INDÉ: what changed
What changed
INDÉ
NACE 14.299, Manufacture of wearing apparel
filed annual accounts (NBB)
Net result for the year
€35,073
2025 · €36,688-€1,615
Equity
€25,647
2025 · €106,574-€80,927
Cash
€111,394
2025 · €31,554+€79,840
Balance sheet total
€408,294
2025 · €410,605-€2,311
Largest movements
Assets
- Cash +€79,840
up €79,840 (+253%), from €31,554 to €111,394
mainly Trade debts (+€66,254) and Other debts (+€65,307)
- Receivables within one year -€40,393
down €40,393 (-14.9%), from €271,339 to €230,945
of which Trade receivables: -€23,716
- Stocks and contracts -€36,630
down €36,630 (-39.2%), from €93,548 to €56,917
of which Contracts in progress: -€38,586
- Intangible fixed assets -€5,537
down €5,537 (-66.4%), from €8,341 to €2,804
Equity and liabilities
- Profit (loss) carried forward -€80,927
down €80,927 (-94.0%), from €86,114 to €5,187
- Trade debts +€66,254
up €66,254 (+50.5%), from €131,265 to €197,520
- Other debts +€65,307
up €65,307 (+127%), from €51,531 to €116,838
- Short-term financial debts -€55,000
no longer reported in 2026 (was €55,000)
- Tax, wage and social debts +€36,070
up €36,070 (+396%), from €9,117 to €45,187
of which Taxes: +€31,487
Income statement
- Other operating charges -€24,324
down €24,324 (-98.4%), from €24,724 to €400
- Gross operating margin +€18,904
up €18,904 (+15.5%), from €122,221 to €141,125
- Financial charges +€13,764
up €13,764 (+113%), from €12,187 to €25,951
- Write-downs +€11,230
up €11,230 (+341%), from €3,292 to €14,522
- Taxes +€10,662
new in 2026: €10,662
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
€36,688
Gross operating margin
+€18,904
Staff costs
-€10,051
Depreciation
+€822
Write-downs
-€11,230
Other operating charges
+€24,324
Other operating items
+€514
Financial income
-€472
Financial charges
-€13,764
Taxes
-€10,662
Result 2026
€35,073
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€287,312
Investment
-€2,458
Financing
-€205,015
Cash 2025
€31,554
From operations (derived)
+€287,312
Net result for the year
+€35,073
Depreciation
+€7,585
Stocks and contracts
+€36,630
Receivables within one year
+€40,393
Trade debts
+€66,254
Tax, wage and social debts
+€36,070
Other debts
+€65,307
Investment (derived)
-€2,458
Investment in fixed assets (net)
-€2,458
Financing
-€205,015
Debts after one year
-€8,722
Current portion of long-term debt
-€25,293
Short-term financial debts
-€55,000
Contributions, distributions and other
-€116,000
Cash 2026
€111,394
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €410,605 | €408,294 | -€2,311 | -0.6% |
| Fixed assets | 21/28 | €14,165 | €9,038 | -€5,127 | -36.2% |
| Intangible fixed assets | 21 | €8,341 | €2,804 | -€5,537 | -66.4% |
| Tangible fixed assets | 22/27 | €3,373 | €3,783 | +€410 | +12.1% |
| Furniture and vehicles | 24 | €3,373 | €3,783 | +€410 | +12.1% |
| Financial fixed assets | 28 | €2,450 | €2,450 | = | 0.0% |
| Current assets | 29/58 | €396,440 | €399,256 | +€2,816 | +0.7% |
| Stocks and contracts in progress | 3 | €93,548 | €56,917 | -€36,630 | -39.2% |
| Stocks | 30/36 | €54,962 | €56,917 | +€1,955 | +3.6% |
| Contracts in progress | 37 | €38,586 | - | -€38,586 | |
| Amounts receivable within one year | 40/41 | €271,339 | €230,945 | -€40,393 | -14.9% |
| Trade receivables | 40 | €254,018 | €230,302 | -€23,716 | -9.3% |
| Other amounts receivable | 41 | €17,321 | €644 | -€16,677 | -96.3% |
| Cash at bank and in hand | 54/58 | €31,554 | €111,394 | +€79,840 | +253% |
| Total equity and liabilities | 10/49 | €410,605 | €408,294 | -€2,311 | -0.6% |
| Equity | 10/15 | €106,574 | €25,647 | -€80,927 | -75.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €86,114 | €5,187 | -€80,927 | -94.0% |
| Amounts payable | 17/49 | €304,030 | €382,647 | +€78,617 | +25.9% |
| Amounts payable after more than one year | 17 | €23,103 | €14,381 | -€8,722 | -37.8% |
| Financial debts | 170/4 | €23,103 | €14,381 | -€8,722 | -37.8% |
| Amounts payable within one year | 42/48 | €280,927 | €368,266 | +€87,338 | +31.1% |
| Current portion of amounts payable after more than one year | 42 | €34,015 | €8,722 | -€25,293 | -74.4% |
| Financial debts | 43 | €55,000 | - | -€55,000 | |
| Credit institutions | 430/8 | €55,000 | - | -€55,000 | |
| Trade debts | 44 | €131,265 | €197,520 | +€66,254 | +50.5% |
| Suppliers | 440/4 | €131,265 | €197,520 | +€66,254 | +50.5% |
| Taxes, remuneration and social security | 45 | €9,117 | €45,187 | +€36,070 | +396% |
| Taxes | 450/3 | €654 | €32,141 | +€31,487 | +4,816% |
| Remuneration and social security | 454/9 | €8,463 | €13,045 | +€4,583 | +54.2% |
| Other amounts payable | 47/48 | €51,531 | €116,838 | +€65,307 | +127% |
| Remuneration, social security and pensions | 62 | €41,161 | €51,212 | +€10,051 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,407 | €7,585 | -€822 | -9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,292 | €14,522 | +€11,230 | +341% |
| Other operating charges | 640/8 | €24,724 | €400 | -€24,324 | -98.4% |
| Non-recurring operating charges | 66A | €514 | - | -€514 | |
| Gross operating margin | 9900 | €122,221 | €141,125 | +€18,904 | +15.5% |
| Operating profit (loss) | 9901 | €44,124 | €67,406 | +€23,282 | +52.8% |
| Financial income | 75/76B | €4,752 | €4,280 | -€472 | -9.9% |
| Recurring financial income | 75 | €4,752 | €4,280 | -€472 | -9.9% |
| Financial charges | 65/66B | €12,187 | €25,951 | +€13,764 | +113% |
| Recurring financial charges | 65 | €12,187 | €25,951 | +€13,764 | +113% |
| Profit (loss) for the period before taxes | 9903 | €36,688 | €45,734 | +€9,047 | +24.7% |
| Income taxes | 67/77 | - | €10,662 | +€10,662 | |
| Profit (loss) for the period | 9904 | €36,688 | €35,073 | -€1,615 | -4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €36,688 | €35,073 | -€1,615 | -4.4% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.