INDAO: 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.
INDAO
Largest movements
- Receivables within one year -€379,782
down €379,782 (-30.5%), from €1.2m to €864,247
of which Trade receivables: -€265,815
- Intangible fixed assets +€230,451
up €230,451 (+11.3%), from €2.0m to €2.3m
- Financial fixed assets -€98,030
down €98,030 (-83.6%), from €117,297 to €19,267
- Cash -€76,998
down €76,998 (-30.6%), from €251,546 to €174,548
mainly Investment in fixed assets (net) (-€883,118) and Other debts (-€436,351)
- Contributions +€500,016
up €500,016 (+14.4%), from €3.5m to €4.0m
- Other debts -€436,351
down €436,351 (-46.8%), from €932,716 to €496,364
- Profit (loss) carried forward -€309,277
down €309,277 (-15.3%), from -€2.0m to -€2.3m
- Debts after one year -€226,404
down €226,404 (-76.1%), from €297,643 to €71,239
of which Financial debts: -€158,942
- Accrued charges and deferred income +€176,277
up €176,277 (+11,132%), from €1,583 to €177,861
- Gross operating margin +€769,499
up €769,499 (+59.0%), from €1.3m to €2.1m
- Staff costs +€411,088
up €411,088 (+36.5%), from €1.1m to €1.5m
- Financial charges -€269,301
down €269,301 (-69.6%), from €386,751 to €117,450
of which Non-recurring financial charges: -€235,964
- Write-downs -€190,055
down €190,055 (-98.7%), from €192,575 to €2,520
- Depreciation +€144,079
up €144,079 (+23.8%), from €604,745 to €748,824
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 | €3,820,617 | €3,500,979 | -€319,639 | -8.4% |
| Fixed assets | 21/28 | €2,182,071 | €2,316,365 | +€134,294 | +6.2% |
| Intangible fixed assets | 21 | €2,033,951 | €2,264,402 | +€230,451 | +11.3% |
| Tangible fixed assets | 22/27 | €30,823 | €32,696 | +€1,873 | +6.1% |
| Land and buildings | 22 | €779 | €0 | -€779 | -100% |
| Furniture and vehicles | 24 | €30,044 | €20,714 | -€9,330 | -31.1% |
| Assets under construction and advance payments | 27 | - | €11,982 | +€11,982 | |
| Financial fixed assets | 28 | €117,297 | €19,267 | -€98,030 | -83.6% |
| Current assets | 29/58 | €1,638,546 | €1,184,614 | -€453,933 | -27.7% |
| Amounts receivable after more than one year | 29 | €106,478 | €115,606 | +€9,128 | +8.6% |
| Other amounts receivable | 291 | €106,478 | €115,606 | +€9,128 | +8.6% |
| Amounts receivable within one year | 40/41 | €1,244,029 | €864,247 | -€379,782 | -30.5% |
| Trade receivables | 40 | €463,148 | €197,333 | -€265,815 | -57.4% |
| Other amounts receivable | 41 | €780,880 | €666,913 | -€113,967 | -14.6% |
| Cash at bank and in hand | 54/58 | €251,546 | €174,548 | -€76,998 | -30.6% |
| Deferred charges and accrued income | 490/1 | €36,494 | €30,213 | -€6,281 | -17.2% |
| Total equity and liabilities | 10/49 | €3,820,617 | €3,500,979 | -€319,639 | -8.4% |
| Equity | 10/15 | €1,878,920 | €2,069,659 | +€190,739 | +10.2% |
| Contributions | 10/11 | €3,461,920 | €3,961,936 | +€500,016 | +14.4% |
| Capital | 10 | €3,461,920 | €3,961,936 | +€500,016 | +14.4% |
| Issued capital | 100 | €3,461,920 | €4,461,952 | +€1.0m | +28.9% |
| Uncalled capital | 101 | - | €500,016 | +€500,016 | |
| Reserves | 13 | €434,527 | €434,527 | = | 0.0% |
| Tax-exempt reserves | 132 | €434,527 | €434,527 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,017,527 | -€2,326,803 | -€309,277 | -15.3% |
| Amounts payable | 17/49 | €1,941,697 | €1,431,319 | -€510,378 | -26.3% |
| Amounts payable after more than one year | 17 | €297,643 | €71,239 | -€226,404 | -76.1% |
| Financial debts | 170/4 | €230,182 | €71,239 | -€158,942 | -69.1% |
| Trade debts | 175 | €23,137 | €0 | -€23,137 | -100% |
| Other amounts payable | 178/9 | €44,324 | €0 | -€44,324 | -100% |
| Amounts payable within one year | 42/48 | €1,642,471 | €1,182,219 | -€460,251 | -28.0% |
| Current portion of amounts payable after more than one year | 42 | €143,765 | €314,950 | +€171,185 | +119% |
| Financial debts | 43 | €100,000 | €0 | -€100,000 | -100% |
| Credit institutions | 430/8 | €100,000 | €0 | -€100,000 | -100% |
| Trade debts | 44 | €75,788 | €95,371 | +€19,583 | +25.8% |
| Suppliers | 440/4 | €75,788 | €95,371 | +€19,583 | +25.8% |
| Advances received on contracts in progress | 46 | €201,136 | €52,879 | -€148,257 | -73.7% |
| Taxes, remuneration and social security | 45 | €189,066 | €222,656 | +€33,590 | +17.8% |
| Taxes | 450/3 | €43,726 | €41,964 | -€1,762 | -4.0% |
| Remuneration and social security | 454/9 | €145,339 | €180,692 | +€35,352 | +24.3% |
| Other amounts payable | 47/48 | €932,716 | €496,364 | -€436,351 | -46.8% |
| Accrued charges and deferred income | 492/3 | €1,583 | €177,861 | +€176,277 | +11,132% |
| Non-recurring operating income | 76A | €10,109 | €4,807 | -€5,302 | -52.4% |
| Remuneration, social security and pensions | 62 | €1,125,966 | €1,537,054 | +€411,088 | +36.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €604,745 | €748,824 | +€144,079 | +23.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €192,575 | €2,520 | -€190,055 | -98.7% |
| Other operating charges | 640/8 | €7,355 | €5,816 | -€1,539 | -20.9% |
| Non-recurring operating charges | 66A | €0 | €1,250 | +€1,250 | |
| Gross operating margin | 9900 | €1,304,810 | €2,074,309 | +€769,499 | +59.0% |
| Operating profit (loss) | 9901 | -€625,831 | -€221,154 | +€404,677 | +64.7% |
| Financial income | 75/76B | €2,861 | €2,286 | -€575 | -20.1% |
| Recurring financial income | 75 | €2,861 | €2,286 | -€575 | -20.1% |
| Financial charges | 65/66B | €386,751 | €117,450 | -€269,301 | -69.6% |
| Recurring financial charges | 65 | €53,920 | €20,584 | -€33,336 | -61.8% |
| Non-recurring financial charges | 66B | €332,830 | €96,866 | -€235,964 | -70.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,009,721 | -€336,318 | +€673,403 | +66.7% |
| Income taxes | 67/77 | -€25,151 | -€27,041 | -€1,890 | -7.5% |
| Profit (loss) for the period | 9904 | -€984,570 | -€309,277 | +€675,293 | +68.6% |
| Transfer to tax-exempt reserves | 689 | €5,118 | €0 | -€5,118 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€989,688 | -€309,277 | +€680,411 | +68.8% |
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 15 October 2026 via checked.be.