INDUSE: 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.
INDUSE
Largest movements
- Tangible fixed assets +€44,965
up €44,965 (+67.6%), from €66,488 to €111,453
of which Leasing and similar rights: +€59,940
- Cash -€18,983
down €18,983 (-69.9%), from €27,176 to €8,193
mainly Investment in fixed assets (net) (-€73,565) and Debts after one year (-€4,385)
- Profit (loss) carried forward +€19,886
up €19,886 (+17.4%), from €114,569 to €134,455
- Current portion of long-term debt +€14,266
up €14,266 (+100%), from €14,250 to €28,516
- Financial income +€30,015
new in 2025: €30,015
- Depreciation +€20,212
up €20,212 (+241%), from €8,388 to €28,600
- Gross operating margin -€2,021
down €2,021 (-8.0%), from €25,369 to €23,348
- Taxes -€1,326
down €1,326 (-80.8%), from €1,642 to €316
- Other operating charges +€1,141
up €1,141 (+118%), from €970 to €2,111
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 | €430,774 | €459,656 | +€28,882 | +6.7% |
| Fixed assets | 21/28 | €391,488 | €436,453 | +€44,965 | +11.5% |
| Tangible fixed assets | 22/27 | €66,488 | €111,453 | +€44,965 | +67.6% |
| Furniture and vehicles | 24 | €66,488 | €51,513 | -€14,975 | -22.5% |
| Leasing and similar rights | 25 | - | €59,940 | +€59,940 | |
| Financial fixed assets | 28 | €325,000 | €325,000 | = | 0.0% |
| Current assets | 29/58 | €39,286 | €23,203 | -€16,083 | -40.9% |
| Amounts receivable within one year | 40/41 | €12,110 | €13,363 | +€1,253 | +10.3% |
| Trade receivables | 40 | €12,110 | €13,363 | +€1,253 | +10.3% |
| Cash at bank and in hand | 54/58 | €27,176 | €8,193 | -€18,983 | -69.9% |
| Deferred charges and accrued income | 490/1 | - | €1,647 | +€1,647 | |
| Total equity and liabilities | 10/49 | €430,774 | €459,656 | +€28,882 | +6.7% |
| Equity | 10/15 | €149,494 | €169,380 | +€19,886 | +13.3% |
| Contributions | 10/11 | €31,750 | €31,750 | = | 0.0% |
| Reserves | 13 | €3,175 | €3,175 | = | 0.0% |
| Distributable reserves | 133 | €3,175 | €3,175 | = | 0.0% |
| Profit (loss) carried forward | 14 | €114,569 | €134,455 | +€19,886 | +17.4% |
| Amounts payable | 17/49 | €281,280 | €290,276 | +€8,996 | +3.2% |
| Amounts payable after more than one year | 17 | €251,046 | €246,661 | -€4,385 | -1.7% |
| Financial debts | 170/4 | €32,063 | €63,266 | +€31,203 | +97.3% |
| Other amounts payable | 178/9 | €218,984 | €183,395 | -€35,589 | -16.3% |
| Amounts payable within one year | 42/48 | €30,234 | €43,616 | +€13,382 | +44.3% |
| Current portion of amounts payable after more than one year | 42 | €14,250 | €28,516 | +€14,266 | +100% |
| Trade debts | 44 | €8,056 | €9,323 | +€1,268 | +15.7% |
| Suppliers | 440/4 | €8,056 | €9,323 | +€1,268 | +15.7% |
| Taxes, remuneration and social security | 45 | €7,928 | €5,724 | -€2,204 | -27.8% |
| Taxes | 450/3 | €7,928 | €5,724 | -€2,204 | -27.8% |
| Other amounts payable | 47/48 | - | €52 | +€52 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,388 | €28,600 | +€20,212 | +241% |
| Other operating charges | 640/8 | €970 | €2,111 | +€1,141 | +118% |
| Gross operating margin | 9900 | €25,369 | €23,348 | -€2,021 | -8.0% |
| Operating profit (loss) | 9901 | €16,012 | -€7,363 | -€23,375 | |
| Financial income | 75/76B | - | €30,015 | +€30,015 | |
| Recurring financial income | 75 | - | €30,015 | +€30,015 | |
| Financial charges | 65/66B | €1,813 | €2,451 | +€637 | +35.1% |
| Recurring financial charges | 65 | €1,813 | €2,451 | +€637 | +35.1% |
| Profit (loss) for the period before taxes | 9903 | €14,199 | €20,201 | +€6,003 | +42.3% |
| Income taxes | 67/77 | €1,642 | €316 | -€1,326 | -80.8% |
| Profit (loss) for the period | 9904 | €12,557 | €19,886 | +€7,329 | +58.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,557 | €19,886 | +€7,329 | +58.4% |
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 13 October 2026 via checked.be.