INNOVEST: 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.
What changed
INNOVEST
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€669,169
2024 · -€890,727+€221,558
Equity
€15.0m
2024 · €15.6m-€669,169
Cash
€1.1m
2024 · €1.6m-€476,471
Balance sheet total
€19.6m
2024 · €20.4m-€875,384
Largest movements
Assets
- Cash -€476,471
down €476,471 (-29.4%), from €1.6m to €1.1m
mainly Net result for the year (-€669,169) and Debts after one year (-€210,000)
- Tangible fixed assets -€263,510
down €263,510 (-3.3%), from €8.1m to €7.8m
of which Land and buildings: -€262,138
Equity and liabilities
- Profit (loss) carried forward -€659,971
down €659,971 (-4.5%), from €14.8m to €14.2m
- Debts after one year -€210,000
down €210,000 (-4.7%), from €4.5m to €4.3m
Income statement
- Financial charges -€440,136
down €440,136 (-63.1%), from €697,054 to €256,919
- Financial income -€196,545
down €196,545 (-52.7%), from €372,993 to €176,448
- Gross operating margin -€63,163
down €63,163 (-31.3%), from -€201,766 to -€264,929
- Taxes -€44,147
down €44,147 (-100%), from €44,147 to €0
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.
Result 2024
-€890,727
Gross operating margin
-€63,163
Depreciation
-€695
Other operating charges
-€2,322
Financial income
-€196,545
Financial charges
+€440,136
Taxes
+€44,147
Result 2025
-€669,169
raises the resultlowers the result
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.
From operations
-€416,320
Investment
+€149,849
Financing
-€210,000
Cash 2024
€1.6m
From operations (derived)
-€416,320
Net result for the year
-€669,169
Depreciation
+€306,571
Receivables within one year
-€69,908
Deferred charges and accrued income
+€12,402
Provisions
-€3,066
Trade debts
+€5,001
Tax, wage and social debts
+€1,849
Investment (derived)
+€149,849
Investment in fixed assets (net)
-€43,060
Current investments
+€192,909
Financing
-€210,000
Debts after one year
-€210,000
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,438,343 | €19,562,958 | -€875,384 | -4.3% |
| Fixed assets | 21/28 | €8,077,816 | €7,814,306 | -€263,510 | -3.3% |
| Tangible fixed assets | 22/27 | €8,057,404 | €7,793,894 | -€263,510 | -3.3% |
| Land and buildings | 22 | €8,013,058 | €7,750,920 | -€262,138 | -3.3% |
| Plant, machinery and equipment | 23 | €40,434 | €39,694 | -€739 | -1.8% |
| Furniture and vehicles | 24 | €3,913 | €3,279 | -€633 | -16.2% |
| Financial fixed assets | 28 | €20,412 | €20,412 | = | 0.0% |
| Current assets | 29/58 | €12,360,527 | €11,748,653 | -€611,874 | -5.0% |
| Amounts receivable within one year | 40/41 | €330,557 | €400,465 | +€69,908 | +21.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €330,557 | €400,465 | +€69,908 | +21.1% |
| Current investments | 50/53 | €10,377,458 | €10,184,549 | -€192,909 | -1.9% |
| Cash at bank and in hand | 54/58 | €1,620,361 | €1,143,890 | -€476,471 | -29.4% |
| Deferred charges and accrued income | 490/1 | €32,151 | €19,749 | -€12,402 | -38.6% |
| Total equity and liabilities | 10/49 | €20,438,343 | €19,562,958 | -€875,384 | -4.3% |
| Equity | 10/15 | €15,624,168 | €14,954,999 | -€669,169 | -4.3% |
| Contributions | 10/11 | €275,000 | €275,000 | = | 0.0% |
| Capital | 10 | €275,000 | €275,000 | = | 0.0% |
| Issued capital | 100 | €275,000 | €275,000 | = | 0.0% |
| Reserves | 13 | €533,049 | €523,851 | -€9,198 | -1.7% |
| Non-distributable reserves | 130/1 | €27,500 | €27,500 | = | 0.0% |
| Legal reserve | 130 | €27,500 | €27,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €288,437 | €279,239 | -€9,198 | -3.2% |
| Distributable reserves | 133 | €217,113 | €217,113 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,816,119 | €14,156,148 | -€659,971 | -4.5% |
| Provisions and deferred taxes | 16 | €96,146 | €93,080 | -€3,066 | -3.2% |
| Deferred taxes | 168 | €96,146 | €93,080 | -€3,066 | -3.2% |
| Amounts payable | 17/49 | €4,718,029 | €4,514,880 | -€203,149 | -4.3% |
| Amounts payable after more than one year | 17 | €4,472,500 | €4,262,500 | -€210,000 | -4.7% |
| Financial debts | 170/4 | €4,472,500 | €4,262,500 | -€210,000 | -4.7% |
| Amounts payable within one year | 42/48 | €245,529 | €252,380 | +€6,851 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €210,000 | €210,000 | = | 0.0% |
| Trade debts | 44 | €15,467 | €20,469 | +€5,001 | +32.3% |
| Suppliers | 440/4 | €15,467 | €20,469 | +€5,001 | +32.3% |
| Taxes, remuneration and social security | 45 | €20,062 | €21,911 | +€1,849 | +9.2% |
| Taxes | 450/3 | €20,062 | €21,911 | +€1,849 | +9.2% |
| Non-recurring operating income | 76A | €5,385 | €0 | -€5,385 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €305,875 | €306,571 | +€695 | +0.2% |
| Other operating charges | 640/8 | €17,944 | €20,265 | +€2,322 | +12.9% |
| Gross operating margin | 9900 | -€201,766 | -€264,929 | -€63,163 | -31.3% |
| Operating profit (loss) | 9901 | -€525,585 | -€591,765 | -€66,180 | -12.6% |
| Financial income | 75/76B | €372,993 | €176,448 | -€196,545 | -52.7% |
| Recurring financial income | 75 | €372,993 | €176,448 | -€196,545 | -52.7% |
| Financial charges | 65/66B | €697,054 | €256,919 | -€440,136 | -63.1% |
| Recurring financial charges | 65 | €697,054 | €256,919 | -€440,136 | -63.1% |
| Profit (loss) for the period before taxes | 9903 | -€849,646 | -€672,235 | +€177,411 | +20.9% |
| Transfer from deferred taxes | 780 | €3,066 | €3,066 | = | 0.0% |
| Income taxes | 67/77 | €44,147 | €0 | -€44,147 | -100% |
| Profit (loss) for the period | 9904 | -€890,727 | -€669,169 | +€221,558 | +24.9% |
| Transfer from tax-exempt reserves | 789 | €9,198 | €9,198 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€881,529 | -€659,971 | +€221,558 | +25.1% |
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 14 October 2026 via checked.be.