InSky: 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.
What changed
InSky
NACE 61.100, Wired, wireless and satellite telecommunications
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€24.0m
2024 · -€13.0m-€11.0m
Equity
-€35.1m
2024 · -€11.1m-€24.0m
Cash
€7,268
2024 · €143,951-€136,684
Balance sheet total
€110.2m
2024 · €72.7m+€37.5m
Largest movements
Assets
- Tangible fixed assets +€41.8m
up €41.8m (+71.9%), from €58.2m to €100.0m
of which Plant, machinery and equipment: +€33.6m
- Receivables within one year -€6.7m
down €6.7m (-49.3%), from €13.5m to €6.9m
of which Other amounts receivable: -€7.2m
- Intangible fixed assets +€1.9m
up €1.9m (+1157.8%), from €165,404 to €2.1m
Equity and liabilities
- Debts after one year +€106.9m
up €106.9m (+5507.4%), from €1.9m to €108.9m
of which Financial debts: +€105.8m
- Other debts -€46.1m
down €46.1m (-78.1%), from €59.1m to €12.9m
- Profit (loss) carried forward -€24.0m
down €24.0m (-149.4%), from -€16.1m to -€40.1m
- Trade debts -€1.8m
down €1.8m (-9.2%), from €20.0m to €18.1m
- Tax, wage and social debts +€1.7m
up €1.7m (+178.3%), from €937,693 to €2.6m
of which Remuneration and social security: +€1.2m
Income statement
- Staff costs +€6.1m
up €6.1m (+128.5%), from €4.7m to €10.8m
- Services and other goods +€3.8m
up €3.8m (+32.5%), from €11.6m to €15.3m
- Financial charges +€3.5m
up €3.5m (+270.5%), from €1.3m to €4.8m
- Depreciation +€1.8m
up €1.8m (+259.1%), from €707,992 to €2.5m
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.
Result 2024
-€13.0m
Staff costs
-€6.1m
Depreciation
-€1.8m
Other operating charges
-€92,594
Other operating items
+€126,749
Financial income
+€337,659
Financial charges
-€3.5m
Taxes
+€17,055
Result 2025
-€24.0m
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.
From operations
-€60.6m
Investment
-€46.3m
Financing
+€106.7m
Cash 2024
€143,951
From operations (derived)
-€60.6m
Net result for the year
-€24.0m
Depreciation
+€2.5m
Receivables within one year
+€6.7m
Deferred charges and accrued income
-€552,578
Trade debts
-€1.8m
Tax, wage and social debts
+€1.7m
Other debts
-€46.1m
Accrued charges and deferred income
+€1.1m
Investment (derived)
-€46.3m
Investment in fixed assets (net)
-€46.3m
Financing
+€106.7m
Debts after one year
+€106.9m
Current portion of long-term debt
+€33,604
Short-term financial debts
-€205,335
Cash 2025
€7,268
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €72,728,759 | €110,243,556 | +€37.5m | +51.6% |
| Formation expenses | 20 | €5,384 | €3,589 | -€1,795 | -33.3% |
| Fixed assets | 21/28 | €58,650,711 | €102,425,310 | +€43.8m | +74.6% |
| Intangible fixed assets | 21 | €165,404 | €2,080,408 | +€1.9m | +1157.8% |
| Tangible fixed assets | 22/27 | €58,196,377 | €100,016,011 | +€41.8m | +71.9% |
| Plant, machinery and equipment | 23 | €932,502 | €34,516,301 | +€33.6m | +3601.5% |
| Furniture and vehicles | 24 | €1,452,603 | €2,581,847 | +€1.1m | +77.7% |
| Leasing and similar rights | 25 | €2,428,566 | €1,913,638 | -€514,928 | -21.2% |
| Other tangible fixed assets | 26 | €763,807 | €635,432 | -€128,375 | -16.8% |
| Assets under construction and advance payments | 27 | €52,618,898 | €60,368,792 | +€7.7m | +14.7% |
| Financial fixed assets | 28 | €288,931 | €328,892 | +€39,961 | +13.8% |
| Other financial fixed assets | 284/8 | €288,931 | €328,892 | +€39,961 | +13.8% |
| Amounts receivable and cash guarantees | 285/8 | €288,931 | €328,892 | +€39,961 | +13.8% |
| Current assets | 29/58 | €14,072,663 | €7,814,657 | -€6.3m | -44.5% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Stocks | 30/36 | €0 | - | = | |
| Goods purchased for resale | 34 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €13,538,442 | €6,864,542 | -€6.7m | -49.3% |
| Trade receivables | 40 | €1,078,776 | €1,620,936 | +€542,159 | +50.3% |
| Other amounts receivable | 41 | €12,459,666 | €5,243,606 | -€7.2m | -57.9% |
| Cash at bank and in hand | 54/58 | €143,951 | €7,268 | -€136,684 | -95.0% |
| Deferred charges and accrued income | 490/1 | €390,270 | €942,848 | +€552,578 | +141.6% |
