INDU+: 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.
INDU+
Largest movements
- Intangible fixed assets -€31,730
down €31,730 (-14.9%), from €212,571 to €180,841
- Cash -€9,895
down €9,895 (-22.6%), from €43,876 to €33,981
mainly Debts after one year (-€469,912) and Investment in fixed assets (net) (-€31,552)
- Receivables within one year +€9,375
up €9,375 (+10.1%), from €93,163 to €102,538
of which Trade receivables: +€36,055
- Stocks and contracts +€9,313
up €9,313 (+3.2%), from €295,444 to €304,756
- Debts after one year -€469,912
down €469,912 (-54.9%), from €856,288 to €386,375
of which Other amounts payable: -€474,008
- Profit (loss) carried forward +€377,647
up €377,647 (+58.5%), from -€645,888 to -€268,240
- Other debts +€74,857
new in 2025: €74,857
- Tax, wage and social debts +€13,633
up €13,633 (+2,340%), from €583 to €14,216
of which Remuneration and social security: +€7,916
- Trade debts -€8,536
down €8,536 (-22.2%), from €38,468 to €29,932
- Gross operating margin +€712,761
up €712,761, from -€126,334 to €586,427
- Depreciation +€13,519
up €13,519 (+31.2%), from €43,280 to €56,799
- Financial charges -€9,380
down €9,380 (-25.3%), from €37,068 to €27,688
- Staff costs -€6,363
down €6,363 (-5.4%), from €117,016 to €110,653
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 | €757,615 | €747,695 | -€9,920 | -1.3% |
| Fixed assets | 21/28 | €317,864 | €292,617 | -€25,247 | -7.9% |
| Intangible fixed assets | 21 | €212,571 | €180,841 | -€31,730 | -14.9% |
| Tangible fixed assets | 22/27 | €105,293 | €111,776 | +€6,483 | +6.2% |
| Plant, machinery and equipment | 23 | €708 | €499 | -€210 | -29.6% |
| Furniture and vehicles | 24 | €6,618 | €4,603 | -€2,015 | -30.4% |
| Leasing and similar rights | 25 | €97,968 | €106,675 | +€8,707 | +8.9% |
| Current assets | 29/58 | €439,751 | €455,078 | +€15,327 | +3.5% |
| Stocks and contracts in progress | 3 | €295,444 | €304,756 | +€9,313 | +3.2% |
| Stocks | 30/36 | €295,444 | €304,756 | +€9,313 | +3.2% |
| Amounts receivable within one year | 40/41 | €93,163 | €102,538 | +€9,375 | +10.1% |
| Trade receivables | 40 | €63,260 | €99,314 | +€36,055 | +57.0% |
| Other amounts receivable | 41 | €29,903 | €3,224 | -€26,680 | -89.2% |
| Cash at bank and in hand | 54/58 | €43,876 | €33,981 | -€9,895 | -22.6% |
| Deferred charges and accrued income | 490/1 | €7,268 | €13,802 | +€6,534 | +89.9% |
| Total equity and liabilities | 10/49 | €757,615 | €747,695 | -€9,920 | -1.3% |
| Equity | 10/15 | -€345,888 | €31,760 | +€377,647 | |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€645,888 | -€268,240 | +€377,647 | +58.5% |
| Amounts payable | 17/49 | €1,103,502 | €715,935 | -€387,567 | -35.1% |
| Amounts payable after more than one year | 17 | €856,288 | €386,375 | -€469,912 | -54.9% |
| Financial debts | 170/4 | €64,193 | €68,289 | +€4,096 | +6.4% |
| Other amounts payable | 178/9 | €792,094 | €318,086 | -€474,008 | -59.8% |
| Amounts payable within one year | 42/48 | €247,215 | €329,560 | +€82,345 | +33.3% |
| Current portion of amounts payable after more than one year | 42 | €18,164 | €20,556 | +€2,391 | +13.2% |
| Financial debts | 43 | €190,000 | €190,000 | = | 0.0% |
| Credit institutions | 430/8 | €190,000 | €190,000 | = | 0.0% |
| Trade debts | 44 | €38,468 | €29,932 | -€8,536 | -22.2% |
| Suppliers | 440/4 | €38,468 | €29,932 | -€8,536 | -22.2% |
| Taxes, remuneration and social security | 45 | €583 | €14,216 | +€13,633 | +2,340% |
| Taxes | 450/3 | €583 | €6,300 | +€5,717 | +981% |
| Remuneration and social security | 454/9 | - | €7,916 | +€7,916 | |
| Other amounts payable | 47/48 | - | €74,857 | +€74,857 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €3,721 | €550,000 | +€546,279 | +14,680% |
| Remuneration, social security and pensions | 62 | €117,016 | €110,653 | -€6,363 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,280 | €56,799 | +€13,519 | +31.2% |
| Other operating charges | 640/8 | €6,287 | €5,751 | -€536 | -8.5% |
| Non-recurring operating charges | 66A | €23,929 | €8,870 | -€15,059 | -62.9% |
| Gross operating margin | 9900 | -€126,334 | €586,427 | +€712,761 | |
| Operating profit (loss) | 9901 | -€316,845 | €404,354 | +€721,199 | |
| Financial income | 75/76B | €3,967 | €1,694 | -€2,273 | -57.3% |
| Recurring financial income | 75 | €3,967 | €1,694 | -€2,273 | -57.3% |
| Financial charges | 65/66B | €37,068 | €27,688 | -€9,380 | -25.3% |
| Recurring financial charges | 65 | €37,068 | €27,688 | -€9,380 | -25.3% |
| Profit (loss) for the period before taxes | 9903 | -€349,945 | €378,361 | +€728,306 | |
| Income taxes | 67/77 | €831 | €714 | -€117 | -14.1% |
| Profit (loss) for the period | 9904 | -€350,776 | €377,647 | +€728,423 | |
| Profit (loss) for the period to be appropriated | 9905 | -€350,776 | €377,647 | +€728,423 |
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.