Indra Winters: 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.
Indra Winters
Largest movements
- Receivables within one year +€6,358
up €6,358 (+168%), from €3,776 to €10,134
of which Trade receivables: +€3,180
- Tangible fixed assets -€6,225
down €6,225 (-24.4%), from €25,484 to €19,259
- Cash -€3,233
down €3,233 (-72.0%), from €4,490 to €1,257
mainly Other debts (-€9,358) and Receivables within one year (-€6,358)
- Financial fixed assets +€893
new in 2025: €893
- Other debts -€9,358
no longer reported in 2025 (was €9,358)
- Reserves +€9,150
up €9,150 (+89.3%), from €10,250 to €19,400
- Debts after one year -€4,829
down €4,829 (-85.4%), from €5,653 to €825
- Tax, wage and social debts +€2,999
new in 2025: €2,999
- Trade debts -€358
down €358 (-100%), from €358 to €0
- Gross operating margin +€5,563
up €5,563 (+43.5%), from €12,794 to €18,357
- Taxes +€1,194
up €1,194 (+46.5%), from €2,569 to €3,763
- Depreciation +€964
up €964 (+18.3%), from €5,261 to €6,225
- Financial charges -€245
down €245 (-38.3%), from €640 to €395
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 | €33,751 | €31,562 | -€2,189 | -6.5% |
| Fixed assets | 21/28 | €25,484 | €20,152 | -€5,332 | -20.9% |
| Tangible fixed assets | 22/27 | €25,484 | €19,259 | -€6,225 | -24.4% |
| Furniture and vehicles | 24 | €25,484 | €19,259 | -€6,225 | -24.4% |
| Financial fixed assets | 28 | - | €893 | +€893 | |
| Current assets | 29/58 | €8,266 | €11,410 | +€3,144 | +38.0% |
| Amounts receivable within one year | 40/41 | €3,776 | €10,134 | +€6,358 | +168% |
| Trade receivables | 40 | €1,911 | €5,091 | +€3,180 | +166% |
| Other amounts receivable | 41 | €1,865 | €5,043 | +€3,178 | +170% |
| Cash at bank and in hand | 54/58 | €4,490 | €1,257 | -€3,233 | -72.0% |
| Deferred charges and accrued income | 490/1 | - | €19 | +€19 | |
| Total equity and liabilities | 10/49 | €33,751 | €31,562 | -€2,189 | -6.5% |
| Equity | 10/15 | €13,335 | €22,496 | +€9,161 | +68.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €10,250 | €19,400 | +€9,150 | +89.3% |
| Distributable reserves | 133 | €10,250 | €19,400 | +€9,150 | +89.3% |
| Profit (loss) carried forward | 14 | €85 | €96 | +€11 | +12.6% |
| Amounts payable | 17/49 | €20,416 | €9,066 | -€11,349 | -55.6% |
| Amounts payable after more than one year | 17 | €5,653 | €825 | -€4,829 | -85.4% |
| Financial debts | 170/4 | €5,653 | €825 | -€4,829 | -85.4% |
| Amounts payable within one year | 42/48 | €14,348 | €7,827 | -€6,521 | -45.4% |
| Current portion of amounts payable after more than one year | 42 | €4,632 | €4,829 | +€197 | +4.3% |
| Trade debts | 44 | €358 | €0 | -€358 | -100% |
| Suppliers | 440/4 | €358 | €0 | -€358 | -100% |
| Taxes, remuneration and social security | 45 | - | €2,999 | +€2,999 | |
| Remuneration and social security | 454/9 | - | €2,999 | +€2,999 | |
| Other amounts payable | 47/48 | €9,358 | - | -€9,358 | |
| Accrued charges and deferred income | 492/3 | €414 | €414 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,261 | €6,225 | +€964 | +18.3% |
| Other operating charges | 640/8 | €602 | €599 | -€2 | -0.4% |
| Gross operating margin | 9900 | €12,794 | €18,357 | +€5,563 | +43.5% |
| Operating profit (loss) | 9901 | €6,931 | €11,533 | +€4,602 | +66.4% |
| Financial income | 75/76B | €1,665 | €1,786 | +€121 | +7.3% |
| Recurring financial income | 75 | €1,665 | €1,786 | +€121 | +7.3% |
| Financial charges | 65/66B | €640 | €395 | -€245 | -38.3% |
| Recurring financial charges | 65 | €640 | €395 | -€245 | -38.3% |
| Profit (loss) for the period before taxes | 9903 | €7,955 | €12,924 | +€4,968 | +62.5% |
| Income taxes | 67/77 | €2,569 | €3,763 | +€1,194 | +46.5% |
| Profit (loss) for the period | 9904 | €5,386 | €9,161 | +€3,775 | +70.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,386 | €9,161 | +€3,775 | +70.1% |
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 29 October 2026 via checked.be.