
down €10,260 (-72.2%), from €14,206 to €3,946
- Gross operating margin -€12,310
down €12,310 (-25.8%), from €47,695 to €35,384
- Other operating charges +€6,677
up €6,677 (+252.0%), from €2,649 to €9,326
- Taxes -€5,790
down €5,790 (-40.4%), from €14,345 to €8,555
- Financial charges +€708
up €708 (+72.9%), from €971 to €1,679
- Financial income +€624
up €624 (+149.6%), from €417 to €1,041
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 | €344,579 | €349,653 | +€5,074 | +1.5% |
| Fixed assets | 21/28 | €1,097 | €3,686 | +€2,588 | +235.9% |
| Tangible fixed assets | 22/27 | €1,097 | €3,686 | +€2,588 | +235.9% |
| Plant, machinery and equipment | 23 | - | €2,214 | +€2,214 | |
| Furniture and vehicles | 24 | €1,097 | €1,472 | +€375 | +34.2% |
| Current assets | 29/58 | €343,482 | €345,967 | +€2,486 | +0.7% |
| Stocks and contracts in progress | 3 | €18,548 | €20,700 | +€2,152 | +11.6% |
| Stocks | 30/36 | €18,548 | €20,700 | +€2,152 | +11.6% |
| Amounts receivable within one year | 40/41 | €22,294 | €40,628 | +€18,334 | +82.2% |
| Trade receivables | 40 | €20,108 | €10,112 | -€9,996 | -49.7% |
| Other amounts receivable | 41 | €2,186 | €30,516 | +€28,330 | +1296.0% |
| Cash at bank and in hand | 54/58 | €301,116 | €283,014 | -€18,102 | -6.0% |
| Deferred charges and accrued income | 490/1 | €1,525 | €1,627 | +€102 | +6.7% |
| Total equity and liabilities | 10/49 | €344,579 | €349,653 | +€5,074 | +1.5% |
| Equity | 10/15 | €317,687 | €333,688 | +€16,001 | +5.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €254,150 | €270,150 | +€16,000 | +6.3% |
| Non-distributable reserves | 130/1 | €22,200 | €22,200 | = | 0.0% |
| Legal reserve | 130 | €22,200 | €22,200 | = | 0.0% |
| Distributable reserves | 133 | €231,950 | €247,950 | +€16,000 | +6.9% |
| Profit (loss) carried forward | 14 | €1,537 | €1,538 | +€1 | 0.0% |
| Amounts payable | 17/49 | €26,892 | €15,965 | -€10,927 | -40.6% |
| Amounts payable within one year | 42/48 | €26,892 | €15,965 | -€10,927 | -40.6% |
| Financial debts | 43 | €3,411 | €3,413 | +€2 | +0.1% |
| Credit institutions | 430/8 | €3,411 | €3,413 | +€2 | +0.1% |
| Trade debts | 44 | €14,206 | €3,946 | -€10,260 | -72.2% |
| Suppliers | 440/4 | €14,206 | €3,946 | -€10,260 | -72.2% |
| Taxes, remuneration and social security | 45 | €9,275 | €8,606 | -€669 | -7.2% |
| Taxes | 450/3 | €9,275 | €8,606 | -€669 | -7.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €337 | €864 | +€527 | +156.7% |
| Other operating charges | 640/8 | €2,649 | €9,326 | +€6,677 | +252.0% |
| Gross operating margin | 9900 | €47,695 | €35,384 | -€12,310 | -25.8% |
| Operating profit (loss) | 9901 | €44,709 | €25,194 | -€19,515 | -43.6% |
| Financial income | 75/76B | €417 | €1,041 | +€624 | +149.6% |
| Recurring financial income | 75 | €417 | €1,041 | +€624 | +149.6% |
| Financial charges | 65/66B | €971 | €1,679 | +€708 | +72.9% |
| Recurring financial charges | 65 | €971 | €1,679 | +€708 | +72.9% |
| Profit (loss) for the period before taxes | 9903 | €44,155 | €24,556 | -€19,599 | -44.4% |
| Income taxes | 67/77 | €14,345 | €8,555 | -€5,790 | -40.4% |
| Profit (loss) for the period | 9904 | €29,810 | €16,001 | -€13,809 | -46.3% |
| Profit (loss) for the period to be appropriated | 9905 | €29,810 | €16,001 | -€13,809 | -46.3% |
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.