Indica: 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.
Indica
Largest movements
- Tangible fixed assets -€25,166
down €25,166 (-12.7%), from €198,426 to €173,259
- Stocks and contracts +€6,979
up €6,979 (+2.7%), from €256,202 to €263,181
of which Contracts in progress: +€12,896
- Receivables within one year +€4,979
up €4,979 (+94.6%), from €5,262 to €10,242
of which Trade receivables: +€2,700
- Profit (loss) carried forward -€27,803
down €27,803, from €2,131 to -€25,672
- Other debts +€25,830
up €25,830 (+91.1%), from €28,346 to €54,176
- Short-term financial debts -€13,627
down €13,627 (-12.5%), from €109,212 to €95,585
- Trade debts +€6,664
up €6,664 (+21.6%), from €30,837 to €37,501
- Gross operating margin -€23,701
down €23,701 (-45.5%), from €52,121 to €28,421
- Financial income -€3,098
down €3,098 (-100.0%), from €3,098 to €0
- Staff costs -€1,435
down €1,435 (-19.2%), from €7,482 to €6,048
- Depreciation -€861
down €861 (-2.5%), from €34,488 to €33,627
- Other operating charges -€844
down €844 (-12.9%), from €6,557 to €5,712
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 | €483,056 | €472,093 | -€10,963 | -2.3% |
| Fixed assets | 21/28 | €217,342 | €193,872 | -€23,471 | -10.8% |
| Tangible fixed assets | 22/27 | €198,426 | €173,259 | -€25,166 | -12.7% |
| Land and buildings | 22 | €153,390 | €144,661 | -€8,729 | -5.7% |
| Plant, machinery and equipment | 23 | €28,129 | €19,170 | -€8,958 | -31.8% |
| Furniture and vehicles | 24 | €1,198 | €2,859 | +€1,661 | +138.7% |
| Leasing and similar rights | 25 | €15,709 | €6,569 | -€9,140 | -58.2% |
| Financial fixed assets | 28 | €18,917 | €20,612 | +€1,695 | +9.0% |
| Current assets | 29/58 | €265,714 | €278,221 | +€12,508 | +4.7% |
| Stocks and contracts in progress | 3 | €256,202 | €263,181 | +€6,979 | +2.7% |
| Stocks | 30/36 | €26,532 | €20,615 | -€5,917 | -22.3% |
| Contracts in progress | 37 | €229,670 | €242,566 | +€12,896 | +5.6% |
| Amounts receivable within one year | 40/41 | €5,262 | €10,242 | +€4,979 | +94.6% |
| Trade receivables | 40 | - | €2,700 | +€2,700 | |
| Other amounts receivable | 41 | €5,262 | €7,542 | +€2,280 | +43.3% |
| Cash at bank and in hand | 54/58 | €4,250 | €3,558 | -€691 | -16.3% |
| Deferred charges and accrued income | 490/1 | - | €1,240 | +€1,240 | |
| Total equity and liabilities | 10/49 | €483,056 | €472,093 | -€10,963 | -2.3% |
| Equity | 10/15 | €190,296 | €162,493 | -€27,803 | -14.6% |
| Contributions | 10/11 | €96,000 | €96,000 | = | 0.0% |
| Reserves | 13 | €92,165 | €92,165 | = | 0.0% |
| Non-distributable reserves | 130/1 | €744 | €744 | = | 0.0% |
| Reserves not available under the articles | 1311 | €744 | €744 | = | 0.0% |
| Tax-exempt reserves | 132 | €34,038 | €34,038 | = | 0.0% |
| Distributable reserves | 133 | €57,384 | €57,384 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,131 | -€25,672 | -€27,803 | |
| Amounts payable | 17/49 | €292,760 | €309,600 | +€16,840 | +5.8% |
| Amounts payable after more than one year | 17 | €86,015 | €82,862 | -€3,153 | -3.7% |
| Financial debts | 170/4 | €86,015 | €82,862 | -€3,153 | -3.7% |
| Amounts payable within one year | 42/48 | €206,745 | €226,738 | +€19,992 | +9.7% |
| Current portion of amounts payable after more than one year | 42 | €36,677 | €38,096 | +€1,419 | +3.9% |
| Financial debts | 43 | €109,212 | €95,585 | -€13,627 | -12.5% |
| Credit institutions | 430/8 | €109,212 | €95,585 | -€13,627 | -12.5% |
| Trade debts | 44 | €30,837 | €37,501 | +€6,664 | +21.6% |
| Suppliers | 440/4 | €30,837 | €37,501 | +€6,664 | +21.6% |
| Taxes, remuneration and social security | 45 | €1,674 | €1,381 | -€293 | -17.5% |
| Taxes | 450/3 | €1,448 | €1,381 | -€68 | -4.7% |
| Remuneration and social security | 454/9 | €226 | €0 | -€226 | -100.0% |
| Other amounts payable | 47/48 | €28,346 | €54,176 | +€25,830 | +91.1% |
| Remuneration, social security and pensions | 62 | €7,482 | €6,048 | -€1,435 | -19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,488 | €33,627 | -€861 | -2.5% |
| Other operating charges | 640/8 | €6,557 | €5,712 | -€844 | -12.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €52,121 | €28,421 | -€23,701 | -45.5% |
| Operating profit (loss) | 9901 | €3,594 | -€16,966 | -€20,560 | |
| Financial income | 75/76B | €3,098 | €0 | -€3,098 | -100.0% |
| Recurring financial income | 75 | €3,098 | €0 | -€3,098 | -100.0% |
| Financial charges | 65/66B | €10,120 | €10,218 | +€98 | +1.0% |
| Recurring financial charges | 65 | €10,120 | €10,218 | +€98 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | -€3,428 | -€27,184 | -€23,756 | -693.0% |
| Income taxes | 67/77 | €645 | €619 | -€26 | -4.0% |
| Profit (loss) for the period | 9904 | -€4,072 | -€27,803 | -€23,730 | -582.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,072 | -€27,803 | -€23,730 | -582.7% |
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 5 October 2026 via checked.be.