INDUZZ3: 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.
What changed
INDUZZ3
NACE 43.211, General electrical installation work
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €949,032+€117,923
Equity
€7.8m
2024 · €6.7m+€1.1m
Cash
€260,387
2024 · €225,577+€34,810
Balance sheet total
€10.5m
2024 · €9.7m+€850,015
Largest movements
Assets
- Stocks and contracts +€760,757
up €760,757 (+70.2%), from €1.1m to €1.8m
of which Contracts in progress: +€608,005
- Receivables within one year +€670,566
up €670,566 (+14.0%), from €4.8m to €5.5m
of which Other amounts receivable: +€1.1m
- Tangible fixed assets -€384,559
down €384,559 (-12.3%), from €3.1m to €2.7m
- Intangible fixed assets -€222,284
down €222,284 (-53.0%), from €419,047 to €196,763
Equity and liabilities
- Reserves +€1.1m
up €1.1m (+17.6%), from €6.0m to €7.1m
of which Distributable reserves: +€1.1m
- Debts after one year -€125,212
down €125,212 (-6.5%), from €1.9m to €1.8m
Income statement
- Staff costs -€148,244
down €148,244 (-7.3%), from €2.0m to €1.9m
- Depreciation -€61,327
down €61,327 (-8.3%), from €743,182 to €681,855
- Taxes +€59,413
up €59,413 (+17.9%), from €331,483 to €390,897
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.
Result 2024
€949,032
Gross operating margin
-€2,846
Staff costs
+€148,244
Depreciation
+€61,327
Write-downs
-€30,078
Other operating charges
-€979
Other operating items
+€165
Financial income
+€664
Financial charges
+€839
Taxes
-€59,413
Result 2025
€1.1m
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.
From operations
+€229,638
Investment
-€65,737
Financing
-€129,091
Cash 2024
€225,577
From operations (derived)
+€229,638
Net result for the year
+€1.1m
Depreciation
+€681,855
Stocks and contracts
-€760,757
Receivables within one year
-€670,566
Provisions
-€3,024
Trade debts
-€72,603
Tax, wage and social debts
+€46,568
Advances received
-€58,789
Investment (derived)
-€65,737
Investment in fixed assets (net)
-€65,737
Financing
-€129,091
Debts after one year
-€125,212
Current portion of long-term debt
-€3,879
Cash 2025
€260,387
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,655,136 | €10,505,151 | +€850,015 | +8.8% |
| Fixed assets | 21/28 | €3,552,001 | €2,935,883 | -€616,118 | -17.3% |
| Intangible fixed assets | 21 | €419,047 | €196,763 | -€222,284 | -53.0% |
| Tangible fixed assets | 22/27 | €3,119,954 | €2,735,395 | -€384,559 | -12.3% |
| Land and buildings | 22 | €29,776 | €22,683 | -€7,093 | -23.8% |
| Plant, machinery and equipment | 23 | €487,193 | €381,091 | -€106,101 | -21.8% |
| Furniture and vehicles | 24 | €308,261 | €184,043 | -€124,218 | -40.3% |
| Leasing and similar rights | 25 | €2,145,785 | €2,010,969 | -€134,816 | -6.3% |
| Other tangible fixed assets | 26 | €148,939 | €136,609 | -€12,330 | -8.3% |
| Financial fixed assets | 28 | €13,000 | €3,725 | -€9,275 | -71.3% |
| Current assets | 29/58 | €6,103,135 | €7,569,268 | +€1.5m | +24.0% |
| Stocks and contracts in progress | 3 | €1,084,213 | €1,844,970 | +€760,757 | +70.2% |
| Stocks | 30/36 | €918,901 | €1,071,653 | +€152,752 | +16.6% |
| Contracts in progress | 37 | €165,313 | €773,317 | +€608,005 | +367.8% |
| Amounts receivable within one year | 40/41 | €4,793,345 | €5,463,911 | +€670,566 | +14.0% |
| Trade receivables | 40 | €2,783,817 | €2,339,996 | -€443,822 | -15.9% |
