INDIGON II: 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.
INDIGON II
Largest movements
- Receivables within one year -€13,453
down €13,453 (-15.9%), from €84,658 to €71,205
of which Other amounts receivable: -€32,514
- Cash -€9,676
down €9,676 (-99.9%), from €9,688 to €12
mainly Contributions, distributions and other (-€44,448) and Debts after one year (-€17,693)
- Tangible fixed assets -€7,489
down €7,489 (-2.0%), from €365,390 to €357,901
of which Land and buildings: -€9,776
- Reserves -€30,632
down €30,632 (-27.6%), from €110,824 to €80,191
of which Distributable reserves: -€29,257
- Debts after one year -€17,693
down €17,693 (-6.3%), from €280,225 to €262,531
- Tax, wage and social debts +€13,635
up €13,635 (+39.5%), from €34,523 to €48,158
of which Taxes: +€13,375
- Trade debts +€10,040
up €10,040 (+1,978%), from €508 to €10,547
- Gross operating margin -€4,953
down €4,953 (-5.8%), from €85,280 to €80,327
- Taxes -€1,336
down €1,336 (-10.5%), from €12,779 to €11,443
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 | €466,536 | €437,396 | -€29,140 | -6.2% |
| Fixed assets | 21/28 | €365,390 | €357,901 | -€7,489 | -2.0% |
| Tangible fixed assets | 22/27 | €365,390 | €357,901 | -€7,489 | -2.0% |
| Land and buildings | 22 | €352,948 | €343,172 | -€9,776 | -2.8% |
| Furniture and vehicles | 24 | €12,442 | €14,729 | +€2,287 | +18.4% |
| Current assets | 29/58 | €101,146 | €79,495 | -€21,652 | -21.4% |
| Amounts receivable within one year | 40/41 | €84,658 | €71,205 | -€13,453 | -15.9% |
| Trade receivables | 40 | €34,728 | €53,790 | +€19,062 | +54.9% |
| Other amounts receivable | 41 | €49,930 | €17,416 | -€32,514 | -65.1% |
| Cash at bank and in hand | 54/58 | €9,688 | €12 | -€9,676 | -99.9% |
| Deferred charges and accrued income | 490/1 | €6,801 | €8,278 | +€1,477 | +21.7% |
| Total equity and liabilities | 10/49 | €466,536 | €437,396 | -€29,140 | -6.2% |
| Equity | 10/15 | €117,024 | €86,391 | -€30,632 | -26.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €110,824 | €80,191 | -€30,632 | -27.6% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,892 | €41,516 | -€1,376 | -3.2% |
| Distributable reserves | 133 | €66,077 | €36,820 | -€29,257 | -44.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €10,723 | €10,379 | -€344 | -3.2% |
| Deferred taxes | 168 | €10,723 | €10,379 | -€344 | -3.2% |
| Amounts payable | 17/49 | €338,789 | €340,625 | +€1,836 | +0.5% |
| Amounts payable after more than one year | 17 | €280,225 | €262,531 | -€17,693 | -6.3% |
| Financial debts | 170/4 | €280,225 | €262,531 | -€17,693 | -6.3% |
| Amounts payable within one year | 42/48 | €56,338 | €78,094 | +€21,756 | +38.6% |
| Current portion of amounts payable after more than one year | 42 | €16,938 | €17,693 | +€755 | +4.5% |
| Financial debts | 43 | - | €1,695 | +€1,695 | |
| Credit institutions | 430/8 | - | €1,695 | +€1,695 | |
| Trade debts | 44 | €508 | €10,547 | +€10,040 | +1,978% |
| Suppliers | 440/4 | €508 | €10,547 | +€10,040 | +1,978% |
| Taxes, remuneration and social security | 45 | €34,523 | €48,158 | +€13,635 | +39.5% |
| Taxes | 450/3 | €30,043 | €43,418 | +€13,375 | +44.5% |
| Remuneration and social security | 454/9 | €4,479 | €4,740 | +€260 | +5.8% |
| Other amounts payable | 47/48 | €4,369 | €0 | -€4,369 | -100% |
| Accrued charges and deferred income | 492/3 | €2,227 | €0 | -€2,227 | -100% |
| Remuneration, social security and pensions | 62 | €22,508 | €22,893 | +€385 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,785 | €11,152 | +€367 | +3.4% |
| Other operating charges | 640/8 | €4,293 | €4,910 | +€617 | +14.4% |
| Gross operating margin | 9900 | €85,280 | €80,327 | -€4,953 | -5.8% |
| Operating profit (loss) | 9901 | €47,694 | €41,371 | -€6,323 | -13.3% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €16,198 | €16,457 | +€258 | +1.6% |
| Recurring financial charges | 65 | €16,198 | €16,457 | +€258 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €31,496 | €24,915 | -€6,581 | -20.9% |
| Transfer from deferred taxes | 780 | €344 | €344 | = | 0.0% |
| Income taxes | 67/77 | €12,779 | €11,443 | -€1,336 | -10.5% |
| Profit (loss) for the period | 9904 | €19,060 | €13,816 | -€5,245 | -27.5% |
| Transfer from tax-exempt reserves | 789 | €1,376 | €1,376 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,436 | €15,191 | -€5,245 | -25.7% |
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 14 October 2026 via checked.be.