INVEL: 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.
INVEL
Largest movements
- Receivables within one year +€318,589
up €318,589 (+396.9%), from €80,264 to €398,853
of which Trade receivables: +€205,727
- Cash -€258,186
down €258,186 (-94.7%), from €272,549 to €14,363
mainly Receivables within one year (-€318,589) and Investment in fixed assets (net) (-€133,784)
- Receivables after one year +€100,000
up €100,000 (+11.1%), from €900,000 to €1.0m
- Financial fixed assets +€70,032
up €70,032 (+23.3%), from €300,430 to €370,462
- Deferred charges and accrued income +€41,528
up €41,528 (+69.8%), from €59,495 to €101,024
- Reserves +€237,351
up €237,351 (+13.4%), from €1.8m to €2.0m
of which Distributable reserves: +€237,923
- Tax, wage and social debts +€41,121
up €41,121 (+125.6%), from €32,734 to €73,856
- Gross operating margin +€134,311
up €134,311 (+42.5%), from €316,180 to €450,491
- Taxes +€47,675
up €47,675 (+45.2%), from €105,551 to €153,226
- Financial income +€22,431
up €22,431 (+49.2%), from €45,631 to €68,062
- Depreciation +€6,171
up €6,171 (+18.8%), from €32,784 to €38,954
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 | €1,889,060 | €2,185,820 | +€296,760 | +15.7% |
| Fixed assets | 21/28 | €576,751 | €671,581 | +€94,830 | +16.4% |
| Tangible fixed assets | 22/27 | €276,321 | €301,119 | +€24,798 | +9.0% |
| Land and buildings | 22 | €167,250 | €162,918 | -€4,331 | -2.6% |
| Plant, machinery and equipment | 23 | €16,644 | €14,232 | -€2,412 | -14.5% |
| Furniture and vehicles | 24 | €75,066 | €53,596 | -€21,471 | -28.6% |
| Other tangible fixed assets | 26 | €17,361 | €70,372 | +€53,011 | +305.3% |
| Financial fixed assets | 28 | €300,430 | €370,462 | +€70,032 | +23.3% |
| Current assets | 29/58 | €1,312,309 | €1,514,240 | +€201,931 | +15.4% |
| Amounts receivable after more than one year | 29 | €900,000 | €1,000,000 | +€100,000 | +11.1% |
| Other amounts receivable | 291 | €900,000 | €1,000,000 | +€100,000 | +11.1% |
| Amounts receivable within one year | 40/41 | €80,264 | €398,853 | +€318,589 | +396.9% |
| Trade receivables | 40 | €22,990 | €228,717 | +€205,727 | +894.9% |
| Other amounts receivable | 41 | €57,274 | €170,137 | +€112,862 | +197.1% |
| Cash at bank and in hand | 54/58 | €272,549 | €14,363 | -€258,186 | -94.7% |
| Deferred charges and accrued income | 490/1 | €59,495 | €101,024 | +€41,528 | +69.8% |
| Total equity and liabilities | 10/49 | €1,889,060 | €2,185,820 | +€296,760 | +15.7% |
| Equity | 10/15 | €1,837,914 | €2,075,266 | +€237,351 | +12.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,775,678 | €2,013,028 | +€237,351 | +13.4% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,751 | €5,179 | -€572 | -10.0% |
| Distributable reserves | 133 | €1,749,927 | €1,987,850 | +€237,923 | +13.6% |
| Profit (loss) carried forward | 14 | €737 | €737 | +€0 | +0.1% |
| Provisions and deferred taxes | 16 | €2,961 | €2,667 | -€295 | -10.0% |
| Deferred taxes | 168 | €2,961 | €2,667 | -€295 | -10.0% |
| Amounts payable | 17/49 | €48,184 | €107,888 | +€59,704 | +123.9% |
| Amounts payable within one year | 42/48 | €48,184 | €107,888 | +€59,704 | +123.9% |
| Trade debts | 44 | €15,450 | €33,504 | +€18,054 | +116.9% |
| Suppliers | 440/4 | €15,450 | €33,504 | +€18,054 | +116.9% |
| Taxes, remuneration and social security | 45 | €32,734 | €73,856 | +€41,121 | +125.6% |
| Taxes | 450/3 | €32,734 | €73,856 | +€41,121 | +125.6% |
| Other amounts payable | 47/48 | €0 | €528 | +€528 | |
| Non-recurring operating income | 76A | €10,702 | €0 | -€10,702 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,784 | €38,954 | +€6,171 | +18.8% |
| Other operating charges | 640/8 | €2,061 | €5,243 | +€3,182 | +154.4% |
| Gross operating margin | 9900 | €316,180 | €450,491 | +€134,311 | +42.5% |
| Operating profit (loss) | 9901 | €281,336 | €406,294 | +€124,958 | +44.4% |
| Financial income | 75/76B | €45,631 | €68,062 | +€22,431 | +49.2% |
| Recurring financial income | 75 | €45,631 | €68,062 | +€22,431 | +49.2% |
| Financial charges | 65/66B | €126 | €673 | +€548 | +436.2% |
| Recurring financial charges | 65 | €126 | €673 | +€548 | +436.2% |
| Profit (loss) for the period before taxes | 9903 | €326,841 | €473,682 | +€146,841 | +44.9% |
| Transfer from deferred taxes | 780 | €295 | €295 | = | 0.0% |
| Income taxes | 67/77 | €105,551 | €153,226 | +€47,675 | +45.2% |
| Profit (loss) for the period | 9904 | €221,585 | €320,751 | +€99,167 | +44.8% |
| Transfer from tax-exempt reserves | 789 | €572 | €572 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €222,157 | €321,323 | +€99,167 | +44.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.