INDULED: 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.
INDULED
Largest movements
- Cash -€56,497
down €56,497 (-85.9%), from €65,798 to €9,301
mainly Other debts (-€77,557) and Debts after one year (-€14,208)
- Tangible fixed assets -€16,328
down €16,328 (-28.1%), from €58,022 to €41,693
- Receivables within one year +€11,548
up €11,548 (+28.2%), from €40,965 to €52,513
of which Trade receivables: +€12,100
- Other debts -€77,557
down €77,557 (-89.8%), from €86,384 to €8,827
- Reserves +€25,535
up €25,535 (+4,822%), from €530 to €26,064
- Debts after one year -€14,208
down €14,208 (-37.5%), from €37,867 to €23,659
- Tax, wage and social debts +€5,814
up €5,814 (+70.8%), from €8,215 to €14,029
of which Remuneration and social security: +€4,206
- Gross operating margin +€7,858
up €7,858 (+17.8%), from €44,048 to €51,906
- Taxes +€1,883
up €1,883 (+33.5%), from €5,624 to €7,506
- Other operating charges -€1,032
down €1,032 (-55.7%), from €1,851 to €819
- Financial income -€976
down €976 (-54.2%), from €1,801 to €825
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 | €168,215 | €108,603 | -€59,612 | -35.4% |
| Fixed assets | 21/28 | €60,518 | €44,189 | -€16,328 | -27.0% |
| Tangible fixed assets | 22/27 | €58,022 | €41,693 | -€16,328 | -28.1% |
| Furniture and vehicles | 24 | €58,022 | €41,693 | -€16,328 | -28.1% |
| Financial fixed assets | 28 | €2,496 | €2,496 | = | 0.0% |
| Current assets | 29/58 | €107,697 | €64,414 | -€43,284 | -40.2% |
| Amounts receivable within one year | 40/41 | €40,965 | €52,513 | +€11,548 | +28.2% |
| Trade receivables | 40 | €12,100 | €24,200 | +€12,100 | +100% |
| Other amounts receivable | 41 | €28,865 | €28,313 | -€552 | -1.9% |
| Cash at bank and in hand | 54/58 | €65,798 | €9,301 | -€56,497 | -85.9% |
| Deferred charges and accrued income | 490/1 | €935 | €2,600 | +€1,665 | +178% |
| Total equity and liabilities | 10/49 | €168,215 | €108,603 | -€59,612 | -35.4% |
| Equity | 10/15 | €19,130 | €44,664 | +€25,535 | +133% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €530 | €26,064 | +€25,535 | +4,822% |
| Distributable reserves | 133 | €530 | €26,064 | +€25,535 | +4,822% |
| Amounts payable | 17/49 | €149,086 | €63,939 | -€85,147 | -57.1% |
| Amounts payable after more than one year | 17 | €37,867 | €23,659 | -€14,208 | -37.5% |
| Financial debts | 170/4 | €37,867 | €23,659 | -€14,208 | -37.5% |
| Amounts payable within one year | 42/48 | €111,194 | €40,254 | -€70,940 | -63.8% |
| Current portion of amounts payable after more than one year | 42 | €13,665 | €14,208 | +€543 | +4.0% |
| Trade debts | 44 | €2,931 | €3,190 | +€259 | +8.8% |
| Suppliers | 440/4 | €2,931 | €3,190 | +€259 | +8.8% |
| Taxes, remuneration and social security | 45 | €8,215 | €14,029 | +€5,814 | +70.8% |
| Taxes | 450/3 | €6,111 | €7,719 | +€1,608 | +26.3% |
| Remuneration and social security | 454/9 | €2,103 | €6,310 | +€4,206 | +200% |
| Other amounts payable | 47/48 | €86,384 | €8,827 | -€77,557 | -89.8% |
| Accrued charges and deferred income | 492/3 | €25 | €26 | +€1 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,328 | €16,328 | = | 0.0% |
| Other operating charges | 640/8 | €1,851 | €819 | -€1,032 | -55.7% |
| Gross operating margin | 9900 | €44,048 | €51,906 | +€7,858 | +17.8% |
| Operating profit (loss) | 9901 | €25,868 | €34,758 | +€8,890 | +34.4% |
| Financial income | 75/76B | €1,801 | €825 | -€976 | -54.2% |
| Recurring financial income | 75 | €1,801 | €825 | -€976 | -54.2% |
| Financial charges | 65/66B | €3,059 | €2,542 | -€517 | -16.9% |
| Recurring financial charges | 65 | €3,059 | €2,542 | -€517 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €24,610 | €33,041 | +€8,431 | +34.3% |
| Income taxes | 67/77 | €5,624 | €7,506 | +€1,883 | +33.5% |
| Profit (loss) for the period | 9904 | €18,986 | €25,535 | +€6,548 | +34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,986 | €25,535 | +€6,548 | +34.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.