INDEPCO: 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.
INDEPCO
Largest movements
- Tangible fixed assets -€179,146
down €179,146 (-8.9%), from €2.0m to €1.8m
of which Land and buildings: -€161,504
- Other debts -€741,800
down €741,800 (-24.5%), from €3.0m to €2.3m
- Debts after one year +€300,000
up €300,000 (+100.0%), from €300,000 to €600,000
- Profit (loss) carried forward +€216,237
up €216,237 (+9.6%), from €2.3m to €2.5m
- Financial income -€394,188
down €394,188 (-78.6%), from €501,313 to €107,125
- Taxes +€25,065
up €25,065 (+42.7%), from €58,633 to €83,698
- Depreciation -€15,961
down €15,961 (-8.2%), from €195,107 to €179,146
- Financial charges +€12,983
up €12,983 (+18.1%), from €71,534 to €84,517
- Gross operating margin -€7,200
down €7,200 (-1.0%), from €697,138 to €689,938
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 | €6,048,408 | €5,848,962 | -€199,446 | -3.3% |
| Fixed assets | 21/28 | €5,939,470 | €5,760,325 | -€179,146 | -3.0% |
| Tangible fixed assets | 22/27 | €2,008,470 | €1,829,325 | -€179,146 | -8.9% |
| Land and buildings | 22 | €1,882,141 | €1,720,637 | -€161,504 | -8.6% |
| Plant, machinery and equipment | 23 | €115,343 | €106,244 | -€9,099 | -7.9% |
| Furniture and vehicles | 24 | €10,986 | €2,444 | -€8,542 | -77.8% |
| Financial fixed assets | 28 | €3,931,000 | €3,931,000 | = | 0.0% |
| Current assets | 29/58 | €108,938 | €88,637 | -€20,301 | -18.6% |
| Amounts receivable within one year | 40/41 | €79,645 | €78,249 | -€1,397 | -1.8% |
| Trade receivables | 40 | €39,630 | €41,436 | +€1,805 | +4.6% |
| Other amounts receivable | 41 | €40,015 | €36,813 | -€3,202 | -8.0% |
| Cash at bank and in hand | 54/58 | €27,605 | €8,201 | -€19,404 | -70.3% |
| Deferred charges and accrued income | 490/1 | €1,688 | €2,188 | +€500 | +29.6% |
| Total equity and liabilities | 10/49 | €6,048,408 | €5,848,962 | -€199,446 | -3.3% |
| Equity | 10/15 | €2,621,534 | €2,837,771 | +€216,237 | +8.2% |
| Contributions | 10/11 | €325,000 | €325,000 | = | 0.0% |
| Reserves | 13 | €32,500 | €32,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €32,500 | €32,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €32,500 | €32,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,264,034 | €2,480,271 | +€216,237 | +9.6% |
| Amounts payable | 17/49 | €3,426,874 | €3,011,190 | -€415,683 | -12.1% |
| Amounts payable after more than one year | 17 | €300,000 | €600,000 | +€300,000 | +100.0% |
| Financial debts | 170/4 | €300,000 | €600,000 | +€300,000 | +100.0% |
| Amounts payable within one year | 42/48 | €3,055,598 | €2,326,935 | -€728,662 | -23.8% |
| Trade debts | 44 | €2,348 | €6,834 | +€4,487 | +191.1% |
| Suppliers | 440/4 | €2,348 | €6,834 | +€4,487 | +191.1% |
| Taxes, remuneration and social security | 45 | €31,450 | €40,101 | +€8,651 | +27.5% |
| Taxes | 450/3 | €6,128 | €14,991 | +€8,863 | +144.6% |
| Remuneration and social security | 454/9 | €25,322 | €25,110 | -€213 | -0.8% |
| Other amounts payable | 47/48 | €3,021,800 | €2,280,000 | -€741,800 | -24.5% |
| Accrued charges and deferred income | 492/3 | €71,276 | €84,255 | +€12,979 | +18.2% |
| Remuneration, social security and pensions | 62 | €172,623 | €176,617 | +€3,994 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €195,107 | €179,146 | -€15,961 | -8.2% |
| Other operating charges | 640/8 | €26,260 | €26,848 | +€588 | +2.2% |
| Gross operating margin | 9900 | €697,138 | €689,938 | -€7,200 | -1.0% |
| Operating profit (loss) | 9901 | €303,149 | €307,327 | +€4,179 | +1.4% |
| Financial income | 75/76B | €501,313 | €107,125 | -€394,188 | -78.6% |
| Recurring financial income | 75 | €501,313 | €107,125 | -€394,188 | -78.6% |
| Financial charges | 65/66B | €71,534 | €84,517 | +€12,983 | +18.1% |
| Recurring financial charges | 65 | €71,534 | €84,517 | +€12,983 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | €732,927 | €329,935 | -€402,992 | -55.0% |
| Income taxes | 67/77 | €58,633 | €83,698 | +€25,065 | +42.7% |
| Profit (loss) for the period | 9904 | €674,294 | €246,237 | -€428,057 | -63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €674,294 | €246,237 | -€428,057 | -63.5% |
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 10 October 2026 via checked.be.