INDAVER: 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.
What changed
INDAVER
NACE 38.330, Waste collection, recovery and disposal activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€11.7m
2024 · €21.1m-€9.4m
Equity
€372.8m
2024 · €358.1m+€14.7m
Cash
€1.2m
2024 · €902,486+€290,914
Balance sheet total
€751.0m
2024 · €723.3m+€27.8m
Largest movements
Assets
- Receivables within one year +€19.5m
up €19.5m (+13.5%), from €144.3m to €163.7m
of which Other amounts receivable: +€20.6m
- Tangible fixed assets +€12.1m
up €12.1m (+8.5%), from €142.9m to €155.0m
of which Land and buildings: +€11.1m
Equity and liabilities
- Current portion of long-term debt -€50.0m
no longer reported in 2025 (was €50.0m)
- Debts after one year +€35.0m
up €35.0m (+175.0%), from €20.0m to €55.0m
- Provisions +€18.2m
up €18.2m (+20.8%), from €87.3m to €105.5m
- Contributions +€14.0m
up €14.0m (+4.6%), from €302.5m to €316.5m
- Tax, wage and social debts +€10.8m
up €10.8m (+36.0%), from €30.1m to €40.9m
of which Taxes: +€9.4m
Income statement
- Services and other goods +€22.4m
up €22.4m (+21.1%), from €106.2m to €128.6m
- Turnover +€14.8m
up €14.8m (+4.7%), from €315.8m to €330.6m
- Financial charges +€10.4m
up €10.4m (+203.1%), from €5.1m to €15.6m
of which Financial charges: +€5.6m
- Provisions -€8.9m
down €8.9m (-32.8%), from €27.1m to €18.2m
- Other operating income +€7.8m
up €7.8m (+10.9%), from €72.0m to €79.8m
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.
Result 2024
€21.1m
Turnover
+€14.8m
Other operating income
+€7.8m
Goods and materials
-€594,444
Services and other goods
-€22.4m
Staff costs
-€5.9m
Depreciation
-€2.1m
Write-downs
-€807,837
Provisions
+€8.9m
Other operating charges
-€101,504
Other operating items
-€2.8m
Financial income
+€900,530
Financial charges
-€10.4m
Taxes
+€3.2m
Result 2025
€11.7m
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.
From operations
+€43.1m
Investment
-€30.8m
Financing
-€12.0m
Cash 2024
€902,486
From operations (derived)
+€43.1m
Net result for the year
+€11.7m
Depreciation
+€20.6m
Stocks and contracts
+€2.0m
Receivables within one year
-€19.5m
Deferred charges and accrued income
+€53,674
Provisions
+€18.2m
Trade debts
+€2.7m
Tax, wage and social debts
+€10.8m
Advances received
+€5.3m
Other debts
-€320,616
Accrued charges and deferred income
-€8.6m
Investment (derived)
-€30.8m
Investment in fixed assets (net)
-€24.5m
Current investments
-€6.3m
Financing
-€12.0m
Debts after one year
+€35.0m
Current portion of long-term debt
-€50.0m
Contributions, distributions and other
+€3.0m
Cash 2025
€1.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €723,250,835 | €751,043,690 | +€27.8m | +3.8% |
| Fixed assets | 21/28 | €563,370,406 | €567,191,734 | +€3.8m | +0.7% |
| Intangible fixed assets | 21 | €4,640,137 | €3,653,280 | -€986,857 | -21.3% |
| Tangible fixed assets | 22/27 | €142,896,611 | €155,023,742 | +€12.1m | +8.5% |
| Land and buildings | 22 | €34,806,030 | €45,950,454 | +€11.1m | +32.0% |
| Plant, machinery and equipment | 23 | €87,548,418 | €86,966,422 | -€581,996 | -0.7% |
| Furniture and vehicles | 24 | €4,173,962 | €3,247,422 | -€926,540 | -22.2% |
| Assets under construction and advance payments | 27 | €16,368,200 | €18,859,444 | +€2.5m | +15.2% |
| Financial fixed assets | 28 | €415,833,658 | €408,514,712 | -€7.3m | -1.8% |
| Affiliated companies | 280/1 | €179,665,153 | €180,865,153 | +€1.2m | +0.7% |
| Participating interests | 280 | €157,665,153 | €157,665,153 | = | 0.0% |
| Amounts receivable | 281 | €22,000,000 | €23,200,000 | +€1.2m | +5.5% |
