INDEJO: 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.
What changed
INDEJO
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€709,488
2024 · €708,360+€1,128
Equity
€14.5m
2024 · €13.8m+€709,488
Cash
€640,073
2024 · €353,998+€286,075
Balance sheet total
€15.0m
2024 · €14.3m+€612,940
Largest movements
Assets
- Current investments +€445,036
up €445,036 (+11.0%), from €4.1m to €4.5m
- Cash +€286,075
up €286,075 (+80.8%), from €353,998 to €640,073
mainly Net result for the year (+€709,488) and Depreciation (+€223,041)
Equity and liabilities
- Reserves +€709,400
up €709,400 (+12.3%), from €5.7m to €6.5m
of which Distributable reserves: +€709,400
- Debts after one year -€169,974
down €169,974 (-91.4%), from €185,917 to €15,943
of which Financial debts: -€170,457
Income statement
- Gross operating margin -€49,258
down €49,258 (-4.5%), from €1.1m to €1.0m
- Depreciation -€31,785
down €31,785 (-12.5%), from €254,826 to €223,041
- Taxes -€14,780
down €14,780 (-5.6%), from €263,916 to €249,136
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.
Result 2024
€708,360
Gross operating margin
-€49,258
Depreciation
+€31,785
Other operating charges
-€722
Other operating items
-€4,346
Financial income
+€4,190
Financial charges
+€4,698
Taxes
+€14,780
Result 2025
€709,488
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.
From operations
+€966,351
Investment
-€574,059
Financing
-€106,217
Cash 2024
€353,998
From operations (derived)
+€966,351
Net result for the year
+€709,488
Depreciation
+€223,041
Receivables after one year
-€10,000
Receivables within one year
+€34,627
Deferred charges and accrued income
-€475
Trade debts
+€10,585
Tax, wage and social debts
-€3,051
Other debts
+€4,259
Accrued charges and deferred income
-€2,124
Investment (derived)
-€574,059
Investment in fixed assets (net)
-€129,023
Current investments
-€445,036
Financing
-€106,217
Debts after one year
-€169,974
Current portion of long-term debt
+€63,757
Cash 2025
€640,073
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,349,672 | €14,962,612 | +€612,940 | +4.3% |
| Fixed assets | 21/28 | €7,203,423 | €7,109,405 | -€94,018 | -1.3% |
| Tangible fixed assets | 22/27 | €5,699,142 | €5,605,124 | -€94,018 | -1.6% |
| Land and buildings | 22 | €5,659,204 | €5,459,910 | -€199,294 | -3.5% |
| Plant, machinery and equipment | 23 | €21,406 | €19,154 | -€2,252 | -10.5% |
| Furniture and vehicles | 24 | €18,531 | €126,060 | +€107,528 | +580.3% |
| Financial fixed assets | 28 | €1,504,281 | €1,504,281 | = | 0.0% |
| Current assets | 29/58 | €7,146,249 | €7,853,207 | +€706,958 | +9.9% |
| Amounts receivable after more than one year | 29 | - | €10,000 | +€10,000 | |
| Other amounts receivable | 291 | - | €10,000 | +€10,000 | |
| Amounts receivable within one year | 40/41 | €2,729,219 | €2,694,592 | -€34,627 | -1.3% |
| Trade receivables | 40 | €121,950 | €122,260 | +€310 | +0.3% |
| Other amounts receivable | 41 | €2,607,268 | €2,572,331 | -€34,937 | -1.3% |
| Current investments | 50/53 | €4,054,707 | €4,499,742 | +€445,036 | +11.0% |
| Cash at bank and in hand | 54/58 | €353,998 | €640,073 | +€286,075 | +80.8% |
| Deferred charges and accrued income | 490/1 | €8,325 | €8,800 | +€475 | +5.7% |
| Total equity and liabilities | 10/49 | €14,349,672 | €14,962,612 | +€612,940 | +4.3% |
| Equity | 10/15 | €13,759,784 | €14,469,272 | +€709,488 | +5.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €5,745,334 | €6,454,734 | +€709,400 | +12.3% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €246 | €246 | = | 0.0% |
| Distributable reserves | 133 | €5,735,088 | €6,444,488 | +€709,400 | +12.4% |
| Profit (loss) carried forward | 14 | €7,914,449 | €7,914,537 | +€88 | 0.0% |
| Amounts payable | 17/49 | €589,888 | €493,341 | -€96,547 | -16.4% |
| Amounts payable after more than one year | 17 | €185,917 | €15,943 | -€169,974 | -91.4% |
| Financial debts | 170/4 | €170,457 | - | -€170,457 | |
| Other amounts payable | 178/9 | €15,460 | €15,943 | +€483 | +3.1% |
| Amounts payable within one year | 42/48 | €329,355 | €404,905 | +€75,551 | +22.9% |
| Current portion of amounts payable after more than one year | 42 | €106,700 | €170,457 | +€63,757 | +59.8% |
| Trade debts | 44 | €4,233 | €14,818 | +€10,585 | +250.1% |
| Suppliers | 440/4 | €4,233 | €14,818 | +€10,585 | +250.1% |
| Taxes, remuneration and social security | 45 | €214,707 | €211,656 | -€3,051 | -1.4% |
| Taxes | 450/3 | €212,207 | €206,656 | -€5,551 | -2.6% |
| Remuneration and social security | 454/9 | €2,500 | €5,000 | +€2,500 | +100.0% |
| Other amounts payable | 47/48 | €3,715 | €7,974 | +€4,259 | +114.7% |
| Accrued charges and deferred income | 492/3 | €74,616 | €72,493 | -€2,124 | -2.8% |
| Non-recurring operating income | 76A | - | €1,529 | +€1,529 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €254,826 | €223,041 | -€31,785 | -12.5% |
| Other operating charges | 640/8 | €95,593 | €96,315 | +€722 | +0.8% |
| Non-recurring operating charges | 66A | €5,381 | €9,726 | +€4,346 | +80.8% |
| Gross operating margin | 9900 | €1,091,095 | €1,041,837 | -€49,258 | -4.5% |
| Operating profit (loss) | 9901 | €735,295 | €712,754 | -€22,540 | -3.1% |
| Financial income | 75/76B | €250,859 | €255,049 | +€4,190 | +1.7% |
| Recurring financial income | 75 | €250,859 | €255,049 | +€4,190 | +1.7% |
| Financial charges | 65/66B | €13,878 | €9,180 | -€4,698 | -33.9% |
| Recurring financial charges | 65 | €13,878 | €9,180 | -€4,698 | -33.9% |
| Profit (loss) for the period before taxes | 9903 | €972,276 | €958,624 | -€13,653 | -1.4% |
| Income taxes | 67/77 | €263,916 | €249,136 | -€14,780 | -5.6% |
| Profit (loss) for the period | 9904 | €708,360 | €709,488 | +€1,128 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €708,360 | €709,488 | +€1,128 | +0.2% |
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 5 October 2026 via checked.be.