INVAR: 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.
INVAR
Largest movements
- Receivables within one year +€28,849
up €28,849 (+135.3%), from €21,325 to €50,174
of which Trade receivables: +€14,480
- Cash +€28,828
up €28,828 (+15.6%), from €184,887 to €213,715
mainly Net result for the year (+€43,488) and Tax, wage and social debts (+€15,832)
- Reserves +€43,488
up €43,488 (+22.5%), from €193,463 to €236,951
of which Distributable reserves: +€43,488
- Tax, wage and social debts +€15,832
up €15,832 (+250.0%), from €6,332 to €22,164
- Other debts -€2,778
down €2,778 (-87.1%), from €3,190 to €411
- Gross operating margin +€7,614
up €7,614 (+12.7%), from €60,080 to €67,695
- Taxes +€3,768
up €3,768 (+19.3%), from €19,572 to €23,340
- Financial income +€1,062
up €1,062 (+201.2%), from €528 to €1,590
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 | €210,056 | €267,187 | +€57,131 | +27.2% |
| Fixed assets | 21/28 | €3,844 | €3,299 | -€546 | -14.2% |
| Tangible fixed assets | 22/27 | €2,994 | €2,449 | -€546 | -18.2% |
| Plant, machinery and equipment | 23 | €2,994 | €2,449 | -€546 | -18.2% |
| Financial fixed assets | 28 | €850 | €850 | = | 0.0% |
| Current assets | 29/58 | €206,212 | €263,889 | +€57,676 | +28.0% |
| Amounts receivable within one year | 40/41 | €21,325 | €50,174 | +€28,849 | +135.3% |
| Trade receivables | 40 | €21,192 | €35,672 | +€14,480 | +68.3% |
| Other amounts receivable | 41 | €133 | €14,502 | +€14,369 | +10775.2% |
| Cash at bank and in hand | 54/58 | €184,887 | €213,715 | +€28,828 | +15.6% |
| Total equity and liabilities | 10/49 | €210,056 | €267,187 | +€57,131 | +27.2% |
| Equity | 10/15 | €199,663 | €243,151 | +€43,488 | +21.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €193,463 | €236,951 | +€43,488 | +22.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €191,603 | €235,091 | +€43,488 | +22.7% |
| Amounts payable | 17/49 | €10,393 | €24,036 | +€13,643 | +131.3% |
| Amounts payable within one year | 42/48 | €10,393 | €24,036 | +€13,643 | +131.3% |
| Trade debts | 44 | €871 | €1,461 | +€589 | +67.6% |
| Suppliers | 440/4 | €871 | €1,461 | +€589 | +67.6% |
| Taxes, remuneration and social security | 45 | €6,332 | €22,164 | +€15,832 | +250.0% |
| Taxes | 450/3 | €6,332 | €22,164 | +€15,832 | +250.0% |
| Other amounts payable | 47/48 | €3,190 | €411 | -€2,778 | -87.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €546 | €546 | = | 0.0% |
| Other operating charges | 640/8 | €1,763 | €1,764 | +€1 | +0.1% |
| Gross operating margin | 9900 | €60,080 | €67,695 | +€7,614 | +12.7% |
| Operating profit (loss) | 9901 | €57,772 | €65,385 | +€7,613 | +13.2% |
| Financial income | 75/76B | €528 | €1,590 | +€1,062 | +201.2% |
| Recurring financial income | 75 | €528 | €1,590 | +€1,062 | +201.2% |
| Financial charges | 65/66B | €147 | €146 | -€0 | -0.3% |
| Recurring financial charges | 65 | €147 | €146 | -€0 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €58,153 | €66,828 | +€8,675 | +14.9% |
| Income taxes | 67/77 | €19,572 | €23,340 | +€3,768 | +19.3% |
| Profit (loss) for the period | 9904 | €38,581 | €43,488 | +€4,907 | +12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,581 | €43,488 | +€4,907 | +12.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.