INSAREC: 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.
INSAREC
Largest movements
- Intangible fixed assets +€55,900
new in 2025: €55,900
- Cash +€48,493
up €48,493 (+61.6%), from €78,662 to €127,156
mainly Net result for the year (+€45,817) and Debts after one year (+€30,000)
- Receivables within one year -€6,960
down €6,960 (-8.7%), from €80,452 to €73,491
of which Trade receivables: -€20,460
- Profit (loss) carried forward +€45,817
up €45,817 (+30.5%), from €149,999 to €195,816
- Debts after one year +€30,000
new in 2025: €30,000
- Trade debts +€22,318
up €22,318 (+6,037%), from €370 to €22,688
- Gross operating margin +€35,268
up €35,268 (+167%), from €21,145 to €56,413
- Depreciation +€6,557
up €6,557 (+201%), from €3,262 to €9,818
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 | €180,599 | €278,734 | +€98,135 | +54.3% |
| Fixed assets | 21/28 | €21,485 | €78,087 | +€56,602 | +263% |
| Intangible fixed assets | 21 | - | €55,900 | +€55,900 | |
| Tangible fixed assets | 22/27 | €21,485 | €22,187 | +€702 | +3.3% |
| Plant, machinery and equipment | 23 | €21,485 | €22,187 | +€702 | +3.3% |
| Current assets | 29/58 | €159,114 | €200,647 | +€41,533 | +26.1% |
| Amounts receivable within one year | 40/41 | €80,452 | €73,491 | -€6,960 | -8.7% |
| Trade receivables | 40 | €55,051 | €34,591 | -€20,460 | -37.2% |
| Other amounts receivable | 41 | €25,401 | €38,900 | +€13,499 | +53.1% |
| Cash at bank and in hand | 54/58 | €78,662 | €127,156 | +€48,493 | +61.6% |
| Total equity and liabilities | 10/49 | €180,599 | €278,734 | +€98,135 | +54.3% |
| Equity | 10/15 | €179,999 | €225,816 | +€45,817 | +25.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €149,999 | €195,816 | +€45,817 | +30.5% |
| Amounts payable | 17/49 | €600 | €52,918 | +€52,318 | +8,724% |
| Amounts payable after more than one year | 17 | - | €30,000 | +€30,000 | |
| Other amounts payable | 178/9 | - | €30,000 | +€30,000 | |
| Amounts payable within one year | 42/48 | €600 | €22,918 | +€22,318 | +3,722% |
| Trade debts | 44 | €370 | €22,688 | +€22,318 | +6,037% |
| Suppliers | 440/4 | €370 | €22,688 | +€22,318 | +6,037% |
| Other amounts payable | 47/48 | €230 | €230 | = | 0.0% |
| Non-recurring operating income | 76A | - | €8,390 | +€8,390 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,262 | €9,818 | +€6,557 | +201% |
| Other operating charges | 640/8 | €717 | €610 | -€108 | -15.0% |
| Gross operating margin | 9900 | €21,145 | €56,413 | +€35,268 | +167% |
| Operating profit (loss) | 9901 | €17,166 | €45,985 | +€28,819 | +168% |
| Financial charges | 65/66B | €131 | €169 | +€37 | +28.4% |
| Recurring financial charges | 65 | €131 | €169 | +€37 | +28.4% |
| Profit (loss) for the period before taxes | 9903 | €17,035 | €45,817 | +€28,782 | +169% |
| Profit (loss) for the period | 9904 | €17,035 | €45,817 | +€28,782 | +169% |
| Profit (loss) for the period to be appropriated | 9905 | €17,035 | €45,817 | +€28,782 | +169% |
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 29 October 2026 via checked.be.