INTERSER: 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.
INTERSER
Largest movements
- Receivables within one year -€76,135
down €76,135 (-11.2%), from €682,560 to €606,425
of which Trade receivables: -€70,406
- Cash -€35,720
down €35,720 (-62.5%), from €57,184 to €21,464
mainly Net result for the year (-€168,606) and Trade debts (-€9,343)
- Profit (loss) carried forward -€168,606
down €168,606 (-78.5%), from -€214,841 to -€383,447
- Short-term financial debts +€51,597
up €51,597 (+23.6%), from €218,387 to €269,984
- Advances received +€14,438
up €14,438 (+41.8%), from €34,523 to €48,961
- Trade debts -€9,343
down €9,343 (-1.9%), from €502,862 to €493,519
- Staff costs +€29,112
up €29,112 (+6.1%), from €477,276 to €506,387
- Gross operating margin -€24,609
down €24,609 (-6.2%), from €397,871 to €373,262
- Financial income -€4,491
down €4,491 (-94.3%), from €4,763 to €272
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 | €802,179 | €689,205 | -€112,973 | -14.1% |
| Fixed assets | 21/28 | €41,531 | €43,369 | +€1,838 | +4.4% |
| Tangible fixed assets | 22/27 | €5,511 | €7,349 | +€1,838 | +33.3% |
| Plant, machinery and equipment | 23 | €1,964 | €2,990 | +€1,026 | +52.2% |
| Furniture and vehicles | 24 | - | €4,359 | +€4,359 | |
| Other tangible fixed assets | 26 | €3,547 | €0 | -€3,547 | -100.0% |
| Financial fixed assets | 28 | €36,020 | €36,020 | = | 0.0% |
| Current assets | 29/58 | €760,647 | €645,836 | -€114,811 | -15.1% |
| Amounts receivable within one year | 40/41 | €682,560 | €606,425 | -€76,135 | -11.2% |
| Trade receivables | 40 | €615,870 | €545,464 | -€70,406 | -11.4% |
| Other amounts receivable | 41 | €66,690 | €60,961 | -€5,729 | -8.6% |
| Cash at bank and in hand | 54/58 | €57,184 | €21,464 | -€35,720 | -62.5% |
| Deferred charges and accrued income | 490/1 | €20,903 | €17,947 | -€2,956 | -14.1% |
| Total equity and liabilities | 10/49 | €802,179 | €689,205 | -€112,973 | -14.1% |
| Equity | 10/15 | -€79,701 | -€248,307 | -€168,606 | -211.5% |
| Contributions | 10/11 | €118,000 | €118,000 | = | 0.0% |
| Capital | 10 | €118,000 | €118,000 | = | 0.0% |
| Issued capital | 100 | €118,000 | €118,000 | = | 0.0% |
| Reserves | 13 | €17,140 | €17,140 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,800 | €11,800 | = | 0.0% |
| Legal reserve | 130 | €11,800 | €11,800 | = | 0.0% |
| Distributable reserves | 133 | €5,340 | €5,340 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€214,841 | -€383,447 | -€168,606 | -78.5% |
| Amounts payable | 17/49 | €881,880 | €937,512 | +€55,632 | +6.3% |
| Amounts payable within one year | 42/48 | €881,880 | €937,512 | +€55,632 | +6.3% |
| Financial debts | 43 | €218,387 | €269,984 | +€51,597 | +23.6% |
| Credit institutions | 430/8 | €218,387 | €269,984 | +€51,597 | +23.6% |
| Trade debts | 44 | €502,862 | €493,519 | -€9,343 | -1.9% |
| Suppliers | 440/4 | €502,862 | €493,519 | -€9,343 | -1.9% |
| Advances received on contracts in progress | 46 | €34,523 | €48,961 | +€14,438 | +41.8% |
| Taxes, remuneration and social security | 45 | €92,501 | €91,441 | -€1,060 | -1.1% |
| Taxes | 450/3 | €18,562 | €18,988 | +€426 | +2.3% |
| Remuneration and social security | 454/9 | €73,939 | €72,454 | -€1,486 | -2.0% |
| Other amounts payable | 47/48 | €33,606 | €33,606 | = | 0.0% |
| Non-recurring operating income | 76A | €9,999 | €856 | -€9,143 | -91.4% |
| Remuneration, social security and pensions | 62 | €477,276 | €506,387 | +€29,112 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,022 | €5,840 | +€1,818 | +45.2% |
| Other operating charges | 640/8 | €3,509 | €2,234 | -€1,275 | -36.3% |
| Gross operating margin | 9900 | €397,871 | €373,262 | -€24,609 | -6.2% |
| Operating profit (loss) | 9901 | -€86,935 | -€141,199 | -€54,264 | -62.4% |
| Financial income | 75/76B | €4,763 | €272 | -€4,491 | -94.3% |
| Recurring financial income | 75 | €4,763 | €272 | -€4,491 | -94.3% |
| Financial charges | 65/66B | €30,074 | €26,390 | -€3,684 | -12.2% |
| Recurring financial charges | 65 | €30,074 | €26,390 | -€3,684 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | -€112,245 | -€167,318 | -€55,072 | -49.1% |
| Income taxes | 67/77 | €1,274 | €1,288 | +€14 | +1.1% |
| Profit (loss) for the period | 9904 | -€113,519 | -€168,606 | -€55,087 | -48.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€113,519 | -€168,606 | -€55,087 | -48.5% |
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 9 October 2026 via checked.be.