INDELCO: what changed
INDELCO
Largest movements
- Current investments -€180,303
down €180,303 (-69.4%), from €259,872 to €79,569
- Receivables within one year +€172,175
up €172,175 (+164%), from €105,186 to €277,362
of which Trade receivables: +€171,782
- Cash +€64,294
up €64,294 (+3,486%), from €1,844 to €66,138
mainly Current investments (+€180,303) and Trade debts (+€109,912)
- Reserves -€161,500
down €161,500 (-89.1%), from €181,197 to €19,697
of which Distributable reserves: -€161,500
- Trade debts +€109,912
up €109,912 (+258%), from €42,669 to €152,581
- Other debts +€71,183
up €71,183 (+97.2%), from €73,205 to €144,388
- Tax, wage and social debts +€36,758
up €36,758 (+645%), from €5,697 to €42,455
of which Taxes: +€36,394
- Gross operating margin -€33,697
down €33,697 (-84.7%), from €39,807 to €6,109
- Staff costs -€15,719
down €15,719 (-52.0%), from €30,227 to €14,508
- Financial income +€6,451
up €6,451 (+148%), from €4,349 to €10,799
- Taxes -€3,830
down €3,830 (-93.8%), from €4,085 to €255
- Financial charges -€788
down €788 (-93.9%), from €839 to €51
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €377,396 | €431,722 | +€54,326 | +14.4% |
| Fixed assets | 21/28 | €9,655 | €7,148 | -€2,506 | -26.0% |
| Tangible fixed assets | 22/27 | €9,655 | €7,148 | -€2,506 | -26.0% |
| Land and buildings | 22 | €1,200 | €1,200 | = | 0.0% |
| Furniture and vehicles | 24 | €8,455 | €5,948 | -€2,506 | -29.6% |
| Current assets | 29/58 | €367,741 | €424,573 | +€56,832 | +15.5% |
| Amounts receivable within one year | 40/41 | €105,186 | €277,362 | +€172,175 | +164% |
| Trade receivables | 40 | €103,682 | €275,464 | +€171,782 | +166% |
| Other amounts receivable | 41 | €1,504 | €1,897 | +€393 | +26.1% |
| Current investments | 50/53 | €259,872 | €79,569 | -€180,303 | -69.4% |
| Cash at bank and in hand | 54/58 | €1,844 | €66,138 | +€64,294 | +3,486% |
| Deferred charges and accrued income | 490/1 | €838 | €1,504 | +€666 | +79.5% |
| Total equity and liabilities | 10/49 | €377,396 | €431,722 | +€54,326 | +14.4% |
| Equity | 10/15 | €255,825 | €92,297 | -€163,527 | -63.9% |
| Contributions | 10/11 | €12,408 | €12,408 | = | 0.0% |
| Reserves | 13 | €181,197 | €19,697 | -€161,500 | -89.1% |
| Non-distributable reserves | 130/1 | €4,420 | €4,420 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,420 | €4,420 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,677 | €3,677 | = | 0.0% |
| Distributable reserves | 133 | €173,100 | €11,600 | -€161,500 | -93.3% |
| Profit (loss) carried forward | 14 | €62,219 | €60,192 | -€2,027 | -3.3% |
| Amounts payable | 17/49 | €121,572 | €339,424 | +€217,853 | +179% |
| Amounts payable within one year | 42/48 | €121,572 | €339,424 | +€217,853 | +179% |
| Trade debts | 44 | €42,669 | €152,581 | +€109,912 | +258% |
| Suppliers | 440/4 | €42,669 | €152,581 | +€109,912 | +258% |
| Taxes, remuneration and social security | 45 | €5,697 | €42,455 | +€36,758 | +645% |
| Taxes | 450/3 | €4,179 | €40,573 | +€36,394 | +871% |
| Remuneration and social security | 454/9 | €1,518 | €1,882 | +€364 | +24.0% |
| Other amounts payable | 47/48 | €73,205 | €144,388 | +€71,183 | +97.2% |
| Non-recurring operating income | 76A | €643 | - | -€643 | |
| Remuneration, social security and pensions | 62 | €30,227 | €14,508 | -€15,719 | -52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,177 | €3,347 | +€170 | +5.3% |
| Other operating charges | 640/8 | €387 | €774 | +€387 | +99.9% |
| Gross operating margin | 9900 | €39,807 | €6,109 | -€33,697 | -84.7% |
| Operating profit (loss) | 9901 | €6,015 | -€12,521 | -€18,535 | |
| Financial income | 75/76B | €4,349 | €10,799 | +€6,451 | +148% |
| Recurring financial income | 75 | €4,349 | €10,799 | +€6,451 | +148% |
| Financial charges | 65/66B | €839 | €51 | -€788 | -93.9% |
| Recurring financial charges | 65 | €839 | €51 | -€788 | -93.9% |
| Profit (loss) for the period before taxes | 9903 | €9,524 | -€1,773 | -€11,297 | |
| Income taxes | 67/77 | €4,085 | €255 | -€3,830 | -93.8% |
| Profit (loss) for the period | 9904 | €5,439 | -€2,027 | -€7,467 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,439 | -€2,027 | -€7,467 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 April 2025 and 30 April 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.