INDL: what changed
What changed
INDL
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€111,784
2024 · -€25,851+€137,635
Equity
€1.4m
2024 · €1.3m+€101,753
Cash
€238,672
2024 · €207,296+€31,376
Balance sheet total
€5.0m
2024 · €5.1m-€148,649
Largest movements
Assets
- Tangible fixed assets -€253,982
down €253,982 (-5.2%), from €4.9m to €4.6m
- Receivables within one year +€71,020
up €71,020 (+181%), from €39,345 to €110,365
of which Trade receivables: +€65,643
Equity and liabilities
- Debts after one year -€229,997
down €229,997 (-11.0%), from €2.1m to €1.9m
- Profit (loss) carried forward +€111,784
up €111,784 (+40.6%), from €275,251 to €387,035
- Other debts -€87,447
down €87,447 (-6.1%), from €1.4m to €1.4m
- Trade debts +€59,454
up €59,454 (+1,132%), from €5,253 to €64,707
Income statement
- Depreciation -€193,756
down €193,756 (-42.8%), from €453,194 to €259,439
- Taxes +€32,974
up €32,974, from €0 to €32,974
- Financial charges +€31,654
up €31,654 (+52.0%), from €60,848 to €92,501
- Gross operating margin +€10,365
up €10,365 (+2.0%), from €528,663 to €539,028
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€25,851
Gross operating margin
+€10,365
Depreciation
+€193,756
Other operating charges
-€324
Financial income
-€1,534
Financial charges
-€31,654
Taxes
-€32,974
Result 2025
€111,784
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€276,668
Investment
-€5,264
Financing
-€240,028
Cash 2024
€207,296
From operations (derived)
+€276,668
Net result for the year
+€111,784
Depreciation
+€259,439
Receivables within one year
-€71,020
Deferred charges and accrued income
-€3,130
Trade debts
+€59,454
Tax, wage and social debts
-€25,156
Other debts
-€87,447
Accrued charges and deferred income
+€32,743
Investment (derived)
-€5,264
Investment in fixed assets (net)
-€5,264
Financing
-€240,028
Debts after one year
-€229,997
Contributions, distributions and other
-€10,031
Cash 2025
€238,672
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,119,331 | €4,970,681 | -€148,649 | -2.9% |
| Formation expenses | 20 | €193 | €0 | -€193 | -100% |
| Fixed assets | 21/28 | €4,872,497 | €4,618,514 | -€253,982 | -5.2% |
| Tangible fixed assets | 22/27 | €4,872,497 | €4,618,514 | -€253,982 | -5.2% |
| Land and buildings | 22 | €4,872,497 | €4,618,514 | -€253,982 | -5.2% |
| Current assets | 29/58 | €246,641 | €352,167 | +€105,526 | +42.8% |
| Amounts receivable within one year | 40/41 | €39,345 | €110,365 | +€71,020 | +181% |
| Trade receivables | 40 | €2,585 | €68,228 | +€65,643 | +2,540% |
| Other amounts receivable | 41 | €36,760 | €42,137 | +€5,377 | +14.6% |
| Cash at bank and in hand | 54/58 | €207,296 | €238,672 | +€31,376 | +15.1% |
| Deferred charges and accrued income | 490/1 | - | €3,130 | +€3,130 | |
| Total equity and liabilities | 10/49 | €5,119,331 | €4,970,681 | -€148,649 | -2.9% |
| Equity | 10/15 | €1,257,875 | €1,359,629 | +€101,753 | +8.1% |
| Contributions | 10/11 | €810,246 | €810,246 | = | 0.0% |
| Revaluation surpluses | 12 | €69,410 | €69,410 | = | 0.0% |
| Reserves | 13 | €1,754 | €1,754 | = | 0.0% |
| Distributable reserves | 133 | €1,754 | €1,754 | = | 0.0% |
| Profit (loss) carried forward | 14 | €275,251 | €387,035 | +€111,784 | +40.6% |
| Investment grants | 15 | €101,215 | €91,184 | -€10,031 | -9.9% |
| Amounts payable | 17/49 | €3,861,455 | €3,611,053 | -€250,403 | -6.5% |
| Amounts payable after more than one year | 17 | €2,098,630 | €1,868,632 | -€229,997 | -11.0% |
| Financial debts | 170/4 | €2,098,630 | €1,868,632 | -€229,997 | -11.0% |
| Amounts payable within one year | 42/48 | €1,727,123 | €1,673,975 | -€53,149 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €229,997 | €229,997 | = | 0.0% |
| Trade debts | 44 | €5,253 | €64,707 | +€59,454 | +1,132% |
| Suppliers | 440/4 | €5,253 | €64,707 | +€59,454 | +1,132% |
| Taxes, remuneration and social security | 45 | €47,038 | €21,882 | -€25,156 | -53.5% |
| Taxes | 450/3 | €47,038 | €21,882 | -€25,156 | -53.5% |
| Other amounts payable | 47/48 | €1,444,834 | €1,357,387 | -€87,447 | -6.1% |
| Accrued charges and deferred income | 492/3 | €35,703 | €68,446 | +€32,743 | +91.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €453,194 | €259,439 | -€193,756 | -42.8% |
| Other operating charges | 640/8 | €52,036 | €52,360 | +€324 | +0.6% |
| Gross operating margin | 9900 | €528,663 | €539,028 | +€10,365 | +2.0% |
| Operating profit (loss) | 9901 | €23,432 | €227,229 | +€203,796 | +870% |
| Financial income | 75/76B | €11,565 | €10,031 | -€1,534 | -13.3% |
| Recurring financial income | 75 | €11,565 | €10,031 | -€1,534 | -13.3% |
| Financial charges | 65/66B | €60,848 | €92,501 | +€31,654 | +52.0% |
| Recurring financial charges | 65 | €60,848 | €92,501 | +€31,654 | +52.0% |
| Profit (loss) for the period before taxes | 9903 | -€25,851 | €144,758 | +€170,609 | |
| Income taxes | 67/77 | €0 | €32,974 | +€32,974 | |
| Profit (loss) for the period | 9904 | -€25,851 | €111,784 | +€137,635 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,851 | €111,784 | +€137,635 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.