INTERSET: what changed
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
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it 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 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.