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
- Tangible fixed assets +€532,967
up €532,967 (+42.6%), from €1.2m to €1.8m
of which Land and buildings: +€1.5m
- Cash -€49,543
down €49,543 (-21.5%), from €230,572 to €181,029
mainly Investment in fixed assets (net) (-€614,714) and Current portion of long-term debt (-€583,895)
- Deferred charges and accrued income -€21,122
down €21,122 (-79.2%), from €26,669 to €5,547
- Current portion of long-term debt -€583,895
down €583,895 (-87.3%), from €668,494 to €84,598
- Revaluation surpluses +€480,107
new in 2025: €480,107
- Other debts +€374,000
new in 2025: €374,000
- Debts after one year +€161,402
up €161,402 (+62.4%), from €258,597 to €419,999
- Trade debts -€63,194
down €63,194 (-67.2%), from €94,095 to €30,902
- Gross operating margin +€100,679
up €100,679 (+36.5%), from €275,980 to €376,659
- Depreciation -€79,718
down €79,718 (-48.2%), from €165,355 to €85,637
- Other operating charges +€46,684
up €46,684 (+505%), from €9,235 to €55,919
- Taxes +€8,817
new in 2025: €8,817
- Financial charges +€3,839
up €3,839 (+12.8%), from €30,082 to €33,921
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 | €1,537,946 | €1,988,548 | +€450,602 | +29.3% |
| Fixed assets | 21/28 | €1,253,906 | €1,782,983 | +€529,078 | +42.2% |
| Intangible fixed assets | 21 | €1,179 | €290 | -€889 | -75.4% |
| Tangible fixed assets | 22/27 | €1,249,727 | €1,782,693 | +€532,967 | +42.6% |
| Land and buildings | 22 | - | €1,507,273 | +€1.5m | |
| Plant, machinery and equipment | 23 | €359,233 | €275,420 | -€83,813 | -23.3% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €890,493 | €0 | -€890,493 | -100% |
| Financial fixed assets | 28 | €3,000 | €0 | -€3,000 | -100% |
| Current assets | 29/58 | €284,040 | €205,565 | -€78,475 | -27.6% |
| Amounts receivable within one year | 40/41 | €26,799 | €18,989 | -€7,810 | -29.1% |
| Trade receivables | 40 | - | €2,425 | +€2,425 | |
| Other amounts receivable | 41 | €26,799 | €16,564 | -€10,235 | -38.2% |
| Cash at bank and in hand | 54/58 | €230,572 | €181,029 | -€49,543 | -21.5% |
| Deferred charges and accrued income | 490/1 | €26,669 | €5,547 | -€21,122 | -79.2% |
| Total equity and liabilities | 10/49 | €1,537,946 | €1,988,548 | +€450,602 | +29.3% |
| Equity | 10/15 | €516,070 | €1,036,671 | +€520,601 | +101% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €480,107 | +€480,107 | |
| Profit (loss) carried forward | 14 | -€83,930 | -€43,436 | +€40,495 | +48.2% |
| Amounts payable | 17/49 | €1,021,876 | €951,877 | -€69,999 | -6.9% |
| Amounts payable after more than one year | 17 | €258,597 | €419,999 | +€161,402 | +62.4% |
| Financial debts | 170/4 | €258,597 | €419,999 | +€161,402 | +62.4% |
| Amounts payable within one year | 42/48 | €763,279 | €531,878 | -€231,401 | -30.3% |
| Current portion of amounts payable after more than one year | 42 | €668,494 | €84,598 | -€583,895 | -87.3% |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Other loans | 439 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €94,095 | €30,902 | -€63,194 | -67.2% |
| Suppliers | 440/4 | €94,095 | €30,902 | -€63,194 | -67.2% |
| Taxes, remuneration and social security | 45 | €690 | €17,378 | +€16,688 | +2,418% |
| Taxes | 450/3 | €690 | €17,378 | +€16,688 | +2,418% |
| Other amounts payable | 47/48 | - | €374,000 | +€374,000 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €30,716 | €0 | -€30,716 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165,355 | €85,637 | -€79,718 | -48.2% |
| Other operating charges | 640/8 | €9,235 | €55,919 | +€46,684 | +505% |
| Non-recurring operating charges | 66A | €3,630 | €2,619 | -€1,010 | -27.8% |
| Gross operating margin | 9900 | €275,980 | €376,659 | +€100,679 | +36.5% |
| Operating profit (loss) | 9901 | €97,760 | €232,483 | +€134,723 | +138% |
| Financial income | 75/76B | €753 | €750 | -€3 | -0.4% |
| Recurring financial income | 75 | €753 | €750 | -€3 | -0.4% |
| Financial charges | 65/66B | €30,082 | €33,921 | +€3,839 | +12.8% |
| Recurring financial charges | 65 | €30,082 | €33,921 | +€3,839 | +12.8% |
| Profit (loss) for the period before taxes | 9903 | €68,431 | €199,312 | +€130,881 | +191% |
| Income taxes | 67/77 | - | €8,817 | +€8,817 | |
| Profit (loss) for the period | 9904 | €68,431 | €190,495 | +€122,063 | +178% |
| Profit (loss) for the period to be appropriated | 9905 | €68,431 | €190,495 | +€122,063 | +178% |
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 25 October 2026 via checked.be.