INTERCELLES: 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.
INTERCELLES
Largest movements
- Cash -€178,903
down €178,903 (-58.0%), from €308,469 to €129,566
mainly Net result for the year (-€349,250) and Investment in fixed assets (net) (-€216,884)
- Tangible fixed assets -€127,972
down €127,972 (-3.7%), from €3.5m to €3.4m
of which Furniture and vehicles: -€112,447
- Profit (loss) carried forward -€349,250
down €349,250 (-835%), from -€41,828 to -€391,078
- Debts after one year -€147,636
down €147,636 (-4.3%), from €3.4m to €3.3m
of which Financial debts: -€185,612
- Trade debts +€94,250
up €94,250 (+13.7%), from €689,093 to €783,343
- Current portion of long-term debt +€67,345
up €67,345 (+34.9%), from €192,835 to €260,180
- Gross operating margin +€178,523
up €178,523 (+24.8%), from €720,916 to €899,439
- Staff costs +€133,797
up €133,797 (+26.9%), from €497,022 to €630,819
- Depreciation +€124,715
up €124,715 (+53.0%), from €235,125 to €359,840
- Financial charges +€79,486
up €79,486 (+54.8%), from €144,981 to €224,466
of which Financial charges: +€58,630
- Financial income -€11,401
down €11,401 (-99.5%), from €11,462 to €61
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 | €4,472,964 | €4,186,098 | -€286,866 | -6.4% |
| Formation expenses | 20 | €96,414 | €74,141 | -€22,273 | -23.1% |
| Fixed assets | 21/28 | €3,493,988 | €3,373,305 | -€120,683 | -3.5% |
| Intangible fixed assets | 21 | €2,449 | €1,475 | -€974 | -39.8% |
| Tangible fixed assets | 22/27 | €3,485,488 | €3,357,516 | -€127,972 | -3.7% |
| Land and buildings | 22 | €1,857,724 | €1,879,205 | +€21,482 | +1.2% |
| Plant, machinery and equipment | 23 | €921,547 | €924,537 | +€2,990 | +0.3% |
| Furniture and vehicles | 24 | €666,221 | €553,774 | -€112,447 | -16.9% |
| Assets under construction and advance payments | 27 | €39,996 | €0 | -€39,996 | -100% |
| Financial fixed assets | 28 | €6,051 | €14,314 | +€8,263 | +137% |
| Current assets | 29/58 | €882,562 | €738,652 | -€143,910 | -16.3% |
| Stocks and contracts in progress | 3 | €356,075 | €381,965 | +€25,889 | +7.3% |
| Stocks | 30/36 | €356,075 | €381,965 | +€25,889 | +7.3% |
| Amounts receivable within one year | 40/41 | €207,971 | €212,881 | +€4,910 | +2.4% |
| Trade receivables | 40 | €60,494 | €88,664 | +€28,170 | +46.6% |
| Other amounts receivable | 41 | €147,477 | €124,217 | -€23,260 | -15.8% |
| Cash at bank and in hand | 54/58 | €308,469 | €129,566 | -€178,903 | -58.0% |
| Deferred charges and accrued income | 490/1 | €10,046 | €14,240 | +€4,193 | +41.7% |
| Total equity and liabilities | 10/49 | €4,472,964 | €4,186,098 | -€286,866 | -6.4% |
| Equity | 10/15 | €29,542 | -€319,709 | -€349,250 | |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €9,370 | €9,370 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,170 | €3,170 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,828 | -€391,078 | -€349,250 | -835% |
| Amounts payable | 17/49 | €4,443,423 | €4,505,807 | +€62,384 | +1.4% |
| Amounts payable after more than one year | 17 | €3,403,680 | €3,256,044 | -€147,636 | -4.3% |
| Financial debts | 170/4 | €3,399,880 | €3,214,269 | -€185,612 | -5.5% |
| Other amounts payable | 178/9 | €3,800 | €41,775 | +€37,975 | +999% |
| Amounts payable within one year | 42/48 | €993,668 | €1,194,872 | +€201,204 | +20.2% |
| Current portion of amounts payable after more than one year | 42 | €192,835 | €260,180 | +€67,345 | +34.9% |
| Financial debts | 43 | €34,335 | €45,562 | +€11,228 | +32.7% |
| Credit institutions | 430/8 | €34,335 | €45,562 | +€11,228 | +32.7% |
| Trade debts | 44 | €689,093 | €783,343 | +€94,250 | +13.7% |
| Suppliers | 440/4 | €689,093 | €783,343 | +€94,250 | +13.7% |
| Taxes, remuneration and social security | 45 | €77,405 | €105,787 | +€28,382 | +36.7% |
| Taxes | 450/3 | €2,535 | €1,569 | -€966 | -38.1% |
| Remuneration and social security | 454/9 | €74,870 | €104,219 | +€29,348 | +39.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €46,074 | €54,890 | +€8,816 | +19.1% |
| Non-recurring operating income | 76A | €175,683 | €74,531 | -€101,152 | -57.6% |
| Remuneration, social security and pensions | 62 | €497,022 | €630,819 | +€133,797 | +26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €235,125 | €359,840 | +€124,715 | +53.0% |
| Other operating charges | 640/8 | €29,031 | €32,519 | +€3,488 | +12.0% |
| Non-recurring operating charges | 66A | €430 | €640 | +€210 | +48.7% |
| Gross operating margin | 9900 | €720,916 | €899,439 | +€178,523 | +24.8% |
| Operating profit (loss) | 9901 | -€40,692 | -€124,379 | -€83,686 | -206% |
| Financial income | 75/76B | €11,462 | €61 | -€11,401 | -99.5% |
| Recurring financial income | 75 | €11,462 | €61 | -€11,401 | -99.5% |
| Financial charges | 65/66B | €144,981 | €224,466 | +€79,486 | +54.8% |
| Recurring financial charges | 65 | €144,981 | €203,611 | +€58,630 | +40.4% |
| Non-recurring financial charges | 66B | - | €20,855 | +€20,855 | |
| Profit (loss) for the period before taxes | 9903 | -€174,211 | -€348,784 | -€174,573 | -100% |
| Income taxes | 67/77 | €342 | €466 | +€124 | +36.3% |
| Profit (loss) for the period | 9904 | -€174,553 | -€349,250 | -€174,697 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€174,553 | -€349,250 | -€174,697 | -100% |
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 14 October 2026 via checked.be.