IN-DIRECT: 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.
IN-DIRECT
Largest movements
- Cash -€13,468
down €13,468 (-31.1%), from €43,299 to €29,831
mainly Trade debts (-€11,143) and Investment in fixed assets (net) (-€10,307)
- Tangible fixed assets +€8,522
up €8,522 (+433.8%), from €1,964 to €10,486
of which Furniture and vehicles: +€9,072
- Receivables within one year -€940
down €940 (-2.1%), from €45,768 to €44,828
of which Trade receivables: -€2,326
- Trade debts -€11,143
down €11,143 (-62.3%), from €17,872 to €6,729
- Profit (loss) carried forward +€4,455
up €4,455 (+8.6%), from €51,834 to €56,290
- Gross operating margin -€2,611
down €2,611 (-21.6%), from €12,108 to €9,497
- Taxes -€1,194
down €1,194 (-32.3%), from €3,694 to €2,500
- Depreciation +€755
up €755 (+73.2%), from €1,031 to €1,785
- Financial charges -€334
down €334 (-53.1%), from €629 to €295
- Other operating charges -€213
down €213 (-31.5%), from €674 to €462
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 | €91,032 | €85,145 | -€5,887 | -6.5% |
| Fixed assets | 21/28 | €1,964 | €10,486 | +€8,522 | +433.8% |
| Tangible fixed assets | 22/27 | €1,964 | €10,486 | +€8,522 | +433.8% |
| Plant, machinery and equipment | 23 | €1,330 | €780 | -€550 | -41.4% |
| Furniture and vehicles | 24 | €635 | €9,706 | +€9,072 | +1429.6% |
| Current assets | 29/58 | €89,067 | €74,659 | -€14,408 | -16.2% |
| Amounts receivable within one year | 40/41 | €45,768 | €44,828 | -€940 | -2.1% |
| Trade receivables | 40 | €42,651 | €40,325 | -€2,326 | -5.5% |
| Other amounts receivable | 41 | €3,117 | €4,503 | +€1,385 | +44.4% |
| Cash at bank and in hand | 54/58 | €43,299 | €29,831 | -€13,468 | -31.1% |
| Total equity and liabilities | 10/49 | €91,032 | €85,145 | -€5,887 | -6.5% |
| Equity | 10/15 | €70,523 | €74,978 | +€4,455 | +6.3% |
| Contributions | 10/11 | €16,829 | €16,829 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,834 | €56,290 | +€4,455 | +8.6% |
| Amounts payable | 17/49 | €20,509 | €10,167 | -€10,342 | -50.4% |
| Amounts payable within one year | 42/48 | €20,509 | €10,167 | -€10,342 | -50.4% |
| Trade debts | 44 | €17,872 | €6,729 | -€11,143 | -62.3% |
| Suppliers | 440/4 | €17,872 | €6,729 | -€11,143 | -62.3% |
| Other amounts payable | 47/48 | €2,637 | €3,438 | +€801 | +30.4% |
| Non-recurring operating income | 76A | €3,306 | - | -€3,306 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,031 | €1,785 | +€755 | +73.2% |
| Other operating charges | 640/8 | €674 | €462 | -€213 | -31.5% |
| Gross operating margin | 9900 | €12,108 | €9,497 | -€2,611 | -21.6% |
| Operating profit (loss) | 9901 | €10,404 | €7,250 | -€3,153 | -30.3% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €629 | €295 | -€334 | -53.1% |
| Recurring financial charges | 65 | €629 | €295 | -€334 | -53.1% |
| Profit (loss) for the period before taxes | 9903 | €9,775 | €6,955 | -€2,820 | -28.8% |
| Income taxes | 67/77 | €3,694 | €2,500 | -€1,194 | -32.3% |
| Profit (loss) for the period | 9904 | €6,081 | €4,455 | -€1,626 | -26.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,081 | €4,455 | -€1,626 | -26.7% |
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 9 October 2026 via checked.be.