INDEA: 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.
INDEA
Largest movements
- Cash +€9,873
up €9,873 (+31.1%), from €31,774 to €41,647
mainly Net result for the year (+€9,581) and Accrued charges and deferred income (+€3,441)
- Receivables within one year +€3,509
up €3,509 (+6.9%), from €51,115 to €54,623
of which Other amounts receivable: +€3,142
- Reserves +€9,500
up €9,500 (+24.4%), from €38,928 to €48,428
of which Distributable reserves: +€9,500
- Accrued charges and deferred income +€3,441
up €3,441 (+38.2%), from €9,000 to €12,441
- Trade debts +€1,144
up €1,144 (+10.1%), from €11,345 to €12,488
- Gross operating margin -€12,519
down €12,519 (-42.5%), from €29,478 to €16,959
- Staff costs -€7,637
no longer reported in 2025 (was €7,637)
- Taxes -€1,789
down €1,789 (-30.5%), from €5,865 to €4,077
- Depreciation +€434
up €434 (+22.2%), from €1,949 to €2,383
- Financial charges -€430
down €430 (-59.0%), from €728 to €298
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 | €92,160 | €106,699 | +€14,539 | +15.8% |
| Fixed assets | 21/28 | €7,081 | €7,630 | +€549 | +7.8% |
| Tangible fixed assets | 22/27 | €7,081 | €7,630 | +€549 | +7.8% |
| Plant, machinery and equipment | 23 | €6,539 | €7,588 | +€1,049 | +16.0% |
| Furniture and vehicles | 24 | €542 | €42 | -€500 | -92.3% |
| Current assets | 29/58 | €85,079 | €99,069 | +€13,990 | +16.4% |
| Amounts receivable within one year | 40/41 | €51,115 | €54,623 | +€3,509 | +6.9% |
| Trade receivables | 40 | €50,911 | €51,277 | +€366 | +0.7% |
| Other amounts receivable | 41 | €204 | €3,346 | +€3,142 | +1540.2% |
| Cash at bank and in hand | 54/58 | €31,774 | €41,647 | +€9,873 | +31.1% |
| Deferred charges and accrued income | 490/1 | €2,191 | €2,799 | +€608 | +27.8% |
| Total equity and liabilities | 10/49 | €92,160 | €106,699 | +€14,539 | +15.8% |
| Equity | 10/15 | €61,652 | €71,233 | +€9,581 | +15.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €38,928 | €48,428 | +€9,500 | +24.4% |
| Tax-exempt reserves | 132 | €2,303 | €2,303 | = | 0.0% |
| Distributable reserves | 133 | €36,625 | €46,125 | +€9,500 | +25.9% |
| Profit (loss) carried forward | 14 | €4,174 | €4,255 | +€81 | +2.0% |
| Amounts payable | 17/49 | €30,508 | €35,466 | +€4,958 | +16.2% |
| Amounts payable within one year | 42/48 | €21,508 | €23,025 | +€1,516 | +7.0% |
| Trade debts | 44 | €11,345 | €12,488 | +€1,144 | +10.1% |
| Suppliers | 440/4 | €11,345 | €12,488 | +€1,144 | +10.1% |
| Taxes, remuneration and social security | 45 | €9,537 | €9,475 | -€62 | -0.7% |
| Taxes | 450/3 | €9,537 | €9,475 | -€62 | -0.7% |
| Other amounts payable | 47/48 | €627 | €1,062 | +€435 | +69.4% |
| Accrued charges and deferred income | 492/3 | €9,000 | €12,441 | +€3,441 | +38.2% |
| Remuneration, social security and pensions | 62 | €7,637 | - | -€7,637 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,949 | €2,383 | +€434 | +22.2% |
| Other operating charges | 640/8 | €528 | €810 | +€282 | +53.4% |
| Gross operating margin | 9900 | €29,478 | €16,959 | -€12,519 | -42.5% |
| Operating profit (loss) | 9901 | €19,364 | €13,766 | -€5,597 | -28.9% |
| Financial income | 75/76B | €233 | €190 | -€43 | -18.5% |
| Recurring financial income | 75 | €233 | €190 | -€43 | -18.5% |
| Financial charges | 65/66B | €728 | €298 | -€430 | -59.0% |
| Recurring financial charges | 65 | €728 | €298 | -€430 | -59.0% |
| Profit (loss) for the period before taxes | 9903 | €18,868 | €13,658 | -€5,210 | -27.6% |
| Income taxes | 67/77 | €5,865 | €4,077 | -€1,789 | -30.5% |
| Profit (loss) for the period | 9904 | €13,003 | €9,581 | -€3,421 | -26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,003 | €9,581 | -€3,421 | -26.3% |
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.