INDECON: what changed
What changed
INDECON
NACE 25.120, Manufacture of fabricated metal products, except machinery and equipment
filed annual accounts (NBB)
Net result for the year
-€66,712
2024 · -€7,862-€58,849
Equity
€91,237
2024 · €157,949-€66,712
Cash
€28,247
2024 · €42,262-€14,015
Balance sheet total
€301,421
2024 · €643,113-€341,692
Largest movements
Assets
- Receivables within one year -€262,332
down €262,332 (-74.5%), from €352,030 to €89,697
of which Trade receivables: -€261,938
- Stocks and contracts -€23,755
down €23,755 (-14.6%), from €162,396 to €138,640
of which Stocks: -€23,755
- Tangible fixed assets -€20,723
down €20,723 (-34.2%), from €60,609 to €39,886
- Deferred charges and accrued income -€19,346
down €19,346 (-98.0%), from €19,744 to €397
- Cash -€14,015
down €14,015 (-33.2%), from €42,262 to €28,247
mainly Trade debts (-€183,823) and Net result for the year (-€66,712)
Equity and liabilities
- Trade debts -€183,823
down €183,823 (-83.0%), from €221,571 to €37,749
- Profit (loss) carried forward -€66,712
down €66,712 (-303%), from -€22,051 to -€88,763
- Accrued charges and deferred income -€51,531
down €51,531 (-77.0%), from €66,898 to €15,367
- Debts after one year -€22,792
down €22,792 (-66.6%), from €34,242 to €11,450
- Current portion of long-term debt -€8,641
down €8,641 (-27.5%), from €31,433 to €22,792
Income statement
- Gross operating margin -€111,998
down €111,998, from €97,953 to -€14,046
- Staff costs -€47,189
down €47,189 (-74.2%), from €63,603 to €16,414
- Financial charges -€7,970
down €7,970 (-43.1%), from €18,496 to €10,527
- Financial income -€2,483
down €2,483 (-80.3%), from €3,094 to €611
- Depreciation -€2,072
down €2,072 (-8.5%), from €24,315 to €22,242
Change in the result, 2024 to 2025
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 2024
-€7,862
Gross operating margin
-€111,998
Staff costs
+€47,189
Depreciation
+€2,072
Write-downs
+€503
Other operating charges
-€1,244
Other operating items
-€892
Financial income
-€2,483
Financial charges
+€7,970
Taxes
+€34
Result 2025
-€66,712
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€17,418
Investment
€0
Financing
-€31,433
Cash 2024
€42,262
From operations (derived)
+€17,418
Net result for the year
-€66,712
Depreciation
+€22,242
Stocks and contracts
+€23,755
Receivables within one year
+€262,332
Deferred charges and accrued income
+€19,346
Trade debts
-€183,823
Tax, wage and social debts
-€1,217
Other debts
-€6,976
Accrued charges and deferred income
-€51,531
Financing
-€31,433
Debts after one year
-€22,792
Current portion of long-term debt
-€8,641
Cash 2025
€28,247
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €643,113 | €301,421 | -€341,692 | -53.1% |
| Fixed assets | 21/28 | €66,681 | €44,439 | -€22,242 | -33.4% |
| Intangible fixed assets | 21 | €6,072 | €4,553 | -€1,519 | -25.0% |
| Tangible fixed assets | 22/27 | €60,609 | €39,886 | -€20,723 | -34.2% |
| Plant, machinery and equipment | 23 | €2,088 | €713 | -€1,375 | -65.9% |
| Furniture and vehicles | 24 | €14,644 | €9,408 | -€5,235 | -35.8% |
| Leasing and similar rights | 25 | €23,087 | €16,280 | -€6,807 | -29.5% |
| Other tangible fixed assets | 26 | €20,790 | €13,484 | -€7,306 | -35.1% |
| Current assets | 29/58 | €576,431 | €256,982 | -€319,449 | -55.4% |
| Stocks and contracts in progress | 3 | €162,396 | €138,640 | -€23,755 | -14.6% |
| Stocks | 30/36 | €162,396 | €138,640 | -€23,755 | -14.6% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €352,030 | €89,697 | -€262,332 | -74.5% |
| Trade receivables | 40 | €344,010 | €82,072 | -€261,938 | -76.1% |
| Other amounts receivable | 41 | €8,020 | €7,625 | -€394 | -4.9% |
| Cash at bank and in hand | 54/58 | €42,262 | €28,247 | -€14,015 | -33.2% |
| Deferred charges and accrued income | 490/1 | €19,744 | €397 | -€19,346 | -98.0% |
| Total equity and liabilities | 10/49 | €643,113 | €301,421 | -€341,692 | -53.1% |
| Equity | 10/15 | €157,949 | €91,237 | -€66,712 | -42.2% |
| Contributions | 10/11 | €180,000 | €180,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,051 | -€88,763 | -€66,712 | -303% |
| Amounts payable | 17/49 | €485,164 | €210,183 | -€274,980 | -56.7% |
| Amounts payable after more than one year | 17 | €34,242 | €11,450 | -€22,792 | -66.6% |
| Financial debts | 170/4 | €34,242 | €11,450 | -€22,792 | -66.6% |
| Amounts payable within one year | 42/48 | €384,024 | €183,367 | -€200,657 | -52.3% |
| Current portion of amounts payable after more than one year | 42 | €31,433 | €22,792 | -€8,641 | -27.5% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €221,571 | €37,749 | -€183,823 | -83.0% |
| Suppliers | 440/4 | €221,571 | €37,749 | -€183,823 | -83.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €2,722 | €1,505 | -€1,217 | -44.7% |
| Taxes | 450/3 | €48 | €358 | +€310 | +642% |
| Remuneration and social security | 454/9 | €2,674 | €1,146 | -€1,527 | -57.1% |
| Other amounts payable | 47/48 | €28,297 | €21,321 | -€6,976 | -24.7% |
| Accrued charges and deferred income | 492/3 | €66,898 | €15,367 | -€51,531 | -77.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €63,603 | €16,414 | -€47,189 | -74.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,315 | €22,242 | -€2,072 | -8.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €503 | €0 | -€503 | -100% |
| Other operating charges | 640/8 | €1,795 | €3,039 | +€1,244 | +69.3% |
| Non-recurring operating charges | 66A | €0 | €892 | +€892 | |
| Gross operating margin | 9900 | €97,953 | -€14,046 | -€111,998 | |
| Operating profit (loss) | 9901 | €7,737 | -€56,633 | -€64,370 | |
| Financial income | 75/76B | €3,094 | €611 | -€2,483 | -80.3% |
| Recurring financial income | 75 | €3,094 | €611 | -€2,483 | -80.3% |
| Financial charges | 65/66B | €18,496 | €10,527 | -€7,970 | -43.1% |
| Recurring financial charges | 65 | €18,496 | €10,527 | -€7,970 | -43.1% |
| Profit (loss) for the period before taxes | 9903 | -€7,666 | -€66,549 | -€58,883 | -768% |
| Income taxes | 67/77 | €196 | €162 | -€34 | -17.3% |
| Profit (loss) for the period | 9904 | -€7,862 | -€66,712 | -€58,849 | -749% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,862 | -€66,712 | -€58,849 | -749% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.