Indicem: 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.
Indicem
Largest movements
- Cash +€75,453
up €75,453 (+560.0%), from €13,474 to €88,926
mainly Net result for the year (+€70,277) and Depreciation (+€18,799)
- Tangible fixed assets -€18,799
down €18,799 (-22.0%), from €85,310 to €66,511
of which Furniture and vehicles: -€18,586
- Current investments -€12,500
no longer reported in 2025 (was €12,500)
- Profit (loss) carried forward +€52,777
up €52,777 (+81.7%), from €64,597 to €117,374
- Debts after one year -€13,460
down €13,460 (-56.3%), from €23,914 to €10,454
- Accrued charges and deferred income +€5,000
new in 2025: €5,000
- Tax, wage and social debts -€4,812
down €4,812 (-44.3%), from €10,849 to €6,038
of which Remuneration and social security: -€3,757
- Other debts +€2,630
up €2,630 (+17.3%), from €15,225 to €17,855
- Gross operating margin +€31,439
up €31,439 (+42.7%), from €73,577 to €105,017
- Depreciation +€10,564
up €10,564 (+128.3%), from €8,234 to €18,799
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 | €133,134 | €177,430 | +€44,296 | +33.3% |
| Fixed assets | 21/28 | €85,310 | €66,511 | -€18,799 | -22.0% |
| Tangible fixed assets | 22/27 | €85,310 | €66,511 | -€18,799 | -22.0% |
| Plant, machinery and equipment | 23 | €829 | €617 | -€212 | -25.6% |
| Furniture and vehicles | 24 | €84,481 | €65,894 | -€18,586 | -22.0% |
| Current assets | 29/58 | €47,824 | €110,918 | +€63,095 | +131.9% |
| Amounts receivable within one year | 40/41 | €21,850 | €21,992 | +€142 | +0.6% |
| Trade receivables | 40 | €16,525 | €16,882 | +€357 | +2.2% |
| Other amounts receivable | 41 | €5,325 | €5,111 | -€215 | -4.0% |
| Current investments | 50/53 | €12,500 | - | -€12,500 | |
| Cash at bank and in hand | 54/58 | €13,474 | €88,926 | +€75,453 | +560.0% |
| Total equity and liabilities | 10/49 | €133,134 | €177,430 | +€44,296 | +33.3% |
| Equity | 10/15 | €69,597 | €122,374 | +€52,777 | +75.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,597 | €117,374 | +€52,777 | +81.7% |
| Amounts payable | 17/49 | €63,537 | €55,056 | -€8,481 | -13.3% |
| Amounts payable after more than one year | 17 | €23,914 | €10,454 | -€13,460 | -56.3% |
| Financial debts | 170/4 | €23,914 | €10,454 | -€13,460 | -56.3% |
| Amounts payable within one year | 42/48 | €39,623 | €39,602 | -€21 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €12,933 | €13,460 | +€527 | +4.1% |
| Trade debts | 44 | €616 | €2,250 | +€1,634 | +265.2% |
| Suppliers | 440/4 | €616 | €2,250 | +€1,634 | +265.2% |
| Taxes, remuneration and social security | 45 | €10,849 | €6,038 | -€4,812 | -44.3% |
| Taxes | 450/3 | €7,092 | €6,038 | -€1,055 | -14.9% |
| Remuneration and social security | 454/9 | €3,757 | - | -€3,757 | |
| Other amounts payable | 47/48 | €15,225 | €17,855 | +€2,630 | +17.3% |
| Accrued charges and deferred income | 492/3 | - | €5,000 | +€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,234 | €18,799 | +€10,564 | +128.3% |
| Other operating charges | 640/8 | €39 | €592 | +€553 | +1432.4% |
| Gross operating margin | 9900 | €73,577 | €105,017 | +€31,439 | +42.7% |
| Operating profit (loss) | 9901 | €65,304 | €85,626 | +€20,322 | +31.1% |
| Financial income | 75/76B | €359 | €266 | -€92 | -25.7% |
| Recurring financial income | 75 | €359 | €266 | -€92 | -25.7% |
| Financial charges | 65/66B | €425 | €1,402 | +€977 | +230.2% |
| Recurring financial charges | 65 | €425 | €1,402 | +€977 | +230.2% |
| Profit (loss) for the period before taxes | 9903 | €65,239 | €84,491 | +€19,253 | +29.5% |
| Income taxes | 67/77 | €13,675 | €14,215 | +€540 | +3.9% |
| Profit (loss) for the period | 9904 | €51,564 | €70,277 | +€18,713 | +36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €51,564 | €70,277 | +€18,713 | +36.3% |
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 3 October 2026 via checked.be.