INDECO: 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.
INDECO
Largest movements
- Cash +€65,971
up €65,971 (+306.4%), from €21,531 to €87,502
mainly Net result for the year (+€226,834) and Current portion of long-term debt (+€5,150)
- Profit (loss) carried forward +€226,001
up €226,001 (+10.4%), from €2.2m to €2.4m
- Debts after one year -€137,169
down €137,169 (-23.6%), from €581,623 to €444,453
- Gross operating margin +€47,479
up €47,479 (+22.8%), from €207,858 to €255,337
- Taxes +€17,794
up €17,794 (+40.0%), from €44,472 to €62,266
- Financial charges -€4,412
down €4,412 (-14.1%), from €31,197 to €26,785
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 | €3,526,401 | €3,593,446 | +€67,045 | +1.9% |
| Fixed assets | 21/28 | €3,458,295 | €3,457,444 | -€852 | 0.0% |
| Tangible fixed assets | 22/27 | €852 | - | -€852 | |
| Furniture and vehicles | 24 | €852 | - | -€852 | |
| Financial fixed assets | 28 | €3,457,444 | €3,457,444 | = | 0.0% |
| Current assets | 29/58 | €68,106 | €136,002 | +€67,896 | +99.7% |
| Amounts receivable within one year | 40/41 | €42,093 | €46,649 | +€4,556 | +10.8% |
| Trade receivables | 40 | €36,736 | €46,077 | +€9,342 | +25.4% |
| Other amounts receivable | 41 | €5,357 | €572 | -€4,786 | -89.3% |
| Cash at bank and in hand | 54/58 | €21,531 | €87,502 | +€65,971 | +306.4% |
| Deferred charges and accrued income | 490/1 | €4,482 | €1,851 | -€2,631 | -58.7% |
| Total equity and liabilities | 10/49 | €3,526,401 | €3,593,446 | +€67,045 | +1.9% |
| Equity | 10/15 | €2,782,099 | €2,983,100 | +€201,001 | +7.2% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €416,000 | €391,000 | -€25,000 | -6.0% |
| Non-distributable reserves | 130/1 | - | €20,000 | +€20,000 | |
| Reserves not available under the articles | 1311 | - | €20,000 | +€20,000 | |
| Distributable reserves | 133 | €416,000 | €371,000 | -€45,000 | -10.8% |
| Profit (loss) carried forward | 14 | €2,166,099 | €2,392,100 | +€226,001 | +10.4% |
| Amounts payable | 17/49 | €744,302 | €610,346 | -€133,957 | -18.0% |
| Amounts payable after more than one year | 17 | €581,623 | €444,453 | -€137,169 | -23.6% |
| Financial debts | 170/4 | €581,623 | €444,453 | -€137,169 | -23.6% |
| Amounts payable within one year | 42/48 | €162,680 | €165,893 | +€3,213 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €132,020 | €137,169 | +€5,150 | +3.9% |
| Trade debts | 44 | €743 | €1,411 | +€668 | +89.8% |
| Suppliers | 440/4 | €743 | €1,411 | +€668 | +89.8% |
| Taxes, remuneration and social security | 45 | €21,934 | €23,876 | +€1,943 | +8.9% |
| Taxes | 450/3 | €21,934 | €23,876 | +€1,943 | +8.9% |
| Other amounts payable | 47/48 | €7,983 | €3,436 | -€4,547 | -57.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €970 | €852 | -€119 | -12.2% |
| Other operating charges | 640/8 | €1,328 | €1,253 | -€75 | -5.7% |
| Gross operating margin | 9900 | €207,858 | €255,337 | +€47,479 | +22.8% |
| Operating profit (loss) | 9901 | €205,560 | €253,232 | +€47,673 | +23.2% |
| Financial income | 75/76B | €62,670 | €62,653 | -€17 | 0.0% |
| Recurring financial income | 75 | €62,670 | €62,653 | -€17 | 0.0% |
| Financial charges | 65/66B | €31,197 | €26,785 | -€4,412 | -14.1% |
| Recurring financial charges | 65 | €31,197 | €26,785 | -€4,412 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €237,032 | €289,100 | +€52,068 | +22.0% |
| Income taxes | 67/77 | €44,472 | €62,266 | +€17,794 | +40.0% |
| Profit (loss) for the period | 9904 | €192,560 | €226,834 | +€34,274 | +17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €192,560 | €226,834 | +€34,274 | +17.8% |
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.