INVESTEC: 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.
INVESTEC
Largest movements
- Cash -€37,853
down €37,853 (-65.8%), from €57,542 to €19,689
mainly Investment in fixed assets (net) (-€64,426) and Net result for the year (-€37,234)
- Tangible fixed assets +€27,248
up €27,248 (+3.5%), from €768,273 to €795,521
of which Furniture and vehicles: +€71,761
- Financial fixed assets -€26,772
down €26,772 (-10.3%), from €259,406 to €232,633
- Reserves -€41,121
down €41,121 (-6.3%), from €647,653 to €606,532
of which Tax-exempt reserves: -€26,835
- Debts after one year +€32,630
up €32,630 (+20.1%), from €162,575 to €195,205
- Current portion of long-term debt +€13,403
up €13,403 (+44.5%), from €30,101 to €43,504
- Gross operating margin -€33,113
down €33,113 (-57.4%), from €57,705 to €24,592
- Depreciation +€8,287
up €8,287 (+14.9%), from €55,663 to €63,950
- Taxes -€7,809
down €7,809 (-97.9%), from €7,973 to €164
- Financial income -€7,580
down €7,580 (-56.0%), from €13,530 to €5,950
of which Non-recurring financial income: -€12,661
- Write-downs +€4,077
up €4,077, from -€4,070 to €7
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 | €1,104,972 | €1,075,002 | -€29,969 | -2.7% |
| Fixed assets | 21/28 | €1,027,678 | €1,028,154 | +€476 | 0.0% |
| Tangible fixed assets | 22/27 | €768,273 | €795,521 | +€27,248 | +3.5% |
| Land and buildings | 22 | €728,703 | €684,459 | -€44,244 | -6.1% |
| Plant, machinery and equipment | 23 | €365 | €96 | -€269 | -73.7% |
| Furniture and vehicles | 24 | €39,205 | €110,966 | +€71,761 | +183% |
| Financial fixed assets | 28 | €259,406 | €232,633 | -€26,772 | -10.3% |
| Current assets | 29/58 | €77,293 | €46,849 | -€30,445 | -39.4% |
| Stocks and contracts in progress | 3 | €8,794 | €7,907 | -€887 | -10.1% |
| Stocks | 30/36 | €8,794 | €7,907 | -€887 | -10.1% |
| Amounts receivable within one year | 40/41 | €10,957 | €19,253 | +€8,295 | +75.7% |
| Trade receivables | 40 | €9,574 | €6,937 | -€2,636 | -27.5% |
| Other amounts receivable | 41 | €1,384 | €12,315 | +€10,932 | +790% |
| Cash at bank and in hand | 54/58 | €57,542 | €19,689 | -€37,853 | -65.8% |
| Total equity and liabilities | 10/49 | €1,104,972 | €1,075,002 | -€29,969 | -2.7% |
| Equity | 10/15 | €709,653 | €658,134 | -€51,520 | -7.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €647,653 | €606,532 | -€41,121 | -6.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €422,561 | €395,726 | -€26,835 | -6.4% |
| Distributable reserves | 133 | €218,892 | €204,606 | -€14,286 | -6.5% |
| Profit (loss) carried forward | 14 | - | -€10,398 | -€10,398 | |
| Provisions and deferred taxes | 16 | €136,817 | €127,872 | -€8,945 | -6.5% |
| Deferred taxes | 168 | €136,817 | €127,872 | -€8,945 | -6.5% |
| Amounts payable | 17/49 | €258,501 | €288,996 | +€30,495 | +11.8% |
| Amounts payable after more than one year | 17 | €162,575 | €195,205 | +€32,630 | +20.1% |
| Financial debts | 170/4 | €162,575 | €195,205 | +€32,630 | +20.1% |
| Amounts payable within one year | 42/48 | €57,545 | €56,808 | -€737 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €30,101 | €43,504 | +€13,403 | +44.5% |
| Trade debts | 44 | €12,796 | €7,596 | -€5,200 | -40.6% |
| Suppliers | 440/4 | €12,796 | €7,596 | -€5,200 | -40.6% |
| Taxes, remuneration and social security | 45 | €12,933 | €3,913 | -€9,020 | -69.7% |
| Taxes | 450/3 | €12,933 | €3,913 | -€9,020 | -69.7% |
| Other amounts payable | 47/48 | €1,715 | €1,795 | +€80 | +4.7% |
| Accrued charges and deferred income | 492/3 | €38,381 | €36,983 | -€1,397 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,663 | €63,950 | +€8,287 | +14.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,070 | €7 | +€4,077 | |
| Other operating charges | 640/8 | €9,474 | €8,100 | -€1,375 | -14.5% |
| Gross operating margin | 9900 | €57,705 | €24,592 | -€33,113 | -57.4% |
| Operating profit (loss) | 9901 | -€3,362 | -€47,465 | -€44,103 | -1,312% |
| Financial income | 75/76B | €13,530 | €5,950 | -€7,580 | -56.0% |
| Recurring financial income | 75 | €869 | €5,950 | +€5,081 | +585% |
| Non-recurring financial income | 76B | €12,661 | - | -€12,661 | |
| Financial charges | 65/66B | €2,952 | €4,499 | +€1,547 | +52.4% |
| Recurring financial charges | 65 | €2,952 | €4,499 | +€1,547 | +52.4% |
| Profit (loss) for the period before taxes | 9903 | €7,216 | -€46,014 | -€53,230 | |
| Transfer from deferred taxes | 780 | €8,945 | €8,945 | -€0 | 0.0% |
| Income taxes | 67/77 | €7,973 | €164 | -€7,809 | -97.9% |
| Profit (loss) for the period | 9904 | €8,188 | -€37,234 | -€45,421 | |
| Transfer from tax-exempt reserves | 789 | €26,835 | €26,835 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,023 | -€10,398 | -€45,421 |
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 21 October 2026 via checked.be.