INDEQS: 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.
INDEQS
Largest movements
- Financial fixed assets +€824,000
up €824,000 (+62.4%), from €1.3m to €2.1m
- Receivables within one year -€588,794
down €588,794 (-13.8%), from €4.3m to €3.7m
of which Trade receivables: -€628,849
- Deferred charges and accrued income -€400,860
down €400,860 (-99.8%), from €401,611 to €750
- Intangible fixed assets -€155,082
down €155,082 (-42.9%), from €361,887 to €206,806
- Cash -€98,681
down €98,681 (-52.0%), from €189,884 to €91,203
mainly Investment in fixed assets (net) (-€861,301) and Trade debts (-€497,672)
- Trade debts -€497,672
down €497,672 (-94.0%), from €529,525 to €31,853
- Debts after one year +€419,588
up €419,588 (+29.5%), from €1.4m to €1.8m
- Other debts -€405,931
down €405,931 (-100.0%), from €405,993 to €62
- Financial income -€1.0m
down €1.0m (-69.9%), from €1.4m to €433,518
- Financial charges -€522,477
down €522,477 (-94.1%), from €555,365 to €32,888
of which Non-recurring financial charges: -€516,332
- Depreciation +€72,234
up €72,234 (+42.5%), from €169,838 to €242,072
- Gross operating margin +€34,731
up €34,731 (+16.4%), from €212,359 to €247,091
- Taxes -€33,149
down €33,149 (-100.0%), from €33,163 to €13
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.
Derived cash bridge
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 | €8,648,367 | €8,179,260 | -€469,107 | -5.4% |
| Fixed assets | 21/28 | €3,803,516 | €4,422,745 | +€619,229 | +16.3% |
| Intangible fixed assets | 21 | €361,887 | €206,806 | -€155,082 | -42.9% |
| Tangible fixed assets | 22/27 | €2,122,029 | €2,072,340 | -€49,689 | -2.3% |
| Land and buildings | 22 | €2,031,231 | €1,996,450 | -€34,781 | -1.7% |
| Plant, machinery and equipment | 23 | €44,648 | €38,131 | -€6,517 | -14.6% |
| Furniture and vehicles | 24 | €46,150 | €37,759 | -€8,392 | -18.2% |
| Financial fixed assets | 28 | €1,319,600 | €2,143,600 | +€824,000 | +62.4% |
| Current assets | 29/58 | €4,844,851 | €3,756,515 | -€1.1m | -22.5% |
| Amounts receivable within one year | 40/41 | €4,253,356 | €3,664,562 | -€588,794 | -13.8% |
| Trade receivables | 40 | €771,968 | €143,119 | -€628,849 | -81.5% |
| Other amounts receivable | 41 | €3,481,388 | €3,521,443 | +€40,055 | +1.2% |
| Cash at bank and in hand | 54/58 | €189,884 | €91,203 | -€98,681 | -52.0% |
| Deferred charges and accrued income | 490/1 | €401,611 | €750 | -€400,860 | -99.8% |
| Total equity and liabilities | 10/49 | €8,648,367 | €8,179,260 | -€469,107 | -5.4% |
| Equity | 10/15 | €5,909,444 | €5,908,032 | -€1,412 | 0.0% |
| Contributions | 10/11 | €638,600 | €638,600 | = | 0.0% |
| Revaluation surpluses | 12 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €4,270,844 | €4,269,432 | -€1,412 | 0.0% |
| Non-distributable reserves | 130/1 | €171,527 | €171,527 | = | 0.0% |
| Reserves not available under the articles | 1311 | €171,527 | €171,527 | = | 0.0% |
| Distributable reserves | 133 | €4,099,318 | €4,097,905 | -€1,412 | 0.0% |
| Amounts payable | 17/49 | €2,738,923 | €2,271,228 | -€467,695 | -17.1% |
| Amounts payable after more than one year | 17 | €1,420,200 | €1,839,787 | +€419,588 | +29.5% |
| Financial debts | 170/4 | €1,420,200 | €1,839,787 | +€419,588 | +29.5% |
| Amounts payable within one year | 42/48 | €1,316,031 | €428,442 | -€887,589 | -67.4% |
| Current portion of amounts payable after more than one year | 42 | €370,309 | €376,108 | +€5,799 | +1.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €529,525 | €31,853 | -€497,672 | -94.0% |
| Suppliers | 440/4 | €529,525 | €31,853 | -€497,672 | -94.0% |
| Advances received on contracts in progress | 46 | - | €294 | +€294 | |
| Taxes, remuneration and social security | 45 | €10,203 | €20,123 | +€9,921 | +97.2% |
| Taxes | 450/3 | €10,203 | €20,123 | +€9,921 | +97.2% |
| Other amounts payable | 47/48 | €405,993 | €62 | -€405,931 | -100.0% |
| Accrued charges and deferred income | 492/3 | €2,693 | €2,999 | +€306 | +11.4% |
| Non-recurring operating income | 76A | €3,751 | €0 | -€3,751 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €169,838 | €242,072 | +€72,234 | +42.5% |
| Other operating charges | 640/8 | €9,660 | €8,957 | -€703 | -7.3% |
| Gross operating margin | 9900 | €212,359 | €247,091 | +€34,731 | +16.4% |
| Operating profit (loss) | 9901 | €32,861 | -€3,939 | -€36,800 | |
| Financial income | 75/76B | €1,440,627 | €433,518 | -€1.0m | -69.9% |
| Recurring financial income | 75 | €1,440,627 | €433,518 | -€1.0m | -69.9% |
| Financial charges | 65/66B | €555,365 | €32,888 | -€522,477 | -94.1% |
| Recurring financial charges | 65 | €39,033 | €32,888 | -€6,146 | -15.7% |
| Non-recurring financial charges | 66B | €516,332 | €0 | -€516,332 | -100% |
| Profit (loss) for the period before taxes | 9903 | €918,123 | €396,691 | -€521,432 | -56.8% |
| Income taxes | 67/77 | €33,163 | €13 | -€33,149 | -100.0% |
| Profit (loss) for the period | 9904 | €884,960 | €396,678 | -€488,283 | -55.2% |
| Profit (loss) for the period to be appropriated | 9905 | €884,960 | €396,678 | -€488,283 | -55.2% |
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 19 October 2026 via checked.be.