I.N.D.: 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.
I.N.D.
Largest movements
- Tangible fixed assets -€96,588
down €96,588 (-3.4%), from €2.8m to €2.7m
of which Land and buildings: -€94,679
- Cash +€60,023
up €60,023 (+325.3%), from €18,453 to €78,476
mainly Other debts (+€602,830) and Depreciation (+€150,376)
- Debts after one year -€657,671
down €657,671 (-100.0%), from €657,671 to €0
- Other debts +€602,830
up €602,830 (+39.4%), from €1.5m to €2.1m
- Accrued charges and deferred income +€88,525
up €88,525 (+206.4%), from €42,888 to €131,413
- Profit (loss) carried forward -€81,755
down €81,755 (-352.9%), from -€23,167 to -€104,921
- Financial charges +€35,145
up €35,145 (+75.1%), from €46,823 to €81,968
- Gross operating margin +€14,372
up €14,372 (+8.9%), from €162,181 to €176,553
- Depreciation +€3,511
up €3,511 (+2.4%), from €146,865 to €150,376
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,124,657 | €4,055,860 | -€68,798 | -1.7% |
| Fixed assets | 21/28 | €4,056,495 | €3,959,907 | -€96,588 | -2.4% |
| Tangible fixed assets | 22/27 | €2,816,495 | €2,719,907 | -€96,588 | -3.4% |
| Land and buildings | 22 | €2,809,161 | €2,714,483 | -€94,679 | -3.4% |
| Plant, machinery and equipment | 23 | €7,334 | €5,424 | -€1,909 | -26.0% |
| Financial fixed assets | 28 | €1,240,000 | €1,240,000 | = | 0.0% |
| Current assets | 29/58 | €68,162 | €95,952 | +€27,790 | +40.8% |
| Amounts receivable within one year | 40/41 | €47,600 | €15,351 | -€32,250 | -67.8% |
| Trade receivables | 40 | €4,314 | €5,565 | +€1,251 | +29.0% |
| Other amounts receivable | 41 | €43,286 | €9,785 | -€33,501 | -77.4% |
| Cash at bank and in hand | 54/58 | €18,453 | €78,476 | +€60,023 | +325.3% |
| Deferred charges and accrued income | 490/1 | €2,110 | €2,126 | +€16 | +0.8% |
| Total equity and liabilities | 10/49 | €4,124,657 | €4,055,860 | -€68,798 | -1.7% |
| Equity | 10/15 | €1,770,965 | €1,672,144 | -€98,821 | -5.6% |
| Contributions | 10/11 | €1,352,073 | €1,352,073 | = | 0.0% |
| Capital | 10 | €218,953 | €218,953 | = | 0.0% |
| Issued capital | 100 | €218,953 | €218,953 | = | 0.0% |
| Contributions outside capital | 11 | €1,133,120 | €1,133,120 | = | 0.0% |
| Share premium | 1100/10 | €1,133,120 | €1,133,120 | = | 0.0% |
| Reserves | 13 | €442,059 | €424,993 | -€17,066 | -3.9% |
| Non-distributable reserves | 130/1 | €21,895 | €21,895 | = | 0.0% |
| Legal reserve | 130 | €21,895 | €21,895 | = | 0.0% |
| Tax-exempt reserves | 132 | €336,746 | €319,680 | -€17,066 | -5.1% |
| Distributable reserves | 133 | €83,418 | €83,418 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,167 | -€104,921 | -€81,755 | -352.9% |
| Provisions and deferred taxes | 16 | €112,249 | €106,560 | -€5,689 | -5.1% |
| Deferred taxes | 168 | €112,249 | €106,560 | -€5,689 | -5.1% |
| Amounts payable | 17/49 | €2,241,443 | €2,277,155 | +€35,712 | +1.6% |
| Amounts payable after more than one year | 17 | €657,671 | €0 | -€657,671 | -100.0% |
| Financial debts | 170/4 | €657,671 | €0 | -€657,671 | -100.0% |
| Amounts payable within one year | 42/48 | €1,540,885 | €2,145,742 | +€604,858 | +39.3% |
| Current portion of amounts payable after more than one year | 42 | €10,133 | €7,671 | -€2,462 | -24.3% |
| Trade debts | 44 | €419 | €4,908 | +€4,489 | +1072.5% |
| Suppliers | 440/4 | €419 | €4,908 | +€4,489 | +1072.5% |
| Other amounts payable | 47/48 | €1,530,333 | €2,133,163 | +€602,830 | +39.4% |
| Accrued charges and deferred income | 492/3 | €42,888 | €131,413 | +€88,525 | +206.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,865 | €150,376 | +€3,511 | +2.4% |
| Other operating charges | 640/8 | €31,804 | €30,798 | -€1,006 | -3.2% |
| Non-recurring operating charges | 66A | - | €18,686 | +€18,686 | |
| Gross operating margin | 9900 | €162,181 | €176,553 | +€14,372 | +8.9% |
| Operating profit (loss) | 9901 | -€16,489 | -€23,307 | -€6,818 | -41.4% |
| Financial income | 75/76B | €650 | €766 | +€116 | +17.9% |
| Recurring financial income | 75 | €650 | €766 | +€116 | +17.9% |
| Financial charges | 65/66B | €46,823 | €81,968 | +€35,145 | +75.1% |
| Recurring financial charges | 65 | €46,823 | €81,968 | +€35,145 | +75.1% |
| Profit (loss) for the period before taxes | 9903 | -€62,663 | -€104,509 | -€41,847 | -66.8% |
| Transfer from deferred taxes | 780 | €6,861 | €5,689 | -€1,172 | -17.1% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€55,802 | -€98,821 | -€43,019 | -77.1% |
| Transfer from tax-exempt reserves | 789 | €20,582 | €17,066 | -€3,516 | -17.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,219 | -€81,755 | -€46,535 | -132.1% |
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 9 October 2026 via checked.be.