Indar: 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.
Indar
Largest movements
- Receivables within one year +€251,904
up €251,904 (+59.3%), from €425,095 to €676,999
of which Other amounts receivable: +€170,352
- Stocks and contracts +€60,461
new in 2025: €60,461
- Tangible fixed assets -€37,524
down €37,524 (-7.9%), from €472,263 to €434,739
- Deferred charges and accrued income -€14,436
down €14,436 (-89.7%), from €16,088 to €1,652
- Profit (loss) carried forward +€147,322
no longer reported in 2025 (was -€147,322)
- Current portion of long-term debt +€48,452
up €48,452 (+199.7%), from €24,258 to €72,711
- Tax, wage and social debts +€44,499
up €44,499 (+64.4%), from €69,055 to €113,554
of which Remuneration and social security: +€26,453
- Trade debts +€36,598
up €36,598 (+150.4%), from €24,326 to €60,924
- Debts after one year -€25,055
down €25,055 (-10.8%), from €233,055 to €208,000
- Gross operating margin +€462,617
up €462,617 (+171.5%), from €269,674 to €732,291
- Staff costs +€155,990
up €155,990 (+44.7%), from €349,024 to €505,014
- Taxes +€16,563
up €16,563 (+126921.4%), from €13 to €16,576
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 | €934,017 | €1,197,109 | +€263,092 | +28.2% |
| Fixed assets | 21/28 | €480,065 | €444,384 | -€35,681 | -7.4% |
| Intangible fixed assets | 21 | €3,382 | €5,225 | +€1,844 | +54.5% |
| Tangible fixed assets | 22/27 | €472,263 | €434,739 | -€37,524 | -7.9% |
| Land and buildings | 22 | €389,141 | €377,383 | -€11,758 | -3.0% |
| Plant, machinery and equipment | 23 | €65,801 | €50,187 | -€15,614 | -23.7% |
| Furniture and vehicles | 24 | €17,322 | €7,169 | -€10,152 | -58.6% |
| Financial fixed assets | 28 | €4,420 | €4,420 | = | 0.0% |
| Current assets | 29/58 | €453,953 | €752,725 | +€298,773 | +65.8% |
| Stocks and contracts in progress | 3 | - | €60,461 | +€60,461 | |
| Stocks | 30/36 | - | €60,461 | +€60,461 | |
| Amounts receivable within one year | 40/41 | €425,095 | €676,999 | +€251,904 | +59.3% |
| Trade receivables | 40 | €123,482 | €205,034 | +€81,552 | +66.0% |
| Other amounts receivable | 41 | €301,613 | €471,965 | +€170,352 | +56.5% |
| Cash at bank and in hand | 54/58 | €12,769 | €13,613 | +€843 | +6.6% |
| Deferred charges and accrued income | 490/1 | €16,088 | €1,652 | -€14,436 | -89.7% |
| Total equity and liabilities | 10/49 | €934,017 | €1,197,109 | +€263,092 | +28.2% |
| Equity | 10/15 | €346,595 | €490,192 | +€143,597 | +41.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €475,316 | €471,592 | -€3,724 | -0.8% |
| Tax-exempt reserves | 132 | €105,250 | €105,250 | = | 0.0% |
| Distributable reserves | 133 | €370,066 | €366,342 | -€3,724 | -1.0% |
| Profit (loss) carried forward | 14 | -€147,322 | - | +€147,322 | |
| Amounts payable | 17/49 | €587,423 | €706,918 | +€119,495 | +20.3% |
| Amounts payable after more than one year | 17 | €233,055 | €208,000 | -€25,055 | -10.8% |
| Financial debts | 170/4 | €233,055 | €208,000 | -€25,055 | -10.8% |
| Amounts payable within one year | 42/48 | €354,368 | €498,917 | +€144,550 | +40.8% |
| Current portion of amounts payable after more than one year | 42 | €24,258 | €72,711 | +€48,452 | +199.7% |
| Financial debts | 43 | €50,000 | €65,000 | +€15,000 | +30.0% |
| Credit institutions | 430/8 | €50,000 | €65,000 | +€15,000 | +30.0% |
| Trade debts | 44 | €24,326 | €60,924 | +€36,598 | +150.4% |
| Suppliers | 440/4 | €24,326 | €60,924 | +€36,598 | +150.4% |
| Advances received on contracts in progress | 46 | €186,728 | €186,728 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €69,055 | €113,554 | +€44,499 | +64.4% |
| Taxes | 450/3 | €36,881 | €54,928 | +€18,046 | +48.9% |
| Remuneration and social security | 454/9 | €32,174 | €58,627 | +€26,453 | +82.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €8,877 | - | -€8,877 | |
| Remuneration, social security and pensions | 62 | €349,024 | €505,014 | +€155,990 | +44.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,167 | €50,366 | -€1,801 | -3.5% |
| Other operating charges | 640/8 | €4,682 | €3,858 | -€824 | -17.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €269,674 | €732,291 | +€462,617 | +171.5% |
| Operating profit (loss) | 9901 | -€136,199 | €173,053 | +€309,252 | |
| Financial income | 75/76B | €173 | €450 | +€276 | +159.5% |
| Recurring financial income | 75 | €173 | €450 | +€276 | +159.5% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €11,283 | €13,329 | +€2,046 | +18.1% |
| Recurring financial charges | 65 | €11,283 | €13,329 | +€2,046 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | -€147,309 | €160,173 | +€307,482 | |
| Income taxes | 67/77 | €13 | €16,576 | +€16,563 | +126921.4% |
| Profit (loss) for the period | 9904 | -€147,322 | €143,597 | +€290,919 | |
| Profit (loss) for the period to be appropriated | 9905 | -€147,322 | €143,597 | +€290,919 |
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 7 October 2026 via checked.be.