INDUBO: 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.
INDUBO
Largest movements
- Cash +€168,407
up €168,407 (+333%), from €50,643 to €219,050
mainly Net result for the year (+€208,948) and Receivables within one year (+€143,338)
- Receivables within one year -€143,338
down €143,338 (-98.6%), from €145,401 to €2,064
of which Trade receivables: -€120,000
- Tangible fixed assets +€93,570
up €93,570 (+11.6%), from €808,024 to €901,593
of which Land and buildings: +€95,318
- Reserves +€157,432
up €157,432 (+87.9%), from €179,070 to €336,502
of which Distributable reserves: +€146,000
- Other debts +€111,214
up €111,214 (+297%), from €37,460 to €148,675
- Debts after one year -€104,958
down €104,958 (-29.4%), from €357,356 to €252,399
- Trade debts -€56,265
down €56,265 (-66.9%), from €84,110 to €27,844
- Tax, wage and social debts +€17,850
up €17,850 (+45.3%), from €39,382 to €57,232
of which Taxes: +€17,744
- Gross operating margin +€240,654
up €240,654 (+74.1%), from €324,575 to €565,229
- Staff costs +€62,737
up €62,737 (+53.8%), from €116,546 to €179,283
- Taxes +€57,928
up €57,928 (+157%), from €36,901 to €94,828
- Depreciation +€10,731
up €10,731 (+22.6%), from €47,478 to €58,209
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 | €1,066,956 | €1,186,572 | +€119,616 | +11.2% |
| Fixed assets | 21/28 | €867,518 | €961,088 | +€93,570 | +10.8% |
| Tangible fixed assets | 22/27 | €808,024 | €901,593 | +€93,570 | +11.6% |
| Land and buildings | 22 | €803,852 | €899,170 | +€95,318 | +11.9% |
| Furniture and vehicles | 24 | €1,748 | €0 | -€1,748 | -100% |
| Other tangible fixed assets | 26 | €2,423 | €2,423 | = | 0.0% |
| Financial fixed assets | 28 | €59,494 | €59,494 | = | 0.0% |
| Current assets | 29/58 | €199,438 | €225,484 | +€26,046 | +13.1% |
| Amounts receivable within one year | 40/41 | €145,401 | €2,064 | -€143,338 | -98.6% |
| Trade receivables | 40 | €120,000 | €0 | -€120,000 | -100% |
| Other amounts receivable | 41 | €25,401 | €2,064 | -€23,338 | -91.9% |
| Cash at bank and in hand | 54/58 | €50,643 | €219,050 | +€168,407 | +333% |
| Deferred charges and accrued income | 490/1 | €3,394 | €4,370 | +€977 | +28.8% |
| Total equity and liabilities | 10/49 | €1,066,956 | €1,186,572 | +€119,616 | +11.2% |
| Equity | 10/15 | €502,414 | €660,362 | +€157,948 | +31.4% |
| Contributions | 10/11 | €322,400 | €322,400 | = | 0.0% |
| Capital | 10 | €322,400 | €322,400 | = | 0.0% |
| Issued capital | 100 | €322,400 | €322,400 | = | 0.0% |
| Reserves | 13 | €179,070 | €336,502 | +€157,432 | +87.9% |
| Non-distributable reserves | 130/1 | €20,070 | €31,502 | +€11,432 | +57.0% |
| Legal reserve | 130 | €20,070 | €31,502 | +€11,432 | +57.0% |
| Distributable reserves | 133 | €159,000 | €305,000 | +€146,000 | +91.8% |
| Profit (loss) carried forward | 14 | €944 | €1,459 | +€516 | +54.7% |
| Amounts payable | 17/49 | €564,543 | €526,210 | -€38,333 | -6.8% |
| Amounts payable after more than one year | 17 | €357,356 | €252,399 | -€104,958 | -29.4% |
| Financial debts | 170/4 | €357,356 | €252,399 | -€104,958 | -29.4% |
| Amounts payable within one year | 42/48 | €207,186 | €271,390 | +€64,204 | +31.0% |
| Current portion of amounts payable after more than one year | 42 | €46,234 | €37,638 | -€8,595 | -18.6% |
| Trade debts | 44 | €84,110 | €27,844 | -€56,265 | -66.9% |
| Suppliers | 440/4 | €84,110 | €27,844 | -€56,265 | -66.9% |
| Taxes, remuneration and social security | 45 | €39,382 | €57,232 | +€17,850 | +45.3% |
| Taxes | 450/3 | €14,936 | €32,680 | +€17,744 | +119% |
| Remuneration and social security | 454/9 | €24,447 | €24,553 | +€106 | +0.4% |
| Other amounts payable | 47/48 | €37,460 | €148,675 | +€111,214 | +297% |
| Accrued charges and deferred income | 492/3 | - | €2,421 | +€2,421 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €116,546 | €179,283 | +€62,737 | +53.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,478 | €58,209 | +€10,731 | +22.6% |
| Other operating charges | 640/8 | €11,637 | €11,612 | -€25 | -0.2% |
| Gross operating margin | 9900 | €324,575 | €565,229 | +€240,654 | +74.1% |
| Operating profit (loss) | 9901 | €148,914 | €316,125 | +€167,211 | +112% |
| Financial income | 75/76B | €205 | €407 | +€202 | +98.6% |
| Recurring financial income | 75 | €205 | €407 | +€202 | +98.6% |
| Financial charges | 65/66B | €9,925 | €12,756 | +€2,830 | +28.5% |
| Recurring financial charges | 65 | €9,925 | €12,756 | +€2,830 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €139,194 | €303,777 | +€164,582 | +118% |
| Income taxes | 67/77 | €36,901 | €94,828 | +€57,928 | +157% |
| Profit (loss) for the period | 9904 | €102,294 | €208,948 | +€106,655 | +104% |
| Profit (loss) for the period to be appropriated | 9905 | €102,294 | €208,948 | +€106,655 | +104% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.