INDUCAM: what changed
What changed
INDUCAM
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€236,347
2024 · €897,201-€660,854
Equity
€25.0m
2024 · €24.8m+€236,347
Cash
€2.2m
2024 · €1.8m+€427,706
Balance sheet total
€25.4m
2024 · €25.4m+€81,210
Largest movements
Assets
- Current investments -€3.0m
down €3.0m (-31.8%), from €9.4m to €6.4m
- Receivables within one year +€2.7m
up €2.7m (+26.9%), from €10.1m to €12.8m
of which Other amounts receivable: +€2.7m
- Cash +€427,706
up €427,706 (+23.8%), from €1.8m to €2.2m
mainly Current investments (+€3.0m) and Net result for the year (+€236,347)
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial income -€1.1m
down €1.1m (-47.9%), from €2.4m to €1.2m
- Write-downs -€362,820
down €362,820, from €294,643 to -€68,177
- Taxes -€338,666
down €338,666 (-91.8%), from €368,883 to €30,217
- Financial charges +€264,780
up €264,780 (+65.1%), from €406,723 to €671,503
- Gross operating margin +€35,590
up €35,590 (+13.6%), from -€262,206 to -€226,616
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€897,201
Gross operating margin
+€35,590
Staff costs
-€2,060
Depreciation
-€46
Write-downs
+€362,820
Other operating charges
-€1,198
Financial income
-€1.1m
Financial charges
-€264,780
Taxes
+€338,666
Result 2025
€236,347
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€2.6m
Investment
+€3.0m
Financing
€0
Cash 2024
€1.8m
From operations (derived)
-€2.6m
Net result for the year
+€236,347
Depreciation
+€37,823
Receivables after one year
+€22,081
Receivables within one year
-€2.7m
Smaller working-capital items
-€5,533
Trade debts
-€128,162
Accrued charges and deferred income
-€21,994
Investment (derived)
+€3.0m
Investment in fixed assets (net)
+€18,990
Current investments
+€3.0m
Cash 2025
€2.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,357,200 | €25,438,410 | +€81,210 | +0.3% |
| Fixed assets | 21/28 | €3,058,884 | €3,002,071 | -€56,813 | -1.9% |
| Tangible fixed assets | 22/27 | €591,698 | €553,875 | -€37,823 | -6.4% |
| Plant, machinery and equipment | 23 | €1,795 | €1,157 | -€638 | -35.5% |
| Furniture and vehicles | 24 | €235,010 | €197,824 | -€37,186 | -15.8% |
| Other tangible fixed assets | 26 | €354,894 | €354,894 | = | 0.0% |
| Financial fixed assets | 28 | €2,467,186 | €2,448,196 | -€18,990 | -0.8% |
| Current assets | 29/58 | €22,298,316 | €22,436,339 | +€138,023 | +0.6% |
| Amounts receivable after more than one year | 29 | €1,064,853 | €1,042,771 | -€22,081 | -2.1% |
| Other amounts receivable | 291 | €1,064,853 | €1,042,771 | -€22,081 | -2.1% |
| Amounts receivable within one year | 40/41 | €10,069,064 | €12,775,057 | +€2.7m | +26.9% |
| Trade receivables | 40 | €9,130 | €25,570 | +€16,440 | +180% |
| Other amounts receivable | 41 | €10,059,934 | €12,749,487 | +€2.7m | +26.7% |
| Current investments | 50/53 | €9,359,327 | €6,385,180 | -€3.0m | -31.8% |
| Cash at bank and in hand | 54/58 | €1,796,864 | €2,224,570 | +€427,706 | +23.8% |
| Deferred charges and accrued income | 490/1 | €8,208 | €8,760 | +€552 | +6.7% |
| Total equity and liabilities | 10/49 | €25,357,200 | €25,438,410 | +€81,210 | +0.3% |
| Equity | 10/15 | €24,790,838 | €25,027,185 | +€236,347 | +1.0% |
| Contributions | 10/11 | €241,900 | €241,900 | = | 0.0% |
| Capital | 10 | €241,900 | €241,900 | = | 0.0% |
| Issued capital | 100 | €241,900 | €241,900 | = | 0.0% |
| Reserves | 13 | €24,548,937 | €24,785,285 | +€236,347 | +1.0% |
| Non-distributable reserves | 130/1 | €24,190 | €24,190 | = | 0.0% |
| Legal reserve | 130 | €24,190 | €24,190 | = | 0.0% |
| Tax-exempt reserves | 132 | €167,980 | €167,980 | = | 0.0% |
| Distributable reserves | 133 | €24,356,768 | €24,593,115 | +€236,347 | +1.0% |
| Amounts payable | 17/49 | €566,362 | €411,224 | -€155,138 | -27.4% |
| Amounts payable within one year | 42/48 | €520,965 | €387,822 | -€133,143 | -25.6% |
| Trade debts | 44 | €167,947 | €39,785 | -€128,162 | -76.3% |
| Suppliers | 440/4 | €167,947 | €39,785 | -€128,162 | -76.3% |
| Taxes, remuneration and social security | 45 | €353,018 | €348,037 | -€4,981 | -1.4% |
| Taxes | 450/3 | €336,560 | €337,442 | +€882 | +0.3% |
| Remuneration and social security | 454/9 | €16,457 | €10,594 | -€5,863 | -35.6% |
| Accrued charges and deferred income | 492/3 | €45,397 | €23,403 | -€21,994 | -48.4% |
| Remuneration, social security and pensions | 62 | €79,486 | €81,546 | +€2,060 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,777 | €37,823 | +€46 | +0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €294,643 | -€68,177 | -€362,820 | |
| Other operating charges | 640/8 | €10,057 | €11,255 | +€1,198 | +11.9% |
| Gross operating margin | 9900 | -€262,206 | -€226,616 | +€35,590 | +13.6% |
| Operating profit (loss) | 9901 | -€684,168 | -€289,063 | +€395,105 | +57.7% |
| Financial income | 75/76B | €2,356,974 | €1,227,130 | -€1.1m | -47.9% |
| Recurring financial income | 75 | €2,356,974 | €1,227,130 | -€1.1m | -47.9% |
| Financial charges | 65/66B | €406,723 | €671,503 | +€264,780 | +65.1% |
| Recurring financial charges | 65 | €406,723 | €671,503 | +€264,780 | +65.1% |
| Profit (loss) for the period before taxes | 9903 | €1,266,084 | €266,564 | -€999,520 | -78.9% |
| Income taxes | 67/77 | €368,883 | €30,217 | -€338,666 | -91.8% |
| Profit (loss) for the period | 9904 | €897,201 | €236,347 | -€660,854 | -73.7% |
| Profit (loss) for the period to be appropriated | 9905 | €897,201 | €236,347 | -€660,854 | -73.7% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.