INDUMAT: 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.
INDUMAT
Largest movements
- Receivables within one year -€103,830
down €103,830 (-64.0%), from €162,245 to €58,415
of which Trade receivables: -€103,918
- Stocks and contracts +€90,429
up €90,429 (+30.9%), from €292,824 to €383,253
- Cash +€7,681
up €7,681 (+16.8%), from €45,630 to €53,311
mainly Receivables within one year (+€103,830) and Net result for the year (+€32,160)
- Intangible fixed assets -€6,676
down €6,676 (-88.0%), from €7,589 to €913
- Trade debts -€56,343
down €56,343 (-66.5%), from €84,728 to €28,385
- Reserves +€32,160
up €32,160 (+36.6%), from €87,915 to €120,076
of which Distributable reserves: +€32,160
- Short-term financial debts +€20,000
up €20,000 (+10.0%), from €200,000 to €220,000
- Accrued charges and deferred income -€10,840
down €10,840 (-100.0%), from €10,840 to €0
- Financial charges -€14,871
down €14,871 (-31.4%), from €47,314 to €32,443
- Taxes +€11,836
up €11,836 (+149.7%), from €7,907 to €19,743
- Financial income +€9,035
up €9,035 (+457.6%), from €1,974 to €11,010
- Gross operating margin -€6,285
down €6,285 (-2.7%), from €228,828 to €222,543
- Staff costs -€6,255
down €6,255 (-4.3%), from €144,189 to €137,934
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 | €540,597 | €520,564 | -€20,032 | -3.7% |
| Fixed assets | 21/28 | €30,659 | €19,875 | -€10,785 | -35.2% |
| Intangible fixed assets | 21 | €7,589 | €913 | -€6,676 | -88.0% |
| Tangible fixed assets | 22/27 | €22,734 | €18,626 | -€4,108 | -18.1% |
| Plant, machinery and equipment | 23 | €1,313 | €875 | -€438 | -33.3% |
| Furniture and vehicles | 24 | €1,545 | €1,008 | -€536 | -34.7% |
| Other tangible fixed assets | 26 | €19,876 | €16,742 | -€3,134 | -15.8% |
| Financial fixed assets | 28 | €336 | €336 | = | 0.0% |
| Current assets | 29/58 | €509,937 | €500,690 | -€9,248 | -1.8% |
| Stocks and contracts in progress | 3 | €292,824 | €383,253 | +€90,429 | +30.9% |
| Stocks | 30/36 | €292,824 | €383,253 | +€90,429 | +30.9% |
| Amounts receivable within one year | 40/41 | €162,245 | €58,415 | -€103,830 | -64.0% |
| Trade receivables | 40 | €160,287 | €56,369 | -€103,918 | -64.8% |
| Other amounts receivable | 41 | €1,958 | €2,046 | +€88 | +4.5% |
| Cash at bank and in hand | 54/58 | €45,630 | €53,311 | +€7,681 | +16.8% |
| Deferred charges and accrued income | 490/1 | €9,239 | €5,711 | -€3,528 | -38.2% |
| Total equity and liabilities | 10/49 | €540,597 | €520,564 | -€20,032 | -3.7% |
| Equity | 10/15 | €212,915 | €245,076 | +€32,160 | +15.1% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €87,915 | €120,076 | +€32,160 | +36.6% |
| Non-distributable reserves | 130/1 | €4,312 | €4,312 | = | 0.0% |
| Legal reserve | 130 | €4,312 | €4,312 | = | 0.0% |
| Tax-exempt reserves | 132 | €125 | €125 | = | 0.0% |
| Distributable reserves | 133 | €83,479 | €115,639 | +€32,160 | +38.5% |
| Amounts payable | 17/49 | €327,681 | €275,489 | -€52,193 | -15.9% |
| Amounts payable after more than one year | 17 | €4,137 | €0 | -€4,137 | -100.0% |
| Financial debts | 170/4 | €4,137 | €0 | -€4,137 | -100.0% |
| Amounts payable within one year | 42/48 | €312,705 | €275,489 | -€37,216 | -11.9% |
| Current portion of amounts payable after more than one year | 42 | €4,758 | €4,137 | -€621 | -13.1% |
| Financial debts | 43 | €200,000 | €220,000 | +€20,000 | +10.0% |
| Credit institutions | 430/8 | €200,000 | €220,000 | +€20,000 | +10.0% |
| Trade debts | 44 | €84,728 | €28,385 | -€56,343 | -66.5% |
| Suppliers | 440/4 | €84,728 | €28,385 | -€56,343 | -66.5% |
| Taxes, remuneration and social security | 45 | €23,219 | €22,967 | -€252 | -1.1% |
| Taxes | 450/3 | €11,241 | €10,192 | -€1,049 | -9.3% |
| Remuneration and social security | 454/9 | €11,977 | €12,775 | +€797 | +6.7% |
| Accrued charges and deferred income | 492/3 | €10,840 | €0 | -€10,840 | -100.0% |
| Remuneration, social security and pensions | 62 | €144,189 | €137,934 | -€6,255 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,070 | €10,785 | -€4,285 | -28.4% |
| Other operating charges | 640/8 | €467 | €487 | +€20 | +4.3% |
| Non-recurring operating charges | 66A | €2,340 | €0 | -€2,340 | -100.0% |
| Gross operating margin | 9900 | €228,828 | €222,543 | -€6,285 | -2.7% |
| Operating profit (loss) | 9901 | €66,762 | €73,337 | +€6,575 | +9.8% |
| Financial income | 75/76B | €1,974 | €11,010 | +€9,035 | +457.6% |
| Recurring financial income | 75 | €1,974 | €11,010 | +€9,035 | +457.6% |
| Financial charges | 65/66B | €47,314 | €32,443 | -€14,871 | -31.4% |
| Recurring financial charges | 65 | €47,314 | €32,443 | -€14,871 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €21,422 | €51,903 | +€30,481 | +142.3% |
| Income taxes | 67/77 | €7,907 | €19,743 | +€11,836 | +149.7% |
| Profit (loss) for the period | 9904 | €13,516 | €32,160 | +€18,645 | +137.9% |
| Profit (loss) for the period to be appropriated | 9905 | €13,516 | €32,160 | +€18,645 | +137.9% |
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 1 October 2026 via checked.be.