INSTABEL CONNECT: what changed
INSTABEL CONNECT
Largest movements
- Stocks and contracts -€113,012
down €113,012 (-20.5%), from €551,480 to €438,469
- Receivables within one year -€47,687
down €47,687 (-7.7%), from €619,871 to €572,185
of which Other amounts receivable: -€48,054
- Cash +€30,410
up €30,410 (+51.2%), from €59,415 to €89,825
mainly Other debts (+€118,043) and Stocks and contracts (+€113,012)
- Tangible fixed assets -€15,210
down €15,210 (-48.2%), from €31,552 to €16,342
of which Furniture and vehicles: -€10,300
- Other debts +€118,043
up €118,043 (+1,380%), from €8,556 to €126,599
- Short-term financial debts -€117,552
down €117,552 (-21.9%), from €536,135 to €418,583
of which Other loans: -€115,000
- Profit (loss) carried forward -€83,608
down €83,608 (-80.9%), from €103,299 to €19,692
- Current portion of long-term debt -€36,296
down €36,296 (-100%), from €36,296 to €0
- Trade debts -€33,694
down €33,694 (-6.4%), from €523,292 to €489,598
- Gross operating margin -€83,286
down €83,286 (-28.2%), from €295,084 to €211,798
- Staff costs -€53,654
down €53,654 (-17.7%), from €302,357 to €248,703
- Financial charges -€10,871
down €10,871 (-23.0%), from €47,234 to €36,363
of which Financial charges: -€7,537
- Depreciation -€7,295
down €7,295 (-44.9%), from €16,236 to €8,941
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,266,392 | €1,119,854 | -€146,538 | -11.6% |
| Fixed assets | 21/28 | €31,552 | €16,342 | -€15,210 | -48.2% |
| Tangible fixed assets | 22/27 | €31,552 | €16,342 | -€15,210 | -48.2% |
| Plant, machinery and equipment | 23 | €11,743 | €8,565 | -€3,178 | -27.1% |
| Furniture and vehicles | 24 | €10,445 | €145 | -€10,300 | -98.6% |
| Other tangible fixed assets | 26 | €9,364 | €7,632 | -€1,732 | -18.5% |
| Current assets | 29/58 | €1,234,840 | €1,103,511 | -€131,328 | -10.6% |
| Stocks and contracts in progress | 3 | €551,480 | €438,469 | -€113,012 | -20.5% |
| Stocks | 30/36 | €551,480 | €438,469 | -€113,012 | -20.5% |
| Amounts receivable within one year | 40/41 | €619,871 | €572,185 | -€47,687 | -7.7% |
| Trade receivables | 40 | €401,848 | €402,215 | +€367 | +0.1% |
| Other amounts receivable | 41 | €218,023 | €169,969 | -€48,054 | -22.0% |
| Cash at bank and in hand | 54/58 | €59,415 | €89,825 | +€30,410 | +51.2% |
| Deferred charges and accrued income | 490/1 | €4,073 | €3,033 | -€1,040 | -25.5% |
| Total equity and liabilities | 10/49 | €1,266,392 | €1,119,854 | -€146,538 | -11.6% |
| Equity | 10/15 | €111,359 | €27,752 | -€83,608 | -75.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,299 | €19,692 | -€83,608 | -80.9% |
| Amounts payable | 17/49 | €1,155,032 | €1,092,102 | -€62,930 | -5.4% |
| Amounts payable within one year | 42/48 | €1,155,032 | €1,087,902 | -€67,131 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €36,296 | €0 | -€36,296 | -100% |
| Financial debts | 43 | €536,135 | €418,583 | -€117,552 | -21.9% |
| Credit institutions | 430/8 | €411,135 | €408,583 | -€2,552 | -0.6% |
| Other loans | 439 | €125,000 | €10,000 | -€115,000 | -92.0% |
| Trade debts | 44 | €523,292 | €489,598 | -€33,694 | -6.4% |
| Suppliers | 440/4 | €523,292 | €489,598 | -€33,694 | -6.4% |
| Taxes, remuneration and social security | 45 | €50,754 | €53,122 | +€2,368 | +4.7% |
| Taxes | 450/3 | €13,106 | €22,968 | +€9,862 | +75.3% |
| Remuneration and social security | 454/9 | €37,648 | €30,153 | -€7,495 | -19.9% |
| Other amounts payable | 47/48 | €8,556 | €126,599 | +€118,043 | +1,380% |
| Accrued charges and deferred income | 492/3 | - | €4,201 | +€4,201 | |
| Remuneration, social security and pensions | 62 | €302,357 | €248,703 | -€53,654 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,236 | €8,941 | -€7,295 | -44.9% |
| Other operating charges | 640/8 | €3,216 | €2,664 | -€551 | -17.1% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €295,084 | €211,798 | -€83,286 | -28.2% |
| Operating profit (loss) | 9901 | -€26,725 | -€48,511 | -€21,786 | -81.5% |
| Financial income | 75/76B | €2,883 | €1,857 | -€1,026 | -35.6% |
| Recurring financial income | 75 | €2,883 | €1,857 | -€1,026 | -35.6% |
| Financial charges | 65/66B | €47,234 | €36,363 | -€10,871 | -23.0% |
| Recurring financial charges | 65 | €43,900 | €36,363 | -€7,537 | -17.2% |
| Non-recurring financial charges | 66B | €3,335 | - | -€3,335 | |
| Profit (loss) for the period before taxes | 9903 | -€71,076 | -€83,017 | -€11,941 | -16.8% |
| Income taxes | 67/77 | €539 | €591 | +€52 | +9.7% |
| Profit (loss) for the period | 9904 | -€71,615 | -€83,608 | -€11,993 | -16.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€71,615 | -€83,608 | -€11,993 | -16.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.