INDICINA: 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.
INDICINA
Largest movements
- Receivables after one year -€64,113
down €64,113 (-60.8%), from €105,495 to €41,383
- Cash +€63,927
up €63,927 (+19.3%), from €332,046 to €395,973
mainly Net result for the year (+€95,668) and Receivables after one year (+€64,113)
- Receivables within one year -€21,378
down €21,378 (-66.8%), from €32,026 to €10,648
of which Trade receivables: -€15,186
- Reserves -€14,861
down €14,861 (-3.7%), from €396,717 to €381,856
of which Distributable reserves: -€13,001
- Other debts -€9,294
down €9,294 (-17.7%), from €52,405 to €43,111
- Gross operating margin -€9,036
down €9,036 (-6.8%), from €133,034 to €123,999
- Taxes -€3,153
down €3,153 (-12.8%), from €24,654 to €21,500
- Financial income -€2,760
down €2,760 (-100.0%), from €2,760 to €0
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 | €484,587 | €457,675 | -€26,912 | -5.6% |
| Fixed assets | 21/28 | €11,738 | €7,412 | -€4,326 | -36.9% |
| Tangible fixed assets | 22/27 | €11,738 | €7,412 | -€4,326 | -36.9% |
| Plant, machinery and equipment | 23 | €8,103 | €4,711 | -€3,393 | -41.9% |
| Furniture and vehicles | 24 | €3,635 | €2,701 | -€934 | -25.7% |
| Current assets | 29/58 | €472,849 | €450,263 | -€22,586 | -4.8% |
| Amounts receivable after more than one year | 29 | €105,495 | €41,383 | -€64,113 | -60.8% |
| Other amounts receivable | 291 | €105,495 | €41,383 | -€64,113 | -60.8% |
| Amounts receivable within one year | 40/41 | €32,026 | €10,648 | -€21,378 | -66.8% |
| Trade receivables | 40 | €25,834 | €10,648 | -€15,186 | -58.8% |
| Other amounts receivable | 41 | €6,192 | - | -€6,192 | |
| Cash at bank and in hand | 54/58 | €332,046 | €395,973 | +€63,927 | +19.3% |
| Deferred charges and accrued income | 490/1 | €3,282 | €2,260 | -€1,022 | -31.1% |
| Total equity and liabilities | 10/49 | €484,587 | €457,675 | -€26,912 | -5.6% |
| Equity | 10/15 | €403,875 | €388,056 | -€15,819 | -3.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €396,717 | €381,856 | -€14,861 | -3.7% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €394,857 | €381,856 | -€13,001 | -3.3% |
| Profit (loss) carried forward | 14 | €958 | - | -€958 | |
| Amounts payable | 17/49 | €80,712 | €69,619 | -€11,093 | -13.7% |
| Amounts payable within one year | 42/48 | €80,712 | €69,619 | -€11,093 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €1,691 | €1,354 | -€337 | -19.9% |
| Trade debts | 44 | €5,147 | €1,145 | -€4,002 | -77.8% |
| Suppliers | 440/4 | €5,147 | €1,145 | -€4,002 | -77.8% |
| Taxes, remuneration and social security | 45 | €21,469 | €24,009 | +€2,540 | +11.8% |
| Taxes | 450/3 | €21,469 | €21,144 | -€325 | -1.5% |
| Remuneration and social security | 454/9 | - | €2,865 | +€2,865 | |
| Other amounts payable | 47/48 | €52,405 | €43,111 | -€9,294 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,408 | €4,326 | -€82 | -1.9% |
| Other operating charges | 640/8 | €1,379 | €729 | -€650 | -47.1% |
| Gross operating margin | 9900 | €133,034 | €123,999 | -€9,036 | -6.8% |
| Operating profit (loss) | 9901 | €127,247 | €118,943 | -€8,304 | -6.5% |
| Financial income | 75/76B | €2,760 | €0 | -€2,760 | -100.0% |
| Recurring financial income | 75 | €2,760 | €0 | -€2,760 | -100.0% |
| Financial charges | 65/66B | €2,008 | €1,775 | -€233 | -11.6% |
| Recurring financial charges | 65 | €2,008 | €1,775 | -€233 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €128,000 | €117,168 | -€10,832 | -8.5% |
| Income taxes | 67/77 | €24,654 | €21,500 | -€3,153 | -12.8% |
| Profit (loss) for the period | 9904 | €103,346 | €95,668 | -€7,678 | -7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €103,346 | €95,668 | -€7,678 | -7.4% |
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 17 October 2026 via checked.be.