INDULON: 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.
INDULON
Largest movements
- Tangible fixed assets +€394,149
up €394,149 (+160.4%), from €245,660 to €639,810
of which Land and buildings: +€360,848
- Cash -€345,826
down €345,826 (-76.3%), from €453,105 to €107,279
mainly Investment in fixed assets (net) (-€464,132) and Net result for the year (-€29,263)
- Debts after one year +€73,333
up €73,333 (+49.3%), from €148,750 to €222,083
of which Financial debts: +€73,333
- Reserves -€29,195
down €29,195 (-6.4%), from €456,682 to €427,487
of which Tax-exempt reserves: -€16,794
- Current portion of long-term debt +€10,000
up €10,000 (+66.7%), from €15,000 to €25,000
- Gross operating margin -€248,492
down €248,492 (-84.6%), from €293,616 to €45,124
- Depreciation +€59,809
up €59,809 (+587.9%), from €10,174 to €69,983
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 | €718,182 | €767,772 | +€49,590 | +6.9% |
| Fixed assets | 21/28 | €245,660 | €639,810 | +€394,149 | +160.4% |
| Tangible fixed assets | 22/27 | €245,660 | €639,810 | +€394,149 | +160.4% |
| Land and buildings | 22 | €245,157 | €606,006 | +€360,848 | +147.2% |
| Furniture and vehicles | 24 | €503 | €33,804 | +€33,301 | +6621.0% |
| Current assets | 29/58 | €472,521 | €127,962 | -€344,559 | -72.9% |
| Amounts receivable within one year | 40/41 | €17,763 | €18,455 | +€692 | +3.9% |
| Trade receivables | 40 | €14,639 | €14,639 | = | 0.0% |
| Other amounts receivable | 41 | €3,124 | €3,816 | +€692 | +22.1% |
| Cash at bank and in hand | 54/58 | €453,105 | €107,279 | -€345,826 | -76.3% |
| Deferred charges and accrued income | 490/1 | €1,653 | €2,228 | +€575 | +34.8% |
| Total equity and liabilities | 10/49 | €718,182 | €767,772 | +€49,590 | +6.9% |
| Equity | 10/15 | €475,350 | €446,087 | -€29,263 | -6.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €456,682 | €427,487 | -€29,195 | -6.4% |
| Tax-exempt reserves | 132 | €211,922 | €195,128 | -€16,794 | -7.9% |
| Distributable reserves | 133 | €244,760 | €232,359 | -€12,401 | -5.1% |
| Profit (loss) carried forward | 14 | €68 | €0 | -€68 | -100.0% |
| Provisions and deferred taxes | 16 | €52,981 | €48,782 | -€4,198 | -7.9% |
| Deferred taxes | 168 | €52,981 | €48,782 | -€4,198 | -7.9% |
| Amounts payable | 17/49 | €189,851 | €272,903 | +€83,051 | +43.7% |
| Amounts payable after more than one year | 17 | €148,750 | €222,083 | +€73,333 | +49.3% |
| Financial debts | 170/4 | €88,750 | €162,083 | +€73,333 | +82.6% |
| Other amounts payable | 178/9 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €37,201 | €46,920 | +€9,718 | +26.1% |
| Current portion of amounts payable after more than one year | 42 | €15,000 | €25,000 | +€10,000 | +66.7% |
| Trade debts | 44 | €889 | €2,929 | +€2,041 | +229.7% |
| Suppliers | 440/4 | €889 | €2,929 | +€2,041 | +229.7% |
| Taxes, remuneration and social security | 45 | €8,458 | €10,522 | +€2,064 | +24.4% |
| Taxes | 450/3 | €5,853 | €7,916 | +€2,063 | +35.2% |
| Remuneration and social security | 454/9 | €2,605 | €2,606 | +€1 | +0.1% |
| Other amounts payable | 47/48 | €12,855 | €8,468 | -€4,386 | -34.1% |
| Accrued charges and deferred income | 492/3 | €3,900 | €3,900 | = | 0.0% |
| Non-recurring operating income | 76A | €282,003 | €0 | -€282,003 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,174 | €69,983 | +€59,809 | +587.9% |
| Other operating charges | 640/8 | €3,306 | €2,090 | -€1,216 | -36.8% |
| Gross operating margin | 9900 | €293,616 | €45,124 | -€248,492 | -84.6% |
| Operating profit (loss) | 9901 | €280,136 | -€26,949 | -€307,084 | |
| Financial income | 75/76B | €544 | €168 | -€376 | -69.0% |
| Recurring financial income | 75 | €544 | €168 | -€376 | -69.0% |
| Financial charges | 65/66B | €6,003 | €6,445 | +€442 | +7.4% |
| Recurring financial charges | 65 | €6,003 | €6,445 | +€442 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €274,677 | -€33,225 | -€307,902 | |
| Transfer from deferred taxes | 780 | - | €4,198 | +€4,198 | |
| Transfer to deferred taxes | 680 | €52,981 | €0 | -€52,981 | -100.0% |
| Income taxes | 67/77 | €2,273 | €236 | -€2,037 | -89.6% |
| Profit (loss) for the period | 9904 | €219,423 | -€29,263 | -€248,686 | |
| Transfer from tax-exempt reserves | 789 | - | €16,794 | +€16,794 | |
| Transfer to tax-exempt reserves | 689 | €211,922 | €0 | -€211,922 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,501 | -€12,469 | -€19,971 |
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 29 September 2026 via checked.be.