INDEMO: what changed
INDEMO
Largest movements
- Tangible fixed assets -€20,900
down €20,900 (-3.6%), from €576,310 to €555,410
of which Land and buildings: -€16,601
- Cash +€14,087
up €14,087 (+72.3%), from €19,487 to €33,574
mainly Net result for the year (+€54,117) and Depreciation (+€25,331)
- Debts after one year -€66,293
down €66,293 (-17.1%), from €388,464 to €322,171
- Reserves +€54,117
up €54,117 (+41.3%), from €130,968 to €185,085
of which Distributable reserves: +€54,117
- Gross operating margin +€5,478
up €5,478 (+5.8%), from €93,883 to €99,361
- Financial charges -€2,059
down €2,059 (-11.2%), from €18,369 to €16,310
- Other operating charges +€1,077
up €1,077 (+42.6%), from €2,526 to €3,603
- Depreciation -€1,036
down €1,036 (-3.9%), from €26,367 to €25,331
Change in the result, 2024 to 2025
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 2024 and 2025 balance sheets and the 2025 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 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €605,853 | €601,725 | -€4,128 | -0.7% |
| Fixed assets | 21/28 | €576,310 | €555,410 | -€20,900 | -3.6% |
| Tangible fixed assets | 22/27 | €576,310 | €555,410 | -€20,900 | -3.6% |
| Land and buildings | 22 | €526,730 | €510,129 | -€16,601 | -3.2% |
| Plant, machinery and equipment | 23 | €49,580 | €45,280 | -€4,299 | -8.7% |
| Current assets | 29/58 | €29,543 | €46,315 | +€16,772 | +56.8% |
| Amounts receivable within one year | 40/41 | €8,802 | €11,923 | +€3,120 | +35.4% |
| Trade receivables | 40 | €6,901 | €9,956 | +€3,054 | +44.3% |
| Other amounts receivable | 41 | €1,901 | €1,967 | +€66 | +3.5% |
| Cash at bank and in hand | 54/58 | €19,487 | €33,574 | +€14,087 | +72.3% |
| Deferred charges and accrued income | 490/1 | €1,254 | €819 | -€435 | -34.7% |
| Total equity and liabilities | 10/49 | €605,853 | €601,725 | -€4,128 | -0.7% |
| Equity | 10/15 | €143,368 | €197,485 | +€54,117 | +37.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €130,968 | €185,085 | +€54,117 | +41.3% |
| Tax-exempt reserves | 132 | €55,500 | €55,500 | = | 0.0% |
| Distributable reserves | 133 | €75,468 | €129,585 | +€54,117 | +71.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €462,485 | €404,240 | -€58,245 | -12.6% |
| Amounts payable after more than one year | 17 | €388,464 | €322,171 | -€66,293 | -17.1% |
| Financial debts | 170/4 | €388,464 | €322,171 | -€66,293 | -17.1% |
| Amounts payable within one year | 42/48 | €74,021 | €82,068 | +€8,048 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €64,158 | €66,293 | +€2,134 | +3.3% |
| Trade debts | 44 | €3,051 | €8,960 | +€5,909 | +194% |
| Suppliers | 440/4 | €3,051 | €8,960 | +€5,909 | +194% |
| Taxes, remuneration and social security | 45 | €6,811 | €6,815 | +€4 | +0.1% |
| Taxes | 450/3 | €6,811 | €6,815 | +€4 | +0.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,367 | €25,331 | -€1,036 | -3.9% |
| Other operating charges | 640/8 | €2,526 | €3,603 | +€1,077 | +42.6% |
| Gross operating margin | 9900 | €93,883 | €99,361 | +€5,478 | +5.8% |
| Operating profit (loss) | 9901 | €64,990 | €70,427 | +€5,437 | +8.4% |
| Financial income | 75/76B | €9 | €0 | -€9 | -100% |
| Recurring financial income | 75 | €9 | €0 | -€9 | -100% |
| Financial charges | 65/66B | €18,369 | €16,310 | -€2,059 | -11.2% |
| Recurring financial charges | 65 | €18,369 | €16,310 | -€2,059 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €46,630 | €54,117 | +€7,487 | +16.1% |
| Profit (loss) for the period | 9904 | €46,630 | €54,117 | +€7,487 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,630 | €54,117 | +€7,487 | +16.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.