INVES: what changed
Two fiscal 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.
INVES
Largest movements
- Financial fixed assets -€360,000
down €360,000 (-18.9%), from €1.9m to €1.5m
- Current investments -€327,143
down €327,143 (-99.4%), from €329,211 to €2,068
- Tangible fixed assets -€102,239
down €102,239 (-15.4%), from €662,960 to €560,721
of which Land and buildings: -€100,397
- Receivables within one year +€53,517
up €53,517 (+14.2%), from €377,539 to €431,056
- Profit (loss) carried forward -€724,118
down €724,118 (-78.4%), from -€923,248 to -€1.6m
- Debts after one year -€83,814
down €83,814 (-7.3%), from €1.2m to €1.1m
of which Financial debts: -€84,164
- Other debts +€69,538
up €69,538 (+7.5%), from €929,195 to €998,733
- Tax, wage and social debts -€35,311
down €35,311 (-66.1%), from €53,450 to €18,139
- Financial charges +€181,442
up €181,442 (+33.1%), from €548,906 to €730,348
of which Financial charges: +€95,773
- Provisions +€25,000
new in 2025: €25,000
- Financial income +€19,020
up €19,020 (+270.2%), from €7,040 to €26,060
of which Non-recurring financial income: +€18,000
- Turnover +€2,972
up €2,972 (+1.6%), from €188,301 to €191,273
- Purchases and services +€2,924
up €2,924 (+5.2%), from €56,141 to €59,065
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 | €3,291,756 | €2,546,913 | -€744,843 | -22.6% |
| Fixed assets | 21/28 | €2,565,079 | €2,102,840 | -€462,239 | -18.0% |
| Tangible fixed assets | 22/27 | €662,960 | €560,721 | -€102,239 | -15.4% |
| Land and buildings | 22 | €651,482 | €551,085 | -€100,397 | -15.4% |
| Furniture and vehicles | 24 | €11,478 | €9,636 | -€1,842 | -16.0% |
| Financial fixed assets | 28 | €1,902,119 | €1,542,119 | -€360,000 | -18.9% |
| Current assets | 29/58 | €726,677 | €444,073 | -€282,604 | -38.9% |
| Amounts receivable within one year | 40/41 | €377,539 | €431,056 | +€53,517 | +14.2% |
| Other amounts receivable | 41 | €377,539 | €431,056 | +€53,517 | +14.2% |
| Current investments | 50/53 | €329,211 | €2,068 | -€327,143 | -99.4% |
| Cash at bank and in hand | 54/58 | €19,927 | €10,949 | -€8,978 | -45.1% |
| Total equity and liabilities | 10/49 | €3,291,756 | €2,546,913 | -€744,843 | -22.6% |
| Equity | 10/15 | €842,039 | €147,373 | -€694,666 | -82.5% |
| Contributions | 10/11 | €773,500 | €773,500 | = | 0.0% |
| Capital | 10 | €773,500 | €773,500 | = | 0.0% |
| Issued capital | 100 | €773,500 | €773,500 | = | 0.0% |
| Reserves | 13 | €991,787 | €1,021,239 | +€29,452 | +3.0% |
| Non-distributable reserves | 130/1 | €248,400 | €25,000 | -€223,400 | -89.9% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Own shares acquired | 1312 | €223,400 | €0 | -€223,400 | -100.0% |
| Tax-exempt reserves | 132 | €177,167 | €149,013 | -€28,154 | -15.9% |
| Distributable reserves | 133 | €566,220 | €847,226 | +€281,006 | +49.6% |
| Profit (loss) carried forward | 14 | -€923,248 | -€1,647,366 | -€724,118 | -78.4% |
| Provisions and deferred taxes | 16 | €185,337 | €180,885 | -€4,452 | -2.4% |
| Provisions for liabilities and charges | 160/5 | - | €25,000 | +€25,000 | |
| Major repairs and maintenance | 162 | - | €25,000 | +€25,000 | |
| Deferred taxes | 168 | €185,337 | €155,885 | -€29,452 | -15.9% |
| Amounts payable | 17/49 | €2,264,380 | €2,218,655 | -€45,725 | -2.0% |
| Amounts payable after more than one year | 17 | €1,151,429 | €1,067,615 | -€83,814 | -7.3% |
| Financial debts | 170/4 | €1,149,780 | €1,065,616 | -€84,164 | -7.3% |
| Other amounts payable | 178/9 | €1,649 | €1,999 | +€350 | +21.2% |
| Amounts payable within one year | 42/48 | €1,072,991 | €1,108,715 | +€35,724 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €84,164 | €84,164 | = | 0.0% |
| Trade debts | 44 | €6,182 | €7,679 | +€1,497 | +24.2% |
| Suppliers | 440/4 | €6,182 | €7,679 | +€1,497 | +24.2% |
| Taxes, remuneration and social security | 45 | €53,450 | €18,139 | -€35,311 | -66.1% |
| Taxes | 450/3 | €53,450 | €18,139 | -€35,311 | -66.1% |
| Other amounts payable | 47/48 | €929,195 | €998,733 | +€69,538 | +7.5% |
| Accrued charges and deferred income | 492/3 | €39,960 | €42,325 | +€2,365 | +5.9% |
| Turnover | 70 | €188,301 | €191,273 | +€2,972 | +1.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €56,141 | €59,065 | +€2,924 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,179 | €103,248 | +€69 | +0.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €25,000 | +€25,000 | |
| Other operating charges | 640/8 | €23,043 | €23,790 | +€747 | +3.2% |
| Gross operating margin | 9900 | €132,160 | €132,208 | +€48 | 0.0% |
| Operating profit (loss) | 9901 | €5,938 | -€19,830 | -€25,768 | |
| Financial income | 75/76B | €7,040 | €26,060 | +€19,020 | +270.2% |
| Recurring financial income | 75 | €7,040 | €8,060 | +€1,020 | +14.5% |
| Non-recurring financial income | 76B | - | €18,000 | +€18,000 | |
| Financial charges | 65/66B | €548,906 | €730,348 | +€181,442 | +33.1% |
| Recurring financial charges | 65 | €88,675 | €184,448 | +€95,773 | +108.0% |
| Non-recurring financial charges | 66B | €460,231 | €545,900 | +€85,669 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | -€535,928 | -€724,118 | -€188,190 | -35.1% |
| Transfer from deferred taxes | 780 | €29,452 | €29,452 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€506,476 | -€694,666 | -€188,190 | -37.2% |
| Transfer from tax-exempt reserves | 789 | €28,154 | €28,154 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€478,322 | -€666,512 | -€188,190 | -39.3% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.