Invesma: 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.
Invesma
Largest movements
- Current investments +€500,000
new in 2025: €500,000
- Receivables within one year -€151,569
down €151,569 (-22.5%), from €672,888 to €521,318
of which Other amounts receivable: -€117,814
- Cash -€80,131
down €80,131 (-71.7%), from €111,755 to €31,624
mainly Current investments (-€500,000) and Contributions, distributions and other (-€114,883)
- Tangible fixed assets -€30,975
down €30,975 (-10.6%), from €291,954 to €260,979
of which Land and buildings: -€29,594
- Reserves +€115,130
up €115,130 (+15.7%), from €732,227 to €847,357
- Other debts +€83,258
up €83,258 (+353%), from €23,613 to €106,871
- Trade debts +€55,295
up €55,295 (+59.7%), from €92,556 to €147,851
- Financial income +€149,618
up €149,618 (+1,407%), from €10,633 to €160,251
- Gross operating margin -€70,313
down €70,313 (-33.9%), from €207,491 to €137,178
- Taxes -€6,112
down €6,112 (-12.1%), from €50,373 to €44,261
- Depreciation -€3,991
down €3,991 (-11.4%), from €34,965 to €30,975
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 | €1,208,944 | €1,445,629 | +€236,685 | +19.6% |
| Fixed assets | 21/28 | €418,745 | €387,770 | -€30,975 | -7.4% |
| Tangible fixed assets | 22/27 | €291,954 | €260,979 | -€30,975 | -10.6% |
| Land and buildings | 22 | €288,330 | €258,737 | -€29,594 | -10.3% |
| Plant, machinery and equipment | 23 | €2,056 | €1,456 | -€600 | -29.2% |
| Furniture and vehicles | 24 | €1,567 | €786 | -€781 | -49.8% |
| Financial fixed assets | 28 | €126,791 | €126,791 | = | 0.0% |
| Current assets | 29/58 | €790,199 | €1,057,859 | +€267,660 | +33.9% |
| Amounts receivable within one year | 40/41 | €672,888 | €521,318 | -€151,569 | -22.5% |
| Trade receivables | 40 | €74,357 | €40,602 | -€33,755 | -45.4% |
| Other amounts receivable | 41 | €598,530 | €480,716 | -€117,814 | -19.7% |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €111,755 | €31,624 | -€80,131 | -71.7% |
| Deferred charges and accrued income | 490/1 | €5,556 | €4,917 | -€640 | -11.5% |
| Total equity and liabilities | 10/49 | €1,208,944 | €1,445,629 | +€236,685 | +19.6% |
| Equity | 10/15 | €1,059,870 | €1,165,000 | +€105,130 | +9.9% |
| Contributions | 10/11 | €293,600 | €293,600 | = | 0.0% |
| Reserves | 13 | €732,227 | €847,357 | +€115,130 | +15.7% |
| Distributable reserves | 133 | €732,227 | €847,357 | +€115,130 | +15.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €34,043 | €24,043 | -€10,000 | -29.4% |
| Amounts payable | 17/49 | €149,074 | €280,629 | +€131,555 | +88.2% |
| Amounts payable within one year | 42/48 | €149,074 | €280,629 | +€131,555 | +88.2% |
| Current portion of amounts payable after more than one year | 42 | €10,153 | €10,109 | -€44 | -0.4% |
| Trade debts | 44 | €92,556 | €147,851 | +€55,295 | +59.7% |
| Suppliers | 440/4 | €92,556 | €147,851 | +€55,295 | +59.7% |
| Taxes, remuneration and social security | 45 | €22,752 | €15,799 | -€6,954 | -30.6% |
| Taxes | 450/3 | €22,752 | €15,799 | -€6,954 | -30.6% |
| Other amounts payable | 47/48 | €23,613 | €106,871 | +€83,258 | +353% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €492 | €0 | -€492 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,965 | €30,975 | -€3,991 | -11.4% |
| Other operating charges | 640/8 | €3,379 | €1,596 | -€1,783 | -52.8% |
| Gross operating margin | 9900 | €207,491 | €137,178 | -€70,313 | -33.9% |
| Operating profit (loss) | 9901 | €168,654 | €104,608 | -€64,047 | -38.0% |
| Financial income | 75/76B | €10,633 | €160,251 | +€149,618 | +1,407% |
| Recurring financial income | 75 | €10,633 | €160,251 | +€149,618 | +1,407% |
| Financial charges | 65/66B | €916 | €585 | -€331 | -36.1% |
| Recurring financial charges | 65 | €916 | €585 | -€331 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | €178,371 | €264,273 | +€85,902 | +48.2% |
| Income taxes | 67/77 | €50,373 | €44,261 | -€6,112 | -12.1% |
| Profit (loss) for the period | 9904 | €127,998 | €220,013 | +€92,014 | +71.9% |
| Profit (loss) for the period to be appropriated | 9905 | €127,998 | €220,013 | +€92,014 | +71.9% |
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 18 October 2026 via checked.be.