E - 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.
E - INVEST
Largest movements
- Stocks and contracts +€31,632
up €31,632 (+24.3%), from €130,321 to €161,954
- Receivables after one year +€18,707
up €18,707 (+70.4%), from €26,585 to €45,292
- Tangible fixed assets -€16,719
down €16,719 (-9.3%), from €180,720 to €164,000
of which Land and buildings: -€11,777
- Cash +€16,102
up €16,102 (+13.4%), from €120,402 to €136,504
mainly Net result for the year (+€38,060) and Depreciation (+€34,346)
- Intangible fixed assets -€6,000
down €6,000 (-100%), from €6,000 to €0
- Reserves +€38,060
up €38,060 (+9.8%), from €387,785 to €425,845
of which Distributable reserves: +€38,060
- Gross operating margin -€14,875
down €14,875 (-13.4%), from €111,079 to €96,204
- Taxes -€3,203
down €3,203 (-13.2%), from €24,227 to €21,024
- Depreciation -€3,008
down €3,008 (-8.1%), from €37,354 to €34,346
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 | €468,687 | €507,905 | +€39,218 | +8.4% |
| Fixed assets | 21/28 | €186,720 | €164,000 | -€22,719 | -12.2% |
| Intangible fixed assets | 21 | €6,000 | €0 | -€6,000 | -100% |
| Tangible fixed assets | 22/27 | €180,720 | €164,000 | -€16,719 | -9.3% |
| Land and buildings | 22 | €168,665 | €156,888 | -€11,777 | -7.0% |
| Furniture and vehicles | 24 | €12,054 | €7,112 | -€4,942 | -41.0% |
| Current assets | 29/58 | €281,967 | €343,905 | +€61,938 | +22.0% |
| Amounts receivable after more than one year | 29 | €26,585 | €45,292 | +€18,707 | +70.4% |
| Other amounts receivable | 291 | €26,585 | €45,292 | +€18,707 | +70.4% |
| Stocks and contracts in progress | 3 | €130,321 | €161,954 | +€31,632 | +24.3% |
| Stocks | 30/36 | €130,321 | €161,954 | +€31,632 | +24.3% |
| Amounts receivable within one year | 40/41 | €4,659 | €156 | -€4,503 | -96.7% |
| Trade receivables | 40 | €52 | €87 | +€35 | +66.5% |
| Other amounts receivable | 41 | €4,607 | €69 | -€4,538 | -98.5% |
| Cash at bank and in hand | 54/58 | €120,402 | €136,504 | +€16,102 | +13.4% |
| Total equity and liabilities | 10/49 | €468,687 | €507,905 | +€39,218 | +8.4% |
| Equity | 10/15 | €449,785 | €487,845 | +€38,060 | +8.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €387,785 | €425,845 | +€38,060 | +9.8% |
| Non-distributable reserves | 130/1 | €9,137 | €9,137 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,937 | €2,937 | = | 0.0% |
| Distributable reserves | 133 | €378,648 | €416,708 | +€38,060 | +10.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €18,902 | €20,060 | +€1,158 | +6.1% |
| Amounts payable within one year | 42/48 | €18,902 | €20,060 | +€1,158 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,030 | €0 | -€1,030 | -100% |
| Suppliers | 440/4 | €1,030 | €0 | -€1,030 | -100% |
| Advances received on contracts in progress | 46 | - | €1,809 | +€1,809 | |
| Taxes, remuneration and social security | 45 | €17,872 | €18,251 | +€379 | +2.1% |
| Taxes | 450/3 | €17,872 | €18,251 | +€379 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,354 | €34,346 | -€3,008 | -8.1% |
| Other operating charges | 640/8 | €3,067 | €3,339 | +€272 | +8.9% |
| Gross operating margin | 9900 | €111,079 | €96,204 | -€14,875 | -13.4% |
| Operating profit (loss) | 9901 | €70,659 | €58,519 | -€12,139 | -17.2% |
| Financial income | 75/76B | €959 | €712 | -€247 | -25.8% |
| Recurring financial income | 75 | €959 | €712 | -€247 | -25.8% |
| Financial charges | 65/66B | €189 | €147 | -€42 | -22.1% |
| Recurring financial charges | 65 | €189 | €147 | -€42 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €71,429 | €59,084 | -€12,344 | -17.3% |
| Income taxes | 67/77 | €24,227 | €21,024 | -€3,203 | -13.2% |
| Profit (loss) for the period | 9904 | €47,202 | €38,060 | -€9,141 | -19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €47,202 | €38,060 | -€9,141 | -19.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.