Invar Survey: 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.
Invar Survey
Largest movements
- Cash -€22,556
down €22,556 (-55.3%), from €40,786 to €18,230
mainly Contributions, distributions and other (-€101,859) and Current portion of long-term debt (-€9,622)
- Receivables within one year -€9,964
down €9,964 (-20.9%), from €47,624 to €37,661
of which Trade receivables: -€13,286
- Deferred charges and accrued income +€9,364
up €9,364 (+356%), from €2,628 to €11,991
- Tangible fixed assets -€8,336
down €8,336 (-15.4%), from €54,060 to €45,724
of which Plant, machinery and equipment: -€6,196
- Intangible fixed assets -€3,030
down €3,030 (-46.5%), from €6,515 to €3,485
- Reserves -€78,606
down €78,606 (-77.2%), from €101,859 to €23,252
- Other debts +€43,120
up €43,120 (+433%), from €9,958 to €53,078
- Short-term financial debts +€10,000
new in 2025: €10,000
- Current portion of long-term debt -€9,622
down €9,622 (-69.9%), from €13,770 to €4,148
- Trade debts +€5,061
up €5,061 (+342%), from €1,482 to €6,543
- Gross operating margin +€4,034
up €4,034 (+8.1%), from €49,790 to €53,823
- Financial charges -€1,336
down €1,336 (-33.5%), from €3,991 to €2,654
- Depreciation +€1,275
up €1,275 (+7.0%), from €18,252 to €19,526
- Other operating charges +€1,002
up €1,002 (+130%), from €774 to €1,776
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 | €151,613 | €117,092 | -€34,522 | -22.8% |
| Fixed assets | 21/28 | €60,575 | €49,210 | -€11,366 | -18.8% |
| Intangible fixed assets | 21 | €6,515 | €3,485 | -€3,030 | -46.5% |
| Tangible fixed assets | 22/27 | €54,060 | €45,724 | -€8,336 | -15.4% |
| Plant, machinery and equipment | 23 | €47,867 | €41,672 | -€6,196 | -12.9% |
| Furniture and vehicles | 24 | €6,193 | €4,053 | -€2,140 | -34.6% |
| Current assets | 29/58 | €91,038 | €67,882 | -€23,156 | -25.4% |
| Amounts receivable within one year | 40/41 | €47,624 | €37,661 | -€9,964 | -20.9% |
| Trade receivables | 40 | €43,888 | €30,602 | -€13,286 | -30.3% |
| Other amounts receivable | 41 | €3,736 | €7,059 | +€3,323 | +88.9% |
| Cash at bank and in hand | 54/58 | €40,786 | €18,230 | -€22,556 | -55.3% |
| Deferred charges and accrued income | 490/1 | €2,628 | €11,991 | +€9,364 | +356% |
| Total equity and liabilities | 10/49 | €151,613 | €117,092 | -€34,522 | -22.8% |
| Equity | 10/15 | €106,859 | €28,252 | -€78,606 | -73.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €101,859 | €23,252 | -€78,606 | -77.2% |
| Distributable reserves | 133 | €101,859 | €23,252 | -€78,606 | -77.2% |
| Amounts payable | 17/49 | €44,755 | €88,839 | +€44,085 | +98.5% |
| Amounts payable after more than one year | 17 | €7,342 | €3,194 | -€4,148 | -56.5% |
| Financial debts | 170/4 | €7,342 | €3,194 | -€4,148 | -56.5% |
| Amounts payable within one year | 42/48 | €37,412 | €85,646 | +€48,233 | +129% |
| Current portion of amounts payable after more than one year | 42 | €13,770 | €4,148 | -€9,622 | -69.9% |
| Financial debts | 43 | - | €10,000 | +€10,000 | |
| Credit institutions | 430/8 | - | €10,000 | +€10,000 | |
| Trade debts | 44 | €1,482 | €6,543 | +€5,061 | +342% |
| Suppliers | 440/4 | €1,482 | €6,543 | +€5,061 | +342% |
| Taxes, remuneration and social security | 45 | €12,202 | €11,877 | -€325 | -2.7% |
| Taxes | 450/3 | €9,702 | €9,377 | -€325 | -3.3% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €9,958 | €53,078 | +€43,120 | +433% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,252 | €19,526 | +€1,275 | +7.0% |
| Other operating charges | 640/8 | €774 | €1,776 | +€1,002 | +130% |
| Gross operating margin | 9900 | €49,790 | €53,823 | +€4,034 | +8.1% |
| Operating profit (loss) | 9901 | €30,764 | €32,521 | +€1,757 | +5.7% |
| Financial income | 75/76B | €195 | €2 | -€193 | -98.9% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +20,700% |
| Non-recurring financial income | 76B | €195 | - | -€195 | |
| Financial charges | 65/66B | €3,991 | €2,654 | -€1,336 | -33.5% |
| Recurring financial charges | 65 | €3,991 | €2,654 | -€1,336 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | €26,968 | €29,869 | +€2,900 | +10.8% |
| Income taxes | 67/77 | €6,355 | €6,616 | +€261 | +4.1% |
| Profit (loss) for the period | 9904 | €20,614 | €23,252 | +€2,639 | +12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €20,614 | €23,252 | +€2,639 | +12.8% |
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 24 October 2026 via checked.be.