INVELIS: 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.
INVELIS
Largest movements
- Receivables within one year -€105,689
down €105,689 (-48.5%), from €218,135 to €112,446
of which Trade receivables: -€117,432
- Financial fixed assets +€75,000
up €75,000 (+3.4%), from €2.2m to €2.3m
- Cash -€70,817
down €70,817 (-27.2%), from €260,379 to €189,562
mainly Debts after one year (-€521,416) and Contributions, distributions and other (-€355,322)
- Debts after one year -€521,416
down €521,416 (-43.1%), from €1.2m to €687,947
of which Financial debts: -€521,416
- Other debts +€355,322
new in 2025: €355,322
- Financial income +€277,295
up €277,295 (+1,981%), from €13,995 to €291,290
of which Non-recurring financial income: +€275,000
- Gross operating margin +€21,459
up €21,459 (+11.2%), from €191,593 to €213,051
- Financial charges +€11,205
up €11,205 (+14.9%), from €75,221 to €86,426
- Other operating charges +€2,962
up €2,962 (+129%), from €2,303 to €5,264
- Depreciation +€2,416
up €2,416 (+9.9%), from €24,467 to €26,883
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,122,368 | €2,993,716 | -€128,652 | -4.1% |
| Fixed assets | 21/28 | €2,640,969 | €2,691,707 | +€50,738 | +1.9% |
| Tangible fixed assets | 22/27 | €435,219 | €410,957 | -€24,262 | -5.6% |
| Land and buildings | 22 | €430,654 | €406,207 | -€24,447 | -5.7% |
| Furniture and vehicles | 24 | €4,565 | €4,750 | +€185 | +4.1% |
| Financial fixed assets | 28 | €2,205,750 | €2,280,750 | +€75,000 | +3.4% |
| Current assets | 29/58 | €481,399 | €302,009 | -€179,390 | -37.3% |
| Amounts receivable within one year | 40/41 | €218,135 | €112,446 | -€105,689 | -48.5% |
| Trade receivables | 40 | €143,135 | €25,703 | -€117,432 | -82.0% |
| Other amounts receivable | 41 | €75,000 | €86,743 | +€11,743 | +15.7% |
| Cash at bank and in hand | 54/58 | €260,379 | €189,562 | -€70,817 | -27.2% |
| Deferred charges and accrued income | 490/1 | €2,885 | €0 | -€2,885 | -100% |
| Total equity and liabilities | 10/49 | €3,122,368 | €2,993,716 | -€128,652 | -4.1% |
| Equity | 10/15 | €1,751,467 | €1,751,467 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,204,294 | €1,204,294 | = | 0.0% |
| Distributable reserves | 133 | €1,204,294 | €1,204,294 | = | 0.0% |
| Profit (loss) carried forward | 14 | €528,573 | €528,573 | = | 0.0% |
| Amounts payable | 17/49 | €1,370,901 | €1,242,249 | -€128,652 | -9.4% |
| Amounts payable after more than one year | 17 | €1,209,363 | €687,947 | -€521,416 | -43.1% |
| Financial debts | 170/4 | €1,200,978 | €679,562 | -€521,416 | -43.4% |
| Other amounts payable | 178/9 | €8,385 | €8,385 | = | 0.0% |
| Amounts payable within one year | 42/48 | €92,576 | €473,119 | +€380,543 | +411% |
| Current portion of amounts payable after more than one year | 42 | €70,246 | €70,664 | +€418 | +0.6% |
| Trade debts | 44 | €3,708 | €1,651 | -€2,057 | -55.5% |
| Suppliers | 440/4 | €3,708 | €1,651 | -€2,057 | -55.5% |
| Taxes, remuneration and social security | 45 | €18,622 | €45,481 | +€26,859 | +144% |
| Taxes | 450/3 | €15,040 | €41,869 | +€26,828 | +178% |
| Remuneration and social security | 454/9 | €3,582 | €3,613 | +€31 | +0.9% |
| Other amounts payable | 47/48 | - | €355,322 | +€355,322 | |
| Accrued charges and deferred income | 492/3 | €68,962 | €81,183 | +€12,221 | +17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,467 | €26,883 | +€2,416 | +9.9% |
| Other operating charges | 640/8 | €2,303 | €5,264 | +€2,962 | +129% |
| Gross operating margin | 9900 | €191,593 | €213,051 | +€21,459 | +11.2% |
| Operating profit (loss) | 9901 | €164,823 | €180,904 | +€16,081 | +9.8% |
| Financial income | 75/76B | €13,995 | €291,290 | +€277,295 | +1,981% |
| Recurring financial income | 75 | €13,995 | €16,290 | +€2,295 | +16.4% |
| Non-recurring financial income | 76B | - | €275,000 | +€275,000 | |
| Financial charges | 65/66B | €75,221 | €86,426 | +€11,205 | +14.9% |
| Recurring financial charges | 65 | €75,221 | €86,426 | +€11,205 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | €103,597 | €385,768 | +€282,171 | +272% |
| Income taxes | 67/77 | €30,531 | €30,446 | -€86 | -0.3% |
| Profit (loss) for the period | 9904 | €73,065 | €355,322 | +€282,257 | +386% |
| Profit (loss) for the period to be appropriated | 9905 | €73,065 | €355,322 | +€282,257 | +386% |
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 22 October 2026 via checked.be.