| Total equity and liabilities | 10/49 | €72,728,759 | €110,243,556 | +€37.5m | +51.6% |
| Equity | 10/15 | -€11,084,378 | -€35,111,192 | -€24.0m | -216.8% |
| Contributions | 10/11 | €5,000,000 | €5,000,000 | = | 0.0% |
| Capital | 10 | €5,000,000 | €5,000,000 | = | 0.0% |
| Issued capital | 100 | €20,000,000 | €20,000,000 | = | 0.0% |
| Uncalled capital | 101 | €15,000,000 | €15,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,084,378 | -€40,111,192 | -€24.0m | -149.4% |
| Amounts payable | 17/49 | €83,813,137 | €145,354,748 | +€61.5m | +73.4% |
| Amounts payable after more than one year | 17 | €1,941,353 | €108,859,162 | +€106.9m | +5507.4% |
| Financial debts | 170/4 | €1,941,353 | €107,747,029 | +€105.8m | +5450.1% |
| Leasing and similar obligations | 172 | €1,941,353 | €1,446,615 | -€494,738 | -25.5% |
| Other loans | 174 | - | €106,300,414 | +€106.3m | |
| Other amounts payable | 178/9 | - | €1,112,133 | +€1.1m | |
| Amounts payable within one year | 42/48 | €80,650,924 | €34,199,870 | -€46.5m | -57.6% |
| Current portion of amounts payable after more than one year | 42 | €475,848 | €509,452 | +€33,604 | +7.1% |
| Financial debts | 43 | €205,335 | €0 | -€205,335 | -100.0% |
| Credit institutions | 430/8 | €205,335 | €0 | -€205,335 | -100.0% |
| Trade debts | 44 | €19,966,112 | €18,134,115 | -€1.8m | -9.2% |
| Suppliers | 440/4 | €19,966,112 | €18,134,115 | -€1.8m | -9.2% |
| Taxes, remuneration and social security | 45 | €937,693 | €2,609,202 | +€1.7m | +178.3% |
| Taxes | 450/3 | €111,749 | €626,718 | +€514,969 | +460.8% |
| Remuneration and social security | 454/9 | €825,943 | €1,982,484 | +€1.2m | +140.0% |
| Other amounts payable | 47/48 | €59,065,936 | €12,947,100 | -€46.1m | -78.1% |
| Accrued charges and deferred income | 492/3 | €1,220,860 | €2,295,716 | +€1.1m | +88.0% |
| Operating income | 70/76A | €5,859,511 | €9,125,426 | +€3.3m | +55.7% |
| Own construction capitalised | 72 | €5,532,369 | €7,794,088 | +€2.3m | +40.9% |
| Other operating income | 74 | €327,142 | €1,237,412 | +€910,270 | +278.2% |
| Non-recurring operating income | 76A | - | €93,926 | +€93,926 | |
| Operating charges | 60/66A | €17,666,396 | €28,821,037 | +€11.2m | +63.1% |
| Goods for resale, raw materials and consumables | 60 | €621,801 | €0 | -€621,801 | -100.0% |
| Purchases | 600/8 | €47,029 | €0 | -€47,029 | -100.0% |
| Change in stocks: decrease (increase) | 609 | €574,772 | €0 | -€574,772 | -100.0% |
| Services and other goods | 61 | €11,562,596 | €15,323,562 | +€3.8m | +32.5% |
| Remuneration, social security and pensions | 62 | €4,739,946 | €10,828,555 | +€6.1m | +128.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €707,992 | €2,542,265 | +€1.8m | +259.1% |
| Other operating charges | 640/8 | €34,061 | €126,656 | +€92,594 | +271.8% |
| Operating profit (loss) | 9901 | -€11,806,885 | -€19,695,612 | -€7.9m | -66.8% |
| Financial income | 75/76B | €102,999 | €440,659 | +€337,659 | +327.8% |
| Recurring financial income | 75 | €102,999 | €440,659 | +€337,659 | +327.8% |
| Income from financial fixed assets | 750 | €102,898 | €102 | -€102,796 | -99.9% |
| Income from current assets | 751 | - | €416,934 | +€416,934 | |
| Other financial income | 752/9 | €101 | €23,623 | +€23,521 | +23253.9% |
| Financial charges | 65/66B | €1,288,010 | €4,771,840 | +€3.5m | +270.5% |
| Recurring financial charges | 65 | €1,288,010 | €4,771,840 | +€3.5m | +270.5% |
| Debt charges | 650 | €1,258,275 | €4,757,168 | +€3.5m | +278.1% |
| Other financial charges | 652/9 | €29,736 | €14,672 | -€15,064 | -50.7% |
| Profit (loss) for the period before taxes | 9903 | -€12,991,895 | -€24,026,793 | -€11.0m | -84.9% |
| Income taxes | 67/77 | €17,077 | €21 | -€17,055 | -99.9% |
| Taxes | 670/3 | €17,077 | €21 | -€17,055 | -99.9% |
| Profit (loss) for the period | 9904 | -€13,008,972 | -€24,026,814 | -€11.0m | -84.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,008,972 | -€24,026,814 | -€11.0m | -84.7% |
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 30 September 2026 via checked.be.