| Other amounts receivable | 41 | €2,009,528 | €3,123,915 | +€1.1m | +55.5% |
| Cash at bank and in hand | 54/58 | €225,577 | €260,387 | +€34,810 | +15.4% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €9,655,136 | €10,505,151 | +€850,015 | +8.8% |
| Equity | 10/15 | €6,685,106 | €7,752,060 | +€1.1m | +16.0% |
| Contributions | 10/11 | €636,039 | €636,039 | = | 0.0% |
| Capital | 10 | €636,039 | €636,039 | = | 0.0% |
| Issued capital | 100 | €636,039 | €636,039 | = | 0.0% |
| Reserves | 13 | €6,049,066 | €7,116,021 | +€1.1m | +17.6% |
| Non-distributable reserves | 130/1 | €63,604 | €63,604 | = | 0.0% |
| Legal reserve | 130 | €63,604 | €63,604 | = | 0.0% |
| Tax-exempt reserves | 132 | €136,696 | €127,623 | -€9,073 | -6.6% |
| Distributable reserves | 133 | €5,848,767 | €6,924,794 | +€1.1m | +18.4% |
| Provisions and deferred taxes | 16 | €39,315 | €36,291 | -€3,024 | -7.7% |
| Deferred taxes | 168 | €39,315 | €36,291 | -€3,024 | -7.7% |
| Amounts payable | 17/49 | €2,930,715 | €2,716,800 | -€213,915 | -7.3% |
| Amounts payable after more than one year | 17 | €1,940,456 | €1,815,244 | -€125,212 | -6.5% |
| Financial debts | 170/4 | €1,940,456 | €1,815,244 | -€125,212 | -6.5% |
| Amounts payable within one year | 42/48 | €990,259 | €901,555 | -€88,703 | -9.0% |
| Current portion of amounts payable after more than one year | 42 | €129,091 | €125,212 | -€3,879 | -3.0% |
| Trade debts | 44 | €369,152 | €296,549 | -€72,603 | -19.7% |
| Suppliers | 440/4 | €369,152 | €296,549 | -€72,603 | -19.7% |
| Advances received on contracts in progress | 46 | €128,769 | €69,980 | -€58,789 | -45.7% |
| Taxes, remuneration and social security | 45 | €363,246 | €409,814 | +€46,568 | +12.8% |
| Taxes | 450/3 | €114,387 | €177,589 | +€63,202 | +55.3% |
| Remuneration and social security | 454/9 | €248,860 | €232,225 | -€16,634 | -6.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €18,143 | €34,763 | +€16,620 | +91.6% |
| Remuneration, social security and pensions | 62 | €2,039,343 | €1,891,099 | -€148,244 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €743,182 | €681,855 | -€61,327 | -8.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €27,461 | €57,538 | +€30,078 | +109.5% |
| Other operating charges | 640/8 | €40,756 | €41,735 | +€979 | +2.4% |
| Non-recurring operating charges | 66A | €165 | €0 | -€165 | -100.0% |
| Gross operating margin | 9900 | €4,110,241 | €4,107,395 | -€2,846 | -0.1% |
| Operating profit (loss) | 9901 | €1,259,334 | €1,435,167 | +€175,833 | +14.0% |
| Financial income | 75/76B | €87,054 | €87,718 | +€664 | +0.8% |
| Recurring financial income | 75 | €87,054 | €87,718 | +€664 | +0.8% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €68,897 | €68,058 | -€839 | -1.2% |
| Recurring financial charges | 65 | €68,897 | €68,058 | -€839 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €1,277,491 | €1,454,827 | +€177,336 | +13.9% |
| Transfer from deferred taxes | 780 | €3,024 | €3,024 | = | 0.0% |
| Income taxes | 67/77 | €331,483 | €390,897 | +€59,413 | +17.9% |
| Profit (loss) for the period | 9904 | €949,032 | €1,066,955 | +€117,923 | +12.4% |
| Transfer from tax-exempt reserves | 789 | €9,073 | €9,073 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €958,105 | €1,076,028 | +€117,923 | +12.3% |
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.