System-Inox: 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.
System-Inox
Largest movements
- Tangible fixed assets -€126,709
down €126,709 (-12.4%), from €1.0m to €896,708
of which Plant, machinery and equipment: -€81,673
- Receivables within one year +€13,500
up €13,500 (+25.2%), from €53,591 to €67,091
of which Trade receivables: +€7,516
- Debts after one year -€64,649
down €64,649 (-10.4%), from €618,690 to €554,042
- Accrued charges and deferred income -€30,000
down €30,000 (-40.0%), from €75,000 to €45,000
- Tax, wage and social debts -€21,013
down €21,013 (-63.7%), from €32,989 to €11,975
of which Remuneration and social security: -€11,983
- Profit (loss) carried forward +€14,925
up €14,925 (+33.0%), from -€45,189 to -€30,264
- Trade debts -€10,958
no longer reported in 2025 (was €10,958)
- Gross operating margin -€101,607
down €101,607 (-33.9%), from €299,871 to €198,263
- Staff costs -€79,395
down €79,395 (-62.4%), from €127,270 to €47,875
- Depreciation -€26,897
down €26,897 (-17.5%), from €153,606 to €126,709
- Other operating charges -€4,574
down €4,574 (-82.6%), from €5,535 to €961
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 | €1,087,555 | €970,614 | -€116,942 | -10.8% |
| Fixed assets | 21/28 | €1,023,416 | €896,708 | -€126,709 | -12.4% |
| Tangible fixed assets | 22/27 | €1,023,416 | €896,708 | -€126,709 | -12.4% |
| Land and buildings | 22 | €624,110 | €597,030 | -€27,080 | -4.3% |
| Plant, machinery and equipment | 23 | €359,540 | €277,866 | -€81,673 | -22.7% |
| Furniture and vehicles | 24 | €2,492 | €2,251 | -€241 | -9.7% |
| Leasing and similar rights | 25 | €37,275 | €19,560 | -€17,715 | -47.5% |
| Current assets | 29/58 | €64,139 | €73,906 | +€9,767 | +15.2% |
| Amounts receivable within one year | 40/41 | €53,591 | €67,091 | +€13,500 | +25.2% |
| Trade receivables | 40 | €52,458 | €59,974 | +€7,516 | +14.3% |
| Other amounts receivable | 41 | €1,133 | €7,117 | +€5,984 | +528% |
| Cash at bank and in hand | 54/58 | €6,561 | €2,828 | -€3,733 | -56.9% |
| Deferred charges and accrued income | 490/1 | €3,987 | €3,987 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,087,555 | €970,614 | -€116,942 | -10.8% |
| Equity | 10/15 | €276,034 | €282,834 | +€6,800 | +2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €197,000 | €197,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,189 | -€30,264 | +€14,925 | +33.0% |
| Investment grants | 15 | €105,623 | €97,498 | -€8,125 | -7.7% |
| Amounts payable | 17/49 | €811,521 | €687,779 | -€123,742 | -15.2% |
| Amounts payable after more than one year | 17 | €618,690 | €554,042 | -€64,649 | -10.4% |
| Financial debts | 170/4 | €618,690 | €554,042 | -€64,649 | -10.4% |
| Amounts payable within one year | 42/48 | €117,831 | €88,737 | -€29,094 | -24.7% |
| Current portion of amounts payable after more than one year | 42 | €73,884 | €71,897 | -€1,987 | -2.7% |
| Financial debts | 43 | €0 | €4,865 | +€4,865 | |
| Credit institutions | 430/8 | €0 | €4,865 | +€4,865 | |
| Trade debts | 44 | €10,958 | - | -€10,958 | |
| Suppliers | 440/4 | €10,958 | - | -€10,958 | |
| Taxes, remuneration and social security | 45 | €32,989 | €11,975 | -€21,013 | -63.7% |
| Taxes | 450/3 | €20,727 | €11,697 | -€9,031 | -43.6% |
| Remuneration and social security | 454/9 | €12,261 | €279 | -€11,983 | -97.7% |
| Accrued charges and deferred income | 492/3 | €75,000 | €45,000 | -€30,000 | -40.0% |
| Remuneration, social security and pensions | 62 | €127,270 | €47,875 | -€79,395 | -62.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153,606 | €126,709 | -€26,897 | -17.5% |
| Other operating charges | 640/8 | €5,535 | €961 | -€4,574 | -82.6% |
| Gross operating margin | 9900 | €299,871 | €198,263 | -€101,607 | -33.9% |
| Operating profit (loss) | 9901 | €13,460 | €22,719 | +€9,260 | +68.8% |
| Financial income | 75/76B | €8,125 | €8,125 | -€0 | 0.0% |
| Recurring financial income | 75 | €8,125 | €8,125 | -€0 | 0.0% |
| Financial charges | 65/66B | €18,276 | €15,919 | -€2,357 | -12.9% |
| Recurring financial charges | 65 | €18,276 | €15,919 | -€2,357 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €3,308 | €14,925 | +€11,617 | +351% |
| Profit (loss) for the period | 9904 | €3,308 | €14,925 | +€11,617 | +351% |
| Profit (loss) for the period to be appropriated | 9905 | €3,308 | €14,925 | +€11,617 | +351% |
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 17 October 2026 via checked.be.