INEDMI: 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.
INEDMI
Largest movements
- Receivables within one year -€906,589
down €906,589 (-93.6%), from €968,719 to €62,129
of which Other amounts receivable: -€914,805
- Current investments +€600,000
new in 2025: €600,000
- Tangible fixed assets -€71,047
down €71,047 (-4.7%), from €1.5m to €1.4m
of which Land and buildings: -€59,224
- Deferred charges and accrued income -€37,385
no longer reported in 2025 (was €37,385)
- Debts after one year -€416,742
no longer reported in 2025 (was €416,742)
of which Other amounts payable: -€400,000
- Gross operating margin -€37,938
down €37,938 (-21.5%), from €176,839 to €138,900
- Taxes -€21,559
down €21,559 (-71.4%), from €30,177 to €8,618
- Financial income -€21,557
down €21,557 (-57.7%), from €37,385 to €15,828
- Write-downs +€15,000
new in 2025: €15,000
- Financial charges -€9,240
down €9,240 (-47.6%), from €19,413 to €10,174
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 | €2,538,880 | €2,131,980 | -€406,900 | -16.0% |
| Fixed assets | 21/28 | €1,504,780 | €1,433,733 | -€71,047 | -4.7% |
| Tangible fixed assets | 22/27 | €1,504,780 | €1,433,733 | -€71,047 | -4.7% |
| Land and buildings | 22 | €1,420,142 | €1,360,917 | -€59,224 | -4.2% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Leasing and similar rights | 25 | €84,638 | €72,815 | -€11,823 | -14.0% |
| Current assets | 29/58 | €1,034,101 | €698,248 | -€335,853 | -32.5% |
| Amounts receivable within one year | 40/41 | €968,719 | €62,129 | -€906,589 | -93.6% |
| Trade receivables | 40 | €32,532 | €40,747 | +€8,216 | +25.3% |
| Other amounts receivable | 41 | €936,187 | €21,382 | -€914,805 | -97.7% |
| Current investments | 50/53 | - | €600,000 | +€600,000 | |
| Cash at bank and in hand | 54/58 | €27,997 | €36,118 | +€8,121 | +29.0% |
| Deferred charges and accrued income | 490/1 | €37,385 | - | -€37,385 | |
| Total equity and liabilities | 10/49 | €2,538,880 | €2,131,980 | -€406,900 | -16.0% |
| Equity | 10/15 | €2,065,091 | €2,082,829 | +€17,738 | +0.9% |
| Contributions | 10/11 | €706,000 | €706,000 | = | 0.0% |
| Capital | 10 | €706,000 | €706,000 | = | 0.0% |
| Issued capital | 100 | €706,000 | €706,000 | = | 0.0% |
| Reserves | 13 | €703,114 | €720,614 | +€17,500 | +2.5% |
| Non-distributable reserves | 130/1 | €135,300 | €152,800 | +€17,500 | +12.9% |
| Legal reserve | 130 | €135,300 | €152,800 | +€17,500 | +12.9% |
| Distributable reserves | 133 | €567,814 | €567,814 | = | 0.0% |
| Profit (loss) carried forward | 14 | €655,978 | €656,215 | +€238 | 0.0% |
| Amounts payable | 17/49 | €473,789 | €49,152 | -€424,638 | -89.6% |
| Amounts payable after more than one year | 17 | €416,742 | - | -€416,742 | |
| Financial debts | 170/4 | €16,742 | - | -€16,742 | |
| Other amounts payable | 178/9 | €400,000 | - | -€400,000 | |
| Amounts payable within one year | 42/48 | €51,910 | €49,152 | -€2,759 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €22,646 | €16,742 | -€5,904 | -26.1% |
| Trade debts | 44 | €5,211 | €1,243 | -€3,968 | -76.1% |
| Suppliers | 440/4 | €5,211 | €1,243 | -€3,968 | -76.1% |
| Taxes, remuneration and social security | 45 | €5,001 | €5,883 | +€883 | +17.7% |
| Taxes | 450/3 | €5,001 | €5,883 | +€883 | +17.7% |
| Other amounts payable | 47/48 | €19,053 | €25,283 | +€6,230 | +32.7% |
| Accrued charges and deferred income | 492/3 | €5,136 | - | -€5,136 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,074 | €71,047 | -€27 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €15,000 | +€15,000 | |
| Other operating charges | 640/8 | €28,838 | €32,153 | +€3,314 | +11.5% |
| Gross operating margin | 9900 | €176,839 | €138,900 | -€37,938 | -21.5% |
| Operating profit (loss) | 9901 | €76,927 | €20,701 | -€56,226 | -73.1% |
| Financial income | 75/76B | €37,385 | €15,828 | -€21,557 | -57.7% |
| Recurring financial income | 75 | €37,385 | €15,828 | -€21,557 | -57.7% |
| Financial charges | 65/66B | €19,413 | €10,174 | -€9,240 | -47.6% |
| Recurring financial charges | 65 | €19,413 | €10,174 | -€9,240 | -47.6% |
| Profit (loss) for the period before taxes | 9903 | €94,898 | €26,355 | -€68,543 | -72.2% |
| Income taxes | 67/77 | €30,177 | €8,618 | -€21,559 | -71.4% |
| Profit (loss) for the period | 9904 | €64,722 | €17,738 | -€46,984 | -72.6% |
| Profit (loss) for the period to be appropriated | 9905 | €64,722 | €17,738 | -€46,984 | -72.6% |
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.