INVECON: 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.
INVECON
Largest movements
- Tangible fixed assets -€143,129
down €143,129 (-55.1%), from €259,900 to €116,772
of which Plant, machinery and equipment: -€121,778
- Cash +€13,494
up €13,494 (+48.2%), from €27,972 to €41,465
mainly Investment in fixed assets (net) (+€120,659) and Net result for the year (+€29,472)
- Intangible fixed assets -€4,180
down €4,180 (-14.3%), from €29,279 to €25,099
- Reserves -€82,000
down €82,000 (-92.6%), from €88,599 to €6,599
of which Distributable reserves: -€82,000
- Debts after one year -€47,583
no longer reported in 2025 (was €47,583)
- Profit (loss) carried forward +€29,472
up €29,472, from -€28,147 to €1,325
- Other debts -€21,105
down €21,105 (-91.0%), from €23,201 to €2,096
- Short-term financial debts +€10,000
up €10,000 (+66.7%), from €15,000 to €25,000
- Staff costs -€49,237
down €49,237 (-97.0%), from €50,753 to €1,516
- Gross operating margin -€35,694
down €35,694 (-35.1%), from €101,797 to €66,103
- Depreciation -€11,811
down €11,811 (-30.7%), from €38,460 to €26,650
- Financial charges -€1,460
down €1,460 (-32.7%), from €4,463 to €3,003
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 | €328,373 | €191,541 | -€136,832 | -41.7% |
| Fixed assets | 21/28 | €289,179 | €141,871 | -€147,309 | -50.9% |
| Intangible fixed assets | 21 | €29,279 | €25,099 | -€4,180 | -14.3% |
| Tangible fixed assets | 22/27 | €259,900 | €116,772 | -€143,129 | -55.1% |
| Plant, machinery and equipment | 23 | €127,285 | €5,507 | -€121,778 | -95.7% |
| Furniture and vehicles | 24 | €92,449 | €76,821 | -€15,628 | -16.9% |
| Other tangible fixed assets | 26 | €40,166 | €34,444 | -€5,722 | -14.2% |
| Current assets | 29/58 | €39,194 | €49,670 | +€10,476 | +26.7% |
| Amounts receivable within one year | 40/41 | €6,982 | €5,378 | -€1,605 | -23.0% |
| Trade receivables | 40 | €6,362 | €5,039 | -€1,323 | -20.8% |
| Other amounts receivable | 41 | €620 | €338 | -€282 | -45.4% |
| Cash at bank and in hand | 54/58 | €27,972 | €41,465 | +€13,494 | +48.2% |
| Deferred charges and accrued income | 490/1 | €4,240 | €2,827 | -€1,413 | -33.3% |
| Total equity and liabilities | 10/49 | €328,373 | €191,541 | -€136,832 | -41.7% |
| Equity | 10/15 | €197,902 | €145,374 | -€52,528 | -26.5% |
| Contributions | 10/11 | €137,450 | €137,450 | = | 0.0% |
| Reserves | 13 | €88,599 | €6,599 | -€82,000 | -92.6% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,724 | €4,724 | = | 0.0% |
| Distributable reserves | 133 | €82,000 | - | -€82,000 | |
| Profit (loss) carried forward | 14 | -€28,147 | €1,325 | +€29,472 | |
| Amounts payable | 17/49 | €130,471 | €46,167 | -€84,305 | -64.6% |
| Amounts payable after more than one year | 17 | €47,583 | - | -€47,583 | |
| Financial debts | 170/4 | €47,583 | - | -€47,583 | |
| Amounts payable within one year | 42/48 | €82,888 | €46,167 | -€36,722 | -44.3% |
| Current portion of amounts payable after more than one year | 42 | €9,980 | - | -€9,980 | |
| Financial debts | 43 | €15,000 | €25,000 | +€10,000 | +66.7% |
| Credit institutions | 430/8 | €15,000 | €25,000 | +€10,000 | +66.7% |
| Trade debts | 44 | €6,653 | €777 | -€5,876 | -88.3% |
| Suppliers | 440/4 | €6,653 | €777 | -€5,876 | -88.3% |
| Taxes, remuneration and social security | 45 | €28,054 | €18,294 | -€9,760 | -34.8% |
| Taxes | 450/3 | €17,432 | €18,294 | +€862 | +4.9% |
| Remuneration and social security | 454/9 | €10,622 | - | -€10,622 | |
| Other amounts payable | 47/48 | €23,201 | €2,096 | -€21,105 | -91.0% |
| Non-recurring operating income | 76A | €13,222 | €31,563 | +€18,341 | +138.7% |
| Remuneration, social security and pensions | 62 | €50,753 | €1,516 | -€49,237 | -97.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,460 | €26,650 | -€11,811 | -30.7% |
| Other operating charges | 640/8 | €5,270 | €4,464 | -€806 | -15.3% |
| Gross operating margin | 9900 | €101,797 | €66,103 | -€35,694 | -35.1% |
| Operating profit (loss) | 9901 | €7,314 | €33,473 | +€26,159 | +357.7% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €4,463 | €3,003 | -€1,460 | -32.7% |
| Recurring financial charges | 65 | €4,463 | €3,003 | -€1,460 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | €2,851 | €30,472 | +€27,622 | +969.0% |
| Income taxes | 67/77 | €1,085 | €1,000 | -€85 | -7.8% |
| Profit (loss) for the period | 9904 | €1,766 | €29,472 | +€27,707 | +1569.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,766 | €29,472 | +€27,707 | +1569.3% |
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 6 October 2026 via checked.be.