INDULEK PROJECTS: 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
INDULEK PROJECTS
NACE 41.003, General construction of other non-residential buildings
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€142,622
2023 · €93,932+€48,690
Equity
€980,607
2023 · €837,986+€142,622
Cash
€13,150
2023 · €23,196-€10,045
Balance sheet total
€3.3m
2023 · €2.5m+€742,800
Largest movements
Assets
- Receivables within one year +€1.0m
up €1.0m (+63.8%), from €1.6m to €2.7m
of which Trade receivables: +€1.0m
- Stocks and contracts -€318,253
down €318,253 (-53.1%), from €598,950 to €280,697
of which Contracts in progress: -€300,000
Equity and liabilities
- Trade debts +€582,884
up €582,884 (+61.6%), from €946,381 to €1.5m
- Reserves +€142,622
up €142,622 (+22.4%), from €637,986 to €780,607
of which Distributable reserves: +€205,772
Income statement
- Staff costs -€114,636
down €114,636 (-12.6%), from €906,963 to €792,328
- Gross operating margin -€39,770
down €39,770 (-3.7%), from €1.1m to €1.0m
- Financial charges +€18,916
up €18,916 (+50.0%), from €37,817 to €56,733
of which Financial charges: +€18,216
- Taxes +€18,725
up €18,725 (+40.3%), from €46,477 to €65,202
From the 2023 result to the 2024 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 2023
€93,932
Gross operating margin
-€39,770
Staff costs
+€114,636
Depreciation
+€2,628
Other operating charges
+€1,498
Financial income
+€7,340
Financial charges
-€18,916
Taxes
-€18,725
Result 2024
€142,622
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€10,722
Investment
-€23,847
Financing
+€3,079
Cash 2023
€23,196
From operations (derived)
+€10,722
Net result for the year
+€142,622
Depreciation
+€21,495
Stocks and contracts
+€318,253
Receivables within one year
-€1.0m
Deferred charges and accrued income
-€20,051
Trade debts
+€582,884
Tax, wage and social debts
+€14,215
Investment (derived)
-€23,847
Investment in fixed assets (net)
-€23,847
Financing
+€3,079
Debts after one year
-€4,242
Current portion of long-term debt
-€2,755
Short-term financial debts
+€10,076
Cash 2024
€13,150
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,544,904 | €3,287,703 | +€742,800 | +29.2% |
| Fixed assets | 21/28 | €228,835 | €231,186 | +€2,351 | +1.0% |
| Intangible fixed assets | 21 | €0 | €2,863 | +€2,863 | |
| Tangible fixed assets | 22/27 | €62,106 | €61,595 | -€511 | -0.8% |
| Plant, machinery and equipment | 23 | €24,442 | €24,155 | -€286 | -1.2% |
| Furniture and vehicles | 24 | €17,135 | €14,218 | -€2,918 | -17.0% |
| Other tangible fixed assets | 26 | €20,529 | €23,222 | +€2,693 | +13.1% |
| Financial fixed assets | 28 | €166,729 | €166,729 | = | 0.0% |
| Current assets | 29/58 | €2,316,068 | €3,056,517 | +€740,449 | +32.0% |
| Stocks and contracts in progress | 3 | €598,950 | €280,697 | -€318,253 | -53.1% |
| Stocks | 30/36 | €223,950 | €205,697 | -€18,253 | -8.2% |
| Contracts in progress | 37 | €375,000 | €75,000 | -€300,000 | -80.0% |
| Amounts receivable within one year | 40/41 | €1,642,561 | €2,691,256 | +€1.0m | +63.8% |
| Trade receivables | 40 | €1,376,304 | €2,414,248 | +€1.0m | +75.4% |
| Other amounts receivable | 41 | €266,257 | €277,008 | +€10,751 | +4.0% |
| Cash at bank and in hand | 54/58 | €23,196 | €13,150 | -€10,045 | -43.3% |
| Deferred charges and accrued income | 490/1 | €51,362 | €71,414 | +€20,051 | +39.0% |
| Total equity and liabilities | 10/49 | €2,544,904 | €3,287,703 | +€742,800 | +29.2% |
| Equity | 10/15 | €837,986 | €980,607 | +€142,622 | +17.0% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €637,986 | €780,607 | +€142,622 | +22.4% |
| Tax-exempt reserves | 132 | €63,150 | €0 | -€63,150 | -100.0% |
| Distributable reserves | 133 | €574,836 | €780,607 | +€205,772 | +35.8% |
| Amounts payable | 17/49 | €1,706,918 | €2,307,096 | +€600,178 | +35.2% |
| Amounts payable after more than one year | 17 | €4,242 | €0 | -€4,242 | -100.0% |
| Financial debts | 170/4 | €4,242 | €0 | -€4,242 | -100.0% |
| Amounts payable within one year | 42/48 | €1,702,676 | €2,307,096 | +€604,420 | +35.5% |
| Current portion of amounts payable after more than one year | 42 | €561,909 | €559,154 | -€2,755 | -0.5% |
| Financial debts | 43 | €2,287 | €12,362 | +€10,076 | +440.6% |
| Credit institutions | 430/8 | €2,287 | €12,362 | +€10,076 | +440.6% |
| Trade debts | 44 | €946,381 | €1,529,265 | +€582,884 | +61.6% |
| Suppliers | 440/4 | €946,381 | €1,529,265 | +€582,884 | +61.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €91,635 | €105,850 | +€14,215 | +15.5% |
| Taxes | 450/3 | €28,170 | €47,688 | +€19,518 | +69.3% |
| Remuneration and social security | 454/9 | €63,465 | €58,162 | -€5,303 | -8.4% |
| Other amounts payable | 47/48 | €100,465 | €100,465 | = | 0.0% |
| Non-recurring operating income | 76A | €25,224 | €0 | -€25,224 | -100.0% |
| Remuneration, social security and pensions | 62 | €906,963 | €792,328 | -€114,636 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,124 | €21,495 | -€2,628 | -10.9% |
| Other operating charges | 640/8 | €6,938 | €5,440 | -€1,498 | -21.6% |
| Operating charges capitalised as restructuring costs | 649 | €0 | - | = | |
| Gross operating margin | 9900 | €1,080,499 | €1,040,728 | -€39,770 | -3.7% |
| Operating profit (loss) | 9901 | €142,474 | €221,465 | +€78,991 | +55.4% |
| Financial income | 75/76B | €35,751 | €43,091 | +€7,340 | +20.5% |
| Recurring financial income | 75 | €17,017 | €18,892 | +€1,875 | +11.0% |
| Non-recurring financial income | 76B | €18,734 | €24,199 | +€5,465 | +29.2% |
| Financial charges | 65/66B | €37,817 | €56,733 | +€18,916 | +50.0% |
| Recurring financial charges | 65 | €36,984 | €55,201 | +€18,216 | +49.3% |
| Non-recurring financial charges | 66B | €833 | €1,532 | +€699 | +84.0% |
| Profit (loss) for the period before taxes | 9903 | €140,408 | €207,824 | +€67,415 | +48.0% |
| Income taxes | 67/77 | €46,477 | €65,202 | +€18,725 | +40.3% |
| Profit (loss) for the period | 9904 | €93,932 | €142,622 | +€48,690 | +51.8% |
| Transfer from tax-exempt reserves | 789 | €53,400 | €63,150 | +€9,750 | +18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €147,332 | €205,772 | +€58,440 | +39.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.