INSARCO: 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.
INSARCO
Largest movements
- Current investments +€324,416
up €324,416 (+91.8%), from €353,585 to €678,001
- Receivables after one year -€257,165
no longer reported in 2025 (was €257,165)
- Receivables within one year -€109,511
down €109,511 (-50.0%), from €218,840 to €109,329
of which Trade receivables: -€90,750
- Tangible fixed assets -€36,196
down €36,196 (-21.4%), from €169,353 to €133,157
of which Furniture and vehicles: -€31,126
- Cash +€11,994
up €11,994 (+7.6%), from €158,665 to €170,659
mainly Receivables after one year (+€257,165) and Receivables within one year (+€109,511)
- Reserves -€93,500
down €93,500 (-11.6%), from €808,497 to €714,997
of which Distributable reserves: -€93,500
- Other debts +€85,500
up €85,500 (+900.0%), from €9,500 to €95,000
- Tax, wage and social debts -€66,199
down €66,199 (-89.7%), from €73,760 to €7,561
- Trade debts +€31,447
up €31,447 (+143.3%), from €21,944 to €53,391
- Debts after one year -€28,292
down €28,292 (-42.8%), from €66,087 to €37,795
- Gross operating margin -€275,233
down €275,233 (-82.9%), from €331,979 to €56,747
- Taxes -€97,947
down €97,947 (-96.5%), from €101,503 to €3,556
- Depreciation +€9,097
up €9,097 (+29.0%), from €31,400 to €40,497
- Financial income -€8,486
down €8,486 (-58.7%), from €14,446 to €5,960
- Financial charges +€4,336
up €4,336 (+77.3%), from €5,608 to €9,944
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 | €1,162,436 | €1,094,005 | -€68,431 | -5.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €169,553 | €133,357 | -€36,196 | -21.3% |
| Tangible fixed assets | 22/27 | €169,353 | €133,157 | -€36,196 | -21.4% |
| Land and buildings | 22 | €38,268 | €33,384 | -€4,883 | -12.8% |
| Plant, machinery and equipment | 23 | €913 | €725 | -€187 | -20.5% |
| Furniture and vehicles | 24 | €130,173 | €99,047 | -€31,126 | -23.9% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €992,883 | €960,649 | -€32,234 | -3.2% |
| Amounts receivable after more than one year | 29 | €257,165 | - | -€257,165 | |
| Other amounts receivable | 291 | €257,165 | - | -€257,165 | |
| Amounts receivable within one year | 40/41 | €218,840 | €109,329 | -€109,511 | -50.0% |
| Trade receivables | 40 | €108,900 | €18,150 | -€90,750 | -83.3% |
| Other amounts receivable | 41 | €109,940 | €91,179 | -€18,761 | -17.1% |
| Current investments | 50/53 | €353,585 | €678,001 | +€324,416 | +91.8% |
| Cash at bank and in hand | 54/58 | €158,665 | €170,659 | +€11,994 | +7.6% |
| Deferred charges and accrued income | 490/1 | €4,627 | €2,659 | -€1,968 | -42.5% |
| Total equity and liabilities | 10/49 | €1,162,436 | €1,094,005 | -€68,431 | -5.9% |
| Equity | 10/15 | €964,257 | €870,784 | -€93,473 | -9.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €808,497 | €714,997 | -€93,500 | -11.6% |
| Tax-exempt reserves | 132 | €16,637 | €16,637 | = | 0.0% |
| Distributable reserves | 133 | €791,860 | €698,360 | -€93,500 | -11.8% |
| Profit (loss) carried forward | 14 | €143,361 | €143,388 | +€27 | 0.0% |
| Amounts payable | 17/49 | €198,179 | €223,221 | +€25,042 | +12.6% |
| Amounts payable after more than one year | 17 | €66,087 | €37,795 | -€28,292 | -42.8% |
| Financial debts | 170/4 | €66,087 | €37,795 | -€28,292 | -42.8% |
| Amounts payable within one year | 42/48 | €131,412 | €184,244 | +€52,832 | +40.2% |
| Current portion of amounts payable after more than one year | 42 | €26,209 | €28,292 | +€2,084 | +8.0% |
| Trade debts | 44 | €21,944 | €53,391 | +€31,447 | +143.3% |
| Suppliers | 440/4 | €21,944 | €53,391 | +€31,447 | +143.3% |
| Taxes, remuneration and social security | 45 | €73,760 | €7,561 | -€66,199 | -89.7% |
| Taxes | 450/3 | €73,760 | €7,561 | -€66,199 | -89.7% |
| Other amounts payable | 47/48 | €9,500 | €95,000 | +€85,500 | +900.0% |
| Accrued charges and deferred income | 492/3 | €680 | €1,183 | +€503 | +74.0% |
| Non-recurring operating income | 76A | €8,264 | - | -€8,264 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,400 | €40,497 | +€9,097 | +29.0% |
| Other operating charges | 640/8 | €387 | €998 | +€611 | +157.8% |
| Non-recurring operating charges | 66A | - | €1,183 | +€1,183 | |
| Gross operating margin | 9900 | €331,979 | €56,747 | -€275,233 | -82.9% |
| Operating profit (loss) | 9901 | €300,192 | €14,067 | -€286,124 | -95.3% |
| Financial income | 75/76B | €14,446 | €5,960 | -€8,486 | -58.7% |
| Recurring financial income | 75 | €14,446 | €5,960 | -€8,486 | -58.7% |
| Financial charges | 65/66B | €5,608 | €9,944 | +€4,336 | +77.3% |
| Recurring financial charges | 65 | €5,608 | €9,944 | +€4,336 | +77.3% |
| Profit (loss) for the period before taxes | 9903 | €309,030 | €10,083 | -€298,947 | -96.7% |
| Income taxes | 67/77 | €101,503 | €3,556 | -€97,947 | -96.5% |
| Profit (loss) for the period | 9904 | €207,526 | €6,527 | -€200,999 | -96.9% |
| Profit (loss) for the period to be appropriated | 9905 | €207,526 | €6,527 | -€200,999 | -96.9% |
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 5 October 2026 via checked.be.