Invedel: 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.
What changed
Invedel
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€590,200
2024 · -€83,762-€506,438
Equity
€8.0m
2024 · €5.1m+€2.9m
Cash
€217,800
2024 · €798,885-€581,085
Balance sheet total
€39.0m
2024 · €33.9m+€5.1m
Largest movements
Assets
- Tangible fixed assets +€5.6m
up €5.6m (+58.3%), from €9.7m to €15.3m
of which Land and buildings: +€5.6m
- Cash -€581,085
down €581,085 (-72.7%), from €798,885 to €217,800
mainly Investment in fixed assets (net) (-€6.1m) and Net result for the year (-€590,200)
Equity and liabilities
- Revaluation surpluses +€3.5m
new in 2025: €3.5m
- Debts after one year +€1.9m
up €1.9m (+6.8%), from €28.4m to €30.4m
- Profit (loss) carried forward -€587,284
down €587,284 (-13,011%), from -€4,514 to -€591,798
- Accrued charges and deferred income +€527,018
up €527,018 (+1,438%), from €36,638 to €563,657
Income statement
- Gross operating margin -€225,955
down €225,955 (-31.3%), from €721,411 to €495,456
- Depreciation +€213,932
up €213,932 (+78.6%), from €272,216 to €486,148
- Financial charges +€68,149
up €68,149 (+14.1%), from €483,756 to €551,904
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.
Result 2024
-€83,762
Gross operating margin
-€225,955
Depreciation
-€213,932
Other operating charges
-€2,592
Financial income
+€65
Financial charges
-€68,149
Taxes
+€4,125
Result 2025
-€590,200
raises the resultlowers the result
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.
From operations
+€99,149
Investment
-€6.1m
Financing
+€5.4m
Cash 2024
€798,885
From operations (derived)
+€99,149
Net result for the year
-€590,200
Depreciation
+€486,148
Receivables within one year
-€27,425
Smaller working-capital items
-€8,036
Tax, wage and social debts
-€138,598
Advances received
+€16,500
Other debts
-€166,257
Accrued charges and deferred income
+€527,018
Investment (derived)
-€6.1m
Investment in fixed assets (net)
-€6.1m
Financing
+€5.4m
Debts after one year
+€1.9m
Contributions, distributions and other
+€3.5m
Cash 2025
€217,800
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €33,949,760 | €39,023,388 | +€5.1m | +14.9% |
| Fixed assets | 21/28 | €33,063,873 | €38,691,781 | +€5.6m | +17.0% |
| Tangible fixed assets | 22/27 | €9,659,198 | €15,291,781 | +€5.6m | +58.3% |
| Land and buildings | 22 | €9,588,523 | €15,234,967 | +€5.6m | +58.9% |
| Plant, machinery and equipment | 23 | €9,684 | €6,965 | -€2,720 | -28.1% |
| Furniture and vehicles | 24 | €60,991 | €49,849 | -€11,141 | -18.3% |
| Financial fixed assets | 28 | €23,404,675 | €23,400,000 | -€4,675 | 0.0% |
| Current assets | 29/58 | €885,887 | €331,607 | -€554,279 | -62.6% |
| Amounts receivable within one year | 40/41 | €85,133 | €112,559 | +€27,425 | +32.2% |
| Trade receivables | 40 | €18,150 | €2,760 | -€15,390 | -84.8% |
| Other amounts receivable | 41 | €66,983 | €109,799 | +€42,815 | +63.9% |
| Cash at bank and in hand | 54/58 | €798,885 | €217,800 | -€581,085 | -72.7% |
| Deferred charges and accrued income | 490/1 | €1,868 | €1,248 | -€620 | -33.2% |
| Total equity and liabilities | 10/49 | €33,949,760 | €39,023,388 | +€5.1m | +14.9% |
| Equity | 10/15 | €5,099,813 | €8,009,613 | +€2.9m | +57.1% |
| Contributions | 10/11 | €5,000,000 | €5,000,000 | = | 0.0% |
| Capital | 10 | €5,000,000 | €5,000,000 | = | 0.0% |
| Issued capital | 100 | €5,000,000 | €5,000,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €3,500,000 | +€3.5m | |
| Reserves | 13 | €104,327 | €101,411 | -€2,916 | -2.8% |
| Non-distributable reserves | 130/1 | €63,282 | €63,282 | = | 0.0% |
| Legal reserve | 130 | €63,282 | €63,282 | = | 0.0% |
| Tax-exempt reserves | 132 | €41,045 | €38,129 | -€2,916 | -7.1% |
| Profit (loss) carried forward | 14 | -€4,514 | -€591,798 | -€587,284 | -13,011% |
| Provisions and deferred taxes | 16 | €13,682 | €12,710 | -€972 | -7.1% |
| Deferred taxes | 168 | €13,682 | €12,710 | -€972 | -7.1% |
| Amounts payable | 17/49 | €28,836,265 | €31,001,065 | +€2.2m | +7.5% |
| Amounts payable after more than one year | 17 | €28,449,988 | €30,383,810 | +€1.9m | +6.8% |
| Financial debts | 170/4 | €28,449,988 | €30,383,810 | +€1.9m | +6.8% |
| Amounts payable within one year | 42/48 | €349,639 | €53,599 | -€296,040 | -84.7% |
| Trade debts | 44 | €8,087 | €403 | -€7,684 | -95.0% |
| Suppliers | 440/4 | €8,087 | €403 | -€7,684 | -95.0% |
| Advances received on contracts in progress | 46 | - | €16,500 | +€16,500 | |
| Taxes, remuneration and social security | 45 | €148,964 | €10,366 | -€138,598 | -93.0% |
| Taxes | 450/3 | €148,964 | €10,366 | -€138,598 | -93.0% |
| Other amounts payable | 47/48 | €192,587 | €26,330 | -€166,257 | -86.3% |
| Accrued charges and deferred income | 492/3 | €36,638 | €563,657 | +€527,018 | +1,438% |
| Non-recurring operating income | 76A | - | €939 | +€939 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €272,216 | €486,148 | +€213,932 | +78.6% |
| Other operating charges | 640/8 | €45,881 | €48,473 | +€2,592 | +5.6% |
| Gross operating margin | 9900 | €721,411 | €495,456 | -€225,955 | -31.3% |
| Operating profit (loss) | 9901 | €403,314 | -€39,165 | -€442,479 | |
| Financial income | 75/76B | €49 | €114 | +€65 | +131% |
| Recurring financial income | 75 | €49 | €114 | +€65 | +131% |
| Financial charges | 65/66B | €483,756 | €551,904 | +€68,149 | +14.1% |
| Recurring financial charges | 65 | €483,756 | €551,904 | +€68,149 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | -€80,393 | -€590,955 | -€510,563 | -635% |
| Transfer from deferred taxes | 780 | €972 | €972 | +€0 | 0.0% |
| Income taxes | 67/77 | €4,341 | €217 | -€4,125 | -95.0% |
| Profit (loss) for the period | 9904 | -€83,762 | -€590,200 | -€506,438 | -605% |
| Transfer from tax-exempt reserves | 789 | €2,916 | €2,916 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€80,846 | -€587,284 | -€506,438 | -626% |
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 29 October 2026 via checked.be.