INVADO: 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.
INVADO
Largest movements
- Tangible fixed assets +€184,116
up €184,116 (+12.9%), from €1.4m to €1.6m
of which Land and buildings: +€199,857
- Cash -€25,043
down €25,043 (-41.9%), from €59,771 to €34,728
mainly Investment in fixed assets (net) (-€278,812) and Other debts (-€110,816)
- Other debts -€110,816
down €110,816 (-53.4%), from €207,421 to €96,605
- Reserves +€106,382
up €106,382 (+14.2%), from €747,973 to €854,355
of which Distributable reserves: +€108,242
- Debts after one year +€102,885
up €102,885 (+12.2%), from €845,363 to €948,247
of which Financial debts: +€102,885
- Tax, wage and social debts +€43,514
up €43,514 (+1,411%), from €3,084 to €46,599
- Gross operating margin +€180,281
up €180,281 (+153%), from €117,718 to €297,999
- Taxes +€43,413
new in 2025: €43,413
- Depreciation +€16,688
up €16,688 (+21.4%), from €78,008 to €94,696
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 | €1,926,066 | €2,086,321 | +€160,255 | +8.3% |
| Fixed assets | 21/28 | €1,541,693 | €1,725,809 | +€184,116 | +11.9% |
| Tangible fixed assets | 22/27 | €1,426,493 | €1,610,609 | +€184,116 | +12.9% |
| Land and buildings | 22 | €1,410,402 | €1,610,260 | +€199,857 | +14.2% |
| Plant, machinery and equipment | 23 | €16,091 | €350 | -€15,741 | -97.8% |
| Financial fixed assets | 28 | €115,200 | €115,200 | = | 0.0% |
| Current assets | 29/58 | €384,373 | €360,511 | -€23,861 | -6.2% |
| Amounts receivable within one year | 40/41 | €321,530 | €322,117 | +€587 | +0.2% |
| Trade receivables | 40 | €9,983 | €9,983 | = | 0.0% |
| Other amounts receivable | 41 | €311,547 | €312,135 | +€587 | +0.2% |
| Cash at bank and in hand | 54/58 | €59,771 | €34,728 | -€25,043 | -41.9% |
| Deferred charges and accrued income | 490/1 | €3,072 | €3,666 | +€594 | +19.3% |
| Total equity and liabilities | 10/49 | €1,926,066 | €2,086,321 | +€160,255 | +8.3% |
| Equity | 10/15 | €766,573 | €872,955 | +€106,382 | +13.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €747,973 | €854,355 | +€106,382 | +14.2% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €746,113 | €854,355 | +€108,242 | +14.5% |
| Amounts payable | 17/49 | €1,159,493 | €1,213,366 | +€53,873 | +4.6% |
| Amounts payable after more than one year | 17 | €845,363 | €948,247 | +€102,885 | +12.2% |
| Financial debts | 170/4 | €695,363 | €798,247 | +€102,885 | +14.8% |
| Other amounts payable | 178/9 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €314,130 | €265,118 | -€49,012 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €102,056 | €102,288 | +€232 | +0.2% |
| Trade debts | 44 | €1,569 | €19,627 | +€18,057 | +1,151% |
| Suppliers | 440/4 | €1,569 | €19,627 | +€18,057 | +1,151% |
| Taxes, remuneration and social security | 45 | €3,084 | €46,599 | +€43,514 | +1,411% |
| Taxes | 450/3 | €3,084 | €46,599 | +€43,514 | +1,411% |
| Other amounts payable | 47/48 | €207,421 | €96,605 | -€110,816 | -53.4% |
| Non-recurring operating income | 76A | €7,500 | - | -€7,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,008 | €94,696 | +€16,688 | +21.4% |
| Other operating charges | 640/8 | €8,969 | €10,617 | +€1,648 | +18.4% |
| Gross operating margin | 9900 | €117,718 | €297,999 | +€180,281 | +153% |
| Operating profit (loss) | 9901 | €30,741 | €192,685 | +€161,944 | +527% |
| Financial charges | 65/66B | €40,262 | €39,891 | -€372 | -0.9% |
| Recurring financial charges | 65 | €40,262 | €39,891 | -€372 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | -€9,521 | €152,794 | +€162,315 | |
| Income taxes | 67/77 | - | €43,413 | +€43,413 | |
| Profit (loss) for the period | 9904 | -€9,521 | €109,382 | +€118,903 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,521 | €109,382 | +€118,903 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.