INTERCUB: 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.
INTERCUB
Largest movements
- Cash -€116,664
down €116,664 (-52.5%), from €222,079 to €105,416
mainly Net result for the year (-€140,703) and Receivables within one year (-€50,301)
- Stocks and contracts -€61,239
down €61,239 (-18.3%), from €334,502 to €273,263
of which Contracts in progress: -€40,000
- Receivables within one year +€50,301
up €50,301 (+17.7%), from €284,478 to €334,779
of which Trade receivables: +€43,432
- Tangible fixed assets +€24,057
up €24,057 (+32.4%), from €74,193 to €98,250
of which Furniture and vehicles: +€34,700
- Profit (loss) carried forward -€140,703
new in 2025: -€140,703
- Trade debts +€43,503
up €43,503 (+125.2%), from €34,748 to €78,250
- Other debts -€33,785
down €33,785 (-64.6%), from €52,266 to €18,481
- Debts after one year +€28,248
up €28,248 (+5.6%), from €500,000 to €528,248
of which Financial debts: +€28,248
- Gross operating margin -€83,003
down €83,003 (-63.0%), from €131,715 to €48,712
- Staff costs -€5,355
down €5,355 (-3.9%), from €136,864 to €131,508
- Financial charges +€2,625
up €2,625 (+10.9%), from €24,094 to €26,719
- Depreciation -€1,729
down €1,729 (-7.4%), from €23,204 to €21,476
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €926,569 | €825,503 | -€101,066 | -10.9% |
| Fixed assets | 21/28 | €78,300 | €101,989 | +€23,689 | +30.3% |
| Intangible fixed assets | 21 | €3,849 | €3,480 | -€368 | -9.6% |
| Tangible fixed assets | 22/27 | €74,193 | €98,250 | +€24,057 | +32.4% |
| Land and buildings | 22 | €48,172 | €47,979 | -€193 | -0.4% |
| Plant, machinery and equipment | 23 | €25,223 | €14,773 | -€10,450 | -41.4% |
| Furniture and vehicles | 24 | €798 | €35,498 | +€34,700 | +4351.0% |
| Financial fixed assets | 28 | €258 | €258 | = | 0.0% |
| Current assets | 29/58 | €848,269 | €723,514 | -€124,755 | -14.7% |
| Stocks and contracts in progress | 3 | €334,502 | €273,263 | -€61,239 | -18.3% |
| Stocks | 30/36 | €244,502 | €223,263 | -€21,239 | -8.7% |
| Contracts in progress | 37 | €90,000 | €50,000 | -€40,000 | -44.4% |
| Amounts receivable within one year | 40/41 | €284,478 | €334,779 | +€50,301 | +17.7% |
| Trade receivables | 40 | €283,784 | €327,216 | +€43,432 | +15.3% |
| Other amounts receivable | 41 | €693 | €7,563 | +€6,870 | +990.9% |
| Cash at bank and in hand | 54/58 | €222,079 | €105,416 | -€116,664 | -52.5% |
| Deferred charges and accrued income | 490/1 | €7,210 | €10,057 | +€2,847 | +39.5% |
| Total equity and liabilities | 10/49 | €926,569 | €825,503 | -€101,066 | -10.9% |
| Equity | 10/15 | €52,123 | -€88,580 | -€140,703 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €33,531 | €33,531 | = | 0.0% |
| Distributable reserves | 133 | €33,531 | €33,531 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€140,703 | -€140,703 | |
| Amounts payable | 17/49 | €874,446 | €914,083 | +€39,637 | +4.5% |
| Amounts payable after more than one year | 17 | €500,000 | €528,248 | +€28,248 | +5.6% |
| Financial debts | 170/4 | - | €28,248 | +€28,248 | |
| Other amounts payable | 178/9 | €500,000 | €500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €358,362 | €369,435 | +€11,073 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | - | €7,550 | +€7,550 | |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Credit institutions | 430/8 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €34,748 | €78,250 | +€43,503 | +125.2% |
| Suppliers | 440/4 | €34,748 | €78,250 | +€43,503 | +125.2% |
| Taxes, remuneration and social security | 45 | €21,348 | €15,154 | -€6,194 | -29.0% |
| Taxes | 450/3 | €3,083 | €2,186 | -€896 | -29.1% |
| Remuneration and social security | 454/9 | €18,265 | €12,967 | -€5,298 | -29.0% |
| Other amounts payable | 47/48 | €52,266 | €18,481 | -€33,785 | -64.6% |
| Accrued charges and deferred income | 492/3 | €16,084 | €16,399 | +€316 | +2.0% |
| Non-recurring operating income | 76A | €17,504 | - | -€17,504 | |
| Remuneration, social security and pensions | 62 | €136,864 | €131,508 | -€5,355 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,204 | €21,476 | -€1,729 | -7.4% |
| Other operating charges | 640/8 | €12,337 | €12,305 | -€32 | -0.3% |
| Gross operating margin | 9900 | €131,715 | €48,712 | -€83,003 | -63.0% |
| Operating profit (loss) | 9901 | -€40,690 | -€116,577 | -€75,887 | -186.5% |
| Financial income | 75/76B | €2,192 | €2,760 | +€568 | +25.9% |
| Recurring financial income | 75 | €2,192 | €2,760 | +€568 | +25.9% |
| Financial charges | 65/66B | €24,094 | €26,719 | +€2,625 | +10.9% |
| Recurring financial charges | 65 | €24,094 | €26,719 | +€2,625 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | -€62,592 | -€140,535 | -€77,943 | -124.5% |
| Income taxes | 67/77 | €171 | €168 | -€3 | -1.9% |
| Profit (loss) for the period | 9904 | -€62,763 | -€140,703 | -€77,940 | -124.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€62,763 | -€140,703 | -€77,940 | -124.2% |
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 3 October 2026 via checked.be.