INDULEC: 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.
INDULEC
Largest movements
- Stocks and contracts +€152,170
up €152,170 (+73.8%), from €206,077 to €358,247
of which Contracts in progress: +€128,774
- Cash -€90,311
down €90,311 (-13.4%), from €673,643 to €583,332
mainly Stocks and contracts (-€152,170) and Other debts (-€112,680)
- Receivables within one year +€86,802
up €86,802 (+35.4%), from €245,521 to €332,324
of which Trade receivables: +€67,291
- Reserves +€220,384
up €220,384 (+29.2%), from €754,886 to €975,270
- Other debts -€112,680
down €112,680 (-78.7%), from €143,240 to €30,561
- Trade debts +€79,344
up €79,344 (+23.4%), from €339,791 to €419,135
- Advances received -€25,589
down €25,589 (-41.3%), from €62,013 to €36,425
- Gross operating margin +€279,413
up €279,413 (+33.3%), from €838,883 to €1.1m
- Staff costs +€81,907
up €81,907 (+12.4%), from €660,619 to €742,525
- Taxes +€47,924
up €47,924 (+158.9%), from €30,154 to €78,078
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 | €1,473,026 | €1,612,957 | +€139,931 | +9.5% |
| Fixed assets | 21/28 | €319,984 | €305,107 | -€14,877 | -4.6% |
| Intangible fixed assets | 21 | €22,818 | €18,111 | -€4,708 | -20.6% |
| Tangible fixed assets | 22/27 | €296,996 | €286,827 | -€10,170 | -3.4% |
| Land and buildings | 22 | €87,546 | €70,544 | -€17,002 | -19.4% |
| Plant, machinery and equipment | 23 | €5,021 | €15,312 | +€10,291 | +204.9% |
| Furniture and vehicles | 24 | €33,799 | €32,205 | -€1,594 | -4.7% |
| Other tangible fixed assets | 26 | €170,629 | €168,765 | -€1,864 | -1.1% |
| Financial fixed assets | 28 | €170 | €170 | = | 0.0% |
| Current assets | 29/58 | €1,153,042 | €1,307,850 | +€154,808 | +13.4% |
| Stocks and contracts in progress | 3 | €206,077 | €358,247 | +€152,170 | +73.8% |
| Stocks | 30/36 | €206,077 | €229,474 | +€23,396 | +11.4% |
| Contracts in progress | 37 | €0 | €128,774 | +€128,774 | |
| Amounts receivable within one year | 40/41 | €245,521 | €332,324 | +€86,802 | +35.4% |
| Trade receivables | 40 | €170,761 | €238,052 | +€67,291 | +39.4% |
| Other amounts receivable | 41 | €74,760 | €94,272 | +€19,511 | +26.1% |
| Cash at bank and in hand | 54/58 | €673,643 | €583,332 | -€90,311 | -13.4% |
| Deferred charges and accrued income | 490/1 | €27,801 | €33,947 | +€6,146 | +22.1% |
| Total equity and liabilities | 10/49 | €1,473,026 | €1,612,957 | +€139,931 | +9.5% |
| Equity | 10/15 | €773,486 | €993,870 | +€220,384 | +28.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €754,886 | €975,270 | +€220,384 | +29.2% |
| Distributable reserves | 133 | €754,886 | €975,270 | +€220,384 | +29.2% |
| Amounts payable | 17/49 | €699,540 | €619,088 | -€80,453 | -11.5% |
| Amounts payable after more than one year | 17 | €40,170 | €29,350 | -€10,820 | -26.9% |
| Financial debts | 170/4 | €40,170 | €29,350 | -€10,820 | -26.9% |
| Amounts payable within one year | 42/48 | €654,456 | €589,737 | -€64,719 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €18,254 | €10,820 | -€7,434 | -40.7% |
| Financial debts | 43 | - | €8,119 | +€8,119 | |
| Other loans | 439 | - | €8,119 | +€8,119 | |
| Trade debts | 44 | €339,791 | €419,135 | +€79,344 | +23.4% |
| Suppliers | 440/4 | €339,791 | €419,135 | +€79,344 | +23.4% |
| Advances received on contracts in progress | 46 | €62,013 | €36,425 | -€25,589 | -41.3% |
| Taxes, remuneration and social security | 45 | €91,158 | €84,678 | -€6,480 | -7.1% |
| Taxes | 450/3 | €15,153 | €0 | -€15,153 | -100.0% |
| Remuneration and social security | 454/9 | €76,004 | €84,678 | +€8,673 | +11.4% |
| Other amounts payable | 47/48 | €143,240 | €30,561 | -€112,680 | -78.7% |
| Accrued charges and deferred income | 492/3 | €4,914 | €0 | -€4,914 | -100.0% |
| Remuneration, social security and pensions | 62 | €660,619 | €742,525 | +€81,907 | +12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,240 | €57,546 | -€1,695 | -2.9% |
| Other operating charges | 640/8 | €19,473 | €14,352 | -€5,121 | -26.3% |
| Non-recurring operating charges | 66A | €2,500 | €0 | -€2,500 | -100.0% |
| Gross operating margin | 9900 | €838,883 | €1,118,296 | +€279,413 | +33.3% |
| Operating profit (loss) | 9901 | €97,051 | €303,873 | +€206,822 | +213.1% |
| Financial income | 75/76B | €298 | €166 | -€132 | -44.3% |
| Recurring financial income | 75 | €298 | €166 | -€132 | -44.3% |
| Financial charges | 65/66B | €5,967 | €5,578 | -€389 | -6.5% |
| Recurring financial charges | 65 | €5,967 | €5,578 | -€389 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €91,383 | €298,462 | +€207,079 | +226.6% |
| Income taxes | 67/77 | €30,154 | €78,078 | +€47,924 | +158.9% |
| Profit (loss) for the period | 9904 | €61,229 | €220,384 | +€159,155 | +259.9% |
| Profit (loss) for the period to be appropriated | 9905 | €61,229 | €220,384 | +€159,155 | +259.9% |
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 3 October 2026 via checked.be.