INVESTECK: 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.
INVESTECK
Largest movements
- Tangible fixed assets -€114,588
down €114,588 (-3.6%), from €3.2m to €3.0m
of which Land and buildings: -€190,387
- Other debts -€154,051
down €154,051 (-8.6%), from €1.8m to €1.6m
- Reserves +€85,909
up €85,909 (+27.8%), from €308,977 to €394,886
of which Tax-exempt reserves: +€85,909
- Financial income +€14,631
up €14,631 (+3,964%), from €369 to €15,000
- Depreciation +€12,293
up €12,293 (+12.5%), from €98,292 to €110,585
- Gross operating margin -€7,246
down €7,246 (-15.2%), from €47,805 to €40,560
- Other operating charges +€903
up €903 (+12.0%), from €7,537 to €8,440
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 | €3,167,554 | €3,088,392 | -€79,161 | -2.5% |
| Fixed assets | 21/28 | €3,157,110 | €3,042,522 | -€114,588 | -3.6% |
| Tangible fixed assets | 22/27 | €3,157,110 | €3,042,522 | -€114,588 | -3.6% |
| Land and buildings | 22 | €2,474,175 | €2,283,788 | -€190,387 | -7.7% |
| Plant, machinery and equipment | 23 | €244,369 | €221,451 | -€22,918 | -9.4% |
| Furniture and vehicles | 24 | €6,034 | €7,532 | +€1,498 | +24.8% |
| Assets under construction and advance payments | 27 | €432,532 | €529,752 | +€97,220 | +22.5% |
| Current assets | 29/58 | €10,443 | €45,870 | +€35,426 | +339% |
| Amounts receivable within one year | 40/41 | - | €19,767 | +€19,767 | |
| Other amounts receivable | 41 | - | €19,767 | +€19,767 | |
| Current investments | 50/53 | €227 | €227 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,216 | €25,876 | +€15,660 | +153% |
| Total equity and liabilities | 10/49 | €3,167,554 | €3,088,392 | -€79,161 | -2.5% |
| Equity | 10/15 | €1,133,054 | €1,192,310 | +€59,255 | +5.2% |
| Contributions | 10/11 | €1,040,000 | €1,040,000 | = | 0.0% |
| Capital | 10 | €1,040,000 | - | -€1.0m | |
| Issued capital | 100 | €1,040,000 | - | -€1.0m | |
| Contributions outside capital | 11 | €0 | €1,040,000 | +€1.0m | |
| Other | 1109/19 | €0 | €1,040,000 | +€1.0m | |
| Reserves | 13 | €308,977 | €394,886 | +€85,909 | +27.8% |
| Tax-exempt reserves | 132 | €305,014 | €390,923 | +€85,909 | +28.2% |
| Distributable reserves | 133 | €3,963 | €3,963 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€215,923 | -€242,577 | -€26,654 | -12.3% |
| Provisions and deferred taxes | 16 | €101,671 | €130,308 | +€28,636 | +28.2% |
| Deferred taxes | 168 | €101,671 | €130,308 | +€28,636 | +28.2% |
| Amounts payable | 17/49 | €1,932,828 | €1,765,775 | -€167,053 | -8.6% |
| Amounts payable within one year | 42/48 | €1,782,698 | €1,630,645 | -€152,053 | -8.5% |
| Trade debts | 44 | €20 | €2,018 | +€1,998 | +9,942% |
| Suppliers | 440/4 | €20 | €2,018 | +€1,998 | +9,942% |
| Other amounts payable | 47/48 | €1,782,678 | €1,628,626 | -€154,051 | -8.6% |
| Accrued charges and deferred income | 492/3 | €150,130 | €135,130 | -€15,000 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,292 | €110,585 | +€12,293 | +12.5% |
| Other operating charges | 640/8 | €7,537 | €8,440 | +€903 | +12.0% |
| Gross operating margin | 9900 | €47,805 | €40,560 | -€7,246 | -15.2% |
| Operating profit (loss) | 9901 | -€58,023 | -€78,465 | -€20,442 | -35.2% |
| Financial income | 75/76B | €369 | €15,000 | +€14,631 | +3,964% |
| Recurring financial income | 75 | €369 | €15,000 | +€14,631 | +3,964% |
| Financial charges | 65/66B | €112 | €145 | +€34 | +30.3% |
| Recurring financial charges | 65 | €112 | €145 | +€34 | +30.3% |
| Profit (loss) for the period before taxes | 9903 | -€57,766 | -€63,611 | -€5,845 | -10.1% |
| Transfer from deferred taxes | 780 | €7,886 | €9,270 | +€1,383 | +17.5% |
| Income taxes | 67/77 | €111 | €123 | +€12 | +10.7% |
| Profit (loss) for the period | 9904 | -€49,990 | -€54,463 | -€4,473 | -8.9% |
| Transfer from tax-exempt reserves | 789 | €23,659 | €27,810 | +€4,150 | +17.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,331 | -€26,654 | -€323 | -1.2% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.