IND: what changed
Two fiscal 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.
IND
Largest movements
- Receivables after one year -€22,500
no longer reported in 2025 (was €22,500)
- Receivables within one year -€4,224
down €4,224 (-3.4%), from €124,815 to €120,592
of which Trade receivables: -€31,983
- Cash +€2,459
up €2,459 (+34.5%), from €7,122 to €9,581
mainly Receivables after one year (+€22,500) and Receivables within one year (+€4,224)
- Accrued charges and deferred income -€15,423
no longer reported in 2025 (was €15,423)
- Profit (loss) carried forward -€7,734
down €7,734 (-7.4%), from €104,379 to €96,646
- Tax, wage and social debts -€2,044
down €2,044 (-28.5%), from €7,162 to €5,119
of which Taxes: -€2,379
- Staff costs +€15,653
up €15,653 (+27.9%), from €56,195 to €71,848
- Gross operating margin -€9,147
down €9,147 (-11.5%), from €79,768 to €70,621
- Taxes -€4,664
down €4,664 (-98.7%), from €4,723 to €60
- Financial charges +€1,172
up €1,172 (+53.0%), from €2,212 to €3,384
- Other operating charges +€1,096
up €1,096 (+68.6%), from €1,596 to €2,692
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 | €155,936 | €131,183 | -€24,753 | -15.9% |
| Fixed assets | 21/28 | €532 | €160 | -€372 | -69.9% |
| Tangible fixed assets | 22/27 | €532 | €160 | -€372 | -69.9% |
| Furniture and vehicles | 24 | €532 | €160 | -€372 | -69.9% |
| Current assets | 29/58 | €155,404 | €131,023 | -€24,381 | -15.7% |
| Amounts receivable after more than one year | 29 | €22,500 | - | -€22,500 | |
| Other amounts receivable | 291 | €22,500 | - | -€22,500 | |
| Amounts receivable within one year | 40/41 | €124,815 | €120,592 | -€4,224 | -3.4% |
| Trade receivables | 40 | €114,897 | €82,914 | -€31,983 | -27.8% |
| Other amounts receivable | 41 | €9,918 | €37,678 | +€27,759 | +279.9% |
| Cash at bank and in hand | 54/58 | €7,122 | €9,581 | +€2,459 | +34.5% |
| Deferred charges and accrued income | 490/1 | €967 | €850 | -€116 | -12.0% |
| Total equity and liabilities | 10/49 | €155,936 | €131,183 | -€24,753 | -15.9% |
| Equity | 10/15 | €124,839 | €117,106 | -€7,734 | -6.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 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 | €104,379 | €96,646 | -€7,734 | -7.4% |
| Amounts payable | 17/49 | €31,096 | €14,078 | -€17,019 | -54.7% |
| Amounts payable within one year | 42/48 | €15,673 | €14,078 | -€1,595 | -10.2% |
| Trade debts | 44 | €8,511 | €8,959 | +€448 | +5.3% |
| Suppliers | 440/4 | €8,511 | €8,959 | +€448 | +5.3% |
| Taxes, remuneration and social security | 45 | €7,162 | €5,119 | -€2,044 | -28.5% |
| Taxes | 450/3 | €7,162 | €4,783 | -€2,379 | -33.2% |
| Remuneration and social security | 454/9 | - | €335 | +€335 | |
| Accrued charges and deferred income | 492/3 | €15,423 | - | -€15,423 | |
| Remuneration, social security and pensions | 62 | €56,195 | €71,848 | +€15,653 | +27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €372 | €372 | = | 0.0% |
| Other operating charges | 640/8 | €1,596 | €2,692 | +€1,096 | +68.6% |
| Gross operating margin | 9900 | €79,768 | €70,621 | -€9,147 | -11.5% |
| Operating profit (loss) | 9901 | €21,605 | -€4,290 | -€25,895 | |
| Financial income | 75/76B | €580 | €0 | -€580 | -100.0% |
| Recurring financial income | 75 | €580 | €0 | -€580 | -100.0% |
| Financial charges | 65/66B | €2,212 | €3,384 | +€1,172 | +53.0% |
| Recurring financial charges | 65 | €2,212 | €3,384 | +€1,172 | +53.0% |
| Profit (loss) for the period before taxes | 9903 | €19,973 | -€7,674 | -€27,647 | |
| Income taxes | 67/77 | €4,723 | €60 | -€4,664 | -98.7% |
| Profit (loss) for the period | 9904 | €15,249 | -€7,734 | -€22,983 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,249 | -€7,734 | -€22,983 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.