INVESTEEL: 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.
INVESTEEL
Largest movements
- Cash -€90,540
down €90,540 (-44.4%), from €203,781 to €113,241
mainly Contributions, distributions and other (-€100,000) and Receivables within one year (-€37,894)
- Receivables within one year +€37,894
up €37,894 (+77.9%), from €48,650 to €86,544
of which Trade receivables: +€35,194
- Tangible fixed assets -€12,955
down €12,955 (-38.1%), from €33,981 to €21,026
- Reserves -€38,363
down €38,363 (-13.9%), from €276,163 to €237,800
- Other debts -€20,500
no longer reported in 2025 (was €20,500)
- Staff costs -€46,740
down €46,740 (-77.6%), from €60,213 to €13,474
- Taxes +€13,302
up €13,302 (+77.9%), from €17,071 to €30,373
- Gross operating margin -€4,858
down €4,858 (-4.1%), from €118,493 to €113,635
- Depreciation -€4,250
down €4,250 (-34.8%), from €12,224 to €7,973
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 | €610,392 | €544,364 | -€66,027 | -10.8% |
| Fixed assets | 21/28 | €356,481 | €343,526 | -€12,955 | -3.6% |
| Tangible fixed assets | 22/27 | €33,981 | €21,026 | -€12,955 | -38.1% |
| Furniture and vehicles | 24 | €33,981 | €21,026 | -€12,955 | -38.1% |
| Financial fixed assets | 28 | €322,500 | €322,500 | = | 0.0% |
| Current assets | 29/58 | €253,910 | €200,838 | -€53,072 | -20.9% |
| Amounts receivable within one year | 40/41 | €48,650 | €86,544 | +€37,894 | +77.9% |
| Trade receivables | 40 | €46,350 | €81,544 | +€35,194 | +75.9% |
| Other amounts receivable | 41 | €2,300 | €5,000 | +€2,700 | +117% |
| Cash at bank and in hand | 54/58 | €203,781 | €113,241 | -€90,540 | -44.4% |
| Deferred charges and accrued income | 490/1 | €1,480 | €1,054 | -€426 | -28.8% |
| Total equity and liabilities | 10/49 | €610,392 | €544,364 | -€66,027 | -10.8% |
| Equity | 10/15 | €565,330 | €526,966 | -€38,363 | -6.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €276,163 | €237,800 | -€38,363 | -13.9% |
| Distributable reserves | 133 | €276,163 | €237,800 | -€38,363 | -13.9% |
| Profit (loss) carried forward | 14 | €270,567 | €270,567 | = | 0.0% |
| Amounts payable | 17/49 | €45,062 | €17,398 | -€27,664 | -61.4% |
| Amounts payable within one year | 42/48 | €45,062 | €17,398 | -€27,664 | -61.4% |
| Trade debts | 44 | €2,680 | €107 | -€2,573 | -96.0% |
| Suppliers | 440/4 | €2,680 | €107 | -€2,573 | -96.0% |
| Taxes, remuneration and social security | 45 | €21,882 | €17,291 | -€4,591 | -21.0% |
| Taxes | 450/3 | €14,762 | €14,961 | +€199 | +1.4% |
| Remuneration and social security | 454/9 | €7,120 | €2,330 | -€4,790 | -67.3% |
| Other amounts payable | 47/48 | €20,500 | - | -€20,500 | |
| Remuneration, social security and pensions | 62 | €60,213 | €13,474 | -€46,740 | -77.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,224 | €7,973 | -€4,250 | -34.8% |
| Other operating charges | 640/8 | €64 | €66 | +€2 | +3.0% |
| Non-recurring operating charges | 66A | - | €352 | +€352 | |
| Gross operating margin | 9900 | €118,493 | €113,635 | -€4,858 | -4.1% |
| Operating profit (loss) | 9901 | €45,992 | €91,770 | +€45,778 | +99.5% |
| Financial income | 75/76B | €607 | €562 | -€45 | -7.4% |
| Recurring financial income | 75 | €607 | €562 | -€45 | -7.4% |
| Financial charges | 65/66B | €388 | €322 | -€66 | -17.0% |
| Recurring financial charges | 65 | €388 | €322 | -€66 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €46,211 | €92,010 | +€45,799 | +99.1% |
| Income taxes | 67/77 | €17,071 | €30,373 | +€13,302 | +77.9% |
| Profit (loss) for the period | 9904 | €29,139 | €61,637 | +€32,497 | +112% |
| Profit (loss) for the period to be appropriated | 9905 | €29,139 | €61,637 | +€32,497 | +112% |
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 29 October 2026 via checked.be.