INDERA: what changed
Two fiscal 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.
INDERA
Largest movements
- Receivables within one year +€727,744
up €727,744 (+113.3%), from €642,511 to €1.4m
of which Trade receivables: +€727,711
- Cash +€68,040
up €68,040 (+48.4%), from €140,452 to €208,492
mainly Trade debts (+€916,444) and Stocks and contracts (+€26,731)
- Stocks and contracts -€26,731
down €26,731 (-8.2%), from €324,524 to €297,792
- Trade debts +€916,444
up €916,444 (+104.2%), from €879,358 to €1.8m
- Profit (loss) carried forward -€96,346
down €96,346 (-68.8%), from -€140,053 to -€236,399
- Accrued charges and deferred income -€60,253
no longer reported in 2025 (was €60,253)
- Gross operating margin +€99,180
up €99,180 (+78.5%), from €126,326 to €225,506
- Staff costs -€25,321
down €25,321 (-11.0%), from €231,211 to €205,890
- Financial income +€7,322
up €7,322 (+25753.0%), from €28 to €7,350
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 | €1,128,156 | €1,880,377 | +€752,221 | +66.7% |
| Fixed assets | 21/28 | €20,670 | €3,839 | -€16,831 | -81.4% |
| Intangible fixed assets | 21 | €3,999 | €2,499 | -€1,500 | -37.5% |
| Tangible fixed assets | 22/27 | €13,572 | €1,340 | -€12,231 | -90.1% |
| Leasing and similar rights | 25 | €13,572 | €1,340 | -€12,231 | -90.1% |
| Financial fixed assets | 28 | €3,100 | - | -€3,100 | |
| Current assets | 29/58 | €1,107,486 | €1,876,538 | +€769,053 | +69.4% |
| Stocks and contracts in progress | 3 | €324,524 | €297,792 | -€26,731 | -8.2% |
| Stocks | 30/36 | €324,524 | €297,792 | -€26,731 | -8.2% |
| Amounts receivable within one year | 40/41 | €642,511 | €1,370,254 | +€727,744 | +113.3% |
| Trade receivables | 40 | €623,204 | €1,350,915 | +€727,711 | +116.8% |
| Other amounts receivable | 41 | €19,307 | €19,340 | +€33 | +0.2% |
| Cash at bank and in hand | 54/58 | €140,452 | €208,492 | +€68,040 | +48.4% |
| Total equity and liabilities | 10/49 | €1,128,156 | €1,880,377 | +€752,221 | +66.7% |
| Equity | 10/15 | €93,324 | -€3,022 | -€96,346 | |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €108,377 | €108,377 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €95,877 | €95,877 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€140,053 | -€236,399 | -€96,346 | -68.8% |
| Amounts payable | 17/49 | €1,034,832 | €1,883,400 | +€848,568 | +82.0% |
| Amounts payable after more than one year | 17 | €3,449 | - | -€3,449 | |
| Financial debts | 170/4 | €3,449 | - | -€3,449 | |
| Amounts payable within one year | 42/48 | €971,130 | €1,883,400 | +€912,270 | +93.9% |
| Current portion of amounts payable after more than one year | 42 | €31,968 | €23,843 | -€8,126 | -25.4% |
| Trade debts | 44 | €879,358 | €1,795,802 | +€916,444 | +104.2% |
| Suppliers | 440/4 | €879,358 | €1,795,802 | +€916,444 | +104.2% |
| Advances received on contracts in progress | 46 | €20,689 | €27,245 | +€6,557 | +31.7% |
| Taxes, remuneration and social security | 45 | €39,115 | €36,510 | -€2,605 | -6.7% |
| Taxes | 450/3 | €5,747 | €6,285 | +€538 | +9.4% |
| Remuneration and social security | 454/9 | €33,369 | €30,225 | -€3,143 | -9.4% |
| Accrued charges and deferred income | 492/3 | €60,253 | - | -€60,253 | |
| Non-recurring operating income | 76A | €507 | €132 | -€375 | -74.0% |
| Remuneration, social security and pensions | 62 | €231,211 | €205,890 | -€25,321 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,731 | €13,731 | = | 0.0% |
| Other operating charges | 640/8 | €1,142 | €1,506 | +€364 | +31.9% |
| Non-recurring operating charges | 66A | - | €85,998 | +€85,998 | |
| Gross operating margin | 9900 | €126,326 | €225,506 | +€99,180 | +78.5% |
| Operating profit (loss) | 9901 | -€119,758 | -€81,620 | +€38,138 | +31.8% |
| Financial income | 75/76B | €28 | €7,350 | +€7,322 | +25753.0% |
| Recurring financial income | 75 | €28 | €7,350 | +€7,322 | +25753.0% |
| Financial charges | 65/66B | €19,629 | €21,416 | +€1,786 | +9.1% |
| Recurring financial charges | 65 | €19,629 | €21,416 | +€1,786 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | -€139,359 | -€95,686 | +€43,673 | +31.3% |
| Income taxes | 67/77 | €693 | €661 | -€33 | -4.8% |
| Profit (loss) for the period | 9904 | -€140,053 | -€96,346 | +€43,706 | +31.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€140,053 | -€96,346 | +€43,706 | +31.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.