INVERCO: 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.
INVERCO
Largest movements
- Cash -€33,061
down €33,061 (-72.5%), from €45,619 to €12,558
mainly Investment in fixed assets (net) (-€43,559) and Net result for the year (-€32,054)
- Tangible fixed assets -€32,451
down €32,451 (-5.8%), from €564,165 to €531,714
- Financial fixed assets +€26,950
up €26,950 (+51.3%), from €52,525 to €79,475
- Reserves -€32,157
down €32,157 (-3.6%), from €900,465 to €868,309
of which Distributable reserves: -€24,000
- Gross operating margin -€241,703
down €241,703 (-96.0%), from €251,880 to €10,178
- Taxes -€56,570
down €56,570 (-99.1%), from €57,059 to €489
- Financial income -€13,051
down €13,051 (-53.8%), from €24,253 to €11,202
- Depreciation +€2,809
up €2,809 (+6.1%), from €46,251 to €49,060
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 | €1,310,701 | €1,274,387 | -€36,313 | -2.8% |
| Fixed assets | 21/28 | €616,690 | €611,189 | -€5,501 | -0.9% |
| Tangible fixed assets | 22/27 | €564,165 | €531,714 | -€32,451 | -5.8% |
| Land and buildings | 22 | €529,668 | €514,116 | -€15,553 | -2.9% |
| Plant, machinery and equipment | 23 | €6,225 | €4,617 | -€1,608 | -25.8% |
| Furniture and vehicles | 24 | €28,272 | €12,981 | -€15,291 | -54.1% |
| Financial fixed assets | 28 | €52,525 | €79,475 | +€26,950 | +51.3% |
| Current assets | 29/58 | €694,011 | €663,198 | -€30,813 | -4.4% |
| Amounts receivable after more than one year | 29 | €205,000 | €205,000 | = | 0.0% |
| Other amounts receivable | 291 | €205,000 | €205,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €50,813 | €53,134 | +€2,321 | +4.6% |
| Trade receivables | 40 | €15,437 | €1,901 | -€13,537 | -87.7% |
| Other amounts receivable | 41 | €35,376 | €51,234 | +€15,858 | +44.8% |
| Current investments | 50/53 | €390,000 | €390,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €45,619 | €12,558 | -€33,061 | -72.5% |
| Deferred charges and accrued income | 490/1 | €2,579 | €2,506 | -€73 | -2.8% |
| Total equity and liabilities | 10/49 | €1,310,701 | €1,274,387 | -€36,313 | -2.8% |
| Equity | 10/15 | €1,203,271 | €1,171,217 | -€32,054 | -2.7% |
| Contributions | 10/11 | €302,500 | €302,500 | = | 0.0% |
| Reserves | 13 | €900,465 | €868,309 | -€32,157 | -3.6% |
| Tax-exempt reserves | 132 | €201,465 | €193,309 | -€8,157 | -4.0% |
| Distributable reserves | 133 | €699,000 | €675,000 | -€24,000 | -3.4% |
| Profit (loss) carried forward | 14 | €306 | €409 | +€103 | +33.6% |
| Provisions and deferred taxes | 16 | €103,739 | €99,539 | -€4,200 | -4.0% |
| Deferred taxes | 168 | €103,739 | €99,539 | -€4,200 | -4.0% |
| Amounts payable | 17/49 | €3,691 | €3,631 | -€60 | -1.6% |
| Amounts payable within one year | 42/48 | €3,691 | €3,631 | -€60 | -1.6% |
| Trade debts | 44 | - | €0 | = | |
| Suppliers | 440/4 | - | €0 | = | |
| Advances received on contracts in progress | 46 | €2,996 | €3,231 | +€235 | +7.8% |
| Taxes, remuneration and social security | 45 | €695 | €400 | -€295 | -42.4% |
| Taxes | 450/3 | €695 | €400 | -€295 | -42.4% |
| Non-recurring operating income | 76A | €248,831 | - | -€248,831 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,251 | €49,060 | +€2,809 | +6.1% |
| Other operating charges | 640/8 | €8,484 | €7,882 | -€603 | -7.1% |
| Gross operating margin | 9900 | €251,880 | €10,178 | -€241,703 | -96.0% |
| Operating profit (loss) | 9901 | €197,145 | -€46,764 | -€243,909 | |
| Financial income | 75/76B | €24,253 | €11,202 | -€13,051 | -53.8% |
| Recurring financial income | 75 | €24,253 | €11,202 | -€13,051 | -53.8% |
| Financial charges | 65/66B | €693 | €203 | -€490 | -70.7% |
| Recurring financial charges | 65 | €693 | €203 | -€490 | -70.7% |
| Profit (loss) for the period before taxes | 9903 | €220,705 | -€35,765 | -€256,470 | |
| Transfer from deferred taxes | 780 | €4,200 | €4,200 | = | 0.0% |
| Income taxes | 67/77 | €57,059 | €489 | -€56,570 | -99.1% |
| Profit (loss) for the period | 9904 | €167,846 | -€32,054 | -€199,900 | |
| Transfer from tax-exempt reserves | 789 | €8,157 | €8,157 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €176,003 | -€23,897 | -€199,900 |
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 9 October 2026 via checked.be.