INULA: 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.
What changed
INULA
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€32.8m
2024 · €44.8m-€12.0m
Equity
€23.0m
2024 · €5.2m+€17.8m
Cash
€139,744
2024 · €217,500-€77,756
Balance sheet total
€52.2m
2024 · €63.7m-€11.6m
Largest movements
Assets
- Receivables within one year -€11.5m
down €11.5m (-24.3%), from €47.1m to €35.7m
of which Other amounts receivable: -€12.1m
Equity and liabilities
- Other debts -€29.8m
down €29.8m (-62.3%), from €47.8m to €18.0m
- Reserves +€17.8m
up €17.8m (+2768.2%), from €644,111 to €18.5m
of which Distributable reserves: +€17.8m
- Debts after one year +€1.1m
up €1.1m (+11.3%), from €9.7m to €10.8m
Income statement
- Financial income -€11.5m
down €11.5m (-25.1%), from €45.6m to €34.2m
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.
Result 2024
€44.8m
Services and other goods
-€4,644
Write-downs
-€4,914
Other operating charges
+€4,479
Financial income
-€11.5m
Financial charges
-€485,563
Result 2025
€32.8m
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.
From operations
+€13.8m
Investment
€0
Financing
-€13.9m
Cash 2024
€217,500
From operations (derived)
+€13.8m
Net result for the year
+€32.8m
Receivables within one year
+€11.5m
Trade debts
-€450,618
Other debts
-€29.8m
Accrued charges and deferred income
-€235,729
Financing
-€13.9m
Debts after one year
+€1.1m
Contributions, distributions and other
-€15.0m
Cash 2025
€139,744
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €63,748,831 | €52,198,177 | -€11.6m | -18.1% |
| Fixed assets | 21/28 | €16,377,452 | €16,377,452 | = | 0.0% |
| Financial fixed assets | 28 | €16,377,452 | €16,377,452 | = | 0.0% |
| Affiliated companies | 280/1 | €16,377,452 | €16,377,452 | = | 0.0% |
| Participating interests | 280 | €16,353,799 | €16,353,799 | = | 0.0% |
| Amounts receivable | 281 | €23,652 | €23,652 | = | 0.0% |
| Current assets | 29/58 | €47,371,379 | €35,820,725 | -€11.6m | -24.4% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €47,139,335 | €35,666,437 | -€11.5m | -24.3% |
| Trade receivables | 40 | €635,261 | €1,283,965 | +€648,703 | +102.1% |
| Other amounts receivable | 41 | €46,504,074 | €34,382,472 | -€12.1m | -26.1% |
| Cash at bank and in hand | 54/58 | €217,500 | €139,744 | -€77,756 | -35.7% |
| Deferred charges and accrued income | 490/1 | €14,544 | €14,544 | = | 0.0% |
| Total equity and liabilities | 10/49 | €63,748,831 | €52,198,177 | -€11.6m | -18.1% |
| Equity | 10/15 | €5,172,811 | €23,003,103 | +€17.8m | +344.7% |
| Contributions | 10/11 | €4,528,699 | €4,528,699 | = | 0.0% |
| Capital | 10 | €184,500 | €184,500 | = | 0.0% |
| Issued capital | 100 | €184,500 | €184,500 | = | 0.0% |
| Contributions outside capital | 11 | €4,344,199 | €4,344,199 | = | 0.0% |
| Share premium | 1100/10 | €4,344,199 | €4,344,199 | = | 0.0% |
| Reserves | 13 | €644,111 | €18,474,404 | +€17.8m | +2768.2% |
| Non-distributable reserves | 130/1 | €90,115 | €90,115 | = | 0.0% |
| Legal reserve | 130 | €90,115 | €90,115 | = | 0.0% |
| Distributable reserves | 133 | €553,997 | €18,384,289 | +€17.8m | +3218.5% |
| Amounts payable | 17/49 | €58,576,021 | €29,195,074 | -€29.4m | -50.2% |
| Amounts payable after more than one year | 17 | €9,749,114 | €10,849,307 | +€1.1m | +11.3% |
| Financial debts | 170/4 | €9,749,114 | €10,849,307 | +€1.1m | +11.3% |
| Other loans | 174 | €9,749,114 | €10,849,307 | +€1.1m | +11.3% |
| Amounts payable within one year | 42/48 | €48,463,020 | €18,217,610 | -€30.2m | -62.4% |
| Trade debts | 44 | €668,228 | €217,610 | -€450,618 | -67.4% |
| Suppliers | 440/4 | €668,228 | €217,610 | -€450,618 | -67.4% |
| Other amounts payable | 47/48 | €47,794,792 | €18,000,000 | -€29.8m | -62.3% |
| Accrued charges and deferred income | 492/3 | €363,886 | €128,157 | -€235,729 | -64.8% |
| Operating income | 70/76A | €0 | - | = | |
| Turnover | 70 | €0 | - | = | |
| Operating charges | 60/66A | €97,386 | €102,465 | +€5,079 | +5.2% |
| Goods for resale, raw materials and consumables | 60 | €0 | - | = | |
| Purchases | 600/8 | €0 | - | = | |
| Services and other goods | 61 | €95,795 | €100,439 | +€4,644 | +4.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,914 | €0 | +€4,914 | |
| Other operating charges | 640/8 | €6,505 | €2,026 | -€4,479 | -68.9% |
| Operating profit (loss) | 9901 | -€97,386 | -€102,465 | -€5,079 | -5.2% |
| Financial income | 75/76B | €45,635,261 | €34,161,404 | -€11.5m | -25.1% |
| Recurring financial income | 75 | €45,635,261 | €34,161,404 | -€11.5m | -25.1% |
| Income from financial fixed assets | 750 | €45,000,000 | €32,877,439 | -€12.1m | -26.9% |
| Other financial income | 752/9 | €635,261 | €1,283,965 | +€648,704 | +102.1% |
| Financial charges | 65/66B | €743,083 | €1,228,647 | +€485,563 | +65.3% |
| Recurring financial charges | 65 | €743,083 | €1,228,647 | +€485,563 | +65.3% |
| Debt charges | 650 | €742,558 | €1,228,349 | +€485,791 | +65.4% |
| Other financial charges | 652/9 | €525 | €297 | -€228 | -43.4% |
| Profit (loss) for the period before taxes | 9903 | €44,794,792 | €32,830,293 | -€12.0m | -26.7% |
| Profit (loss) for the period | 9904 | €44,794,792 | €32,830,293 | -€12.0m | -26.7% |
| Profit (loss) for the period to be appropriated | 9905 | €44,794,792 | €32,830,293 | -€12.0m | -26.7% |
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 11 October 2026 via checked.be.