INDDERM: 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.
INDDERM
Largest movements
- Tangible fixed assets -€36,883
down €36,883 (-7.0%), from €523,802 to €486,919
of which Land and buildings: -€31,355
- Cash -€20,728
down €20,728 (-35.3%), from €58,735 to €38,007
mainly Debts after one year (-€62,768) and Contributions, distributions and other (-€41,500)
- Debts after one year -€62,768
down €62,768 (-18.4%), from €341,958 to €279,191
of which Financial debts: -€57,768
- Reserves -€34,200
down €34,200 (-34.7%), from €98,560 to €64,360
of which Distributable reserves: -€34,200
- Other debts +€26,845
up €26,845 (+189.9%), from €14,136 to €40,982
- Current portion of long-term debt +€18,988
up €18,988 (+45.4%), from €41,780 to €60,768
- Gross operating margin -€26,390
down €26,390 (-26.9%), from €98,108 to €71,718
- Taxes -€8,002
down €8,002 (-70.8%), from €11,303 to €3,301
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 | €605,961 | €549,344 | -€56,618 | -9.3% |
| Fixed assets | 21/28 | €523,802 | €486,919 | -€36,883 | -7.0% |
| Tangible fixed assets | 22/27 | €523,802 | €486,919 | -€36,883 | -7.0% |
| Land and buildings | 22 | €490,079 | €458,724 | -€31,355 | -6.4% |
| Plant, machinery and equipment | 23 | €1,275 | €937 | -€338 | -26.5% |
| Furniture and vehicles | 24 | €32,448 | €27,259 | -€5,190 | -16.0% |
| Current assets | 29/58 | €82,159 | €62,425 | -€19,735 | -24.0% |
| Amounts receivable within one year | 40/41 | €12,089 | €9,500 | -€2,589 | -21.4% |
| Trade receivables | 40 | - | €2,169 | +€2,169 | |
| Other amounts receivable | 41 | €12,089 | €7,331 | -€4,758 | -39.4% |
| Cash at bank and in hand | 54/58 | €58,735 | €38,007 | -€20,728 | -35.3% |
| Deferred charges and accrued income | 490/1 | €11,335 | €14,917 | +€3,582 | +31.6% |
| Total equity and liabilities | 10/49 | €605,961 | €549,344 | -€56,618 | -9.3% |
| Equity | 10/15 | €113,199 | €79,008 | -€34,192 | -30.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €98,560 | €64,360 | -€34,200 | -34.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €96,700 | €62,500 | -€34,200 | -35.4% |
| Profit (loss) carried forward | 14 | €2,239 | €2,248 | +€8 | +0.4% |
| Provisions and deferred taxes | 16 | €69,075 | €69,075 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €69,075 | €69,075 | = | 0.0% |
| Pensions and similar obligations | 160 | €69,075 | €69,075 | = | 0.0% |
| Amounts payable | 17/49 | €423,687 | €401,261 | -€22,426 | -5.3% |
| Amounts payable after more than one year | 17 | €341,958 | €279,191 | -€62,768 | -18.4% |
| Financial debts | 170/4 | €296,958 | €239,191 | -€57,768 | -19.5% |
| Other amounts payable | 178/9 | €45,000 | €40,000 | -€5,000 | -11.1% |
| Amounts payable within one year | 42/48 | €78,385 | €119,564 | +€41,179 | +52.5% |
| Current portion of amounts payable after more than one year | 42 | €41,780 | €60,768 | +€18,988 | +45.4% |
| Trade debts | 44 | €5,765 | €3,868 | -€1,898 | -32.9% |
| Suppliers | 440/4 | €5,765 | €3,868 | -€1,898 | -32.9% |
| Taxes, remuneration and social security | 45 | €16,704 | €13,947 | -€2,757 | -16.5% |
| Taxes | 450/3 | €16,704 | €12,147 | -€4,557 | -27.3% |
| Remuneration and social security | 454/9 | - | €1,800 | +€1,800 | |
| Other amounts payable | 47/48 | €14,136 | €40,982 | +€26,845 | +189.9% |
| Accrued charges and deferred income | 492/3 | €3,343 | €2,506 | -€837 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,238 | €38,954 | +€716 | +1.9% |
| Other operating charges | 640/8 | €3,806 | €3,988 | +€182 | +4.8% |
| Non-recurring operating charges | 66A | - | €267 | +€267 | |
| Gross operating margin | 9900 | €98,108 | €71,718 | -€26,390 | -26.9% |
| Operating profit (loss) | 9901 | €56,064 | €28,508 | -€27,555 | -49.2% |
| Financial income | 75/76B | €347 | €265 | -€81 | -23.4% |
| Recurring financial income | 75 | €347 | €265 | -€81 | -23.4% |
| Financial charges | 65/66B | €18,209 | €18,164 | -€45 | -0.2% |
| Recurring financial charges | 65 | €18,209 | €18,164 | -€45 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €38,201 | €10,609 | -€27,592 | -72.2% |
| Income taxes | 67/77 | €11,303 | €3,301 | -€8,002 | -70.8% |
| Profit (loss) for the period | 9904 | €26,898 | €7,308 | -€19,589 | -72.8% |
| Profit (loss) for the period to be appropriated | 9905 | €26,898 | €7,308 | -€19,589 | -72.8% |
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.