INVADAM: what changed
Two fiscal 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
INVADAM
NACE 47.770, Retail sale of watches and jewellery
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€172,192
2024 · €317,176-€144,984
Equity
€1.1m
2024 · €957,878+€172,192
Cash
€25,860
2024 · €50,436-€24,577
Balance sheet total
€3.9m
2024 · €3.8m+€75,980
Largest movements
Assets
- Stocks and contracts +€94,057
up €94,057 (+4.4%), from €2.1m to €2.2m
Equity and liabilities
- Reserves +€172,192
up €172,192 (+18.3%), from €939,278 to €1.1m
- Debts after one year -€86,344
down €86,344 (-6.8%), from €1.3m to €1.2m
- Tax, wage and social debts -€73,131
down €73,131 (-90.5%), from €80,771 to €7,640
of which Taxes: -€73,131
- Trade debts +€66,243
up €66,243 (+45.8%), from €144,547 to €210,790
Income statement
- Gross operating margin -€142,161
down €142,161 (-16.5%), from €859,113 to €716,952
- Taxes -€57,832
down €57,832 (-48.3%), from €119,718 to €61,886
- Staff costs +€47,756
up €47,756 (+18.6%), from €256,935 to €304,691
- Depreciation +€13,406
up €13,406 (+11.4%), from €117,576 to €130,982
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
€317,176
Gross operating margin
-€142,161
Staff costs
-€47,756
Depreciation
-€13,406
Other operating charges
-€1,349
Financial income
-€1,933
Financial charges
+€3,790
Taxes
+€57,832
Result 2025
€172,192
Cash bridge derived
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
+€197,718
Investment
-€139,535
Financing
-€82,760
Cash 2024
€50,436
From operations (derived)
+€197,718
Net result for the year
+€172,192
Depreciation
+€130,982
Stocks and contracts
-€94,057
Receivables within one year
+€3,680
Deferred charges and accrued income
-€1,626
Trade debts
+€66,243
Tax, wage and social debts
-€73,131
Other debts
-€6,564
Investment (derived)
-€139,535
Investment in fixed assets (net)
-€134,413
Current investments
-€5,122
Financing
-€82,760
Debts after one year
-€86,344
Current portion of long-term debt
+€2,837
Short-term financial debts
+€747
Cash 2025
€25,860
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,782,897 | €3,858,877 | +€75,980 | +2.0% |
| Fixed assets | 21/28 | €1,558,466 | €1,561,897 | +€3,431 | +0.2% |
| Tangible fixed assets | 22/27 | €1,558,293 | €1,561,724 | +€3,431 | +0.2% |
| Land and buildings | 22 | €1,405,315 | €1,473,143 | +€67,828 | +4.8% |
| Plant, machinery and equipment | 23 | €12,303 | €8,892 | -€3,411 | -27.7% |
| Furniture and vehicles | 24 | €1,970 | €4,419 | +€2,449 | +124.3% |
| Other tangible fixed assets | 26 | €138,705 | €75,270 | -€63,435 | -45.7% |
| Financial fixed assets | 28 | €173 | €173 | = | 0.0% |
| Current assets | 29/58 | €2,224,431 | €2,296,980 | +€72,549 | +3.3% |
| Stocks and contracts in progress | 3 | €2,130,152 | €2,224,209 | +€94,057 | +4.4% |
| Stocks | 30/36 | €2,130,152 | €2,224,209 | +€94,057 | +4.4% |
| Amounts receivable within one year | 40/41 | €23,274 | €19,594 | -€3,680 | -15.8% |
| Trade receivables | 40 | €15,955 | €18,290 | +€2,334 | +14.6% |
| Other amounts receivable | 41 | €7,319 | €1,305 | -€6,014 | -82.2% |
| Current investments | 50/53 | €20,323 | €25,445 | +€5,122 | +25.2% |
| Cash at bank and in hand | 54/58 | €50,436 | €25,860 | -€24,577 | -48.7% |
| Deferred charges and accrued income | 490/1 | €245 | €1,872 | +€1,626 | +662.4% |
| Total equity and liabilities | 10/49 | €3,782,897 | €3,858,877 | +€75,980 | +2.0% |
| Equity | 10/15 | €957,878 | €1,130,069 | +€172,192 | +18.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €939,278 | €1,111,469 | +€172,192 | +18.3% |
| Distributable reserves | 133 | €939,278 | €1,111,469 | +€172,192 | +18.3% |
| Amounts payable | 17/49 | €2,825,019 | €2,728,807 | -€96,212 | -3.4% |
| Amounts payable after more than one year | 17 | €1,264,031 | €1,177,687 | -€86,344 | -6.8% |
| Financial debts | 170/4 | €1,264,031 | €1,177,687 | -€86,344 | -6.8% |
| Amounts payable within one year | 42/48 | €1,560,988 | €1,551,121 | -€9,868 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €83,507 | €86,344 | +€2,837 | +3.4% |
| Financial debts | 43 | €0 | €747 | +€747 | |
| Credit institutions | 430/8 | €0 | €747 | +€747 | |
| Trade debts | 44 | €144,547 | €210,790 | +€66,243 | +45.8% |
| Suppliers | 440/4 | €144,547 | €210,790 | +€66,243 | +45.8% |
| Taxes, remuneration and social security | 45 | €80,771 | €7,640 | -€73,131 | -90.5% |
| Taxes | 450/3 | €80,771 | €7,640 | -€73,131 | -90.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,252,164 | €1,245,599 | -€6,564 | -0.5% |
| Remuneration, social security and pensions | 62 | €256,935 | €304,691 | +€47,756 | +18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,576 | €130,982 | +€13,406 | +11.4% |
| Other operating charges | 640/8 | €11,044 | €12,393 | +€1,349 | +12.2% |
| Gross operating margin | 9900 | €859,113 | €716,952 | -€142,161 | -16.5% |
| Operating profit (loss) | 9901 | €473,559 | €268,886 | -€204,673 | -43.2% |
| Financial income | 75/76B | €20,169 | €18,236 | -€1,933 | -9.6% |
| Recurring financial income | 75 | €20,169 | €18,236 | -€1,933 | -9.6% |
| Financial charges | 65/66B | €56,834 | €53,044 | -€3,790 | -6.7% |
| Recurring financial charges | 65 | €56,834 | €53,044 | -€3,790 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €436,893 | €234,078 | -€202,815 | -46.4% |
| Income taxes | 67/77 | €119,718 | €61,886 | -€57,832 | -48.3% |
| Profit (loss) for the period | 9904 | €317,176 | €172,192 | -€144,984 | -45.7% |
| Profit (loss) for the period to be appropriated | 9905 | €317,176 | €172,192 | -€144,984 | -45.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.