INDIGO: 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.
What changed
INDIGO
NACE 46.474, Wholesale trade
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.7m
2024 · €5.5m-€1.8m
Equity
€24.2m
2024 · €20.5m+€3.7m
Cash
€2.2m
2024 · €1.7m+€455,375
Balance sheet total
€33.1m
2024 · €26.4m+€6.6m
Largest movements
Assets
- Receivables within one year +€2.6m
up €2.6m (+29.1%), from €9.0m to €11.6m
of which Other amounts receivable: +€5.6m
- Receivables after one year +€2.0m
up €2.0m (+24.4%), from €8.2m to €10.1m
- Stocks and contracts +€1.5m
up €1.5m (+22.8%), from €6.7m to €8.2m
- Cash +€455,375
up €455,375 (+26.7%), from €1.7m to €2.2m
mainly Net result for the year (+€3.7m) and Trade debts (+€2.3m)
Equity and liabilities
- Profit (loss) carried forward +€3.7m
up €3.7m (+18.5%), from €20.2m to €23.9m
- Trade debts +€2.3m
up €2.3m (+63.8%), from €3.7m to €6.0m
- Other debts +€469,956
up €469,956, from €0 to €469,956
Income statement
- Turnover -€2.4m
down €2.4m (-7.7%), from €30.9m to €28.5m
- Goods and materials -€2.3m
down €2.3m (-16.4%), from €14.3m to €12.0m
of which Purchases: -€1.6m
- Services and other goods +€839,889
up €839,889 (+16.3%), from €5.1m to €6.0m
- Financial charges +€559,658
up €559,658 (+288.6%), from €193,917 to €753,575
- Financial income -€495,431
down €495,431 (-54.9%), from €902,082 to €406,652
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.
Result 2024
€5.5m
Turnover
-€2.4m
Other operating income
+€140,998
Goods and materials
+€2.3m
Services and other goods
-€839,889
Staff costs
+€207,005
Depreciation
+€81,598
Write-downs
-€248,178
Other operating charges
-€65,641
Financial income
-€495,431
Financial charges
-€559,658
Taxes
+€45,092
Result 2025
€3.7m
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.
From operations
+€717,007
Investment
-€210,211
Financing
-€51,421
Cash 2024
€1.7m
From operations (derived)
+€717,007
Net result for the year
+€3.7m
Depreciation
+€288,696
Receivables after one year
-€2.0m
Stocks and contracts
-€1.5m
Receivables within one year
-€2.6m
Deferred charges and accrued income
-€130,643
Provisions
+€28,400
Trade debts
+€2.3m
Tax, wage and social debts
+€98,037
Other debts
+€469,956
Accrued charges and deferred income
+€5,680
Investment (derived)
-€210,211
Investment in fixed assets (net)
-€210,211
Financing
-€51,421
Debts after one year
-€29,915
Current portion of long-term debt
-€20,673
Contributions, distributions and other
-€833
Cash 2025
€2.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,443,109 | €33,079,784 | +€6.6m | +25.1% |
| Fixed assets | 21/28 | €424,486 | €346,002 | -€78,484 | -18.5% |
| Tangible fixed assets | 22/27 | €419,486 | €341,002 | -€78,484 | -18.7% |
| Plant, machinery and equipment | 23 | €119,975 | €191,382 | +€71,407 | +59.5% |
| Furniture and vehicles | 24 | €299,511 | €149,620 | -€149,891 | -50.0% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €5,000 | €5,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €26,018,623 | €32,733,782 | +€6.7m | +25.8% |
| Amounts receivable after more than one year | 29 | €8,154,772 | €10,145,239 | +€2.0m | +24.4% |
| Other amounts receivable | 291 | €8,154,772 | €10,145,239 | +€2.0m | +24.4% |
| Stocks and contracts in progress | 3 | €6,697,516 | €8,225,460 | +€1.5m | +22.8% |
| Stocks | 30/36 | €6,697,516 | €8,225,460 | +€1.5m | +22.8% |
| Goods purchased for resale | 34 | €6,697,516 | €8,225,460 | +€1.5m | +22.8% |
| Amounts receivable within one year | 40/41 | €8,968,304 | €11,579,034 | +€2.6m | +29.1% |
| Trade receivables | 40 | €8,329,883 | €5,340,698 | -€3.0m | -35.9% |
| Other amounts receivable | 41 | €638,421 | €6,238,336 | +€5.6m | +877.2% |
| Cash at bank and in hand | 54/58 | €1,708,632 | €2,164,007 | +€455,375 | +26.7% |
| Deferred charges and accrued income | 490/1 | €489,399 | €620,042 | +€130,643 | +26.7% |
| Total equity and liabilities | 10/49 | €26,443,109 | €33,079,784 | +€6.6m | +25.1% |
| Equity | 10/15 | €20,457,411 | €24,198,736 | +€3.7m | +18.3% |
| Contributions | 10/11 | €187,954 | €187,954 | = | 0.0% |
