INDUBEMA: 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
INDUBEMA
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€3.2m
2024 · €1.2m-€4.4m
Equity
€5.3m
2024 · €8.5m-€3.2m
Cash
€2,612
2024 · €41,539-€38,927
Balance sheet total
€5.9m
2024 · €9.1m-€3.1m
Largest movements
Assets
- Financial fixed assets -€3.0m
down €3.0m (-33.8%), from €8.9m to €5.9m
- Receivables within one year -€110,746
down €110,746 (-75.1%), from €147,522 to €36,776
of which Trade receivables: -€110,839
Equity and liabilities
- Reserves -€3.2m
down €3.2m (-38.4%), from €8.2m to €5.1m
of which Distributable reserves: -€3.2m
Income statement
- Financial charges +€3.0m
up €3.0m (+16474.3%), from €18,197 to €3.0m
of which Non-recurring financial charges: +€3.0m
- Financial income -€1.2m
down €1.2m (-100.0%), from €1.2m to €25
- Write-downs +€171,158
new in 2025: €171,158
- Turnover -€42,480
down €42,480 (-12.8%), from €331,200 to €288,720
- Services and other goods -€11,675
down €11,675 (-18.2%), from €64,160 to €52,485
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
€1.2m
Turnover
-€42,480
Other operating income
-€94
Services and other goods
+€11,675
Staff costs
+€10,114
Write-downs
-€171,158
Other operating charges
-€33
Other operating items
+€23,721
Financial income
-€1.2m
Financial charges
-€3.0m
Taxes
+€3,921
Result 2025
-€3.2m
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.
From operations
-€3.0m
Investment
+€3.0m
Financing
€0
Cash 2024
€41,539
From operations (derived)
-€3.0m
Net result for the year
-€3.2m
Receivables within one year
+€110,746
Smaller working-capital items
+€6,599
Trade debts
+€13,711
Tax, wage and social debts
-€32,044
Accrued charges and deferred income
+€17,569
Investment (derived)
+€3.0m
Investment in fixed assets (net)
+€3.0m
Current investments
-€12
Cash 2025
€2,612
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,056,581 | €5,909,431 | -€3.1m | -34.7% |
| Fixed assets | 21/28 | €8,865,299 | €5,867,803 | -€3.0m | -33.8% |
| Financial fixed assets | 28 | €8,865,299 | €5,867,803 | -€3.0m | -33.8% |
| Affiliated companies | 280/1 | €8,865,299 | €5,867,803 | -€3.0m | -33.8% |
| Participating interests | 280 | €8,865,299 | €5,867,803 | -€3.0m | -33.8% |
| Current assets | 29/58 | €191,282 | €41,627 | -€149,655 | -78.2% |
| Amounts receivable within one year | 40/41 | €147,522 | €36,776 | -€110,746 | -75.1% |
| Trade receivables | 40 | €147,522 | €36,684 | -€110,839 | -75.1% |
| Other amounts receivable | 41 | - | €93 | +€93 | |
| Current investments | 50/53 | €2,221 | €2,233 | +€12 | +0.5% |
| Other investments | 51/53 | €2,221 | €2,233 | +€12 | +0.5% |
| Cash at bank and in hand | 54/58 | €41,539 | €2,612 | -€38,927 | -93.7% |
| Deferred charges and accrued income | 490/1 | - | €6 | +€6 | |
| Total equity and liabilities | 10/49 | €9,056,581 | €5,909,431 | -€3.1m | -34.7% |
| Equity | 10/15 | €8,471,443 | €5,318,451 | -€3.2m | -37.2% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €8,221,443 | €5,068,451 | -€3.2m | -38.4% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €64,273 | €64,273 | = | 0.0% |
| Distributable reserves | 133 | €8,132,171 | €4,979,178 | -€3.2m | -38.8% |
| Amounts payable | 17/49 | €585,138 | €590,980 | +€5,842 | +1.0% |
| Amounts payable after more than one year | 17 | €500,000 | €500,000 | = | 0.0% |
| Financial debts | 170/4 | €500,000 | €500,000 | = | 0.0% |
| Other loans | 174 | €500,000 | €500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €73,471 | €61,744 | -€11,727 | -16.0% |
| Trade debts | 44 | €10,485 | €24,197 | +€13,711 | +130.8% |
| Suppliers | 440/4 | €10,485 | €24,197 | +€13,711 | +130.8% |
| Taxes, remuneration and social security | 45 | €62,986 | €30,942 | -€32,044 | -50.9% |
| Taxes | 450/3 | €29,030 | €11,352 | -€17,678 | -60.9% |
| Remuneration and social security | 454/9 | €33,956 | €19,590 | -€14,366 | -42.3% |
| Other amounts payable | 47/48 | - | €6,605 | +€6,605 | |
| Accrued charges and deferred income | 492/3 | €11,667 | €29,236 | +€17,569 | +150.6% |
| Operating income | 70/76A | €331,741 | €312,888 | -€18,853 | -5.7% |
| Turnover | 70 | €331,200 | €288,720 | -€42,480 | -12.8% |
| Other operating income | 74 | €541 | €447 | -€94 | -17.4% |
| Non-recurring operating income | 76A | - | €23,721 | +€23,721 | |
| Operating charges | 60/66A | €300,501 | €449,904 | +€149,402 | +49.7% |
| Services and other goods | 61 | €64,160 | €52,485 | -€11,675 | -18.2% |
| Remuneration, social security and pensions | 62 | €235,206 | €225,092 | -€10,114 | -4.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €171,158 | +€171,158 | |
| Other operating charges | 640/8 | €1,136 | €1,168 | +€33 | +2.9% |
| Operating profit (loss) | 9901 | €31,240 | -€137,016 | -€168,255 | |
| Financial income | 75/76B | €1,234,627 | €25 | -€1.2m | -100.0% |
| Recurring financial income | 75 | €1,234,627 | €25 | -€1.2m | -100.0% |
| Income from financial fixed assets | 750 | €1,234,343 | - | -€1.2m | |
| Income from current assets | 751 | €283 | €25 | -€258 | -91.1% |
| Financial charges | 65/66B | €18,197 | €3,016,002 | +€3.0m | +16474.3% |
| Recurring financial charges | 65 | €18,197 | €18,506 | +€309 | +1.7% |
| Debt charges | 650 | €17,500 | €17,520 | +€20 | +0.1% |
| Other financial charges | 652/9 | €697 | €986 | +€289 | +41.5% |
| Non-recurring financial charges | 66B | - | €2,997,495 | +€3.0m | |
| Profit (loss) for the period before taxes | 9903 | €1,247,670 | -€3,152,992 | -€4.4m | |
| Income taxes | 67/77 | €3,921 | - | -€3,921 | |
| Taxes | 670/3 | €3,921 | - | -€3,921 | |
| Profit (loss) for the period | 9904 | €1,243,749 | -€3,152,992 | -€4.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,243,749 | -€3,152,992 | -€4.4m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 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.