INDÉ: 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.
INDÉ
Largest movements
- Cash +€79,840
up €79,840 (+253%), from €31,554 to €111,394
mainly Trade debts (+€66,254) and Other debts (+€65,307)
- Receivables within one year -€40,393
down €40,393 (-14.9%), from €271,339 to €230,945
of which Trade receivables: -€23,716
- Stocks and contracts -€36,630
down €36,630 (-39.2%), from €93,548 to €56,917
of which Contracts in progress: -€38,586
- Intangible fixed assets -€5,537
down €5,537 (-66.4%), from €8,341 to €2,804
- Profit (loss) carried forward -€80,927
down €80,927 (-94.0%), from €86,114 to €5,187
- Trade debts +€66,254
up €66,254 (+50.5%), from €131,265 to €197,520
- Other debts +€65,307
up €65,307 (+127%), from €51,531 to €116,838
- Short-term financial debts -€55,000
no longer reported in 2026 (was €55,000)
- Tax, wage and social debts +€36,070
up €36,070 (+396%), from €9,117 to €45,187
of which Taxes: +€31,487
- Other operating charges -€24,324
down €24,324 (-98.4%), from €24,724 to €400
- Gross operating margin +€18,904
up €18,904 (+15.5%), from €122,221 to €141,125
- Financial charges +€13,764
up €13,764 (+113%), from €12,187 to €25,951
- Write-downs +€11,230
up €11,230 (+341%), from €3,292 to €14,522
- Taxes +€10,662
new in 2026: €10,662
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €410,605 | €408,294 | -€2,311 | -0.6% |
| Fixed assets | 21/28 | €14,165 | €9,038 | -€5,127 | -36.2% |
| Intangible fixed assets | 21 | €8,341 | €2,804 | -€5,537 | -66.4% |
| Tangible fixed assets | 22/27 | €3,373 | €3,783 | +€410 | +12.1% |
| Furniture and vehicles | 24 | €3,373 | €3,783 | +€410 | +12.1% |
| Financial fixed assets | 28 | €2,450 | €2,450 | = | 0.0% |
| Current assets | 29/58 | €396,440 | €399,256 | +€2,816 | +0.7% |
| Stocks and contracts in progress | 3 | €93,548 | €56,917 | -€36,630 | -39.2% |
| Stocks | 30/36 | €54,962 | €56,917 | +€1,955 | +3.6% |
| Contracts in progress | 37 | €38,586 | - | -€38,586 | |
| Amounts receivable within one year | 40/41 | €271,339 | €230,945 | -€40,393 | -14.9% |
| Trade receivables | 40 | €254,018 | €230,302 | -€23,716 | -9.3% |
| Other amounts receivable | 41 | €17,321 | €644 | -€16,677 | -96.3% |
| Cash at bank and in hand | 54/58 | €31,554 | €111,394 | +€79,840 | +253% |
| Total equity and liabilities | 10/49 | €410,605 | €408,294 | -€2,311 | -0.6% |
| Equity | 10/15 | €106,574 | €25,647 | -€80,927 | -75.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €86,114 | €5,187 | -€80,927 | -94.0% |
| Amounts payable | 17/49 | €304,030 | €382,647 | +€78,617 | +25.9% |
| Amounts payable after more than one year | 17 | €23,103 | €14,381 | -€8,722 | -37.8% |
| Financial debts | 170/4 | €23,103 | €14,381 | -€8,722 | -37.8% |
| Amounts payable within one year | 42/48 | €280,927 | €368,266 | +€87,338 | +31.1% |
| Current portion of amounts payable after more than one year | 42 | €34,015 | €8,722 | -€25,293 | -74.4% |
| Financial debts | 43 | €55,000 | - | -€55,000 | |
| Credit institutions | 430/8 | €55,000 | - | -€55,000 | |
| Trade debts | 44 | €131,265 | €197,520 | +€66,254 | +50.5% |
| Suppliers | 440/4 | €131,265 | €197,520 | +€66,254 | +50.5% |
| Taxes, remuneration and social security | 45 | €9,117 | €45,187 | +€36,070 | +396% |
| Taxes | 450/3 | €654 | €32,141 | +€31,487 | +4,816% |
| Remuneration and social security | 454/9 | €8,463 | €13,045 | +€4,583 | +54.2% |
| Other amounts payable | 47/48 | €51,531 | €116,838 | +€65,307 | +127% |
| Remuneration, social security and pensions | 62 | €41,161 | €51,212 | +€10,051 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,407 | €7,585 | -€822 | -9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,292 | €14,522 | +€11,230 | +341% |
| Other operating charges | 640/8 | €24,724 | €400 | -€24,324 | -98.4% |
| Non-recurring operating charges | 66A | €514 | - | -€514 | |
| Gross operating margin | 9900 | €122,221 | €141,125 | +€18,904 | +15.5% |
| Operating profit (loss) | 9901 | €44,124 | €67,406 | +€23,282 | +52.8% |
| Financial income | 75/76B | €4,752 | €4,280 | -€472 | -9.9% |
| Recurring financial income | 75 | €4,752 | €4,280 | -€472 | -9.9% |
| Financial charges | 65/66B | €12,187 | €25,951 | +€13,764 | +113% |
| Recurring financial charges | 65 | €12,187 | €25,951 | +€13,764 | +113% |
| Profit (loss) for the period before taxes | 9903 | €36,688 | €45,734 | +€9,047 | +24.7% |
| Income taxes | 67/77 | - | €10,662 | +€10,662 | |
| Profit (loss) for the period | 9904 | €36,688 | €35,073 | -€1,615 | -4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €36,688 | €35,073 | -€1,615 | -4.4% |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.