La Boulangerie Royale is preparing its cash flow statement for the year ended December 31, 2024. The following information is available:

• Net Income: €200,000
• Depreciation Expense: €50,000
• Increase in Accounts Receivable: €20,000
• Increase in Inventory: €30,000
• Decrease in Accounts Payable: €15,000
• Purchase of Equipment: €100,000
• Sale of Land: €80,000

Prepare the operating activities section of La Boulangerie Royale's cash flow statement using the indirect method.