INDUMMO: what changed
Two financial 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.
INDUMMO
Largest movements
- Tangible fixed assets +€2.7m
up €2.7m (+32.7%), from €8.1m to €10.8m
of which Land and buildings: +€1.7m
- Cash -€689,563
down €689,563 (-85.5%), from €806,496 to €116,933
mainly Investment in fixed assets (net) (-€2.9m) and Debts after one year (-€253,948)
- Other debts +€2.3m
up €2.3m (+212%), from €1.1m to €3.4m
- Profit (loss) carried forward +€314,837
up €314,837 (+6.4%), from €4.9m to €5.2m
- Debts after one year -€253,948
down €253,948 (-31.4%), from €807,695 to €553,747
- Trade debts -€211,260
down €211,260 (-76.5%), from €276,226 to €64,966
- Gross operating margin +€93,422
up €93,422 (+13.8%), from €674,579 to €768,001
- Depreciation +€67,260
up €67,260 (+32.4%), from €207,755 to €275,015
- Taxes +€42,151
up €42,151, from -€20,146 to €22,005
- Other operating charges -€28,116
down €28,116 (-15.6%), from €180,168 to €152,052
- Financial charges -€16,705
down €16,705 (-52.9%), from €31,602 to €14,897
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.
Derived cash bridge
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 | €9,203,801 | €11,281,547 | +€2.1m | +22.6% |
| Fixed assets | 21/28 | €8,103,276 | €10,753,380 | +€2.7m | +32.7% |
| Tangible fixed assets | 22/27 | €8,102,176 | €10,752,280 | +€2.7m | +32.7% |
| Land and buildings | 22 | €5,804,087 | €7,522,647 | +€1.7m | +29.6% |
| Plant, machinery and equipment | 23 | €151,031 | €122,412 | -€28,619 | -18.9% |
| Furniture and vehicles | 24 | €9,382 | €7,258 | -€2,125 | -22.6% |
| Assets under construction and advance payments | 27 | €2,137,676 | €3,099,964 | +€962,288 | +45.0% |
| Financial fixed assets | 28 | €1,100 | €1,100 | = | 0.0% |
| Current assets | 29/58 | €1,100,525 | €528,167 | -€572,359 | -52.0% |
| Amounts receivable within one year | 40/41 | €285,618 | €382,802 | +€97,183 | +34.0% |
| Trade receivables | 40 | €56,671 | €204,813 | +€148,143 | +261% |
| Other amounts receivable | 41 | €228,948 | €177,988 | -€50,959 | -22.3% |
| Cash at bank and in hand | 54/58 | €806,496 | €116,933 | -€689,563 | -85.5% |
| Deferred charges and accrued income | 490/1 | €8,411 | €28,432 | +€20,021 | +238% |
| Total equity and liabilities | 10/49 | €9,203,801 | €11,281,547 | +€2.1m | +22.6% |
| Equity | 10/15 | €6,645,771 | €6,960,608 | +€314,837 | +4.7% |
| Contributions | 10/11 | €1,562,000 | €1,562,000 | = | 0.0% |
| Capital | 10 | €1,562,000 | €1,562,000 | = | 0.0% |
| Issued capital | 100 | €1,562,000 | €1,562,000 | = | 0.0% |
| Reserves | 13 | €156,200 | €156,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €156,200 | €156,200 | = | 0.0% |
| Legal reserve | 130 | €156,200 | €156,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,927,571 | €5,242,408 | +€314,837 | +6.4% |
| Amounts payable | 17/49 | €2,558,030 | €4,320,939 | +€1.8m | +68.9% |
| Amounts payable after more than one year | 17 | €807,695 | €553,747 | -€253,948 | -31.4% |
| Financial debts | 170/4 | €807,695 | €553,747 | -€253,948 | -31.4% |
| Amounts payable within one year | 42/48 | €1,741,421 | €3,767,192 | +€2.0m | +116% |
| Current portion of amounts payable after more than one year | 42 | €354,485 | €261,686 | -€92,799 | -26.2% |
| Trade debts | 44 | €276,226 | €64,966 | -€211,260 | -76.5% |
| Suppliers | 440/4 | €276,226 | €64,966 | -€211,260 | -76.5% |
| Advances received on contracts in progress | 46 | - | €213 | +€213 | |
| Taxes, remuneration and social security | 45 | €9,372 | - | -€9,372 | |
| Taxes | 450/3 | €9,372 | - | -€9,372 | |
| Other amounts payable | 47/48 | €1,101,337 | €3,440,327 | +€2.3m | +212% |
| Accrued charges and deferred income | 492/3 | €8,915 | - | -€8,915 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €207,755 | €275,015 | +€67,260 | +32.4% |
| Other operating charges | 640/8 | €180,168 | €152,052 | -€28,116 | -15.6% |
| Gross operating margin | 9900 | €674,579 | €768,001 | +€93,422 | +13.8% |
| Operating profit (loss) | 9901 | €286,656 | €340,934 | +€54,278 | +18.9% |
| Financial income | 75/76B | €4,562 | €10,805 | +€6,243 | +137% |
| Recurring financial income | 75 | €4,562 | €10,805 | +€6,243 | +137% |
| Financial charges | 65/66B | €31,602 | €14,897 | -€16,705 | -52.9% |
| Recurring financial charges | 65 | €31,602 | €14,897 | -€16,705 | -52.9% |
| Profit (loss) for the period before taxes | 9903 | €259,616 | €336,842 | +€77,226 | +29.7% |
| Income taxes | 67/77 | -€20,146 | €22,005 | +€42,151 | |
| Profit (loss) for the period | 9904 | €279,762 | €314,837 | +€35,075 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €279,762 | €314,837 | +€35,075 | +12.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.