| Companies linked by participating interests | 282/3 | €5,963,201 | €7,841,383 | +€1.9m | +31.5% |
| Participating interests | 282 | €5,468,201 | €7,401,793 | +€1.9m | +35.4% |
| Amounts receivable | 283 | €495,000 | €439,590 | -€55,410 | -11.2% |
| Other financial fixed assets | 284/8 | €230,205,304 | €219,808,176 | -€10.4m | -4.5% |
| Shares | 284 | €230,127,366 | €219,727,237 | -€10.4m | -4.5% |
| Amounts receivable and cash guarantees | 285/8 | €77,939 | €80,939 | +€3,000 | +3.8% |
| Current assets | 29/58 | €159,880,428 | €183,851,956 | +€24.0m | +15.0% |
| Amounts receivable after more than one year | 29 | €3,306 | €3,306 | = | 0.0% |
| Other amounts receivable | 291 | €3,306 | €3,306 | = | 0.0% |
| Stocks and contracts in progress | 3 | €11,475,923 | €9,428,984 | -€2.0m | -17.8% |
| Stocks | 30/36 | €8,977,713 | €9,428,984 | +€451,270 | +5.0% |
| Raw materials and consumables | 30/31 | €8,098,867 | €8,924,775 | +€825,908 | +10.2% |
| Finished goods | 33 | €878,847 | €504,209 | -€374,638 | -42.6% |
| Contracts in progress | 37 | €2,498,210 | - | -€2.5m | |
| Amounts receivable within one year | 40/41 | €144,260,761 | €163,741,988 | +€19.5m | +13.5% |
| Trade receivables | 40 | €90,747,800 | €89,671,528 | -€1.1m | -1.2% |
| Other amounts receivable | 41 | €53,512,962 | €74,070,460 | +€20.6m | +38.4% |
| Current investments | 50/53 | - | €6,300,000 | +€6.3m | |
| Other investments | 51/53 | - | €6,300,000 | +€6.3m | |
| Cash at bank and in hand | 54/58 | €902,486 | €1,193,400 | +€290,914 | +32.2% |
| Deferred charges and accrued income | 490/1 | €3,237,952 | €3,184,278 | -€53,674 | -1.7% |
| Total equity and liabilities | 10/49 | €723,250,835 | €751,043,690 | +€27.8m | +3.8% |
| Equity | 10/15 | €358,083,323 | €372,773,908 | +€14.7m | +4.1% |
| Contributions | 10/11 | €302,494,704 | €316,494,704 | +€14.0m | +4.6% |
| Capital | 10 | €302,494,704 | €316,494,704 | +€14.0m | +4.6% |
| Issued capital | 100 | €302,494,704 | €316,494,704 | +€14.0m | +4.6% |
| Reserves | 13 | €52,743,876 | €53,328,406 | +€584,529 | +1.1% |
| Non-distributable reserves | 130/1 | €6,156,623 | €6,741,152 | +€584,529 | +9.5% |
| Legal reserve | 130 | €6,156,623 | €6,741,152 | +€584,529 | +9.5% |
| Tax-exempt reserves | 132 | €31,755,108 | €24,940,658 | -€6.8m | -21.5% |
| Distributable reserves | 133 | €14,832,146 | €21,646,596 | +€6.8m | +45.9% |
| Profit (loss) carried forward | 14 | €2,844,742 | €2,950,798 | +€106,056 | +3.7% |
| Provisions and deferred taxes | 16 | €87,303,438 | €105,481,036 | +€18.2m | +20.8% |
| Provisions for liabilities and charges | 160/5 | €87,303,438 | €105,481,036 | +€18.2m | +20.8% |
| Pensions and similar obligations | 160 | €1,305,330 | €1,237,780 | -€67,550 | -5.2% |
| Major repairs and maintenance | 162 | €27,150,608 | €28,007,829 | +€857,221 | +3.2% |
| Environmental obligations | 163 | €2,150,000 | €11,654,000 | +€9.5m | +442.0% |
| Other liabilities and charges | 164/5 | €56,697,499 | €64,581,426 | +€7.9m | +13.9% |
| Amounts payable | 17/49 | €277,864,074 | €272,788,746 | -€5.1m | -1.8% |
| Amounts payable after more than one year | 17 | €20,000,000 | €55,000,000 | +€35.0m | +175.0% |
| Financial debts | 170/4 | €20,000,000 | €55,000,000 | +€35.0m | +175.0% |
| Other loans | 174 | €20,000,000 | €55,000,000 | +€35.0m | +175.0% |
| Amounts payable within one year | 42/48 | €159,123,956 | €127,685,722 | -€31.4m | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €50,000,000 | - | -€50.0m | |
| Trade debts | 44 | €56,456,313 | €59,204,119 | +€2.7m | +4.9% |
| Suppliers | 440/4 | €56,456,313 | €59,204,119 | +€2.7m | +4.9% |
