INDUMA: 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.
INDUMA
Largest movements
- Cash +€318,741
up €318,741 (+149.2%), from €213,650 to €532,391
mainly Current investments (+€275,000) and Net result for the year (+€125,784)
- Current investments -€275,000
down €275,000 (-28.9%), from €950,000 to €675,000
- Receivables after one year -€125,000
down €125,000 (-100.0%), from €125,000 to €0
- Tangible fixed assets -€70,327
down €70,327 (-5.0%), from €1.4m to €1.3m
of which Land and buildings: -€51,692
- Debts after one year -€62,500
down €62,500 (-25.0%), from €250,000 to €187,500
- Reserves -€60,560
down €60,560 (-2.3%), from €2.6m to €2.5m
- Tax, wage and social debts -€34,353
down €34,353 (-41.9%), from €81,968 to €47,615
of which Taxes: -€46,993
- Gross operating margin -€69,621
down €69,621 (-13.2%), from €528,740 to €459,119
- Staff costs +€53,537
up €53,537 (+35.2%), from €152,301 to €205,839
- Taxes -€34,988
down €34,988 (-36.0%), from €97,178 to €62,190
- Depreciation +€6,903
up €6,903 (+10.2%), from €67,456 to €74,359
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 | €3,134,012 | €2,981,899 | -€152,112 | -4.9% |
| Fixed assets | 21/28 | €1,404,830 | €1,334,503 | -€70,327 | -5.0% |
| Tangible fixed assets | 22/27 | €1,404,830 | €1,334,503 | -€70,327 | -5.0% |
| Land and buildings | 22 | €1,294,103 | €1,242,410 | -€51,692 | -4.0% |
| Plant, machinery and equipment | 23 | €3,559 | €1,497 | -€2,062 | -57.9% |
| Furniture and vehicles | 24 | €26,187 | €11,715 | -€14,472 | -55.3% |
| Other tangible fixed assets | 26 | €80,982 | €78,881 | -€2,101 | -2.6% |
| Current assets | 29/58 | €1,729,181 | €1,647,396 | -€81,785 | -4.7% |
| Amounts receivable after more than one year | 29 | €125,000 | €0 | -€125,000 | -100.0% |
| Other amounts receivable | 291 | €125,000 | €0 | -€125,000 | -100.0% |
| Stocks and contracts in progress | 3 | €324,054 | €332,747 | +€8,694 | +2.7% |
| Stocks | 30/36 | €324,054 | €332,747 | +€8,694 | +2.7% |
| Amounts receivable within one year | 40/41 | €107,479 | €93,460 | -€14,018 | -13.0% |
| Trade receivables | 40 | €94,451 | €92,705 | -€1,746 | -1.8% |
| Other amounts receivable | 41 | €13,028 | €755 | -€12,273 | -94.2% |
| Current investments | 50/53 | €950,000 | €675,000 | -€275,000 | -28.9% |
| Cash at bank and in hand | 54/58 | €213,650 | €532,391 | +€318,741 | +149.2% |
| Deferred charges and accrued income | 490/1 | €8,999 | €13,798 | +€4,799 | +53.3% |
| Total equity and liabilities | 10/49 | €3,134,012 | €2,981,899 | -€152,112 | -4.9% |
| Equity | 10/15 | €2,680,088 | €2,619,528 | -€60,560 | -2.3% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €2,605,652 | €2,545,092 | -€60,560 | -2.3% |
| Distributable reserves | 133 | €2,605,652 | €2,545,092 | -€60,560 | -2.3% |
| Profit (loss) carried forward | 14 | €34,436 | €34,436 | = | 0.0% |
| Amounts payable | 17/49 | €453,924 | €362,371 | -€91,553 | -20.2% |
| Amounts payable after more than one year | 17 | €250,000 | €187,500 | -€62,500 | -25.0% |
| Financial debts | 170/4 | €250,000 | €187,500 | -€62,500 | -25.0% |
| Amounts payable within one year | 42/48 | €202,452 | €173,799 | -€28,653 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €62,500 | €62,500 | = | 0.0% |
| Trade debts | 44 | €51,264 | €61,309 | +€10,045 | +19.6% |
| Suppliers | 440/4 | €51,264 | €61,309 | +€10,045 | +19.6% |
| Taxes, remuneration and social security | 45 | €81,968 | €47,615 | -€34,353 | -41.9% |
| Taxes | 450/3 | €65,634 | €18,641 | -€46,993 | -71.6% |
| Remuneration and social security | 454/9 | €16,334 | €28,974 | +€12,640 | +77.4% |
| Other amounts payable | 47/48 | €6,721 | €2,375 | -€4,346 | -64.7% |
| Accrued charges and deferred income | 492/3 | €1,472 | €1,072 | -€400 | -27.2% |
| Remuneration, social security and pensions | 62 | €152,301 | €205,839 | +€53,537 | +35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,456 | €74,359 | +€6,903 | +10.2% |
| Other operating charges | 640/8 | €15,029 | €15,901 | +€872 | +5.8% |
| Gross operating margin | 9900 | €528,740 | €459,119 | -€69,621 | -13.2% |
| Operating profit (loss) | 9901 | €293,953 | €163,020 | -€130,932 | -44.5% |
| Financial income | 75/76B | €27,120 | €29,072 | +€1,953 | +7.2% |
| Recurring financial income | 75 | €27,120 | €29,072 | +€1,953 | +7.2% |
| Financial charges | 65/66B | €4,367 | €4,119 | -€248 | -5.7% |
| Recurring financial charges | 65 | €4,367 | €4,119 | -€248 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €316,705 | €187,973 | -€128,732 | -40.6% |
| Income taxes | 67/77 | €97,178 | €62,190 | -€34,988 | -36.0% |
| Profit (loss) for the period | 9904 | €219,528 | €125,784 | -€93,744 | -42.7% |
| Profit (loss) for the period to be appropriated | 9905 | €219,528 | €125,784 | -€93,744 | -42.7% |
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 1 October 2026 via checked.be.