| Capital | 10 | €187,954 | €187,954 | = | 0.0% |
| Issued capital | 100 | €187,954 | €187,954 | = | 0.0% |
| Reserves | 13 | €81,466 | €81,466 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,795 | €18,795 | = | 0.0% |
| Legal reserve | 130 | €18,795 | €18,795 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €62,670 | €62,670 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,186,914 | €23,929,071 | +€3.7m | +18.5% |
| Investment grants | 15 | €1,077 | €245 | -€833 | -77.3% |
| Provisions and deferred taxes | 16 | - | €28,400 | +€28,400 | |
| Provisions for liabilities and charges | 160/5 | - | €28,400 | +€28,400 | |
| Major repairs and maintenance | 162 | - | €28,400 | +€28,400 | |
| Amounts payable | 17/49 | €5,985,698 | €8,852,648 | +€2.9m | +47.9% |
| Amounts payable after more than one year | 17 | €44,083 | €14,168 | -€29,915 | -67.9% |
| Financial debts | 170/4 | €44,083 | €14,168 | -€29,915 | -67.9% |
| Credit institutions | 173 | €44,083 | €14,168 | -€29,915 | -67.9% |
| Amounts payable within one year | 42/48 | €5,930,530 | €8,821,714 | +€2.9m | +48.8% |
| Current portion of amounts payable after more than one year | 42 | €50,589 | €29,915 | -€20,673 | -40.9% |
| Trade debts | 44 | €3,673,021 | €6,016,885 | +€2.3m | +63.8% |
| Suppliers | 440/4 | €3,673,021 | €6,016,885 | +€2.3m | +63.8% |
| Taxes, remuneration and social security | 45 | €2,206,921 | €2,304,958 | +€98,037 | +4.4% |
| Taxes | 450/3 | €1,791,338 | €1,823,190 | +€31,852 | +1.8% |
| Remuneration and social security | 454/9 | €415,582 | €481,768 | +€66,186 | +15.9% |
| Other amounts payable | 47/48 | €0 | €469,956 | +€469,956 | |
| Accrued charges and deferred income | 492/3 | €11,086 | €16,766 | +€5,680 | +51.2% |
| Operating income | 70/76A | €31,313,063 | €29,076,493 | -€2.2m | -7.1% |
| Turnover | 70 | €30,918,884 | €28,541,317 | -€2.4m | -7.7% |
| Other operating income | 74 | €394,179 | €535,177 | +€140,998 | +35.8% |
| Operating charges | 60/66A | €24,589,895 | €23,107,594 | -€1.5m | -6.0% |
| Goods for resale, raw materials and consumables | 60 | €14,336,825 | €11,989,419 | -€2.3m | -16.4% |
| Purchases | 600/8 | €14,280,638 | €12,678,137 | -€1.6m | -11.2% |
| Change in stocks: decrease (increase) | 609 | €56,186 | -€688,718 | -€744,905 | |
| Services and other goods | 61 | €5,142,059 | €5,981,948 | +€839,889 | +16.3% |
| Remuneration, social security and pensions | 62 | €4,668,589 | €4,461,583 | -€207,005 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €370,293 | €288,696 | -€81,598 | -22.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€155,536 | €92,642 | +€248,178 | |
| Other operating charges | 640/8 | €227,665 | €293,307 | +€65,641 | +28.8% |
| Operating profit (loss) | 9901 | €6,723,168 | €5,968,899 | -€754,269 | -11.2% |
| Financial income | 75/76B | €902,082 | €406,652 | -€495,431 | -54.9% |
| Recurring financial income | 75 | €902,082 | €406,652 | -€495,431 | -54.9% |
| Income from current assets | 751 | €323,757 | €265,431 | -€58,326 | -18.0% |
| Other financial income | 752/9 | €578,325 | €141,220 | -€437,105 | -75.6% |
| Financial charges | 65/66B | €193,917 | €753,575 | +€559,658 | +288.6% |
| Recurring financial charges | 65 | €193,917 | €753,575 | +€559,658 | +288.6% |
| Debt charges | 650 | €6,912 | €12,696 | +€5,785 | +83.7% |
| Other financial charges | 652/9 | €187,005 | €740,879 | +€553,873 | +296.2% |
| Profit (loss) for the period before taxes | 9903 | €7,431,334 | €5,621,976 | -€1.8m | -24.3% |
| Income taxes | 67/77 | €1,924,910 | €1,879,818 | -€45,092 | -2.3% |
| Taxes | 670/3 | €1,954,135 | €1,879,818 | -€74,316 | -3.8% |
| Tax adjustments and reversals of tax provisions | 77 | €29,224 | €0 | -€29,224 | -100.0% |
| Profit (loss) for the period | 9904 | €5,506,424 | €3,742,158 | -€1.8m | -32.0% |
| Transfer from tax-exempt reserves | 789 | €421,000 | €0 | -€421,000 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,927,424 | €3,742,158 | -€2.2m | -36.9% |
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 11 October 2026 via checked.be.