INDUVEST: 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.
INDUVEST
Largest movements
- Receivables within one year +€91,907
up €91,907 (+11.0%), from €832,484 to €924,391
of which Other amounts receivable: +€96,306
- Tangible fixed assets -€75,459
down €75,459 (-6.8%), from €1.1m to €1.0m
- Current portion of long-term debt +€182,397
up €182,397 (+996%), from €18,317 to €200,713
- Debts after one year -€153,892
down €153,892 (-19.9%), from €774,519 to €620,627
of which Financial debts: -€153,892
- Other debts -€31,900
down €31,900 (-18.9%), from €169,033 to €137,133
- Profit (loss) carried forward +€28,786
up €28,786 (+19.5%), from -€147,800 to -€119,014
- Gross operating margin +€34,507
up €34,507 (+24.7%), from €139,794 to €174,301
- Depreciation +€27,056
up €27,056 (+41.5%), from €65,125 to €92,181
- Taxes +€10,945
up €10,945 (+490,810%), from €2 to €10,947
- Financial charges +€2,683
up €2,683 (+8.0%), from €33,428 to €36,112
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 | €2,095,143 | €2,122,953 | +€27,810 | +1.3% |
| Fixed assets | 21/28 | €1,102,407 | €1,026,949 | -€75,459 | -6.8% |
| Tangible fixed assets | 22/27 | €1,102,152 | €1,026,694 | -€75,459 | -6.8% |
| Land and buildings | 22 | €1,102,152 | €1,026,694 | -€75,459 | -6.8% |
| Financial fixed assets | 28 | €255 | €255 | = | 0.0% |
| Current assets | 29/58 | €992,736 | €1,096,005 | +€103,269 | +10.4% |
| Amounts receivable within one year | 40/41 | €832,484 | €924,391 | +€91,907 | +11.0% |
| Trade receivables | 40 | €4,399 | - | -€4,399 | |
| Other amounts receivable | 41 | €828,085 | €924,391 | +€96,306 | +11.6% |
| Cash at bank and in hand | 54/58 | €20,252 | €11,113 | -€9,139 | -45.1% |
| Deferred charges and accrued income | 490/1 | €140,000 | €160,500 | +€20,500 | +14.6% |
| Total equity and liabilities | 10/49 | €2,095,143 | €2,122,953 | +€27,810 | +1.3% |
| Equity | 10/15 | €1,125,409 | €1,154,195 | +€28,786 | +2.6% |
| Contributions | 10/11 | €1,250,000 | €1,250,000 | = | 0.0% |
| Capital | 10 | €1,250,000 | €1,250,000 | = | 0.0% |
| Issued capital | 100 | €1,250,000 | €1,250,000 | = | 0.0% |
| Reserves | 13 | €23,209 | €23,209 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,464 | €7,464 | = | 0.0% |
| Legal reserve | 130 | €7,464 | €7,464 | = | 0.0% |
| Distributable reserves | 133 | €15,745 | €15,745 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€147,800 | -€119,014 | +€28,786 | +19.5% |
| Amounts payable | 17/49 | €969,734 | €968,758 | -€976 | -0.1% |
| Amounts payable after more than one year | 17 | €774,519 | €620,627 | -€153,892 | -19.9% |
| Financial debts | 170/4 | €503,892 | €350,000 | -€153,892 | -30.5% |
| Other amounts payable | 178/9 | €270,627 | €270,627 | = | 0.0% |
| Amounts payable within one year | 42/48 | €195,216 | €348,131 | +€152,915 | +78.3% |
| Current portion of amounts payable after more than one year | 42 | €18,317 | €200,713 | +€182,397 | +996% |
| Taxes, remuneration and social security | 45 | €7,866 | €10,285 | +€2,418 | +30.7% |
| Taxes | 450/3 | €7,866 | €10,285 | +€2,418 | +30.7% |
| Other amounts payable | 47/48 | €169,033 | €137,133 | -€31,900 | -18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,125 | €92,181 | +€27,056 | +41.5% |
| Other operating charges | 640/8 | €5,194 | €6,289 | +€1,095 | +21.1% |
| Gross operating margin | 9900 | €139,794 | €174,301 | +€34,507 | +24.7% |
| Operating profit (loss) | 9901 | €69,475 | €75,830 | +€6,356 | +9.1% |
| Financial income | 75/76B | €15 | €15 | = | 0.0% |
| Recurring financial income | 75 | €15 | €15 | = | 0.0% |
| Financial charges | 65/66B | €33,428 | €36,112 | +€2,683 | +8.0% |
| Recurring financial charges | 65 | €33,428 | €36,112 | +€2,683 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €36,061 | €39,734 | +€3,673 | +10.2% |
| Income taxes | 67/77 | €2 | €10,947 | +€10,945 | +490,810% |
| Profit (loss) for the period | 9904 | €36,059 | €28,786 | -€7,273 | -20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,059 | €28,786 | -€7,273 | -20.2% |
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.