INDONAR: what changed
Two fiscal 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.
What changed
INDONAR
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025not consecutivefiled annual accounts (NBB)
Net result for the year
€1.2m
2024 · €220,589+€990,960
Equity
€1.8m
2024 · €1.8m+€21,549
Cash
€27,611
2024 · €24,698+€2,913
Balance sheet total
€2.8m
2024 · €2.9m-€8,278
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€63,000
down €63,000 (-11.7%), from €536,267 to €473,268
Income statement
- Financial income +€988,322
up €988,322 (+496.1%), from €199,200 to €1.2m
- Gross operating margin +€298,522
new in 2025: €298,522
- Turnover -€263,723
no longer reported in 2025 (was €263,723)
- Staff costs +€52,006
up €52,006 (+32.6%), from €159,429 to €211,435
- Services and other goods -€39,933
no longer reported in 2025 (was €39,933)
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.
Result 2024
€220,589
Turnover
-€263,723
Other operating income
-€2,867
Services and other goods
+€39,933
Staff costs
-€52,006
Depreciation
+€10,369
Other operating charges
-€6,241
Other operating items
+€298,522
Financial income
+€988,322
Financial charges
-€20,940
Taxes
-€410
Result 2025
€1.2m
Cash bridge derived
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,855,953 | €2,847,676 | -€8,278 | -0.3% |
| Fixed assets | 21/28 | €2,759,846 | €2,758,868 | -€979 | 0.0% |
| Tangible fixed assets | 22/27 | €888,581 | €887,603 | -€979 | -0.1% |
| Land and buildings | 22 | €888,581 | €887,603 | -€979 | -0.1% |
| Financial fixed assets | 28 | €1,871,265 | €1,871,265 | = | 0.0% |
| Affiliated companies | 280/1 | €1,871,265 | - | -€1.9m | |
| Participating interests | 280 | €1,871,265 | - | -€1.9m | |
| Current assets | 29/58 | €96,107 | €88,808 | -€7,299 | -7.6% |
| Amounts receivable within one year | 40/41 | €71,409 | €61,006 | -€10,404 | -14.6% |
| Trade receivables | 40 | €64,409 | €54,148 | -€10,262 | -15.9% |
| Other amounts receivable | 41 | €7,000 | €6,858 | -€142 | -2.0% |
| Cash at bank and in hand | 54/58 | €24,698 | €27,611 | +€2,913 | +11.8% |
| Deferred charges and accrued income | 490/1 | - | €192 | +€192 | |
| Total equity and liabilities | 10/49 | €2,855,953 | €2,847,676 | -€8,278 | -0.3% |
| Equity | 10/15 | €1,794,662 | €1,816,211 | +€21,549 | +1.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,775,000 | €1,775,000 | = | 0.0% |
| Distributable reserves | 133 | €1,775,000 | €1,775,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,462 | €35,011 | +€21,549 | +160.1% |
| Amounts payable | 17/49 | €1,061,291 | €1,031,465 | -€29,827 | -2.8% |
| Amounts payable after more than one year | 17 | €536,267 | €473,268 | -€63,000 | -11.7% |
| Financial debts | 170/4 | €536,267 | €473,268 | -€63,000 | -11.7% |
| Credit institutions | 173 | €133,504 | - | -€133,504 | |
| Other loans | 174 | €402,763 | - | -€402,763 | |
| Amounts payable within one year | 42/48 | €520,624 | €538,473 | +€17,849 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €74,086 | €76,491 | +€2,404 | +3.2% |
| Financial debts | 43 | €12,543 | €7,787 | -€4,756 | -37.9% |
| Credit institutions | 430/8 | €12,543 | €7,787 | -€4,756 | -37.9% |
| Trade debts | 44 | €3,827 | €7,710 | +€3,883 | +101.5% |
| Suppliers | 440/4 | €3,827 | €7,710 | +€3,883 | +101.5% |
| Taxes, remuneration and social security | 45 | €20,107 | €36,426 | +€16,319 | +81.2% |
| Taxes | 450/3 | €176 | €18,584 | +€18,408 | +10437.2% |
| Remuneration and social security | 454/9 | €19,931 | €17,842 | -€2,090 | -10.5% |
| Other amounts payable | 47/48 | €410,060 | €410,060 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,400 | €19,724 | +€15,324 | +348.3% |
| Operating income | 70/76A | €266,589 | - | -€266,589 | |
| Turnover | 70 | €263,723 | - | -€263,723 | |
| Other operating income | 74 | €2,867 | - | -€2,867 | |
| Operating charges | 60/66A | €223,830 | - | -€223,830 | |
| Services and other goods | 61 | €39,933 | - | -€39,933 | |
| Remuneration, social security and pensions | 62 | €159,429 | €211,435 | +€52,006 | +32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,938 | €8,569 | -€10,369 | -54.8% |
| Other operating charges | 640/8 | €5,530 | €11,772 | +€6,241 | +112.9% |
| Gross operating margin | 9900 | - | €298,522 | +€298,522 | |
| Operating profit (loss) | 9901 | €42,759 | €66,747 | +€23,988 | +56.1% |
| Financial income | 75/76B | €199,200 | €1,187,522 | +€988,322 | +496.1% |
| Recurring financial income | 75 | €199,200 | €1,187,522 | +€988,322 | +496.1% |
| Income from financial fixed assets | 750 | €199,200 | - | -€199,200 | |
| Other financial income | 752/9 | €0 | - | -€0 | |
| Financial charges | 65/66B | €13,690 | €34,631 | +€20,940 | +153.0% |
| Recurring financial charges | 65 | €13,690 | €34,631 | +€20,940 | +153.0% |
| Debt charges | 650 | €13,224 | - | -€13,224 | |
| Other financial charges | 652/9 | €467 | - | -€467 | |
| Profit (loss) for the period before taxes | 9903 | €228,269 | €1,219,639 | +€991,370 | +434.3% |
| Income taxes | 67/77 | €7,680 | €8,090 | +€410 | +5.3% |
| Taxes | 670/3 | €8,000 | - | -€8,000 | |
| Tax adjustments and reversals of tax provisions | 77 | €320 | - | -€320 | |
| Profit (loss) for the period | 9904 | €220,589 | €1,211,549 | +€990,960 | +449.2% |
| Profit (loss) for the period to be appropriated | 9905 | €220,589 | €1,211,549 | +€990,960 | +449.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.