INVESTDEC: 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.
INVESTDEC
Largest movements
- Cash -€168,877
down €168,877 (-82.0%), from €206,042 to €37,165
mainly Short-term financial debts (-€125,000) and Investment in fixed assets (net) (-€117,775)
- Tangible fixed assets +€61,185
up €61,185 (+9.0%), from €677,412 to €738,597
of which Furniture and vehicles: +€102,965
- Short-term financial debts -€125,000
down €125,000 (-100%), from €125,000 to €0
- Debts after one year -€36,638
down €36,638 (-2.9%), from €1.3m to €1.2m
- Other debts +€31,922
up €31,922 (+9.3%), from €342,477 to €374,399
- Financial income +€56,110
up €56,110 (+2,504,908%), from €2 to €56,112
- Financial charges +€32,643
up €32,643 (+192%), from €16,993 to €49,635
- Gross operating margin -€9,209
down €9,209 (-9.7%), from €94,610 to €85,401
- Depreciation +€7,435
up €7,435 (+15.1%), from €49,217 to €56,652
- Taxes -€4,805
down €4,805 (-56.7%), from €8,470 to €3,665
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 | €2,789,743 | €2,674,231 | -€115,512 | -4.1% |
| Fixed assets | 21/28 | €2,554,100 | €2,615,223 | +€61,123 | +2.4% |
| Tangible fixed assets | 22/27 | €677,412 | €738,597 | +€61,185 | +9.0% |
| Land and buildings | 22 | €674,445 | €633,037 | -€41,408 | -6.1% |
| Plant, machinery and equipment | 23 | €2,967 | €2,595 | -€371 | -12.5% |
| Furniture and vehicles | 24 | - | €102,965 | +€102,965 | |
| Financial fixed assets | 28 | €1,876,688 | €1,876,626 | -€62 | 0.0% |
| Current assets | 29/58 | €235,644 | €59,009 | -€176,635 | -75.0% |
| Amounts receivable within one year | 40/41 | €25,442 | €17,359 | -€8,084 | -31.8% |
| Trade receivables | 40 | €21,911 | €17,359 | -€4,553 | -20.8% |
| Other amounts receivable | 41 | €3,531 | €0 | -€3,531 | -100% |
| Cash at bank and in hand | 54/58 | €206,042 | €37,165 | -€168,877 | -82.0% |
| Deferred charges and accrued income | 490/1 | €4,159 | €4,485 | +€326 | +7.8% |
| Total equity and liabilities | 10/49 | €2,789,743 | €2,674,231 | -€115,512 | -4.1% |
| Equity | 10/15 | €941,801 | €967,178 | +€25,377 | +2.7% |
| Contributions | 10/11 | €842,840 | €842,840 | = | 0.0% |
| Reserves | 13 | €248,349 | €273,726 | +€25,377 | +10.2% |
| Tax-exempt reserves | 132 | €89,961 | €85,259 | -€4,701 | -5.2% |
| Distributable reserves | 133 | €158,388 | €188,466 | +€30,078 | +19.0% |
| Profit (loss) carried forward | 14 | -€149,388 | -€149,388 | = | 0.0% |
| Provisions and deferred taxes | 16 | €33,883 | €32,054 | -€1,828 | -5.4% |
| Deferred taxes | 168 | €33,883 | €32,054 | -€1,828 | -5.4% |
| Amounts payable | 17/49 | €1,814,060 | €1,674,999 | -€139,060 | -7.7% |
| Amounts payable after more than one year | 17 | €1,270,324 | €1,233,686 | -€36,638 | -2.9% |
| Financial debts | 170/4 | €1,270,324 | €1,233,686 | -€36,638 | -2.9% |
| Amounts payable within one year | 42/48 | €542,634 | €441,314 | -€101,320 | -18.7% |
| Current portion of amounts payable after more than one year | 42 | €44,718 | €36,638 | -€8,080 | -18.1% |
| Financial debts | 43 | €125,000 | €0 | -€125,000 | -100% |
| Credit institutions | 430/8 | €125,000 | €0 | -€125,000 | -100% |
| Trade debts | 44 | €20,339 | €13,291 | -€7,048 | -34.7% |
| Suppliers | 440/4 | €20,339 | €13,291 | -€7,048 | -34.7% |
| Taxes, remuneration and social security | 45 | €10,100 | €16,985 | +€6,885 | +68.2% |
| Taxes | 450/3 | €10,100 | €16,985 | +€6,885 | +68.2% |
| Other amounts payable | 47/48 | €342,477 | €374,399 | +€31,922 | +9.3% |
| Accrued charges and deferred income | 492/3 | €1,102 | €0 | -€1,102 | -100% |
| Non-recurring operating income | 76A | - | €12,500 | +€12,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,217 | €56,652 | +€7,435 | +15.1% |
| Other operating charges | 640/8 | €7,926 | €8,013 | +€86 | +1.1% |
| Gross operating margin | 9900 | €94,610 | €85,401 | -€9,209 | -9.7% |
| Operating profit (loss) | 9901 | €37,467 | €20,736 | -€16,731 | -44.7% |
| Financial income | 75/76B | €2 | €56,112 | +€56,110 | +2,504,908% |
| Recurring financial income | 75 | €2 | €56,112 | +€56,110 | +2,504,908% |
| Financial charges | 65/66B | €16,993 | €49,635 | +€32,643 | +192% |
| Recurring financial charges | 65 | €16,993 | €49,635 | +€32,643 | +192% |
| Profit (loss) for the period before taxes | 9903 | €20,476 | €27,213 | +€6,737 | +32.9% |
| Transfer from deferred taxes | 780 | €1,828 | €1,828 | = | 0.0% |
| Income taxes | 67/77 | €8,470 | €3,665 | -€4,805 | -56.7% |
| Profit (loss) for the period | 9904 | €13,835 | €25,377 | +€11,542 | +83.4% |
| Transfer from tax-exempt reserves | 789 | €4,701 | €4,701 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,536 | €30,078 | +€11,542 | +62.3% |
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 14 October 2026 via checked.be.