INDUCAR: 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.
INDUCAR
Largest movements
- Receivables within one year -€1.9m
down €1.9m (-89.1%), from €2.1m to €232,588
of which Other amounts receivable: -€1.8m
- Tangible fixed assets -€203,880
down €203,880 (-13.7%), from €1.5m to €1.3m
of which Plant, machinery and equipment: -€200,000
- Cash -€180,533
down €180,533 (-69.1%), from €261,102 to €80,569
mainly Net result for the year (-€2.4m) and Smaller working-capital items (-€1,439)
- Reserves -€2.4m
down €2.4m (-56.5%), from €4.2m to €1.8m
of which Distributable reserves: -€2.4m
- Write-downs +€3.5m
new in 2025: €3.5m
- Gross operating margin +€957,040
up €957,040 (+239.9%), from €398,866 to €1.4m
- Taxes -€35,242
down €35,242 (-92.9%), from €37,932 to €2,689
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,655,193 | €2,315,279 | -€2.3m | -50.3% |
| Fixed assets | 21/28 | €1,492,440 | €1,288,560 | -€203,880 | -13.7% |
| Tangible fixed assets | 22/27 | €1,492,440 | €1,288,560 | -€203,880 | -13.7% |
| Land and buildings | 22 | €492,440 | €488,560 | -€3,880 | -0.8% |
| Plant, machinery and equipment | 23 | €1,000,000 | €800,000 | -€200,000 | -20.0% |
| Current assets | 29/58 | €3,162,753 | €1,026,719 | -€2.1m | -67.5% |
| Amounts receivable after more than one year | 29 | €500,000 | €500,000 | = | 0.0% |
| Other amounts receivable | 291 | €500,000 | €500,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,136,089 | €232,588 | -€1.9m | -89.1% |
| Trade receivables | 40 | €327,366 | €225,982 | -€101,384 | -31.0% |
| Other amounts receivable | 41 | €1,808,723 | €6,605 | -€1.8m | -99.6% |
| Current investments | 50/53 | €181,037 | €158,620 | -€22,417 | -12.4% |
| Cash at bank and in hand | 54/58 | €261,102 | €80,569 | -€180,533 | -69.1% |
| Deferred charges and accrued income | 490/1 | €84,524 | €54,941 | -€29,583 | -35.0% |
| Total equity and liabilities | 10/49 | €4,655,193 | €2,315,279 | -€2.3m | -50.3% |
| Equity | 10/15 | €4,614,027 | €2,261,123 | -€2.4m | -51.0% |
| Contributions | 10/11 | €450,000 | €450,000 | = | 0.0% |
| Capital | 10 | €450,000 | €450,000 | = | 0.0% |
| Issued capital | 100 | €450,000 | €450,000 | = | 0.0% |
| Reserves | 13 | €4,164,027 | €1,811,123 | -€2.4m | -56.5% |
| Non-distributable reserves | 130/1 | €45,000 | €45,000 | = | 0.0% |
| Legal reserve | 130 | €45,000 | €45,000 | = | 0.0% |
| Distributable reserves | 133 | €4,119,027 | €1,766,123 | -€2.4m | -57.1% |
| Amounts payable | 17/49 | €41,166 | €54,156 | +€12,989 | +31.6% |
| Amounts payable within one year | 42/48 | €41,166 | €54,086 | +€12,920 | +31.4% |
| Trade debts | 44 | €10,416 | €8,907 | -€1,509 | -14.5% |
| Suppliers | 440/4 | €10,416 | €8,907 | -€1,509 | -14.5% |
| Taxes, remuneration and social security | 45 | €18,871 | €33,300 | +€14,429 | +76.5% |
| Taxes | 450/3 | €18,871 | €33,300 | +€14,429 | +76.5% |
| Other amounts payable | 47/48 | €11,879 | €11,879 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €69 | +€69 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €203,880 | €203,880 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,461,487 | +€3.5m | |
| Other operating charges | 640/8 | €61,284 | €60,736 | -€548 | -0.9% |
| Gross operating margin | 9900 | €398,866 | €1,355,906 | +€957,040 | +239.9% |
| Operating profit (loss) | 9901 | €133,702 | -€2,370,197 | -€2.5m | |
| Financial income | 75/76B | €18,716 | €20,904 | +€2,188 | +11.7% |
| Recurring financial income | 75 | €18,716 | €20,904 | +€2,188 | +11.7% |
| Financial charges | 65/66B | €690 | €921 | +€231 | +33.5% |
| Recurring financial charges | 65 | €690 | €921 | +€231 | +33.5% |
| Profit (loss) for the period before taxes | 9903 | €151,727 | -€2,350,214 | -€2.5m | |
| Income taxes | 67/77 | €37,932 | €2,689 | -€35,242 | -92.9% |
| Profit (loss) for the period | 9904 | €113,795 | -€2,352,904 | -€2.5m | |
| Profit (loss) for the period to be appropriated | 9905 | €113,795 | -€2,352,904 | -€2.5m |
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 5 October 2026 via checked.be.