F-INVEST: what changed
What changed
F-INVEST
filed annual accounts (NBB)
Net result for the year
€163,721
2024 · €751,034-€587,313
Equity
€5.3m
2024 · €2.4m+€2.9m
Cash
€247,699
2024 · €378,785-€131,085
Balance sheet total
€7.7m
2024 · €4.0m+€3.7m
Largest movements
Assets
- Financial fixed assets +€3.8m
up €3.8m (+143%), from €2.6m to €6.4m
- Current investments -€280,000
down €280,000 (-100%), from €280,000 to €0
- Tangible fixed assets +€188,708
up €188,708 (+150%), from €125,700 to €314,408
of which Assets under construction and advance payments: +€202,119
- Cash -€131,085
down €131,085 (-34.6%), from €378,785 to €247,699
mainly Investment in fixed assets (net) (-€4.0m) and Receivables within one year (-€99,498)
- Receivables within one year +€99,498
up €99,498 (+17.5%), from €567,764 to €667,262
of which Trade receivables: +€214,276
Equity and liabilities
- Revaluation surpluses +€2.7m
up €2.7m (+144%), from €1.9m to €4.6m
- Other debts +€615,461
up €615,461 (+43.8%), from €1.4m to €2.0m
- Trade debts +€171,434
up €171,434 (+283%), from €60,536 to €231,970
- Profit (loss) carried forward +€163,721
up €163,721 (+122%), from €134,523 to €298,244
Income statement
- Gross operating margin -€743,737
down €743,737 (-80.2%), from €926,875 to €183,139
- Financial income -€11,245
down €11,245 (-58.1%), from €19,348 to €8,103
- Financial charges -€9,386
down €9,386 (-63.8%), from €14,705 to €5,319
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
€751,034
Gross operating margin
-€743,737
Depreciation
-€2,345
Other operating charges
-€3,207
Other operating items
+€44,000
Financial income
-€11,245
Financial charges
+€9,386
Taxes
+€141
Deferred taxes and other
+€119,695
Result 2025
€163,721
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
+€835,235
Investment
-€3.7m
Financing
+€2.7m
Cash 2024
€378,785
From operations (derived)
+€835,235
Net result for the year
+€163,721
Depreciation
+€13,411
Receivables after one year
-€25,271
Smaller working-capital items
-€4,022
Receivables within one year
-€99,498
Trade debts
+€171,434
Other debts
+€615,461
Investment (derived)
-€3.7m
Investment in fixed assets (net)
-€4.0m
Current investments
+€280,000
Financing
+€2.7m
Debts after one year
-€6,658
Current portion of long-term debt
+€270
Contributions, distributions and other
+€2.7m
Cash 2025
€247,699
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,047,987 | €7,716,314 | +€3.7m | +90.6% |
| Fixed assets | 21/28 | €2,762,270 | €6,717,464 | +€4.0m | +143% |
| Tangible fixed assets | 22/27 | €125,700 | €314,408 | +€188,708 | +150% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €10,000 | €10,000 | = | 0.0% |
| Furniture and vehicles | 24 | €55,988 | €42,577 | -€13,411 | -24.0% |
| Other tangible fixed assets | 26 | €10,050 | €10,050 | = | 0.0% |
| Assets under construction and advance payments | 27 | €49,662 | €251,781 | +€202,119 | +407% |
| Financial fixed assets | 28 | €2,636,570 | €6,403,056 | +€3.8m | +143% |
| Current assets | 29/58 | €1,285,717 | €998,850 | -€286,867 | -22.3% |
| Amounts receivable after more than one year | 29 | €0 | €25,271 | +€25,271 | |
| Other amounts receivable | 291 | €0 | €25,271 | +€25,271 | |
| Stocks and contracts in progress | 3 | €58,184 | €57,364 | -€820 | -1.4% |
| Stocks | 30/36 | €58,184 | €57,364 | -€820 | -1.4% |
