INVEST CENTRE: 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.
What changed
INVEST CENTRE
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€24,126
2024 · -€33,307+€57,434
Equity
€803,391
2024 · €779,264+€24,126
Cash
€25,563
2024 · €41,953-€16,390
Balance sheet total
€3.5m
2024 · €3.6m-€64,006
Largest movements
Assets
- Tangible fixed assets -€50,943
down €50,943 (-1.4%), from €3.5m to €3.5m
of which Assets under construction and advance payments: -€408,269
Equity and liabilities
- Debts after one year -€113,837
down €113,837 (-5.8%), from €2.0m to €1.9m
- Other debts +€54,404
up €54,404 (+9.7%), from €563,419 to €617,823
Income statement
- Gross operating margin +€67,060
up €67,060 (+28.1%), from €238,458 to €305,518
- Depreciation +€9,764
up €9,764 (+5.3%), from €183,407 to €193,171
- Other operating charges +€3,833
up €3,833 (+21.2%), from €18,059 to €21,892
- Financial charges -€3,748
down €3,748 (-5.1%), from €73,170 to €69,422
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.
Result 2024
-€33,307
Gross operating margin
+€67,060
Depreciation
-€9,764
Other operating charges
-€3,833
Financial income
-€76
Financial charges
+€3,748
Taxes
+€298
Result 2025
€24,126
raises the resultlowers the result
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.
From operations
+€236,690
Investment
-€142,229
Financing
-€110,851
Cash 2024
€41,953
From operations (derived)
+€236,690
Net result for the year
+€24,126
Depreciation
+€193,171
Receivables within one year
+€4,600
Deferred charges and accrued income
-€7,926
Provisions
-€3,466
Trade debts
-€18,260
Tax, wage and social debts
-€4,781
Other debts
+€54,404
Accrued charges and deferred income
-€5,178
Investment (derived)
-€142,229
Investment in fixed assets (net)
-€142,229
Financing
-€110,851
Debts after one year
-€113,837
Current portion of long-term debt
+€2,986
Cash 2025
€25,563
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,570,934 | €3,506,928 | -€64,006 | -1.8% |
| Fixed assets | 21/28 | €3,521,173 | €3,470,230 | -€50,943 | -1.4% |
| Tangible fixed assets | 22/27 | €3,521,123 | €3,470,180 | -€50,943 | -1.4% |
| Land and buildings | 22 | €3,041,661 | €3,000,110 | -€41,551 | -1.4% |
| Plant, machinery and equipment | 23 | €4,878 | €366,039 | +€361,162 | +7,404% |
| Furniture and vehicles | 24 | €66,316 | €104,031 | +€37,715 | +56.9% |
| Assets under construction and advance payments | 27 | €408,269 | - | -€408,269 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €49,761 | €36,698 | -€13,063 | -26.3% |
| Amounts receivable within one year | 40/41 | €6,000 | €1,400 | -€4,600 | -76.7% |
| Other amounts receivable | 41 | €6,000 | €1,400 | -€4,600 | -76.7% |
| Cash at bank and in hand | 54/58 | €41,953 | €25,563 | -€16,390 | -39.1% |
| Deferred charges and accrued income | 490/1 | €1,808 | €9,734 | +€7,926 | +438% |
| Total equity and liabilities | 10/49 | €3,570,934 | €3,506,928 | -€64,006 | -1.8% |
| Equity | 10/15 | €779,264 | €803,391 | +€24,126 | +3.1% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Revaluation surpluses | 12 | €79,140 | €79,140 | = | 0.0% |
| Reserves | 13 | €316,158 | €305,761 | -€10,397 | -3.3% |
| Tax-exempt reserves | 132 | €257,535 | €247,138 | -€10,397 | -4.0% |
| Distributable reserves | 133 | €58,622 | €58,622 | = | 0.0% |
| Profit (loss) carried forward | 14 | €309,599 | €344,122 | +€34,523 | +11.2% |
| Provisions and deferred taxes | 16 | €87,284 | €83,818 | -€3,466 | -4.0% |
| Deferred taxes | 168 | €87,284 | €83,818 | -€3,466 | -4.0% |
| Amounts payable | 17/49 | €2,704,386 | €2,619,719 | -€84,667 | -3.1% |
| Amounts payable after more than one year | 17 | €1,967,621 | €1,853,783 | -€113,837 | -5.8% |
| Financial debts | 170/4 | €1,967,621 | €1,853,783 | -€113,837 | -5.8% |
| Amounts payable within one year | 42/48 | €723,647 | €757,996 | +€34,348 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €110,851 | €113,837 | +€2,986 | +2.7% |
| Trade debts | 44 | €33,357 | €15,097 | -€18,260 | -54.7% |
| Suppliers | 440/4 | €33,357 | €15,097 | -€18,260 | -54.7% |
| Taxes, remuneration and social security | 45 | €16,020 | €11,238 | -€4,781 | -29.8% |
| Taxes | 450/3 | €16,020 | €11,238 | -€4,781 | -29.8% |
| Other amounts payable | 47/48 | €563,419 | €617,823 | +€54,404 | +9.7% |
| Accrued charges and deferred income | 492/3 | €13,118 | €7,940 | -€5,178 | -39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €183,407 | €193,171 | +€9,764 | +5.3% |
| Other operating charges | 640/8 | €18,059 | €21,892 | +€3,833 | +21.2% |
| Gross operating margin | 9900 | €238,458 | €305,518 | +€67,060 | +28.1% |
| Operating profit (loss) | 9901 | €36,991 | €90,454 | +€53,463 | +145% |
| Financial income | 75/76B | €263 | €187 | -€76 | -28.7% |
| Recurring financial income | 75 | €263 | €187 | -€76 | -28.7% |
| Financial charges | 65/66B | €73,170 | €69,422 | -€3,748 | -5.1% |
| Recurring financial charges | 65 | €73,170 | €69,422 | -€3,748 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | -€35,916 | €21,220 | +€57,135 | |
| Transfer from deferred taxes | 780 | €3,466 | €3,466 | = | 0.0% |
| Income taxes | 67/77 | €857 | €559 | -€298 | -34.8% |
| Profit (loss) for the period | 9904 | -€33,307 | €24,126 | +€57,434 | |
| Transfer from tax-exempt reserves | 789 | €10,397 | €10,397 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,910 | €34,523 | +€57,434 |
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 19 October 2026 via checked.be.