INVADOR: 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.
INVADOR
Largest movements
- Tangible fixed assets -€39,558
down €39,558 (-12.3%), from €321,850 to €282,292
of which Land and buildings: -€26,759
- Cash -€6,483
no longer reported in 2025 (was €6,483)
- Debts after one year -€73,789
down €73,789 (-34.1%), from €216,684 to €142,895
of which Financial debts: -€73,789
- Short-term financial debts +€40,058
new in 2025: €40,058
- Profit (loss) carried forward -€27,803
down €27,803 (-183%), from -€15,189 to -€42,992
- Current portion of long-term debt +€15,744
up €15,744 (+37.9%), from €41,494 to €57,238
- Other debts -€4,299
down €4,299 (-15.5%), from €27,649 to €23,350
- Depreciation +€10,752
up €10,752 (+22.6%), from €47,653 to €58,405
- Gross operating margin -€4,616
down €4,616 (-6.7%), from €69,385 to €64,769
- Financial charges -€1,751
down €1,751 (-33.1%), from €5,287 to €3,536
- Taxes -€1,178
no longer reported in 2025 (was €1,178)
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €352,792 | €303,154 | -€49,638 | -14.1% |
| Fixed assets | 21/28 | €321,850 | €282,292 | -€39,558 | -12.3% |
| Tangible fixed assets | 22/27 | €321,850 | €282,292 | -€39,558 | -12.3% |
| Land and buildings | 22 | €271,458 | €244,699 | -€26,759 | -9.9% |
| Furniture and vehicles | 24 | €50,392 | €28,190 | -€22,202 | -44.1% |
| Other tangible fixed assets | 26 | - | €9,403 | +€9,403 | |
| Current assets | 29/58 | €30,942 | €20,862 | -€10,079 | -32.6% |
| Amounts receivable within one year | 40/41 | €23,891 | €20,862 | -€3,029 | -12.7% |
| Trade receivables | 40 | €1,916 | €17,975 | +€16,059 | +838% |
| Other amounts receivable | 41 | €21,975 | €2,887 | -€19,088 | -86.9% |
| Cash at bank and in hand | 54/58 | €6,483 | - | -€6,483 | |
| Deferred charges and accrued income | 490/1 | €568 | - | -€568 | |
| Total equity and liabilities | 10/49 | €352,792 | €303,154 | -€49,638 | -14.1% |
| Equity | 10/15 | €37,865 | €10,061 | -€27,803 | -73.4% |
| Contributions | 10/11 | €49,670 | €49,670 | = | 0.0% |
| Reserves | 13 | €3,383 | €3,383 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,423 | €1,423 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,423 | €1,423 | = | 0.0% |
| Tax-exempt reserves | 132 | €45 | €45 | = | 0.0% |
| Distributable reserves | 133 | €1,915 | €1,915 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,189 | -€42,992 | -€27,803 | -183% |
| Amounts payable | 17/49 | €314,927 | €293,093 | -€21,834 | -6.9% |
| Amounts payable after more than one year | 17 | €216,684 | €142,895 | -€73,789 | -34.1% |
| Financial debts | 170/4 | €199,434 | €125,645 | -€73,789 | -37.0% |
| Other amounts payable | 178/9 | €17,250 | €17,250 | = | 0.0% |
| Amounts payable within one year | 42/48 | €98,243 | €150,198 | +€51,955 | +52.9% |
| Current portion of amounts payable after more than one year | 42 | €41,494 | €57,238 | +€15,744 | +37.9% |
| Financial debts | 43 | - | €40,058 | +€40,058 | |
| Credit institutions | 430/8 | - | €40,058 | +€40,058 | |
| Trade debts | 44 | €27,922 | €29,552 | +€1,630 | +5.8% |
| Suppliers | 440/4 | €27,922 | €29,552 | +€1,630 | +5.8% |
| Taxes, remuneration and social security | 45 | €1,178 | - | -€1,178 | |
| Taxes | 450/3 | €1,178 | - | -€1,178 | |
| Other amounts payable | 47/48 | €27,649 | €23,350 | -€4,299 | -15.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,653 | €58,405 | +€10,752 | +22.6% |
| Other operating charges | 640/8 | €5,637 | €5,211 | -€427 | -7.6% |
| Gross operating margin | 9900 | €69,385 | €64,769 | -€4,616 | -6.7% |
| Operating profit (loss) | 9901 | €16,094 | €1,153 | -€14,941 | -92.8% |
| Financial income | 75/76B | €18 | - | -€18 | |
| Recurring financial income | 75 | €18 | - | -€18 | |
| Financial charges | 65/66B | €5,287 | €3,536 | -€1,751 | -33.1% |
| Recurring financial charges | 65 | €5,287 | €3,536 | -€1,751 | -33.1% |
| Profit (loss) for the period before taxes | 9903 | €10,826 | -€2,383 | -€13,208 | |
| Income taxes | 67/77 | €1,178 | - | -€1,178 | |
| Profit (loss) for the period | 9904 | €9,648 | -€2,383 | -€12,031 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,648 | -€2,383 | -€12,031 |
Source: filed annual accounts (NBB), financial years ended 30 September 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.