INDEE: 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.
INDEE
Largest movements
- Cash -€26,620
down €26,620 (-47.7%), from €55,858 to €29,238
mainly Contributions, distributions and other (-€1.0m) and Debts after one year (-€127,915)
- Current investments -€13,585
down €13,585 (-5.7%), from €239,368 to €225,783
- Other debts +€995,067
up €995,067 (+13,084%), from €7,606 to €1.0m
- Reserves -€910,462
down €910,462 (-96.9%), from €939,821 to €29,358
- Debts after one year -€127,915
no longer reported in 2025 (was €127,915)
- Current portion of long-term debt -€12,282
no longer reported in 2025 (was €12,282)
- Depreciation +€9,521
up €9,521 (+20.4%), from €46,619 to €56,140
- Gross operating margin +€6,168
up €6,168 (+3.7%), from €166,305 to €172,473
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.
Derived cash bridge
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 | €1,109,436 | €1,067,014 | -€42,422 | -3.8% |
| Fixed assets | 21/28 | €756,589 | €757,856 | +€1,267 | +0.2% |
| Tangible fixed assets | 22/27 | €756,589 | €757,856 | +€1,267 | +0.2% |
| Land and buildings | 22 | €654,154 | €646,356 | -€7,798 | -1.2% |
| Plant, machinery and equipment | 23 | €16,025 | €9,896 | -€6,129 | -38.2% |
| Furniture and vehicles | 24 | €86,410 | €101,603 | +€15,194 | +17.6% |
| Current assets | 29/58 | €352,847 | €309,159 | -€43,689 | -12.4% |
| Amounts receivable within one year | 40/41 | €52,895 | €49,870 | -€3,025 | -5.7% |
| Trade receivables | 40 | €51,869 | €49,870 | -€1,999 | -3.9% |
| Other amounts receivable | 41 | €1,026 | - | -€1,026 | |
| Current investments | 50/53 | €239,368 | €225,783 | -€13,585 | -5.7% |
| Cash at bank and in hand | 54/58 | €55,858 | €29,238 | -€26,620 | -47.7% |
| Deferred charges and accrued income | 490/1 | €4,726 | €4,268 | -€459 | -9.7% |
| Total equity and liabilities | 10/49 | €1,109,436 | €1,067,014 | -€42,422 | -3.8% |
| Equity | 10/15 | €958,421 | €47,958 | -€910,462 | -95.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €939,821 | €29,358 | -€910,462 | -96.9% |
| Distributable reserves | 133 | €939,821 | €29,358 | -€910,462 | -96.9% |
| Amounts payable | 17/49 | €151,016 | €1,019,056 | +€868,040 | +575% |
| Amounts payable after more than one year | 17 | €127,915 | - | -€127,915 | |
| Financial debts | 170/4 | €127,915 | - | -€127,915 | |
| Amounts payable within one year | 42/48 | €22,798 | €1,018,772 | +€995,974 | +4,369% |
| Current portion of amounts payable after more than one year | 42 | €12,282 | - | -€12,282 | |
| Trade debts | 44 | - | €3,395 | +€3,395 | |
| Suppliers | 440/4 | - | €3,395 | +€3,395 | |
| Taxes, remuneration and social security | 45 | €2,911 | €12,704 | +€9,793 | +336% |
| Taxes | 450/3 | €2,911 | €12,704 | +€9,793 | +336% |
| Other amounts payable | 47/48 | €7,606 | €1,002,673 | +€995,067 | +13,084% |
| Accrued charges and deferred income | 492/3 | €302 | €284 | -€18 | -6.1% |
| Non-recurring operating income | 76A | - | €7,735 | +€7,735 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,619 | €56,140 | +€9,521 | +20.4% |
| Other operating charges | 640/8 | €5,892 | €5,891 | -€2 | 0.0% |
| Gross operating margin | 9900 | €166,305 | €172,473 | +€6,168 | +3.7% |
| Operating profit (loss) | 9901 | €113,793 | €110,442 | -€3,351 | -2.9% |
| Financial income | 75/76B | €4,215 | €4,717 | +€501 | +11.9% |
| Recurring financial income | 75 | €4,215 | €4,717 | +€501 | +11.9% |
| Financial charges | 65/66B | €1,675 | €1,242 | -€433 | -25.9% |
| Recurring financial charges | 65 | €1,675 | €1,242 | -€433 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €116,333 | €113,917 | -€2,416 | -2.1% |
| Income taxes | 67/77 | €25,110 | €24,380 | -€730 | -2.9% |
| Profit (loss) for the period | 9904 | €91,223 | €89,538 | -€1,685 | -1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €91,223 | €89,538 | -€1,685 | -1.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.