INVALE: 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.
INVALE
Largest movements
- Cash +€12.5m
up €12.5m (+14503.8%), from €86,358 to €12.6m
mainly Net result for the year (+€10.2m) and Investment in fixed assets (net) (+€1.7m)
- Financial fixed assets -€1.7m
down €1.7m (-13.2%), from €12.9m to €11.2m
- Current investments -€354,136
down €354,136 (-6.1%), from €5.8m to €5.4m
- Profit (loss) carried forward +€9.7m
up €9.7m (+1318.9%), from €734,861 to €10.4m
- Reserves +€510,111
up €510,111 (+864.9%), from €58,976 to €569,087
- Financial income +€10.4m
up €10.4m (+2085.2%), from €500,299 to €10.9m
of which Non-recurring financial income: +€9.0m
- Services and other goods +€759,484
new in 2025: €759,484
- Gross operating margin +€451,066
no longer reported in 2025 (was -€451,066)
- Turnover +€166,247
new in 2025: €166,247
- Financial charges -€34,998
down €34,998 (-21.5%), from €162,513 to €127,514
of which Financial charges: -€188,961
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,909,124 | €29,364,614 | +€10.5m | +55.3% |
| Fixed assets | 21/28 | €12,861,417 | €11,164,093 | -€1.7m | -13.2% |
| Financial fixed assets | 28 | €12,861,417 | €11,164,093 | -€1.7m | -13.2% |
| Affiliated companies | 280/1 | - | €11,164,093 | +€11.2m | |
| Participating interests | 280 | - | €10,947,513 | +€10.9m | |
| Amounts receivable | 281 | - | €216,580 | +€216,580 | |
| Current assets | 29/58 | €6,047,706 | €18,200,521 | +€12.2m | +200.9% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €153,896 | €129,159 | -€24,737 | -16.1% |
| Trade receivables | 40 | €104,551 | €82,243 | -€22,308 | -21.3% |
| Other amounts receivable | 41 | €49,345 | €46,916 | -€2,429 | -4.9% |
| Current investments | 50/53 | €5,804,086 | €5,449,950 | -€354,136 | -6.1% |
| Other investments | 51/53 | - | €5,449,950 | +€5.4m | |
| Cash at bank and in hand | 54/58 | €86,358 | €12,611,450 | +€12.5m | +14503.8% |
| Deferred charges and accrued income | 490/1 | €3,367 | €9,962 | +€6,595 | +195.9% |
| Total equity and liabilities | 10/49 | €18,909,124 | €29,364,614 | +€10.5m | +55.3% |
| Equity | 10/15 | €18,793,838 | €28,996,060 | +€10.2m | +54.3% |
| Contributions | 10/11 | €18,000,000 | €18,000,000 | = | 0.0% |
| Capital | 10 | €18,000,000 | €18,000,000 | = | 0.0% |
| Issued capital | 100 | €24,000,000 | €24,000,000 | = | 0.0% |
| Uncalled capital | 101 | €6,000,000 | €6,000,000 | = | 0.0% |
| Reserves | 13 | €58,976 | €569,087 | +€510,111 | +864.9% |
| Non-distributable reserves | 130/1 | €58,976 | €569,087 | +€510,111 | +864.9% |
| Legal reserve | 130 | €58,976 | €569,087 | +€510,111 | +864.9% |
| Profit (loss) carried forward | 14 | €734,861 | €10,426,972 | +€9.7m | +1318.9% |
| Amounts payable | 17/49 | €115,286 | €368,554 | +€253,268 | +219.7% |
| Amounts payable within one year | 42/48 | €115,286 | €368,554 | +€253,268 | +219.7% |
| Trade debts | 44 | €42,273 | €329,124 | +€286,851 | +678.6% |
| Suppliers | 440/4 | €42,273 | €329,124 | +€286,851 | +678.6% |
| Taxes, remuneration and social security | 45 | - | €25,000 | +€25,000 | |
| Taxes | 450/3 | - | €25,000 | +€25,000 | |
| Other amounts payable | 47/48 | €73,013 | €14,430 | -€58,583 | -80.2% |
| Operating income | 70/76A | - | €166,247 | +€166,247 | |
| Turnover | 70 | - | €166,247 | +€166,247 | |
| Operating charges | 60/66A | - | €769,290 | +€769,290 | |
| Services and other goods | 61 | - | €759,484 | +€759,484 | |
| Other operating charges | 640/8 | €10,959 | €9,806 | -€1,153 | -10.5% |
| Gross operating margin | 9900 | -€451,066 | - | +€451,066 | |
| Operating profit (loss) | 9901 | -€462,025 | -€603,043 | -€141,018 | -30.5% |
| Financial income | 75/76B | €500,299 | €10,932,779 | +€10.4m | +2085.2% |
| Recurring financial income | 75 | €500,299 | €1,896,882 | +€1.4m | +279.1% |
| Income from financial fixed assets | 750 | - | €1,741,283 | +€1.7m | |
| Income from current assets | 751 | - | €101,186 | +€101,186 | |
| Other financial income | 752/9 | - | €54,413 | +€54,413 | |
| Non-recurring financial income | 76B | - | €9,035,897 | +€9.0m | |
| Financial charges | 65/66B | €162,513 | €127,514 | -€34,998 | -21.5% |
| Recurring financial charges | 65 | €160,413 | -€28,548 | -€188,961 | |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | -€29,200 | -€29,200 | |
| Other financial charges | 652/9 | - | €652 | +€652 | |
| Non-recurring financial charges | 66B | €2,100 | €156,063 | +€153,963 | +7331.5% |
| Profit (loss) for the period before taxes | 9903 | -€124,238 | €10,202,222 | +€10.3m | |
| Profit (loss) for the period | 9904 | -€124,238 | €10,202,222 | +€10.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€124,238 | €10,202,222 | +€10.3m |
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 10 October 2026 via checked.be.