INSEC: 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.
INSEC
Largest movements
- Tangible fixed assets -€26,909
down €26,909 (-18.5%), from €145,244 to €118,336
of which Furniture and vehicles: -€16,957
- Cash -€16,041
down €16,041 (-72.2%), from €22,204 to €6,163
mainly Other debts (-€26,370) and Net result for the year (-€15,256)
- Receivables within one year -€12,419
down €12,419 (-49.7%), from €24,969 to €12,550
of which Trade receivables: -€12,358
- Current investments -€10,000
no longer reported in 2025 (was €10,000)
- Other debts -€26,370
down €26,370 (-37.6%), from €70,095 to €43,726
- Profit (loss) carried forward -€15,256
down €15,256, from €0 to -€15,256
- Tax, wage and social debts -€12,207
down €12,207 (-73.0%), from €16,716 to €4,508
- Debts after one year -€7,038
down €7,038 (-20.0%), from €35,113 to €28,075
- Accrued charges and deferred income -€3,592
down €3,592 (-73.7%), from €4,872 to €1,280
- Gross operating margin -€40,665
down €40,665 (-66.7%), from €60,959 to €20,295
- Taxes -€8,059
down €8,059 (-95.6%), from €8,431 to €373
- Depreciation +€1,467
up €1,467 (+5.2%), from €28,364 to €29,831
- Financial charges -€1,356
down €1,356 (-26.6%), from €5,101 to €3,745
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 | €204,283 | €138,965 | -€65,318 | -32.0% |
| Fixed assets | 21/28 | €145,244 | €118,336 | -€26,909 | -18.5% |
| Tangible fixed assets | 22/27 | €145,244 | €118,336 | -€26,909 | -18.5% |
| Land and buildings | 22 | €62,218 | €56,121 | -€6,096 | -9.8% |
| Furniture and vehicles | 24 | €52,637 | €35,681 | -€16,957 | -32.2% |
| Other tangible fixed assets | 26 | €30,389 | €26,534 | -€3,856 | -12.7% |
| Current assets | 29/58 | €59,039 | €20,630 | -€38,410 | -65.1% |
| Amounts receivable within one year | 40/41 | €24,969 | €12,550 | -€12,419 | -49.7% |
| Trade receivables | 40 | €24,881 | €12,524 | -€12,358 | -49.7% |
| Other amounts receivable | 41 | €88 | €26 | -€61 | -70.1% |
| Current investments | 50/53 | €10,000 | - | -€10,000 | |
| Cash at bank and in hand | 54/58 | €22,204 | €6,163 | -€16,041 | -72.2% |
| Deferred charges and accrued income | 490/1 | €1,866 | €1,917 | +€50 | +2.7% |
| Total equity and liabilities | 10/49 | €204,283 | €138,965 | -€65,318 | -32.0% |
| Equity | 10/15 | €64,976 | €49,721 | -€15,256 | -23.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €58,776 | €58,776 | = | 0.0% |
| Distributable reserves | 133 | €58,776 | €58,776 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€15,256 | -€15,256 | |
| Amounts payable | 17/49 | €139,307 | €89,244 | -€50,063 | -35.9% |
| Amounts payable after more than one year | 17 | €35,113 | €28,075 | -€7,038 | -20.0% |
| Financial debts | 170/4 | €35,113 | €28,075 | -€7,038 | -20.0% |
| Amounts payable within one year | 42/48 | €99,322 | €59,890 | -€39,433 | -39.7% |
| Current portion of amounts payable after more than one year | 42 | €6,924 | €7,038 | +€115 | +1.7% |
| Financial debts | 43 | €1 | - | -€1 | |
| Credit institutions | 430/8 | €1 | - | -€1 | |
| Trade debts | 44 | €5,587 | €4,618 | -€970 | -17.4% |
| Suppliers | 440/4 | €5,587 | €4,618 | -€970 | -17.4% |
| Taxes, remuneration and social security | 45 | €16,716 | €4,508 | -€12,207 | -73.0% |
| Taxes | 450/3 | €16,716 | €4,508 | -€12,207 | -73.0% |
| Other amounts payable | 47/48 | €70,095 | €43,726 | -€26,370 | -37.6% |
| Accrued charges and deferred income | 492/3 | €4,872 | €1,280 | -€3,592 | -73.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,364 | €29,831 | +€1,467 | +5.2% |
| Other operating charges | 640/8 | €1,332 | €1,815 | +€483 | +36.2% |
| Non-recurring operating charges | 66A | €70 | - | -€70 | |
| Gross operating margin | 9900 | €60,959 | €20,295 | -€40,665 | -66.7% |
| Operating profit (loss) | 9901 | €31,193 | -€11,351 | -€42,544 | |
| Financial income | 75/76B | €63 | €213 | +€150 | +239% |
| Recurring financial income | 75 | €63 | €213 | +€150 | +239% |
| Financial charges | 65/66B | €5,101 | €3,745 | -€1,356 | -26.6% |
| Recurring financial charges | 65 | €5,101 | €3,745 | -€1,356 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €26,155 | -€14,883 | -€41,037 | |
| Income taxes | 67/77 | €8,431 | €373 | -€8,059 | -95.6% |
| Profit (loss) for the period | 9904 | €17,723 | -€15,256 | -€32,979 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,723 | -€15,256 | -€32,979 |
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 30 October 2026 via checked.be.