| Amounts receivable within one year | 40/41 | €567,764 | €667,262 | +€99,498 | +17.5% |
| Trade receivables | 40 | €129,594 | €343,870 | +€214,276 | +165% |
| Other amounts receivable | 41 | €438,170 | €323,392 | -€114,778 | -26.2% |
| Current investments | 50/53 | €280,000 | €0 | -€280,000 | -100% |
| Cash at bank and in hand | 54/58 | €378,785 | €247,699 | -€131,085 | -34.6% |
| Deferred charges and accrued income | 490/1 | €984 | €1,254 | +€269 | +27.4% |
| Total equity and liabilities | 10/49 | €4,047,987 | €7,716,314 | +€3.7m | +90.6% |
| Equity | 10/15 | €2,429,402 | €5,321,795 | +€2.9m | +119% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Revaluation surpluses | 12 | €1,889,257 | €4,617,930 | +€2.7m | +144% |
| Reserves | 13 | €393,222 | €393,222 | = | 0.0% |
| Tax-exempt reserves | 132 | €359,084 | €359,084 | = | 0.0% |
| Distributable reserves | 133 | €34,138 | €34,138 | = | 0.0% |
| Profit (loss) carried forward | 14 | €134,523 | €298,244 | +€163,721 | +122% |
| Provisions and deferred taxes | 16 | €119,695 | €119,695 | = | 0.0% |
| Deferred taxes | 168 | €119,695 | €119,695 | = | 0.0% |
| Amounts payable | 17/49 | €1,498,890 | €2,274,824 | +€775,934 | +51.8% |
| Amounts payable after more than one year | 17 | €18,992 | €12,335 | -€6,658 | -35.1% |
| Financial debts | 170/4 | €18,992 | €12,335 | -€6,658 | -35.1% |
| Amounts payable within one year | 42/48 | €1,479,898 | €2,262,490 | +€782,592 | +52.9% |
| Current portion of amounts payable after more than one year | 42 | €6,388 | €6,658 | +€270 | +4.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €60,536 | €231,970 | +€171,434 | +283% |
| Suppliers | 440/4 | €60,536 | €231,970 | +€171,434 | +283% |
| Taxes, remuneration and social security | 45 | €6,318 | €1,745 | -€4,573 | -72.4% |
| Taxes | 450/3 | €6,318 | €1,745 | -€4,573 | -72.4% |
| Other amounts payable | 47/48 | €1,406,657 | €2,022,118 | +€615,461 | +43.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €799,342 | €41,812 | -€757,530 | -94.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,065 | €13,411 | +€2,345 | +21.2% |
| Other operating charges | 640/8 | €5,361 | €8,568 | +€3,207 | +59.8% |
| Non-recurring operating charges | 66A | €44,000 | €0 | -€44,000 | -100% |
| Gross operating margin | 9900 | €926,875 | €183,139 | -€743,737 | -80.2% |
| Operating profit (loss) | 9901 | €866,449 | €161,160 | -€705,289 | -81.4% |
| Financial income | 75/76B | €19,348 | €8,103 | -€11,245 | -58.1% |
| Recurring financial income | 75 | €19,348 | €8,103 | -€11,245 | -58.1% |
| Financial charges | 65/66B | €14,705 | €5,319 | -€9,386 | -63.8% |
| Recurring financial charges | 65 | €14,705 | €5,319 | -€9,386 | -63.8% |
| Profit (loss) for the period before taxes | 9903 | €871,091 | €163,943 | -€707,148 | -81.2% |
| Transfer to deferred taxes | 680 | €119,695 | €0 | -€119,695 | -100% |
| Income taxes | 67/77 | €363 | €222 | -€141 | -38.8% |
| Profit (loss) for the period | 9904 | €751,034 | €163,721 | -€587,313 | -78.2% |
| Transfer to tax-exempt reserves | 689 | €359,084 | €0 | -€359,084 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €391,950 | €163,721 | -€228,229 | -58.2% |
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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 1 November 2026 via checked.be.