INVESTATE: 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.
INVESTATE
Largest movements
- Receivables within one year +€651,619
up €651,619 (+42.9%), from €1.5m to €2.2m
of which Trade receivables: +€520,479
- Stocks and contracts -€307,950
no longer reported in 2025 (was €307,950)
- Tangible fixed assets -€73,454
down €73,454 (-6.8%), from €1.1m to €1.0m
- Trade debts +€494,383
up €494,383 (+32.2%), from €1.5m to €2.0m
- Short-term financial debts -€151,000
no longer reported in 2025 (was €151,000)
- Tax, wage and social debts -€68,322
down €68,322 (-95.9%), from €71,265 to €2,942
- Other debts +€33,760
up €33,760 (+14.0%), from €241,508 to €275,267
- Gross operating margin -€37,586
down €37,586 (-60.4%), from €62,264 to €24,677
- Financial income -€35,149
down €35,149 (-99.9%), from €35,174 to €25
- Financial charges -€23,391
down €23,391 (-49.7%), from €47,024 to €23,633
- Depreciation +€6,406
up €6,406 (+18.4%), from €34,896 to €41,302
- Taxes -€2,938
down €2,938 (-99.7%), from €2,945 to €8
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 | €2,929,018 | €3,197,366 | +€268,348 | +9.2% |
| Fixed assets | 21/28 | €1,088,205 | €1,014,751 | -€73,454 | -6.8% |
| Tangible fixed assets | 22/27 | €1,088,205 | €1,014,751 | -€73,454 | -6.8% |
| Land and buildings | 22 | €1,088,205 | €1,014,751 | -€73,454 | -6.8% |
| Current assets | 29/58 | €1,840,813 | €2,182,615 | +€341,802 | +18.6% |
| Stocks and contracts in progress | 3 | €307,950 | - | -€307,950 | |
| Stocks | 30/36 | €307,950 | - | -€307,950 | |
| Amounts receivable within one year | 40/41 | €1,518,431 | €2,170,049 | +€651,619 | +42.9% |
| Trade receivables | 40 | €1,518,306 | €2,038,784 | +€520,479 | +34.3% |
| Other amounts receivable | 41 | €125 | €131,265 | +€131,140 | +104,769% |
| Cash at bank and in hand | 54/58 | €12,643 | €10,836 | -€1,807 | -14.3% |
| Deferred charges and accrued income | 490/1 | €1,789 | €1,730 | -€59 | -3.3% |
| Total equity and liabilities | 10/49 | €2,929,018 | €3,197,366 | +€268,348 | +9.2% |
| Equity | 10/15 | €166,886 | €121,448 | -€45,438 | -27.2% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €16,886 | - | -€16,886 | |
| Distributable reserves | 133 | €16,886 | - | -€16,886 | |
| Profit (loss) carried forward | 14 | - | -€28,552 | -€28,552 | |
| Amounts payable | 17/49 | €2,762,132 | €3,075,919 | +€313,786 | +11.4% |
| Amounts payable after more than one year | 17 | €551,041 | €525,238 | -€25,803 | -4.7% |
| Financial debts | 170/4 | €551,041 | €525,238 | -€25,803 | -4.7% |
| Amounts payable within one year | 42/48 | €2,168,060 | €2,503,758 | +€335,698 | +15.5% |
| Current portion of amounts payable after more than one year | 42 | €168,005 | €194,883 | +€26,878 | +16.0% |
| Financial debts | 43 | €151,000 | - | -€151,000 | |
| Credit institutions | 430/8 | €151,000 | - | -€151,000 | |
| Trade debts | 44 | €1,536,282 | €2,030,665 | +€494,383 | +32.2% |
| Suppliers | 440/4 | €1,536,282 | €2,030,665 | +€494,383 | +32.2% |
| Taxes, remuneration and social security | 45 | €71,265 | €2,942 | -€68,322 | -95.9% |
| Taxes | 450/3 | €71,265 | €2,942 | -€68,322 | -95.9% |
| Other amounts payable | 47/48 | €241,508 | €275,267 | +€33,760 | +14.0% |
| Accrued charges and deferred income | 492/3 | €43,031 | €46,922 | +€3,891 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,896 | €41,302 | +€6,406 | +18.4% |
| Other operating charges | 640/8 | €4,710 | €5,199 | +€489 | +10.4% |
| Gross operating margin | 9900 | €62,264 | €24,677 | -€37,586 | -60.4% |
| Operating profit (loss) | 9901 | €22,658 | -€21,823 | -€44,481 | |
| Financial income | 75/76B | €35,174 | €25 | -€35,149 | -99.9% |
| Recurring financial income | 75 | €35,174 | €25 | -€35,149 | -99.9% |
| Financial charges | 65/66B | €47,024 | €23,633 | -€23,391 | -49.7% |
| Recurring financial charges | 65 | €47,024 | €23,633 | -€23,391 | -49.7% |
| Profit (loss) for the period before taxes | 9903 | €10,809 | -€45,431 | -€56,240 | |
| Income taxes | 67/77 | €2,945 | €8 | -€2,938 | -99.7% |
| Profit (loss) for the period | 9904 | €7,864 | -€45,438 | -€53,302 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,864 | -€45,438 | -€53,302 |
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 28 October 2026 via checked.be.