INDAR: 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.
INDAR
Largest movements
- Receivables within one year +€18,737
up €18,737 (+46.0%), from €40,708 to €59,445
of which Trade receivables: +€12,259
- Stocks and contracts -€11,500
down €11,500 (-27.8%), from €41,303 to €29,803
- Cash +€4,925
up €4,925 (+169.3%), from €2,908 to €7,833
mainly Stocks and contracts (+€11,500) and Trade debts (+€7,293)
- Tangible fixed assets -€2,106
down €2,106 (-39.6%), from €5,316 to €3,210
of which Furniture and vehicles: -€2,278
- Deferred charges and accrued income +€1,538
new in 2025: €1,538
- Trade debts +€7,293
up €7,293 (+143.5%), from €5,081 to €12,374
- Tax, wage and social debts +€4,772
up €4,772 (+43.1%), from €11,082 to €15,854
of which Remuneration and social security: +€4,039
- Gross operating margin +€15,413
up €15,413 (+37.8%), from €40,777 to €56,190
- Staff costs +€2,608
up €2,608 (+5.3%), from €49,010 to €51,618
- Depreciation -€1,798
down €1,798 (-32.9%), from €5,461 to €3,663
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 | €91,511 | €103,105 | +€11,594 | +12.7% |
| Fixed assets | 21/28 | €6,591 | €4,485 | -€2,106 | -32.0% |
| Tangible fixed assets | 22/27 | €5,316 | €3,210 | -€2,106 | -39.6% |
| Plant, machinery and equipment | 23 | €1,574 | €1,746 | +€172 | +10.9% |
| Furniture and vehicles | 24 | €3,742 | €1,464 | -€2,278 | -60.9% |
| Financial fixed assets | 28 | €1,275 | €1,275 | = | 0.0% |
| Current assets | 29/58 | €84,920 | €98,620 | +€13,700 | +16.1% |
| Stocks and contracts in progress | 3 | €41,303 | €29,803 | -€11,500 | -27.8% |
| Stocks | 30/36 | €41,303 | €29,803 | -€11,500 | -27.8% |
| Amounts receivable within one year | 40/41 | €40,708 | €59,445 | +€18,737 | +46.0% |
| Trade receivables | 40 | €39,402 | €51,661 | +€12,259 | +31.1% |
| Other amounts receivable | 41 | €1,307 | €7,784 | +€6,477 | +495.6% |
| Cash at bank and in hand | 54/58 | €2,908 | €7,833 | +€4,925 | +169.3% |
| Deferred charges and accrued income | 490/1 | - | €1,538 | +€1,538 | |
| Total equity and liabilities | 10/49 | €91,511 | €103,105 | +€11,594 | +12.7% |
| Equity | 10/15 | €75,348 | €74,876 | -€472 | -0.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €16,084 | €16,084 | = | 0.0% |
| Distributable reserves | 133 | €16,084 | €16,084 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,064 | €52,592 | -€472 | -0.9% |
| Amounts payable | 17/49 | €16,163 | €28,228 | +€12,065 | +74.6% |
| Amounts payable within one year | 42/48 | €16,163 | €28,228 | +€12,065 | +74.6% |
| Trade debts | 44 | €5,081 | €12,374 | +€7,293 | +143.5% |
| Suppliers | 440/4 | €5,081 | €12,374 | +€7,293 | +143.5% |
| Taxes, remuneration and social security | 45 | €11,082 | €15,854 | +€4,772 | +43.1% |
| Taxes | 450/3 | - | €733 | +€733 | |
| Remuneration and social security | 454/9 | €11,082 | €15,121 | +€4,039 | +36.4% |
| Non-recurring operating income | 76A | - | €2,000 | +€2,000 | |
| Remuneration, social security and pensions | 62 | €49,010 | €51,618 | +€2,608 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,461 | €3,663 | -€1,798 | -32.9% |
| Other operating charges | 640/8 | €646 | €1,084 | +€438 | +67.8% |
| Gross operating margin | 9900 | €40,777 | €56,190 | +€15,413 | +37.8% |
| Operating profit (loss) | 9901 | -€14,340 | -€174 | +€14,165 | +98.8% |
| Financial income | 75/76B | €10 | €2 | -€8 | -79.1% |
| Recurring financial income | 75 | €10 | €2 | -€8 | -79.1% |
| Financial charges | 65/66B | €258 | €299 | +€42 | +16.2% |
| Recurring financial charges | 65 | €258 | €299 | +€42 | +16.2% |
| Profit (loss) for the period before taxes | 9903 | -€14,587 | -€472 | +€14,116 | +96.8% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€14,587 | -€472 | +€14,116 | +96.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,587 | -€472 | +€14,116 | +96.8% |
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 12 October 2026 via checked.be.