INDIKO: 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.
INDIKO
Largest movements
- Tangible fixed assets +€3.0m
up €3.0m (+982.1%), from €309,343 to €3.3m
of which Land and buildings: +€2.8m
- Cash +€471,917
up €471,917 (+1654.7%), from €28,519 to €500,436
mainly Debts after one year (+€3.3m) and Depreciation (+€362,029)
- Current investments +€350,000
new in 2025: €350,000
- Debts after one year +€3.3m
up €3.3m (+81375.1%), from €4,059 to €3.3m
- Reserves +€645,084
up €645,084 (+1817.0%), from €35,504 to €680,587
of which Tax-exempt reserves: +€645,084
- Profit (loss) carried forward -€306,012
down €306,012, from €194,773 to -€111,239
- Provisions +€215,028
new in 2025: €215,028
- Gross operating margin +€793,571
up €793,571 (+579.7%), from €136,887 to €930,459
- Depreciation +€341,464
up €341,464 (+1660.4%), from €20,565 to €362,029
- Taxes -€24,438
no longer reported in 2025 (was €24,438)
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 | €354,478 | €4,199,356 | +€3.8m | +1084.7% |
| Fixed assets | 21/28 | €309,343 | €3,347,306 | +€3.0m | +982.1% |
| Tangible fixed assets | 22/27 | €309,343 | €3,347,306 | +€3.0m | +982.1% |
| Land and buildings | 22 | €308,598 | €3,129,171 | +€2.8m | +914.0% |
| Furniture and vehicles | 24 | €745 | €336 | -€410 | -55.0% |
| Assets under construction and advance payments | 27 | - | €217,800 | +€217,800 | |
| Current assets | 29/58 | €45,134 | €852,049 | +€806,915 | +1787.8% |
| Amounts receivable within one year | 40/41 | €5,246 | €46 | -€5,201 | -99.1% |
| Other amounts receivable | 41 | €5,246 | €46 | -€5,201 | -99.1% |
| Current investments | 50/53 | - | €350,000 | +€350,000 | |
| Cash at bank and in hand | 54/58 | €28,519 | €500,436 | +€471,917 | +1654.7% |
| Deferred charges and accrued income | 490/1 | €11,369 | €1,568 | -€9,801 | -86.2% |
| Total equity and liabilities | 10/49 | €354,478 | €4,199,356 | +€3.8m | +1084.7% |
| Equity | 10/15 | €305,390 | €644,462 | +€339,072 | +111.0% |
| Contributions | 10/11 | €75,113 | €75,113 | = | 0.0% |
| Reserves | 13 | €35,504 | €680,587 | +€645,084 | +1817.0% |
| Tax-exempt reserves | 132 | - | €645,084 | +€645,084 | |
| Distributable reserves | 133 | €35,504 | €35,504 | = | 0.0% |
| Profit (loss) carried forward | 14 | €194,773 | -€111,239 | -€306,012 | |
| Provisions and deferred taxes | 16 | - | €215,028 | +€215,028 | |
| Deferred taxes | 168 | - | €215,028 | +€215,028 | |
| Amounts payable | 17/49 | €49,088 | €3,339,866 | +€3.3m | +6703.8% |
| Amounts payable after more than one year | 17 | €4,059 | €3,307,236 | +€3.3m | +81375.1% |
| Other amounts payable | 178/9 | €4,059 | €3,307,236 | +€3.3m | +81375.1% |
| Amounts payable within one year | 42/48 | €35,741 | €21,583 | -€14,158 | -39.6% |
| Trade debts | 44 | €15,355 | €21,577 | +€6,221 | +40.5% |
| Suppliers | 440/4 | €15,355 | €21,577 | +€6,221 | +40.5% |
| Taxes, remuneration and social security | 45 | €20,386 | - | -€20,386 | |
| Taxes | 450/3 | €20,386 | - | -€20,386 | |
| Other amounts payable | 47/48 | - | €7 | +€7 | |
| Accrued charges and deferred income | 492/3 | €9,288 | €11,047 | +€1,759 | +18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,565 | €362,029 | +€341,464 | +1660.4% |
| Other operating charges | 640/8 | €14,108 | €14,438 | +€330 | +2.3% |
| Gross operating margin | 9900 | €136,887 | €930,459 | +€793,571 | +579.7% |
| Operating profit (loss) | 9901 | €102,215 | €553,992 | +€451,777 | +442.0% |
| Financial income | 75/76B | €2 | €153 | +€151 | +7769.6% |
| Recurring financial income | 75 | €2 | €153 | +€151 | +7769.6% |
| Financial charges | 65/66B | €3,543 | €45 | -€3,498 | -98.7% |
| Recurring financial charges | 65 | €3,543 | €45 | -€3,498 | -98.7% |
| Profit (loss) for the period before taxes | 9903 | €98,674 | €554,100 | +€455,426 | +461.5% |
| Transfer to deferred taxes | 680 | - | €215,028 | +€215,028 | |
| Income taxes | 67/77 | €24,438 | - | -€24,438 | |
| Profit (loss) for the period | 9904 | €74,236 | €339,072 | +€264,836 | +356.8% |
| Transfer to tax-exempt reserves | 689 | - | €645,084 | +€645,084 | |
| Profit (loss) for the period to be appropriated | 9905 | €74,236 | -€306,012 | -€380,247 |
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.