INVARO: 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.
INVARO
Largest movements
- Receivables after one year -€250,000
down €250,000 (-41.7%), from €600,000 to €350,000
- Receivables within one year +€113,166
up €113,166 (+268.3%), from €42,185 to €155,351
of which Other amounts receivable: +€112,502
- Cash -€85,158
down €85,158 (-79.8%), from €106,719 to €21,562
mainly Debts after one year (-€273,490) and Contributions, distributions and other (-€132,500)
- Tangible fixed assets -€16,092
down €16,092 (-3.1%), from €519,635 to €503,543
of which Leasing and similar rights: -€12,010
- Debts after one year -€273,490
down €273,490 (-30.6%), from €895,091 to €621,601
- Other debts +€38,454
up €38,454 (+27.4%), from €140,107 to €178,561
- Depreciation -€64,489
down €64,489 (-67.3%), from €95,816 to €31,327
- Gross operating margin +€51,123
up €51,123 (+26.2%), from €194,963 to €246,086
- Taxes +€34,500
up €34,500 (+257.8%), from €13,382 to €47,882
- Financial charges -€3,029
down €3,029 (-10.2%), from €29,757 to €26,727
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 | €1,274,455 | €1,035,760 | -€238,695 | -18.7% |
| Fixed assets | 21/28 | €519,635 | €503,543 | -€16,092 | -3.1% |
| Tangible fixed assets | 22/27 | €519,635 | €503,543 | -€16,092 | -3.1% |
| Land and buildings | 22 | €175,480 | €171,711 | -€3,769 | -2.1% |
| Furniture and vehicles | 24 | €478 | €165 | -€313 | -65.4% |
| Leasing and similar rights | 25 | €343,676 | €331,667 | -€12,010 | -3.5% |
| Current assets | 29/58 | €754,820 | €532,217 | -€222,603 | -29.5% |
| Amounts receivable after more than one year | 29 | €600,000 | €350,000 | -€250,000 | -41.7% |
| Other amounts receivable | 291 | €600,000 | €350,000 | -€250,000 | -41.7% |
| Amounts receivable within one year | 40/41 | €42,185 | €155,351 | +€113,166 | +268.3% |
| Trade receivables | 40 | €20,766 | €21,430 | +€663 | +3.2% |
| Other amounts receivable | 41 | €21,419 | €133,922 | +€112,502 | +525.2% |
| Cash at bank and in hand | 54/58 | €106,719 | €21,562 | -€85,158 | -79.8% |
| Deferred charges and accrued income | 490/1 | €5,915 | €5,304 | -€611 | -10.3% |
| Total equity and liabilities | 10/49 | €1,274,455 | €1,035,760 | -€238,695 | -18.7% |
| Equity | 10/15 | €154,879 | €155,216 | +€337 | +0.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €200 | €200 | = | 0.0% |
| Distributable reserves | 133 | €200 | €200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,679 | €55,016 | +€337 | +0.6% |
| Amounts payable | 17/49 | €1,119,576 | €880,544 | -€239,032 | -21.4% |
| Amounts payable after more than one year | 17 | €895,091 | €621,601 | -€273,490 | -30.6% |
| Financial debts | 170/4 | €895,091 | €621,601 | -€273,490 | -30.6% |
| Amounts payable within one year | 42/48 | €215,979 | €252,258 | +€36,280 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €71,285 | €73,490 | +€2,205 | +3.1% |
| Trade debts | 44 | €4,586 | €207 | -€4,380 | -95.5% |
| Suppliers | 440/4 | €4,586 | €207 | -€4,380 | -95.5% |
| Other amounts payable | 47/48 | €140,107 | €178,561 | +€38,454 | +27.4% |
| Accrued charges and deferred income | 492/3 | €8,506 | €6,685 | -€1,822 | -21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,816 | €31,327 | -€64,489 | -67.3% |
| Other operating charges | 640/8 | €22,106 | €22,886 | +€780 | +3.5% |
| Gross operating margin | 9900 | €194,963 | €246,086 | +€51,123 | +26.2% |
| Operating profit (loss) | 9901 | €77,041 | €191,874 | +€114,833 | +149.1% |
| Financial income | 75/76B | €15,341 | €15,573 | +€232 | +1.5% |
| Recurring financial income | 75 | €15,341 | €15,573 | +€232 | +1.5% |
| Financial charges | 65/66B | €29,757 | €26,727 | -€3,029 | -10.2% |
| Recurring financial charges | 65 | €29,757 | €26,727 | -€3,029 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €62,625 | €180,719 | +€118,094 | +188.6% |
| Income taxes | 67/77 | €13,382 | €47,882 | +€34,500 | +257.8% |
| Profit (loss) for the period | 9904 | €49,243 | €132,837 | +€83,594 | +169.8% |
| Profit (loss) for the period to be appropriated | 9905 | €49,243 | €132,837 | +€83,594 | +169.8% |
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 3 October 2026 via checked.be.