A2 Invest: 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.
A2 Invest
Largest movements
- Receivables within one year +€661,958
up €661,958 (+67.3%), from €983,104 to €1.6m
of which Other amounts receivable: +€777,879
- Current investments +€244,369
up €244,369 (+5.3%), from €4.6m to €4.9m
- Short-term financial debts +€809,342
up €809,342 (+93.0%), from €870,164 to €1.7m
- Debts after one year +€308,273
up €308,273 (+14.4%), from €2.1m to €2.5m
of which Other amounts payable: +€321,073
- Profit (loss) carried forward -€221,413
down €221,413 (-76.1%), from -€290,896 to -€512,309
- Trade debts -€139,847
down €139,847 (-55.7%), from €251,262 to €111,416
- Financial income +€273,294
up €273,294 (+92.2%), from €296,453 to €569,748
of which Non-recurring financial income: +€176,414
- Other operating charges +€123,522
up €123,522 (+2,027%), from €6,094 to €129,616
- Financial charges -€48,907
down €48,907 (-37.1%), from €131,848 to €82,941
- Taxes +€37,758
up €37,758 (+1,771%), from €2,133 to €39,891
- Gross operating margin -€24,955
down €24,955 (-8.4%), from -€297,933 to -€322,888
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 | €7,716,141 | €8,484,421 | +€768,280 | +10.0% |
| Fixed assets | 21/28 | €2,018,519 | €1,952,357 | -€66,162 | -3.3% |
| Tangible fixed assets | 22/27 | €1,768,472 | €1,712,310 | -€56,162 | -3.2% |
| Land and buildings | 22 | €1,555,655 | €1,610,331 | +€54,676 | +3.5% |
| Plant, machinery and equipment | 23 | €38,930 | €27,935 | -€10,995 | -28.2% |
| Furniture and vehicles | 24 | €173,887 | €74,044 | -€99,843 | -57.4% |
| Financial fixed assets | 28 | €250,048 | €240,048 | -€10,000 | -4.0% |
| Current assets | 29/58 | €5,697,622 | €6,532,064 | +€834,442 | +14.6% |
| Amounts receivable after more than one year | 29 | €45,000 | €0 | -€45,000 | -100% |
| Other amounts receivable | 291 | €45,000 | €0 | -€45,000 | -100% |
| Amounts receivable within one year | 40/41 | €983,104 | €1,645,062 | +€661,958 | +67.3% |
| Trade receivables | 40 | €139,373 | €23,452 | -€115,921 | -83.2% |
| Other amounts receivable | 41 | €843,731 | €1,621,610 | +€777,879 | +92.2% |
| Current investments | 50/53 | €4,613,018 | €4,857,387 | +€244,369 | +5.3% |
| Cash at bank and in hand | 54/58 | €47,821 | €18,141 | -€29,680 | -62.1% |
| Deferred charges and accrued income | 490/1 | €8,679 | €11,474 | +€2,795 | +32.2% |
| Total equity and liabilities | 10/49 | €7,716,141 | €8,484,421 | +€768,280 | +10.0% |
| Equity | 10/15 | €4,341,492 | €4,120,080 | -€221,413 | -5.1% |
| Contributions | 10/11 | €320,000 | €320,000 | = | 0.0% |
| Reserves | 13 | €4,312,388 | €4,312,388 | = | 0.0% |
| Distributable reserves | 133 | €4,312,388 | €4,312,388 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€290,896 | -€512,309 | -€221,413 | -76.1% |
| Amounts payable | 17/49 | €3,374,649 | €4,364,342 | +€989,693 | +29.3% |
| Amounts payable after more than one year | 17 | €2,143,160 | €2,451,433 | +€308,273 | +14.4% |
| Financial debts | 170/4 | €1,360,863 | €1,348,063 | -€12,800 | -0.9% |
| Other amounts payable | 178/9 | €782,297 | €1,103,370 | +€321,073 | +41.0% |
| Amounts payable within one year | 42/48 | €1,227,719 | €1,902,846 | +€675,127 | +55.0% |
| Current portion of amounts payable after more than one year | 42 | €82,464 | €89,323 | +€6,859 | +8.3% |
| Financial debts | 43 | €870,164 | €1,679,506 | +€809,342 | +93.0% |
| Credit institutions | 430/8 | €870,164 | €1,679,506 | +€809,342 | +93.0% |
| Trade debts | 44 | €251,262 | €111,416 | -€139,847 | -55.7% |
| Suppliers | 440/4 | €251,262 | €111,416 | -€139,847 | -55.7% |
| Taxes, remuneration and social security | 45 | €23,829 | €22,600 | -€1,228 | -5.2% |
| Taxes | 450/3 | €16,234 | €15,362 | -€872 | -5.4% |
| Remuneration and social security | 454/9 | €7,595 | €7,239 | -€356 | -4.7% |
| Accrued charges and deferred income | 492/3 | €3,769 | €10,062 | +€6,293 | +167% |
| Remuneration, social security and pensions | 62 | €27,575 | €51,518 | +€23,944 | +86.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,768 | €125,372 | +€3,605 | +3.0% |
| Other operating charges | 640/8 | €6,094 | €129,616 | +€123,522 | +2,027% |
| Non-recurring operating charges | 66A | - | €38,934 | +€38,934 | |
| Gross operating margin | 9900 | -€297,933 | -€322,888 | -€24,955 | -8.4% |
| Operating profit (loss) | 9901 | -€453,369 | -€668,329 | -€214,960 | -47.4% |
| Financial income | 75/76B | €296,453 | €569,748 | +€273,294 | +92.2% |
| Recurring financial income | 75 | €97,606 | €194,487 | +€96,880 | +99.3% |
| Non-recurring financial income | 76B | €198,847 | €375,261 | +€176,414 | +88.7% |
| Financial charges | 65/66B | €131,848 | €82,941 | -€48,907 | -37.1% |
| Recurring financial charges | 65 | €131,848 | €82,941 | -€48,907 | -37.1% |
| Profit (loss) for the period before taxes | 9903 | -€288,763 | -€181,522 | +€107,241 | +37.1% |
| Income taxes | 67/77 | €2,133 | €39,891 | +€37,758 | +1,771% |
| Profit (loss) for the period | 9904 | -€290,896 | -€221,413 | +€69,483 | +23.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€290,896 | -€221,413 | +€69,483 | +23.9% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.