INDEMAAK: 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.
INDEMAAK
Largest movements
- Current investments +€21,000
new in 2025: €21,000
- Stocks and contracts -€20,368
down €20,368 (-59.3%), from €34,368 to €14,000
of which Contracts in progress: -€19,368
- Receivables within one year +€19,528
up €19,528 (+58.0%), from €33,651 to €53,179
of which Other amounts receivable: +€11,858
- Cash +€12,374
up €12,374 (+8.5%), from €145,481 to €157,855
mainly Net result for the year (+€95,454) and Other debts (+€47,285)
- Tangible fixed assets -€6,345
down €6,345 (-16.7%), from €37,897 to €31,552
of which Plant, machinery and equipment: -€6,174
- Other debts +€47,285
up €47,285 (+157.5%), from €30,027 to €77,312
- Trade debts -€29,191
no longer reported in 2025 (was €29,191)
- Profit (loss) carried forward -€22,193
down €22,193 (-12.8%), from €172,732 to €150,539
- Tax, wage and social debts +€19,209
up €19,209 (+411.1%), from €4,673 to €23,882
of which Taxes: +€15,339
- Current portion of long-term debt +€17,852
up €17,852 (+191.5%), from €9,324 to €27,176
- Gross operating margin +€13,546
up €13,546 (+8.2%), from €165,077 to €178,623
- Staff costs -€9,166
down €9,166 (-17.8%), from €51,595 to €42,429
- Taxes +€6,323
up €6,323 (+32.3%), from €19,579 to €25,902
- Financial charges -€2,642
down €2,642 (-85.9%), from €3,076 to €434
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 | €259,516 | €283,909 | +€24,393 | +9.4% |
| Fixed assets | 21/28 | €37,897 | €31,552 | -€6,345 | -16.7% |
| Tangible fixed assets | 22/27 | €37,897 | €31,552 | -€6,345 | -16.7% |
| Plant, machinery and equipment | 23 | €26,220 | €20,046 | -€6,174 | -23.5% |
| Furniture and vehicles | 24 | - | €1,500 | +€1,500 | |
| Other tangible fixed assets | 26 | €11,677 | €10,006 | -€1,671 | -14.3% |
| Current assets | 29/58 | €221,619 | €252,357 | +€30,738 | +13.9% |
| Stocks and contracts in progress | 3 | €34,368 | €14,000 | -€20,368 | -59.3% |
| Stocks | 30/36 | €15,000 | €14,000 | -€1,000 | -6.7% |
| Contracts in progress | 37 | €19,368 | - | -€19,368 | |
| Amounts receivable within one year | 40/41 | €33,651 | €53,179 | +€19,528 | +58.0% |
| Trade receivables | 40 | €22,757 | €30,427 | +€7,670 | +33.7% |
| Other amounts receivable | 41 | €10,894 | €22,752 | +€11,858 | +108.8% |
| Current investments | 50/53 | - | €21,000 | +€21,000 | |
| Cash at bank and in hand | 54/58 | €145,481 | €157,855 | +€12,374 | +8.5% |
| Deferred charges and accrued income | 490/1 | €8,119 | €6,323 | -€1,796 | -22.1% |
| Total equity and liabilities | 10/49 | €259,516 | €283,909 | +€24,393 | +9.4% |
| Equity | 10/15 | €177,732 | €155,539 | -€22,193 | -12.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €172,732 | €150,539 | -€22,193 | -12.8% |
| Amounts payable | 17/49 | €81,784 | €128,370 | +€46,586 | +57.0% |
| Amounts payable within one year | 42/48 | €79,443 | €128,370 | +€48,927 | +61.6% |
| Current portion of amounts payable after more than one year | 42 | €9,324 | €27,176 | +€17,852 | +191.5% |
| Trade debts | 44 | €29,191 | - | -€29,191 | |
| Suppliers | 440/4 | €29,191 | - | -€29,191 | |
| Advances received on contracts in progress | 46 | €6,228 | - | -€6,228 | |
| Taxes, remuneration and social security | 45 | €4,673 | €23,882 | +€19,209 | +411.1% |
| Taxes | 450/3 | €1,172 | €16,511 | +€15,339 | +1308.8% |
| Remuneration and social security | 454/9 | €3,501 | €7,371 | +€3,870 | +110.5% |
| Other amounts payable | 47/48 | €30,027 | €77,312 | +€47,285 | +157.5% |
| Accrued charges and deferred income | 492/3 | €2,341 | - | -€2,341 | |
| Remuneration, social security and pensions | 62 | €51,595 | €42,429 | -€9,166 | -17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,569 | €15,474 | +€905 | +6.2% |
| Other operating charges | 640/8 | €1,910 | €1,449 | -€461 | -24.1% |
| Gross operating margin | 9900 | €165,077 | €178,623 | +€13,546 | +8.2% |
| Operating profit (loss) | 9901 | €97,003 | €119,271 | +€22,268 | +23.0% |
| Financial income | 75/76B | €2,230 | €2,519 | +€289 | +13.0% |
| Recurring financial income | 75 | €2,230 | €2,519 | +€289 | +13.0% |
| Financial charges | 65/66B | €3,076 | €434 | -€2,642 | -85.9% |
| Recurring financial charges | 65 | €3,076 | €434 | -€2,642 | -85.9% |
| Profit (loss) for the period before taxes | 9903 | €96,157 | €121,356 | +€25,199 | +26.2% |
| Income taxes | 67/77 | €19,579 | €25,902 | +€6,323 | +32.3% |
| Profit (loss) for the period | 9904 | €76,578 | €95,454 | +€18,876 | +24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €76,578 | €95,454 | +€18,876 | +24.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.