INVER 2005: 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.
INVER 2005
Largest movements
- Current investments +€412,630
up €412,630, from €0 to €412,630
- Tangible fixed assets -€375,749
down €375,749 (-33.3%), from €1.1m to €751,411
of which Land and buildings: -€297,147
- Receivables within one year +€75,360
up €75,360 (+131%), from €57,588 to €132,948
- Cash -€33,921
down €33,921 (-100%), from €33,921 to €0
mainly Current investments (-€412,630) and Receivables within one year (-€75,360)
- Reserves +€140,189
up €140,189 (+35.5%), from €394,598 to €534,787
of which Distributable reserves: +€142,189
- Debts after one year -€48,327
down €48,327 (-42.6%), from €113,444 to €65,117
- Other debts -€30,856
down €30,856 (-13.6%), from €227,282 to €196,426
- Gross operating margin +€117,468
up €117,468 (+77.4%), from €151,697 to €269,164
- Taxes +€35,195
up €35,195 (+236%), from €14,924 to €50,119
- Depreciation -€10,250
down €10,250 (-16.7%), from €61,483 to €51,234
- Financial charges -€7,059
down €7,059 (-25.6%), from €27,535 to €20,476
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 | €1,321,951 | €1,400,773 | +€78,822 | +6.0% |
| Fixed assets | 21/28 | €1,127,665 | €751,916 | -€375,749 | -33.3% |
| Tangible fixed assets | 22/27 | €1,127,160 | €751,411 | -€375,749 | -33.3% |
| Land and buildings | 22 | €1,029,541 | €732,394 | -€297,147 | -28.9% |
| Leasing and similar rights | 25 | €33,945 | €19,017 | -€14,928 | -44.0% |
| Other tangible fixed assets | 26 | €63,674 | €0 | -€63,674 | -100% |
| Financial fixed assets | 28 | €505 | €505 | = | 0.0% |
| Current assets | 29/58 | €194,286 | €648,857 | +€454,571 | +234% |
| Stocks and contracts in progress | 3 | €102,777 | €102,777 | = | 0.0% |
| Stocks | 30/36 | €102,777 | €102,777 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €57,588 | €132,948 | +€75,360 | +131% |
| Other amounts receivable | 41 | €57,588 | €132,948 | +€75,360 | +131% |
| Current investments | 50/53 | €0 | €412,630 | +€412,630 | |
| Cash at bank and in hand | 54/58 | €33,921 | €0 | -€33,921 | -100% |
| Deferred charges and accrued income | 490/1 | €0 | €502 | +€502 | |
| Total equity and liabilities | 10/49 | €1,321,951 | €1,400,773 | +€78,822 | +6.0% |
| Equity | 10/15 | €894,598 | €1,034,787 | +€140,189 | +15.7% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €394,598 | €534,787 | +€140,189 | +35.5% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,293 | €33,293 | -€2,000 | -5.7% |
| Distributable reserves | 133 | €309,305 | €451,494 | +€142,189 | +46.0% |
| Provisions and deferred taxes | 16 | €11,764 | €11,098 | -€667 | -5.7% |
| Deferred taxes | 168 | €11,764 | €11,098 | -€667 | -5.7% |
| Amounts payable | 17/49 | €415,588 | €354,888 | -€60,700 | -14.6% |
| Amounts payable after more than one year | 17 | €113,444 | €65,117 | -€48,327 | -42.6% |
| Financial debts | 170/4 | €113,444 | €65,117 | -€48,327 | -42.6% |
| Amounts payable within one year | 42/48 | €302,145 | €289,771 | -€12,373 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €49,483 | €48,313 | -€1,170 | -2.4% |
| Financial debts | 43 | €100 | €11,271 | +€11,171 | +11,186% |
| Credit institutions | 430/8 | €100 | €11,271 | +€11,171 | +11,186% |
| Trade debts | 44 | €173 | €13,445 | +€13,272 | +7,665% |
| Suppliers | 440/4 | €173 | €13,445 | +€13,272 | +7,665% |
| Taxes, remuneration and social security | 45 | €25,106 | €20,317 | -€4,790 | -19.1% |
| Taxes | 450/3 | €25,106 | €20,317 | -€4,790 | -19.1% |
| Other amounts payable | 47/48 | €227,282 | €196,426 | -€30,856 | -13.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,483 | €51,234 | -€10,250 | -16.7% |
| Other operating charges | 640/8 | €12,838 | €13,063 | +€225 | +1.8% |
| Gross operating margin | 9900 | €151,697 | €269,164 | +€117,468 | +77.4% |
| Operating profit (loss) | 9901 | €77,376 | €204,868 | +€127,492 | +165% |
| Financial income | 75/76B | €4,119 | €5,250 | +€1,131 | +27.5% |
| Recurring financial income | 75 | €1,619 | €5,250 | +€3,631 | +224% |
| Non-recurring financial income | 76B | €2,500 | €0 | -€2,500 | -100% |
| Financial charges | 65/66B | €27,535 | €20,476 | -€7,059 | -25.6% |
| Recurring financial charges | 65 | €27,535 | €20,476 | -€7,059 | -25.6% |
| Profit (loss) for the period before taxes | 9903 | €53,960 | €189,641 | +€135,681 | +251% |
| Transfer from deferred taxes | 780 | €676 | €667 | -€9 | -1.3% |
| Income taxes | 67/77 | €14,924 | €50,119 | +€35,195 | +236% |
| Profit (loss) for the period | 9904 | €39,712 | €140,189 | +€100,477 | +253% |
| Transfer from tax-exempt reserves | 789 | €2,027 | €2,000 | -€27 | -1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €41,739 | €142,189 | +€100,451 | +241% |
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 23 October 2026 via checked.be.