INDIC: 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.
INDIC
Largest movements
- Financial fixed assets +€2.2m
new in 2025: €2.2m
- Cash +€114,676
up €114,676 (+49.1%), from €233,344 to €348,021
mainly Debts after one year (+€907,957) and Net result for the year (+€684,507)
- Receivables within one year -€114,098
down €114,098 (-12.8%), from €890,946 to €776,849
of which Trade receivables: -€92,568
- Tangible fixed assets -€108,200
down €108,200 (-9.5%), from €1.1m to €1.0m
of which Land and buildings: -€110,442
- Debts after one year +€907,957
up €907,957 (+122.6%), from €740,604 to €1.6m
- Reserves +€684,507
up €684,507 (+44.4%), from €1.5m to €2.2m
of which Distributable reserves: +€684,507
- Trade debts +€240,817
up €240,817 (+42.7%), from €564,108 to €804,924
- Current portion of long-term debt +€188,589
up €188,589 (+197.6%), from €95,453 to €284,043
- Financial income +€917,781
up €917,781 (+9269.0%), from €9,902 to €927,682
- Staff costs +€187,814
up €187,814 (+12.6%), from €1.5m to €1.7m
- Gross operating margin -€63,759
down €63,759 (-3.4%), from €1.9m to €1.8m
- Financial charges +€30,402
up €30,402 (+131.8%), from €23,070 to €53,473
- Write-downs -€22,866
no longer reported in 2025 (was €22,866)
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 | €3,276,980 | €5,367,037 | +€2.1m | +63.8% |
| Fixed assets | 21/28 | €1,210,932 | €3,285,356 | +€2.1m | +171.3% |
| Intangible fixed assets | 21 | €72,612 | €31,804 | -€40,808 | -56.2% |
| Tangible fixed assets | 22/27 | €1,138,320 | €1,030,120 | -€108,200 | -9.5% |
| Land and buildings | 22 | €913,475 | €803,033 | -€110,442 | -12.1% |
| Plant, machinery and equipment | 23 | €56,010 | €34,071 | -€21,938 | -39.2% |
| Furniture and vehicles | 24 | €75,497 | €58,028 | -€17,469 | -23.1% |
| Leasing and similar rights | 25 | €93,339 | €134,988 | +€41,649 | +44.6% |
| Financial fixed assets | 28 | - | €2,223,432 | +€2.2m | |
| Current assets | 29/58 | €2,066,048 | €2,081,681 | +€15,633 | +0.8% |
| Stocks and contracts in progress | 3 | €737,098 | €779,208 | +€42,111 | +5.7% |
| Stocks | 30/36 | €737,098 | €779,208 | +€42,111 | +5.7% |
| Amounts receivable within one year | 40/41 | €890,946 | €776,849 | -€114,098 | -12.8% |
| Trade receivables | 40 | €809,426 | €716,858 | -€92,568 | -11.4% |
| Other amounts receivable | 41 | €81,521 | €59,991 | -€21,530 | -26.4% |
| Current investments | 50/53 | €133,359 | €133,359 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €233,344 | €348,021 | +€114,676 | +49.1% |
| Deferred charges and accrued income | 490/1 | €71,300 | €44,244 | -€27,056 | -37.9% |
| Total equity and liabilities | 10/49 | €3,276,980 | €5,367,037 | +€2.1m | +63.8% |
| Equity | 10/15 | €1,563,334 | €2,247,841 | +€684,507 | +43.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Outside capital | 11 | €20,000 | €20,000 | = | 0.0% |
| Other | 1109/19 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,543,334 | €2,227,841 | +€684,507 | +44.4% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,392 | €14,392 | = | 0.0% |
| Distributable reserves | 133 | €1,526,943 | €2,211,449 | +€684,507 | +44.8% |
| Amounts payable | 17/49 | €1,713,645 | €3,119,196 | +€1.4m | +82.0% |
| Amounts payable after more than one year | 17 | €740,604 | €1,648,561 | +€907,957 | +122.6% |
| Financial debts | 170/4 | €740,604 | €1,648,561 | +€907,957 | +122.6% |
| Amounts payable within one year | 42/48 | €967,341 | €1,442,497 | +€475,155 | +49.1% |
| Current portion of amounts payable after more than one year | 42 | €95,453 | €284,043 | +€188,589 | +197.6% |
| Trade debts | 44 | €564,108 | €804,924 | +€240,817 | +42.7% |
| Suppliers | 440/4 | €564,108 | €804,924 | +€240,817 | +42.7% |
| Advances received on contracts in progress | 46 | €3,934 | - | -€3,934 | |
| Taxes, remuneration and social security | 45 | €153,846 | €155,885 | +€2,038 | +1.3% |
| Taxes | 450/3 | - | €1,083 | +€1,083 | |
| Remuneration and social security | 454/9 | €153,846 | €154,802 | +€956 | +0.6% |
| Other amounts payable | 47/48 | €150,000 | €197,645 | +€47,645 | +31.8% |
| Accrued charges and deferred income | 492/3 | €5,700 | €28,138 | +€22,438 | +393.6% |
| Remuneration, social security and pensions | 62 | €1,496,092 | €1,683,906 | +€187,814 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €267,849 | €269,061 | +€1,212 | +0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €22,866 | - | -€22,866 | |
| Other operating charges | 640/8 | €14,659 | €16,455 | +€1,796 | +12.3% |
| Gross operating margin | 9900 | €1,865,039 | €1,801,281 | -€63,759 | -3.4% |
| Operating profit (loss) | 9901 | €63,573 | -€168,141 | -€231,714 | |
| Financial income | 75/76B | €9,902 | €927,682 | +€917,781 | +9269.0% |
| Recurring financial income | 75 | €9,902 | €927,682 | +€917,781 | +9269.0% |
| Financial charges | 65/66B | €23,070 | €53,473 | +€30,402 | +131.8% |
| Recurring financial charges | 65 | €23,070 | €53,473 | +€30,402 | +131.8% |
| Profit (loss) for the period before taxes | 9903 | €50,404 | €706,069 | +€655,665 | +1300.8% |
| Income taxes | 67/77 | €22,044 | €21,562 | -€483 | -2.2% |
| Profit (loss) for the period | 9904 | €28,360 | €684,507 | +€656,147 | +2313.7% |
| Profit (loss) for the period to be appropriated | 9905 | €28,360 | €684,507 | +€656,147 | +2313.7% |
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 7 October 2026 via checked.be.