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.
INDIGO
Largest movements
- Financial fixed assets -€1.3m
down €1.3m (-36.2%), from €3.7m to €2.4m
- Current investments +€1.1m
new in 2025: €1.1m
- Cash +€285,607
up €285,607 (+2552.5%), from €11,189 to €296,796
mainly Net result for the year (+€1.4m) and Investment in fixed assets (net) (+€1.3m)
- Receivables within one year -€116,970
down €116,970 (-27.3%), from €427,768 to €310,797
of which Other amounts receivable: -€288,255
- Stocks and contracts +€102,890
new in 2025: €102,890
- Contributions -€2.2m
down €2.2m (-100.0%), from €2.2m to €0
- Reserves +€1.1m
up €1.1m (+354.5%), from €301,323 to €1.4m
- Other debts +€844,652
up €844,652 (+51.3%), from €1.6m to €2.5m
- Tax, wage and social debts +€195,068
up €195,068 (+911.8%), from €21,394 to €216,462
of which Taxes: +€188,422
- Advances received +€150,000
new in 2025: €150,000
- Gross operating margin +€1.2m
up €1.2m (+11028.3%), from €10,633 to €1.2m
- Financial income +€455,743
new in 2025: €455,743
- Taxes +€264,985
up €264,985 (+10361.5%), from €2,557 to €267,542
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 | €4,133,932 | €4,235,695 | +€101,763 | +2.5% |
| Fixed assets | 21/28 | €3,694,975 | €2,417,574 | -€1.3m | -34.6% |
| Tangible fixed assets | 22/27 | - | €59,574 | +€59,574 | |
| Furniture and vehicles | 24 | - | €59,574 | +€59,574 | |
| Financial fixed assets | 28 | €3,694,975 | €2,358,000 | -€1.3m | -36.2% |
| Current assets | 29/58 | €438,957 | €1,818,120 | +€1.4m | +314.2% |
| Stocks and contracts in progress | 3 | - | €102,890 | +€102,890 | |
| Stocks | 30/36 | - | €102,890 | +€102,890 | |
| Amounts receivable within one year | 40/41 | €427,768 | €310,797 | -€116,970 | -27.3% |
| Trade receivables | 40 | - | €171,285 | +€171,285 | |
| Other amounts receivable | 41 | €427,768 | €139,512 | -€288,255 | -67.4% |
| Current investments | 50/53 | - | €1,106,354 | +€1.1m | |
| Cash at bank and in hand | 54/58 | €11,189 | €296,796 | +€285,607 | +2552.5% |
| Deferred charges and accrued income | 490/1 | - | €1,283 | +€1,283 | |
| Total equity and liabilities | 10/49 | €4,133,932 | €4,235,695 | +€101,763 | +2.5% |
| Equity | 10/15 | €2,456,805 | €1,369,370 | -€1.1m | -44.3% |
| Contributions | 10/11 | €2,155,482 | €0 | -€2.2m | -100.0% |
| Reserves | 13 | €301,323 | €1,369,370 | +€1.1m | +354.5% |
| Distributable reserves | 133 | €301,323 | €1,369,370 | +€1.1m | +354.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,677,127 | €2,866,324 | +€1.2m | +70.9% |
| Amounts payable within one year | 42/48 | €1,677,127 | €2,866,324 | +€1.2m | +70.9% |
| Trade debts | 44 | €9,770 | €9,247 | -€523 | -5.4% |
| Suppliers | 440/4 | €9,770 | €9,247 | -€523 | -5.4% |
| Advances received on contracts in progress | 46 | - | €150,000 | +€150,000 | |
| Taxes, remuneration and social security | 45 | €21,394 | €216,462 | +€195,068 | +911.8% |
| Taxes | 450/3 | €21,394 | €209,816 | +€188,422 | +880.7% |
| Remuneration and social security | 454/9 | - | €6,646 | +€6,646 | |
| Other amounts payable | 47/48 | €1,645,963 | €2,490,615 | +€844,652 | +51.3% |
| Non-recurring operating income | 76A | - | €1,127,220 | +€1.1m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,363 | +€1,363 | |
| Other operating charges | 640/8 | €85 | €443 | +€358 | +420.1% |
| Gross operating margin | 9900 | €10,633 | €1,183,327 | +€1.2m | +11028.3% |
| Operating profit (loss) | 9901 | €10,548 | €1,181,521 | +€1.2m | +11101.0% |
| Financial income | 75/76B | - | €455,743 | +€455,743 | |
| Recurring financial income | 75 | - | €455,743 | +€455,743 | |
| Financial charges | 65/66B | €3,400 | €4,943 | +€1,543 | +45.4% |
| Recurring financial charges | 65 | €3,400 | €4,943 | +€1,543 | +45.4% |
| Profit (loss) for the period before taxes | 9903 | €7,148 | €1,632,322 | +€1.6m | +22734.9% |
| Income taxes | 67/77 | €2,557 | €267,542 | +€264,985 | +10361.5% |
| Profit (loss) for the period | 9904 | €4,591 | €1,364,779 | +€1.4m | +29627.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,591 | €1,364,779 | +€1.4m | +29627.5% |
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 10 October 2026 via checked.be.