INVESTabel: 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.
INVESTabel
Largest movements
- Stocks and contracts +€48,764
up €48,764 (+5.2%), from €930,100 to €978,864
- Debts after one year -€381,804
down €381,804 (-57.5%), from €663,908 to €282,103
of which Financial debts: -€381,804
- Current portion of long-term debt +€340,818
up €340,818 (+832%), from €40,987 to €381,804
- Other debts +€78,038
up €78,038 (+19.0%), from €411,196 to €489,234
- Other operating charges +€30,427
up €30,427 (+754%), from €4,034 to €34,461
- Gross operating margin +€11,706
up €11,706 (+26.1%), from €44,881 to €56,587
- Taxes -€7,962
no longer reported in 2025 (was €7,962)
- Financial income -€6,053
down €6,053 (-29.1%), from €20,780 to €14,727
- Financial charges -€1,083
down €1,083 (-4.7%), from €23,271 to €22,188
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 | €1,970,432 | €1,994,387 | +€23,955 | +1.2% |
| Fixed assets | 21/28 | €945,041 | €925,571 | -€19,470 | -2.1% |
| Tangible fixed assets | 22/27 | €866,962 | €847,492 | -€19,470 | -2.2% |
| Land and buildings | 22 | €862,192 | €843,213 | -€18,979 | -2.2% |
| Furniture and vehicles | 24 | €4,769 | €4,279 | -€491 | -10.3% |
| Financial fixed assets | 28 | €78,079 | €78,079 | = | 0.0% |
| Current assets | 29/58 | €1,025,391 | €1,068,816 | +€43,425 | +4.2% |
| Stocks and contracts in progress | 3 | €930,100 | €978,864 | +€48,764 | +5.2% |
| Stocks | 30/36 | €930,100 | €978,864 | +€48,764 | +5.2% |
| Amounts receivable within one year | 40/41 | €81,483 | €84,805 | +€3,322 | +4.1% |
| Other amounts receivable | 41 | €81,483 | €84,805 | +€3,322 | +4.1% |
| Cash at bank and in hand | 54/58 | €11,381 | €2,621 | -€8,759 | -77.0% |
| Deferred charges and accrued income | 490/1 | €2,427 | €2,524 | +€98 | +4.0% |
| Total equity and liabilities | 10/49 | €1,970,432 | €1,994,387 | +€23,955 | +1.2% |
| Equity | 10/15 | €838,509 | €833,704 | -€4,805 | -0.6% |
| Contributions | 10/11 | €142,000 | €142,000 | = | 0.0% |
| Capital | 10 | €142,000 | €142,000 | = | 0.0% |
| Issued capital | 100 | €142,000 | €142,000 | = | 0.0% |
| Reserves | 13 | €92,536 | €92,536 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,200 | €14,200 | = | 0.0% |
| Legal reserve | 130 | €14,200 | €14,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €776 | €776 | = | 0.0% |
| Distributable reserves | 133 | €77,560 | €77,560 | = | 0.0% |
| Profit (loss) carried forward | 14 | €603,973 | €599,167 | -€4,805 | -0.8% |
| Amounts payable | 17/49 | €1,131,923 | €1,160,683 | +€28,760 | +2.5% |
| Amounts payable after more than one year | 17 | €663,908 | €282,103 | -€381,804 | -57.5% |
| Financial debts | 170/4 | €661,408 | €279,603 | -€381,804 | -57.7% |
| Other amounts payable | 178/9 | €2,500 | €2,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €461,967 | €874,169 | +€412,202 | +89.2% |
| Current portion of amounts payable after more than one year | 42 | €40,987 | €381,804 | +€340,818 | +832% |
| Trade debts | 44 | €1,362 | €2,006 | +€643 | +47.2% |
| Suppliers | 440/4 | €1,362 | €2,006 | +€643 | +47.2% |
| Taxes, remuneration and social security | 45 | €8,422 | €1,125 | -€7,297 | -86.6% |
| Taxes | 450/3 | €8,422 | €1,125 | -€7,297 | -86.6% |
| Other amounts payable | 47/48 | €411,196 | €489,234 | +€78,038 | +19.0% |
| Accrued charges and deferred income | 492/3 | €6,049 | €4,412 | -€1,637 | -27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,116 | €19,470 | +€354 | +1.8% |
| Other operating charges | 640/8 | €4,034 | €34,461 | +€30,427 | +754% |
| Gross operating margin | 9900 | €44,881 | €56,587 | +€11,706 | +26.1% |
| Operating profit (loss) | 9901 | €21,730 | €2,656 | -€19,075 | -87.8% |
| Financial income | 75/76B | €20,780 | €14,727 | -€6,053 | -29.1% |
| Recurring financial income | 75 | €20,780 | €14,727 | -€6,053 | -29.1% |
| Financial charges | 65/66B | €23,271 | €22,188 | -€1,083 | -4.7% |
| Recurring financial charges | 65 | €23,271 | €22,188 | -€1,083 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €19,239 | -€4,805 | -€24,044 | |
| Income taxes | 67/77 | €7,962 | - | -€7,962 | |
| Profit (loss) for the period | 9904 | €11,277 | -€4,805 | -€16,083 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,277 | -€4,805 | -€16,083 |
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 17 October 2026 via checked.be.