INTEREC: 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.
INTEREC
Largest movements
- Current investments +€2.0m
new in 2025: €2.0m
- Cash -€1.9m
down €1.9m (-68.4%), from €2.7m to €866,334
mainly Current investments (-€2.0m) and Trade debts (-€669,856)
- Intangible fixed assets -€75,000
down €75,000 (-10.3%), from €730,738 to €655,738
- Trade debts -€669,856
down €669,856 (-69.9%), from €957,775 to €287,919
- Tax, wage and social debts +€205,465
up €205,465 (+85.5%), from €240,277 to €445,742
of which Taxes: +€139,909
- Reserves +€197,309
up €197,309 (+19.4%), from €1.0m to €1.2m
of which Distributable reserves: +€197,309
- Other debts +€105,727
up €105,727 (+16.3%), from €647,952 to €753,678
- Debts after one year +€91,231
up €91,231 (+10.4%), from €875,572 to €966,803
of which Financial debts: +€91,231
- Gross operating margin +€347,834
up €347,834 (+23.5%), from €1.5m to €1.8m
- Staff costs +€208,810
up €208,810 (+29.1%), from €717,099 to €925,909
- Depreciation +€104,292
up €104,292 (+118%), from €88,137 to €192,429
- Taxes +€61,791
up €61,791 (+40.3%), from €153,207 to €214,998
- Financial charges +€43,180
up €43,180 (+54.9%), from €78,714 to €121,895
of which Financial charges: +€51,094
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 | €4,564,852 | €4,660,224 | +€95,372 | +2.1% |
| Formation expenses | 20 | €359 | €0 | -€359 | -100% |
| Fixed assets | 21/28 | €1,285,535 | €1,189,728 | -€95,807 | -7.5% |
| Intangible fixed assets | 21 | €730,738 | €655,738 | -€75,000 | -10.3% |
| Tangible fixed assets | 22/27 | €539,141 | €527,280 | -€11,861 | -2.2% |
| Land and buildings | 22 | €5,501 | €5,501 | = | 0.0% |
| Plant, machinery and equipment | 23 | €368,033 | €416,858 | +€48,825 | +13.3% |
| Furniture and vehicles | 24 | €164,876 | €104,190 | -€60,686 | -36.8% |
| Other tangible fixed assets | 26 | €732 | €732 | = | 0.0% |
| Financial fixed assets | 28 | €15,656 | €6,710 | -€8,946 | -57.1% |
| Current assets | 29/58 | €3,278,958 | €3,470,495 | +€191,538 | +5.8% |
| Stocks and contracts in progress | 3 | €465,447 | €490,333 | +€24,886 | +5.3% |
| Stocks | 30/36 | €465,447 | €490,333 | +€24,886 | +5.3% |
| Amounts receivable within one year | 40/41 | €64,886 | €88,999 | +€24,113 | +37.2% |
| Trade receivables | 40 | €45,294 | €80,055 | +€34,761 | +76.7% |
| Other amounts receivable | 41 | €19,592 | €8,944 | -€10,648 | -54.3% |
| Current investments | 50/53 | - | €1,999,999 | +€2.0m | |
| Cash at bank and in hand | 54/58 | €2,740,731 | €866,334 | -€1.9m | -68.4% |
| Deferred charges and accrued income | 490/1 | €7,893 | €24,831 | +€16,938 | +215% |
| Total equity and liabilities | 10/49 | €4,564,852 | €4,660,224 | +€95,372 | +2.1% |
| Equity | 10/15 | €1,682,685 | €1,879,994 | +€197,309 | +11.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,016,071 | €1,213,380 | +€197,309 | +19.4% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €1,006,071 | €1,203,380 | +€197,309 | +19.6% |
| Profit (loss) carried forward | 14 | €566,614 | €566,614 | = | 0.0% |
| Amounts payable | 17/49 | €2,882,167 | €2,780,230 | -€101,937 | -3.5% |
| Amounts payable after more than one year | 17 | €875,572 | €966,803 | +€91,231 | +10.4% |
| Financial debts | 170/4 | €871,779 | €963,010 | +€91,231 | +10.5% |
| Other amounts payable | 178/9 | €3,793 | €3,793 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,959,170 | €1,684,887 | -€274,283 | -14.0% |
| Current portion of amounts payable after more than one year | 42 | €90,166 | €153,148 | +€62,982 | +69.9% |
| Financial debts | 43 | €23,000 | €44,399 | +€21,399 | +93.0% |
| Credit institutions | 430/8 | €23,000 | €44,399 | +€21,399 | +93.0% |
| Trade debts | 44 | €957,775 | €287,919 | -€669,856 | -69.9% |
| Suppliers | 440/4 | €957,775 | €287,919 | -€669,856 | -69.9% |
| Taxes, remuneration and social security | 45 | €240,277 | €445,742 | +€205,465 | +85.5% |
| Taxes | 450/3 | €88,832 | €228,741 | +€139,909 | +157% |
| Remuneration and social security | 454/9 | €151,446 | €217,001 | +€65,556 | +43.3% |
| Other amounts payable | 47/48 | €647,952 | €753,678 | +€105,727 | +16.3% |
| Accrued charges and deferred income | 492/3 | €47,425 | €128,539 | +€81,115 | +171% |
| Non-recurring operating income | 76A | €5,376 | €4 | -€5,371 | -99.9% |
| Remuneration, social security and pensions | 62 | €717,099 | €925,909 | +€208,810 | +29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,137 | €192,429 | +€104,292 | +118% |
| Other operating charges | 640/8 | €54,872 | €50,890 | -€3,981 | -7.3% |
| Non-recurring operating charges | 66A | €437 | €2,087 | +€1,650 | +377% |
| Gross operating margin | 9900 | €1,481,736 | €1,829,570 | +€347,834 | +23.5% |
| Operating profit (loss) | 9901 | €621,192 | €658,255 | +€37,063 | +6.0% |
| Financial income | 75/76B | €79,720 | €117,727 | +€38,007 | +47.7% |
| Recurring financial income | 75 | €49,349 | €71,397 | +€22,048 | +44.7% |
| Non-recurring financial income | 76B | €30,371 | €46,330 | +€15,959 | +52.5% |
| Financial charges | 65/66B | €78,714 | €121,895 | +€43,180 | +54.9% |
| Recurring financial charges | 65 | €70,272 | €121,366 | +€51,094 | +72.7% |
| Non-recurring financial charges | 66B | €8,443 | €529 | -€7,914 | -93.7% |
| Profit (loss) for the period before taxes | 9903 | €622,197 | €654,087 | +€31,890 | +5.1% |
| Income taxes | 67/77 | €153,207 | €214,998 | +€61,791 | +40.3% |
| Profit (loss) for the period | 9904 | €468,990 | €439,089 | -€29,901 | -6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €468,990 | €439,089 | -€29,901 | -6.4% |
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 19 October 2026 via checked.be.