| Advances received on contracts in progress | 46 | €6,050,637 | €11,368,296 | +€5.3m | +87.9% |
| Taxes, remuneration and social security | 45 | €30,077,631 | €40,894,547 | +€10.8m | +36.0% |
| Taxes | 450/3 | €20,370,195 | €29,765,574 | +€9.4m | +46.1% |
| Remuneration and social security | 454/9 | €9,707,436 | €11,128,974 | +€1.4m | +14.6% |
| Other amounts payable | 47/48 | €16,539,375 | €16,218,760 | -€320,616 | -1.9% |
| Accrued charges and deferred income | 492/3 | €98,740,118 | €90,103,025 | -€8.6m | -8.7% |
| Operating income | 70/76A | €391,539,396 | €411,369,924 | +€19.8m | +5.1% |
| Turnover | 70 | €315,754,064 | €330,592,734 | +€14.8m | +4.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €2,626,184 | -€374,638 | -€3.0m | |
| Own construction capitalised | 72 | €604,308 | €820,929 | +€216,621 | +35.8% |
| Other operating income | 74 | €71,989,094 | €79,837,546 | +€7.8m | +10.9% |
| Non-recurring operating income | 76A | €565,746 | €493,353 | -€72,394 | -12.8% |
| Operating charges | 60/66A | €362,464,509 | €385,403,589 | +€22.9m | +6.3% |
| Goods for resale, raw materials and consumables | 60 | €133,017,500 | €133,611,944 | +€594,444 | +0.4% |
| Purchases | 600/8 | €134,250,606 | €132,629,811 | -€1.6m | -1.2% |
| Change in stocks: decrease (increase) | 609 | -€1,233,106 | €982,133 | +€2.2m | |
| Services and other goods | 61 | €106,150,041 | €128,567,715 | +€22.4m | +21.1% |
| Remuneration, social security and pensions | 62 | €61,736,659 | €67,643,465 | +€5.9m | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,566,905 | €20,649,975 | +€2.1m | +11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,096,634 | €1,904,471 | +€807,837 | +73.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €27,065,278 | €18,177,598 | -€8.9m | -32.8% |
| Other operating charges | 640/8 | €14,729,417 | €14,830,922 | +€101,504 | +0.7% |
| Non-recurring operating charges | 66A | €102,074 | €17,500 | -€84,575 | -82.9% |
| Operating profit (loss) | 9901 | €29,074,887 | €25,966,335 | -€3.1m | -10.7% |
| Financial income | 75/76B | €9,800,874 | €10,701,404 | +€900,530 | +9.2% |
| Recurring financial income | 75 | €9,800,874 | €10,566,170 | +€765,295 | +7.8% |
| Income from financial fixed assets | 750 | €6,455,726 | €5,484,672 | -€971,054 | -15.0% |
| Income from current assets | 751 | €3,265,839 | €2,868,119 | -€397,721 | -12.2% |
| Other financial income | 752/9 | €79,309 | €2,213,379 | +€2.1m | +2690.8% |
| Non-recurring financial income | 76B | - | €135,235 | +€135,235 | |
| Financial charges | 65/66B | €5,143,191 | €15,588,543 | +€10.4m | +203.1% |
| Recurring financial charges | 65 | €5,143,191 | €10,774,824 | +€5.6m | +109.5% |
| Debt charges | 650 | €4,989,633 | €2,875,428 | -€2.1m | -42.4% |
| Other financial charges | 652/9 | €153,557 | €7,899,396 | +€7.7m | +5044.3% |
| Non-recurring financial charges | 66B | - | €4,813,719 | +€4.8m | |
| Profit (loss) for the period before taxes | 9903 | €33,732,571 | €21,079,196 | -€12.7m | -37.5% |
| Income taxes | 67/77 | €12,603,124 | €9,388,611 | -€3.2m | -25.5% |
| Taxes | 670/3 | €12,794,572 | €9,468,220 | -€3.3m | -26.0% |
| Tax adjustments and reversals of tax provisions | 77 | €191,448 | €79,609 | -€111,840 | -58.4% |
| Profit (loss) for the period | 9904 | €21,129,447 | €11,690,585 | -€9.4m | -44.7% |
| Transfer from tax-exempt reserves | 789 | €46,968 | €6,814,450 | +€6.8m | +14408.7% |
| Transfer to tax-exempt reserves | 689 | €3,444,693 | - | -€3.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €17,731,722 | €18,505,035 | +€773,313 | +4.4% |
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 3 October 2026 via checked.be.