INDIANA: 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.
INDIANA
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+97.5%), from €1.1m to €2.2m
of which Other tangible fixed assets: +€1.0m
- Cash +€158,050
up €158,050 (+34.5%), from €458,520 to €616,570
mainly Debts after one year (+€630,879) and Net result for the year (+€263,872)
- Receivables within one year -€50,528
down €50,528 (-57.9%), from €87,304 to €36,775
of which Other amounts receivable: -€33,715
- Debts after one year +€630,879
up €630,879 (+119%), from €528,125 to €1.2m
- Profit (loss) carried forward +€263,872
up €263,872 (+45.7%), from €577,306 to €841,178
- Tax, wage and social debts +€89,735
up €89,735 (+324%), from €27,720 to €117,454
of which Taxes: +€67,553
- Current portion of long-term debt +€87,572
up €87,572 (+108%), from €81,250 to €168,822
- Trade debts +€65,087
up €65,087 (+147%), from €44,316 to €109,403
- Gross operating margin +€320,151
up €320,151 (+81.7%), from €391,755 to €711,906
- Depreciation +€71,755
up €71,755 (+66.7%), from €107,572 to €179,327
- Financial charges +€21,121
up €21,121 (+171%), from €12,345 to €33,466
- Other operating charges +€8,755
up €8,755 (+23.0%), from €38,103 to €46,858
- Staff costs -€8,249
down €8,249 (-4.3%), from €190,766 to €182,517
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 | €1,673,476 | €2,853,567 | +€1.2m | +70.5% |
| Fixed assets | 21/28 | €1,094,053 | €2,165,003 | +€1.1m | +97.9% |
| Tangible fixed assets | 22/27 | €1,093,953 | €2,160,553 | +€1.1m | +97.5% |
| Land and buildings | 22 | €70,614 | €129,667 | +€59,053 | +83.6% |
| Plant, machinery and equipment | 23 | €248,376 | €240,264 | -€8,112 | -3.3% |
| Furniture and vehicles | 24 | - | €891 | +€891 | |
| Other tangible fixed assets | 26 | €774,963 | €1,789,730 | +€1.0m | +131% |
| Financial fixed assets | 28 | €100 | €4,450 | +€4,350 | +4,350% |
| Current assets | 29/58 | €579,423 | €688,565 | +€109,142 | +18.8% |
| Amounts receivable within one year | 40/41 | €87,304 | €36,775 | -€50,528 | -57.9% |
| Trade receivables | 40 | €53,588 | €36,775 | -€16,813 | -31.4% |
| Other amounts receivable | 41 | €33,715 | €0 | -€33,715 | -100% |
| Cash at bank and in hand | 54/58 | €458,520 | €616,570 | +€158,050 | +34.5% |
| Deferred charges and accrued income | 490/1 | €33,599 | €35,220 | +€1,620 | +4.8% |
| Total equity and liabilities | 10/49 | €1,673,476 | €2,853,567 | +€1.2m | +70.5% |
| Equity | 10/15 | €717,306 | €981,178 | +€263,872 | +36.8% |
| Reserves | 13 | €140,000 | €140,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €577,306 | €841,178 | +€263,872 | +45.7% |
| Amounts payable | 17/49 | €956,170 | €1,872,389 | +€916,219 | +95.8% |
| Amounts payable after more than one year | 17 | €528,125 | €1,159,004 | +€630,879 | +119% |
| Financial debts | 170/4 | €528,125 | €1,159,004 | +€630,879 | +119% |
| Amounts payable within one year | 42/48 | €153,286 | €395,679 | +€242,393 | +158% |
| Current portion of amounts payable after more than one year | 42 | €81,250 | €168,822 | +€87,572 | +108% |
| Trade debts | 44 | €44,316 | €109,403 | +€65,087 | +147% |
| Suppliers | 440/4 | €44,316 | €109,403 | +€65,087 | +147% |
| Taxes, remuneration and social security | 45 | €27,720 | €117,454 | +€89,735 | +324% |
| Taxes | 450/3 | €9,087 | €76,640 | +€67,553 | +743% |
| Remuneration and social security | 454/9 | €18,633 | €40,815 | +€22,182 | +119% |
| Accrued charges and deferred income | 492/3 | €274,760 | €317,706 | +€42,947 | +15.6% |
| Non-recurring operating income | 76A | €299 | €1,525 | +€1,226 | +410% |
| Remuneration, social security and pensions | 62 | €190,766 | €182,517 | -€8,249 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,572 | €179,327 | +€71,755 | +66.7% |
| Other operating charges | 640/8 | €38,103 | €46,858 | +€8,755 | +23.0% |
| Non-recurring operating charges | 66A | €449 | €112 | -€337 | -75.1% |
| Gross operating margin | 9900 | €391,755 | €711,906 | +€320,151 | +81.7% |
| Operating profit (loss) | 9901 | €54,865 | €303,092 | +€248,227 | +452% |
| Financial income | 75/76B | €73 | €92 | +€20 | +26.8% |
| Recurring financial income | 75 | €73 | €92 | +€20 | +26.8% |
| Financial charges | 65/66B | €12,345 | €33,466 | +€21,121 | +171% |
| Recurring financial charges | 65 | €12,345 | €33,466 | +€21,121 | +171% |
| Profit (loss) for the period before taxes | 9903 | €42,593 | €269,718 | +€227,125 | +533% |
| Income taxes | 67/77 | €6,818 | €5,846 | -€973 | -14.3% |
| Profit (loss) for the period | 9904 | €35,775 | €263,872 | +€228,098 | +638% |
| Profit (loss) for the period to be appropriated | 9905 | €35,775 | €263,872 | +€228,098 | +638% |
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 23 October 2026 via checked.be.