INTELECT: 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.
INTELECT
Largest movements
- Cash -€210,443
down €210,443 (-15.7%), from €1.3m to €1.1m
mainly Investment in fixed assets (net) (-€339,535) and Other debts (-€335,418)
- Receivables within one year +€200,444
up €200,444 (+25.0%), from €802,725 to €1.0m
of which Trade receivables: +€148,742
- Tangible fixed assets +€196,786
up €196,786 (+54.6%), from €360,142 to €556,929
of which Furniture and vehicles: +€224,462
- Other debts -€335,418
down €335,418 (-39.7%), from €845,222 to €509,804
- Reserves +€278,960
up €278,960 (+14.2%), from €2.0m to €2.2m
- Tax, wage and social debts +€109,146
up €109,146 (+30.3%), from €360,265 to €469,412
of which Remuneration and social security: +€96,115
- Trade debts +€39,597
up €39,597 (+124.7%), from €31,751 to €71,347
- Staff costs +€479,186
up €479,186 (+6.5%), from €7.4m to €7.9m
- Gross operating margin +€159,052
up €159,052 (+1.9%), from €8.3m to €8.5m
- Taxes -€111,471
down €111,471 (-40.6%), from €274,347 to €162,876
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 | €3,570,266 | €3,731,188 | +€160,922 | +4.5% |
| Fixed assets | 21/28 | €366,652 | €563,438 | +€196,786 | +53.7% |
| Tangible fixed assets | 22/27 | €360,142 | €556,929 | +€196,786 | +54.6% |
| Land and buildings | 22 | €49,800 | €41,500 | -€8,300 | -16.7% |
| Furniture and vehicles | 24 | €241,270 | €465,732 | +€224,462 | +93.0% |
| Leasing and similar rights | 25 | €10,918 | €7,332 | -€3,586 | -32.8% |
| Other tangible fixed assets | 26 | €58,154 | €42,365 | -€15,789 | -27.2% |
| Financial fixed assets | 28 | €6,510 | €6,510 | = | 0.0% |
| Current assets | 29/58 | €3,203,614 | €3,167,749 | -€35,865 | -1.1% |
| Amounts receivable within one year | 40/41 | €802,725 | €1,003,169 | +€200,444 | +25.0% |
| Trade receivables | 40 | €653,340 | €802,081 | +€148,742 | +22.8% |
| Other amounts receivable | 41 | €149,385 | €201,088 | +€51,703 | +34.6% |
| Current investments | 50/53 | €1,000,000 | €1,000,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,339,179 | €1,128,736 | -€210,443 | -15.7% |
| Deferred charges and accrued income | 490/1 | €61,711 | €35,844 | -€25,866 | -41.9% |
| Total equity and liabilities | 10/49 | €3,570,266 | €3,731,188 | +€160,922 | +4.5% |
| Equity | 10/15 | €1,995,419 | €2,274,379 | +€278,960 | +14.0% |
| Contributions | 10/11 | €28,000 | €28,000 | = | 0.0% |
| Reserves | 13 | €1,967,419 | €2,246,379 | +€278,960 | +14.2% |
| Distributable reserves | 133 | €1,967,419 | €2,246,379 | +€278,960 | +14.2% |
| Amounts payable | 17/49 | €1,574,848 | €1,456,809 | -€118,038 | -7.5% |
| Amounts payable after more than one year | 17 | €222,317 | €253,287 | +€30,970 | +13.9% |
| Financial debts | 170/4 | €222,317 | €253,287 | +€30,970 | +13.9% |
| Amounts payable within one year | 42/48 | €1,340,777 | €1,190,754 | -€150,023 | -11.2% |
| Current portion of amounts payable after more than one year | 42 | €103,538 | €140,191 | +€36,653 | +35.4% |
| Trade debts | 44 | €31,751 | €71,347 | +€39,597 | +124.7% |
| Suppliers | 440/4 | €31,751 | €71,347 | +€39,597 | +124.7% |
| Taxes, remuneration and social security | 45 | €360,265 | €469,412 | +€109,146 | +30.3% |
| Taxes | 450/3 | €149,149 | €162,180 | +€13,031 | +8.7% |
| Remuneration and social security | 454/9 | €211,117 | €307,232 | +€96,115 | +45.5% |
| Other amounts payable | 47/48 | €845,222 | €509,804 | -€335,418 | -39.7% |
| Accrued charges and deferred income | 492/3 | €11,754 | €12,768 | +€1,014 | +8.6% |
| Remuneration, social security and pensions | 62 | €7,397,298 | €7,876,484 | +€479,186 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,082 | €142,749 | +€42,667 | +42.6% |
| Other operating charges | 640/8 | €20,648 | €32,508 | +€11,860 | +57.4% |
| Gross operating margin | 9900 | €8,346,879 | €8,505,931 | +€159,052 | +1.9% |
| Operating profit (loss) | 9901 | €828,852 | €454,191 | -€374,661 | -45.2% |
| Financial income | 75/76B | €677 | €197 | -€479 | -70.8% |
| Recurring financial income | 75 | €677 | €197 | -€479 | -70.8% |
| Financial charges | 65/66B | €12,810 | €12,553 | -€257 | -2.0% |
| Recurring financial charges | 65 | €12,810 | €12,553 | -€257 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €816,719 | €441,836 | -€374,883 | -45.9% |
| Income taxes | 67/77 | €274,347 | €162,876 | -€111,471 | -40.6% |
| Profit (loss) for the period | 9904 | €542,372 | €278,960 | -€263,412 | -48.6% |
| Profit (loss) for the period to be appropriated | 9905 | €542,372 | €278,960 | -€263,412 | -48.6% |
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.