APR. C. INDEVUYST: 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.
APR. C. INDEVUYST
Largest movements
- Tangible fixed assets +€70,537
up €70,537 (+67.0%), from €105,320 to €175,857
of which Furniture and vehicles: +€62,653
- Deferred charges and accrued income -€26,177
down €26,177 (-93.3%), from €28,048 to €1,870
- Cash -€17,256
down €17,256 (-26.3%), from €65,674 to €48,418
mainly Contributions, distributions and other (-€370,207) and Investment in fixed assets (net) (-€100,755)
- Receivables within one year -€4,735
down €4,735 (-99.2%), from €4,776 to €40
- Other debts +€198,073
up €198,073 (+100,214%), from €198 to €198,271
- Profit (loss) carried forward -€173,236
down €173,236 (-100%), from €173,236 to €0
- Trade debts -€8,092
down €8,092 (-81.8%), from €9,899 to €1,806
- Tax, wage and social debts +€5,383
up €5,383 (+497%), from €1,082 to €6,465
- Gross operating margin +€48,006
up €48,006 (+20.0%), from €239,792 to €287,798
- Depreciation +€12,405
up €12,405 (+69.6%), from €17,814 to €30,218
- Taxes +€9,182
up €9,182 (+17.9%), from €51,380 to €60,562
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 | €204,874 | €227,244 | +€22,369 | +10.9% |
| Fixed assets | 21/28 | €106,377 | €176,914 | +€70,537 | +66.3% |
| Tangible fixed assets | 22/27 | €105,320 | €175,857 | +€70,537 | +67.0% |
| Plant, machinery and equipment | 23 | €30,873 | €30,248 | -€625 | -2.0% |
| Furniture and vehicles | 24 | €4,515 | €67,168 | +€62,653 | +1,388% |
| Other tangible fixed assets | 26 | €69,932 | €78,441 | +€8,509 | +12.2% |
| Financial fixed assets | 28 | €1,057 | €1,057 | = | 0.0% |
| Current assets | 29/58 | €98,497 | €50,329 | -€48,168 | -48.9% |
| Amounts receivable within one year | 40/41 | €4,776 | €40 | -€4,735 | -99.2% |
| Trade receivables | 40 | €4,776 | €40 | -€4,735 | -99.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €65,674 | €48,418 | -€17,256 | -26.3% |
| Deferred charges and accrued income | 490/1 | €28,048 | €1,870 | -€26,177 | -93.3% |
| Total equity and liabilities | 10/49 | €204,874 | €227,244 | +€22,369 | +10.9% |
| Equity | 10/15 | €193,696 | €20,460 | -€173,236 | -89.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €173,236 | €0 | -€173,236 | -100% |
| Amounts payable | 17/49 | €11,178 | €206,784 | +€195,606 | +1,750% |
| Amounts payable within one year | 42/48 | €11,178 | €206,542 | +€195,364 | +1,748% |
| Trade debts | 44 | €9,899 | €1,806 | -€8,092 | -81.8% |
| Suppliers | 440/4 | €9,899 | €1,806 | -€8,092 | -81.8% |
| Taxes, remuneration and social security | 45 | €1,082 | €6,465 | +€5,383 | +497% |
| Taxes | 450/3 | €1,082 | €6,465 | +€5,383 | +497% |
| Other amounts payable | 47/48 | €198 | €198,271 | +€198,073 | +100,214% |
| Accrued charges and deferred income | 492/3 | - | €242 | +€242 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,814 | €30,218 | +€12,405 | +69.6% |
| Other operating charges | 640/8 | €437 | €564 | +€127 | +29.0% |
| Gross operating margin | 9900 | €239,792 | €287,798 | +€48,006 | +20.0% |
| Operating profit (loss) | 9901 | €221,541 | €257,016 | +€35,475 | +16.0% |
| Financial income | 75/76B | €3,091 | €602 | -€2,489 | -80.5% |
| Recurring financial income | 75 | €3,091 | €602 | -€2,489 | -80.5% |
| Financial charges | 65/66B | €16 | €85 | +€69 | +439% |
| Recurring financial charges | 65 | €16 | €85 | +€69 | +439% |
| Profit (loss) for the period before taxes | 9903 | €224,617 | €257,533 | +€32,916 | +14.7% |
| Income taxes | 67/77 | €51,380 | €60,562 | +€9,182 | +17.9% |
| Profit (loss) for the period | 9904 | €173,236 | €196,971 | +€23,734 | +13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €173,236 | €196,971 | +€23,734 | +13.7% |
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 31 October 2026 via checked.be.