INVASO: 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.
INVASO
Largest movements
- Tangible fixed assets -€18,082
down €18,082 (-3.1%), from €588,398 to €570,316
of which Land and buildings: -€25,343
- Receivables within one year -€13,413
down €13,413 (-92.8%), from €14,446 to €1,033
of which Trade receivables: -€14,314
- Cash +€9,617
up €9,617 (+265.7%), from €3,620 to €13,237
mainly Net result for the year (+€57,959) and Depreciation (+€31,343)
- Reserves +€57,959
up €57,959 (+26.6%), from €218,099 to €276,058
- Debts after one year -€56,674
down €56,674 (-20.1%), from €282,192 to €225,518
- Tax, wage and social debts -€11,407
down €11,407 (-99.7%), from €11,445 to €38
of which Taxes: -€8,407
- Other debts -€10,820
down €10,820 (-44.3%), from €24,452 to €13,631
- Gross operating margin +€25,200
up €25,200 (+23.9%), from €105,338 to €130,539
- Depreciation -€5,648
down €5,648 (-15.3%), from €36,991 to €31,343
- Taxes +€5,599
up €5,599 (+54.0%), from €10,368 to €15,967
- Other operating charges +€3,564
up €3,564 (+28.5%), from €12,501 to €16,066
- Financial charges -€1,547
down €1,547 (-14.4%), from €10,753 to €9,206
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 | €615,340 | €591,323 | -€24,017 | -3.9% |
| Fixed assets | 21/28 | €588,398 | €570,316 | -€18,082 | -3.1% |
| Tangible fixed assets | 22/27 | €588,398 | €570,316 | -€18,082 | -3.1% |
| Land and buildings | 22 | €563,598 | €538,255 | -€25,343 | -4.5% |
| Plant, machinery and equipment | 23 | €5,069 | €3,529 | -€1,540 | -30.4% |
| Furniture and vehicles | 24 | €19,731 | €4,574 | -€15,157 | -76.8% |
| Other tangible fixed assets | 26 | - | €23,957 | +€23,957 | |
| Current assets | 29/58 | €26,942 | €21,007 | -€5,935 | -22.0% |
| Amounts receivable within one year | 40/41 | €14,446 | €1,033 | -€13,413 | -92.8% |
| Trade receivables | 40 | €14,314 | - | -€14,314 | |
| Other amounts receivable | 41 | €132 | €1,033 | +€901 | +681.9% |
| Cash at bank and in hand | 54/58 | €3,620 | €13,237 | +€9,617 | +265.7% |
| Deferred charges and accrued income | 490/1 | €8,876 | €6,737 | -€2,139 | -24.1% |
| Total equity and liabilities | 10/49 | €615,340 | €591,323 | -€24,017 | -3.9% |
| Equity | 10/15 | €236,649 | €294,608 | +€57,959 | +24.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €218,099 | €276,058 | +€57,959 | +26.6% |
| Distributable reserves | 133 | €218,099 | €276,058 | +€57,959 | +26.6% |
| Amounts payable | 17/49 | €378,691 | €296,714 | -€81,977 | -21.6% |
| Amounts payable after more than one year | 17 | €282,192 | €225,518 | -€56,674 | -20.1% |
| Financial debts | 170/4 | €282,192 | €225,518 | -€56,674 | -20.1% |
| Amounts payable within one year | 42/48 | €96,499 | €71,196 | -€25,302 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €59,630 | €56,674 | -€2,956 | -5.0% |
| Trade debts | 44 | €972 | €853 | -€119 | -12.2% |
| Suppliers | 440/4 | €972 | €853 | -€119 | -12.2% |
| Taxes, remuneration and social security | 45 | €11,445 | €38 | -€11,407 | -99.7% |
| Taxes | 450/3 | €8,445 | €38 | -€8,407 | -99.6% |
| Remuneration and social security | 454/9 | €3,000 | - | -€3,000 | |
| Other amounts payable | 47/48 | €24,452 | €13,631 | -€10,820 | -44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,991 | €31,343 | -€5,648 | -15.3% |
| Other operating charges | 640/8 | €12,501 | €16,066 | +€3,564 | +28.5% |
| Gross operating margin | 9900 | €105,338 | €130,539 | +€25,200 | +23.9% |
| Operating profit (loss) | 9901 | €55,847 | €83,131 | +€27,284 | +48.9% |
| Financial income | 75/76B | €495 | €1 | -€494 | -99.8% |
| Recurring financial income | 75 | €495 | €1 | -€494 | -99.8% |
| Financial charges | 65/66B | €10,753 | €9,206 | -€1,547 | -14.4% |
| Recurring financial charges | 65 | €10,753 | €9,206 | -€1,547 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €45,589 | €73,926 | +€28,337 | +62.2% |
| Income taxes | 67/77 | €10,368 | €15,967 | +€5,599 | +54.0% |
| Profit (loss) for the period | 9904 | €35,221 | €57,959 | +€22,738 | +64.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,221 | €57,959 | +€22,738 | +64.6% |
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.