INSTELE: 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.
INSTELE
Largest movements
- Receivables within one year -€203,941
down €203,941 (-48.7%), from €419,186 to €215,245
of which Other amounts receivable: -€175,912
- Tangible fixed assets -€89,420
down €89,420 (-10.6%), from €844,575 to €755,155
of which Land and buildings: -€48,835
- Reserves -€190,000
down €190,000 (-64.7%), from €293,860 to €103,860
- Other debts -€54,212
no longer reported in 2025 (was €54,212)
- Trade debts -€37,223
down €37,223 (-82.9%), from €44,901 to €7,678
- Debts after one year -€32,718
down €32,718 (-4.8%), from €687,191 to €654,473
- Other operating charges -€19,123
down €19,123 (-64.0%), from €29,903 to €10,780
- Depreciation -€15,950
down €15,950 (-15.2%), from €104,718 to €88,768
- Write-downs +€4,424
new in 2025: €4,424
- Taxes +€3,618
new in 2025: €3,618
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 | €1,311,978 | €1,011,820 | -€300,158 | -22.9% |
| Fixed assets | 21/28 | €846,652 | €756,306 | -€90,346 | -10.7% |
| Tangible fixed assets | 22/27 | €844,575 | €755,155 | -€89,420 | -10.6% |
| Land and buildings | 22 | €701,338 | €652,503 | -€48,835 | -7.0% |
| Plant, machinery and equipment | 23 | €119,429 | €101,008 | -€18,421 | -15.4% |
| Furniture and vehicles | 24 | €23,808 | €1,644 | -€22,164 | -93.1% |
| Financial fixed assets | 28 | €2,077 | €1,151 | -€926 | -44.6% |
| Current assets | 29/58 | €465,326 | €255,514 | -€209,812 | -45.1% |
| Amounts receivable within one year | 40/41 | €419,186 | €215,245 | -€203,941 | -48.7% |
| Trade receivables | 40 | €110,304 | €82,275 | -€28,029 | -25.4% |
| Other amounts receivable | 41 | €308,882 | €132,970 | -€175,912 | -57.0% |
| Cash at bank and in hand | 54/58 | €46,140 | €37,107 | -€9,033 | -19.6% |
| Deferred charges and accrued income | 490/1 | - | €3,162 | +€3,162 | |
| Total equity and liabilities | 10/49 | €1,311,978 | €1,011,820 | -€300,158 | -22.9% |
| Equity | 10/15 | €457,597 | €267,623 | -€189,974 | -41.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €293,860 | €103,860 | -€190,000 | -64.7% |
| Distributable reserves | 133 | €293,860 | €103,860 | -€190,000 | -64.7% |
| Profit (loss) carried forward | 14 | €145,137 | €145,163 | +€26 | 0.0% |
| Amounts payable | 17/49 | €854,381 | €744,197 | -€110,184 | -12.9% |
| Amounts payable after more than one year | 17 | €687,191 | €654,473 | -€32,718 | -4.8% |
| Financial debts | 170/4 | €687,191 | €654,473 | -€32,718 | -4.8% |
| Amounts payable within one year | 42/48 | €167,190 | €89,724 | -€77,466 | -46.3% |
| Current portion of amounts payable after more than one year | 42 | €51,323 | €61,255 | +€9,932 | +19.4% |
| Trade debts | 44 | €44,901 | €7,678 | -€37,223 | -82.9% |
| Suppliers | 440/4 | €44,901 | €7,678 | -€37,223 | -82.9% |
| Taxes, remuneration and social security | 45 | €16,754 | €20,791 | +€4,037 | +24.1% |
| Taxes | 450/3 | €10,739 | €16,401 | +€5,662 | +52.7% |
| Remuneration and social security | 454/9 | €6,015 | €4,390 | -€1,625 | -27.0% |
| Other amounts payable | 47/48 | €54,212 | - | -€54,212 | |
| Non-recurring operating income | 76A | - | €11,076 | +€11,076 | |
| Remuneration, social security and pensions | 62 | €23,520 | €22,577 | -€943 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,718 | €88,768 | -€15,950 | -15.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,424 | +€4,424 | |
| Other operating charges | 640/8 | €29,903 | €10,780 | -€19,123 | -64.0% |
| Gross operating margin | 9900 | €145,888 | €146,654 | +€766 | +0.5% |
| Operating profit (loss) | 9901 | -€12,253 | €20,105 | +€32,358 | |
| Financial income | 75/76B | €3,150 | €4,155 | +€1,005 | +31.9% |
| Recurring financial income | 75 | €3,150 | €410 | -€2,740 | -87.0% |
| Non-recurring financial income | 76B | - | €3,745 | +€3,745 | |
| Financial charges | 65/66B | €12,493 | €12,616 | +€123 | +1.0% |
| Recurring financial charges | 65 | €12,493 | €12,616 | +€123 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | -€21,596 | €11,644 | +€33,240 | |
| Income taxes | 67/77 | - | €3,618 | +€3,618 | |
| Profit (loss) for the period | 9904 | -€21,596 | €8,026 | +€29,622 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,596 | €8,026 | +€29,622 |
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.