INTERSET: 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.
INTERSET
Largest movements
- Receivables within one year -€47,684
down €47,684 (-57.1%), from €83,542 to €35,857
of which Trade receivables: -€53,716
- Tangible fixed assets +€20,886
up €20,886 (+54.4%), from €38,418 to €59,304
of which Leasing and similar rights: +€29,092
- Stocks and contracts +€10,110
up €10,110 (+680%), from €1,487 to €11,597
of which Contracts in progress: +€10,110
- Intangible fixed assets +€8,044
up €8,044 (+77.3%), from €10,410 to €18,454
- Cash -€7,871
down €7,871 (-23.2%), from €33,948 to €26,077
mainly Net result for the year (-€73,170) and Investment in fixed assets (net) (-€47,197)
- Reserves -€50,849
down €50,849 (-85.4%), from €59,540 to €8,690
of which Distributable reserves: -€50,849
- Debts after one year +€27,859
up €27,859 (+182%), from €15,278 to €43,136
- Trade debts +€27,166
up €27,166 (+51.3%), from €52,918 to €80,084
- Profit (loss) carried forward -€22,321
new in 2025: -€22,321
- Current portion of long-term debt +€4,829
up €4,829 (+50.0%), from €9,663 to €14,492
- Gross operating margin -€130,592
down €130,592 (-64.7%), from €201,725 to €71,133
- Staff costs -€15,175
down €15,175 (-11.0%), from €137,487 to €122,312
- Depreciation +€5,565
up €5,565 (+43.8%), from €12,702 to €18,267
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 | €175,646 | €163,330 | -€12,316 | -7.0% |
| Fixed assets | 21/28 | €53,328 | €82,258 | +€28,930 | +54.2% |
| Intangible fixed assets | 21 | €10,410 | €18,454 | +€8,044 | +77.3% |
| Tangible fixed assets | 22/27 | €38,418 | €59,304 | +€20,886 | +54.4% |
| Plant, machinery and equipment | 23 | €15,517 | €9,774 | -€5,743 | -37.0% |
| Furniture and vehicles | 24 | €1,361 | €995 | -€366 | -26.9% |
| Leasing and similar rights | 25 | €2,945 | €32,037 | +€29,092 | +988% |
| Other tangible fixed assets | 26 | €18,595 | €16,498 | -€2,096 | -11.3% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €122,318 | €81,072 | -€41,246 | -33.7% |
| Stocks and contracts in progress | 3 | €1,487 | €11,597 | +€10,110 | +680% |
| Stocks | 30/36 | €1,487 | €1,487 | = | 0.0% |
| Contracts in progress | 37 | €0 | €10,110 | +€10,110 | |
| Amounts receivable within one year | 40/41 | €83,542 | €35,857 | -€47,684 | -57.1% |
| Trade receivables | 40 | €83,542 | €29,825 | -€53,716 | -64.3% |
| Other amounts receivable | 41 | €0 | €6,032 | +€6,032 | |
| Cash at bank and in hand | 54/58 | €33,948 | €26,077 | -€7,871 | -23.2% |
| Deferred charges and accrued income | 490/1 | €3,341 | €7,540 | +€4,199 | +126% |
| Total equity and liabilities | 10/49 | €175,646 | €163,330 | -€12,316 | -7.0% |
| Equity | 10/15 | €78,090 | €4,920 | -€73,170 | -93.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €59,540 | €8,690 | -€50,849 | -85.4% |
| Tax-exempt reserves | 132 | €8,690 | €8,690 | = | 0.0% |
| Distributable reserves | 133 | €50,849 | €0 | -€50,849 | -100% |
| Profit (loss) carried forward | 14 | - | -€22,321 | -€22,321 | |
| Amounts payable | 17/49 | €97,556 | €158,410 | +€60,854 | +62.4% |
| Amounts payable after more than one year | 17 | €15,278 | €43,136 | +€27,859 | +182% |
| Financial debts | 170/4 | €15,278 | €43,136 | +€27,859 | +182% |
| Amounts payable within one year | 42/48 | €82,278 | €115,174 | +€32,895 | +40.0% |
| Current portion of amounts payable after more than one year | 42 | €9,663 | €14,492 | +€4,829 | +50.0% |
| Trade debts | 44 | €52,918 | €80,084 | +€27,166 | +51.3% |
| Suppliers | 440/4 | €52,918 | €80,084 | +€27,166 | +51.3% |
| Taxes, remuneration and social security | 45 | €19,697 | €20,598 | +€900 | +4.6% |
| Taxes | 450/3 | €805 | €184 | -€621 | -77.1% |
| Remuneration and social security | 454/9 | €18,892 | €20,413 | +€1,521 | +8.1% |
| Accrued charges and deferred income | 492/3 | - | €100 | +€100 | |
| Remuneration, social security and pensions | 62 | €137,487 | €122,312 | -€15,175 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,702 | €18,267 | +€5,565 | +43.8% |
| Other operating charges | 640/8 | €3,084 | €1,252 | -€1,831 | -59.4% |
| Gross operating margin | 9900 | €201,725 | €71,133 | -€130,592 | -64.7% |
| Operating profit (loss) | 9901 | €48,452 | -€70,698 | -€119,150 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €1,139 | €2,288 | +€1,149 | +101% |
| Recurring financial charges | 65 | €1,139 | €2,288 | +€1,149 | +101% |
| Profit (loss) for the period before taxes | 9903 | €47,314 | -€72,986 | -€120,300 | |
| Income taxes | 67/77 | €213 | €184 | -€28 | -13.4% |
| Profit (loss) for the period | 9904 | €47,102 | -€73,170 | -€120,272 | |
| Profit (loss) for the period to be appropriated | 9905 | €47,102 | -€73,170 | -€120,272 |
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 16 October 2026 via checked.be.