INVEBA: 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.
INVEBA
Largest movements
- Tangible fixed assets +€433,216
up €433,216 (+14.6%), from €3.0m to €3.4m
of which Land and buildings: +€336,748
- Receivables within one year -€258,958
down €258,958 (-60.2%), from €430,012 to €171,054
of which Other amounts receivable: -€292,023
- Cash -€132,865
down €132,865 (-57.0%), from €233,083 to €100,217
mainly Investment in fixed assets (net) (-€598,395) and Other debts (-€223,011)
- Profit (loss) carried forward +€241,840
up €241,840 (+21.7%), from €1.1m to €1.4m
- Other debts -€223,011
down €223,011 (-89.4%), from €249,320 to €26,308
- Debts after one year -€48,746
down €48,746 (-2.3%), from €2.1m to €2.1m
- Current portion of long-term debt +€39,284
up €39,284 (+28.2%), from €139,414 to €178,697
- Financial income +€221,809
up €221,809 (+601.6%), from €36,868 to €258,677
- Depreciation +€43,374
up €43,374 (+35.6%), from €121,805 to €165,179
- Financial charges -€16,387
down €16,387 (-28.6%), from €57,391 to €41,004
- Taxes -€12,471
down €12,471 (-32.3%), from €38,634 to €26,164
- Other operating charges +€5,913
up €5,913 (+118.0%), from €5,010 to €10,924
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 | €3,692,222 | €3,696,685 | +€4,464 | +0.1% |
| Fixed assets | 21/28 | €2,991,807 | €3,425,023 | +€433,216 | +14.5% |
| Tangible fixed assets | 22/27 | €2,966,807 | €3,400,023 | +€433,216 | +14.6% |
| Land and buildings | 22 | €2,721,474 | €3,058,222 | +€336,748 | +12.4% |
| Plant, machinery and equipment | 23 | €30,693 | €27,946 | -€2,747 | -8.9% |
| Furniture and vehicles | 24 | €88,050 | €187,264 | +€99,214 | +112.7% |
| Other tangible fixed assets | 26 | €126,591 | €126,591 | = | 0.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €700,414 | €271,663 | -€428,752 | -61.2% |
| Amounts receivable within one year | 40/41 | €430,012 | €171,054 | -€258,958 | -60.2% |
| Trade receivables | 40 | €63,915 | €96,980 | +€33,065 | +51.7% |
| Other amounts receivable | 41 | €366,097 | €74,075 | -€292,023 | -79.8% |
| Cash at bank and in hand | 54/58 | €233,083 | €100,217 | -€132,865 | -57.0% |
| Deferred charges and accrued income | 490/1 | €37,320 | €391 | -€36,929 | -99.0% |
| Total equity and liabilities | 10/49 | €3,692,222 | €3,696,685 | +€4,464 | +0.1% |
| Equity | 10/15 | €1,136,802 | €1,378,642 | +€241,840 | +21.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,116,397 | €1,358,237 | +€241,840 | +21.7% |
| Amounts payable | 17/49 | €2,555,419 | €2,318,043 | -€237,376 | -9.3% |
| Amounts payable after more than one year | 17 | €2,108,086 | €2,059,340 | -€48,746 | -2.3% |
| Financial debts | 170/4 | €2,108,086 | €2,059,340 | -€48,746 | -2.3% |
| Amounts payable within one year | 42/48 | €434,502 | €243,920 | -€190,582 | -43.9% |
| Current portion of amounts payable after more than one year | 42 | €139,414 | €178,697 | +€39,284 | +28.2% |
| Trade debts | 44 | €21,659 | €11,175 | -€10,484 | -48.4% |
| Suppliers | 440/4 | €21,659 | €11,175 | -€10,484 | -48.4% |
| Taxes, remuneration and social security | 45 | €24,110 | €27,739 | +€3,630 | +15.1% |
| Taxes | 450/3 | €22,210 | €27,739 | +€5,530 | +24.9% |
| Remuneration and social security | 454/9 | €1,900 | €0 | -€1,900 | -100.0% |
| Other amounts payable | 47/48 | €249,320 | €26,308 | -€223,011 | -89.4% |
| Accrued charges and deferred income | 492/3 | €12,831 | €14,783 | +€1,952 | +15.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,805 | €165,179 | +€43,374 | +35.6% |
| Other operating charges | 640/8 | €5,010 | €10,924 | +€5,913 | +118.0% |
| Non-recurring operating charges | 66A | €0 | €33,217 | +€33,217 | |
| Gross operating margin | 9900 | €260,502 | €259,649 | -€853 | -0.3% |
| Operating profit (loss) | 9901 | €133,686 | €50,330 | -€83,356 | -62.4% |
| Financial income | 75/76B | €36,868 | €258,677 | +€221,809 | +601.6% |
| Recurring financial income | 75 | €36,868 | €258,677 | +€221,809 | +601.6% |
| Financial charges | 65/66B | €57,391 | €41,004 | -€16,387 | -28.6% |
| Recurring financial charges | 65 | €57,391 | €41,004 | -€16,387 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | €113,163 | €268,003 | +€154,840 | +136.8% |
| Income taxes | 67/77 | €38,634 | €26,164 | -€12,471 | -32.3% |
| Profit (loss) for the period | 9904 | €74,529 | €241,840 | +€167,311 | +224.5% |
| Profit (loss) for the period to be appropriated | 9905 | €74,529 | €241,840 | +€167,311 | +224.5% |
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 7 October 2026 via checked.be.