INVESTEX: what changed
Two fiscal 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.
INVESTEX
Largest movements
- Tangible fixed assets -€28,393
down €28,393 (-83.0%), from €34,216 to €5,822
- Deferred charges and accrued income -€1,806
down €1,806 (-100.0%), from €1,806 to €0
- Cash +€1,422
up €1,422 (+21.4%), from €6,642 to €8,064
mainly Other debts (+€31,182) and Depreciation (+€28,393)
- Receivables within one year -€1,289
down €1,289 (-100.0%), from €1,289 to €0
of which Trade receivables: -€913
- Profit (loss) carried forward -€31,445
down €31,445 (-8.5%), from -€370,867 to -€402,312
- Other debts +€31,182
up €31,182 (+13.5%), from €230,258 to €261,440
- Debts after one year -€27,083
down €27,083 (-100.0%), from €27,083 to €0
- Trade debts -€3,127
down €3,127 (-88.8%), from €3,523 to €396
- Current portion of long-term debt +€485
up €485 (+1.8%), from €26,598 to €27,083
- Financial charges +€29,107
up €29,107, from -€28,223 to €884
- Gross operating margin -€8,707
down €8,707, from €6,810 to -€1,897
- Other operating charges -€1,205
down €1,205 (-85.2%), from €1,415 to €210
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.
Cash bridge derived
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 | €43,952 | €13,886 | -€30,066 | -68.4% |
| Fixed assets | 21/28 | €34,216 | €5,822 | -€28,393 | -83.0% |
| Tangible fixed assets | 22/27 | €34,216 | €5,822 | -€28,393 | -83.0% |
| Plant, machinery and equipment | 23 | €34,216 | €5,822 | -€28,393 | -83.0% |
| Current assets | 29/58 | €9,736 | €8,064 | -€1,672 | -17.2% |
| Amounts receivable within one year | 40/41 | €1,289 | €0 | -€1,289 | -100.0% |
| Trade receivables | 40 | €913 | €0 | -€913 | -100.0% |
| Other amounts receivable | 41 | €376 | €0 | -€376 | -100.0% |
| Cash at bank and in hand | 54/58 | €6,642 | €8,064 | +€1,422 | +21.4% |
| Deferred charges and accrued income | 490/1 | €1,806 | €0 | -€1,806 | -100.0% |
| Total equity and liabilities | 10/49 | €43,952 | €13,886 | -€30,066 | -68.4% |
| Equity | 10/15 | -€245,867 | -€277,312 | -€31,445 | -12.8% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€370,867 | -€402,312 | -€31,445 | -8.5% |
| Amounts payable | 17/49 | €289,819 | €291,198 | +€1,379 | +0.5% |
| Amounts payable after more than one year | 17 | €27,083 | €0 | -€27,083 | -100.0% |
| Financial debts | 170/4 | €27,083 | €0 | -€27,083 | -100.0% |
| Amounts payable within one year | 42/48 | €260,457 | €288,919 | +€28,462 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €26,598 | €27,083 | +€485 | +1.8% |
| Trade debts | 44 | €3,523 | €396 | -€3,127 | -88.8% |
| Suppliers | 440/4 | €3,523 | €396 | -€3,127 | -88.8% |
| Taxes, remuneration and social security | 45 | €78 | €0 | -€78 | -100.0% |
| Taxes | 450/3 | €78 | €0 | -€78 | -100.0% |
| Other amounts payable | 47/48 | €230,258 | €261,440 | +€31,182 | +13.5% |
| Accrued charges and deferred income | 492/3 | €2,279 | €2,279 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,393 | €28,393 | = | 0.0% |
| Other operating charges | 640/8 | €1,415 | €210 | -€1,205 | -85.2% |
| Gross operating margin | 9900 | €6,810 | -€1,897 | -€8,707 | |
| Operating profit (loss) | 9901 | -€22,998 | -€30,500 | -€7,502 | -32.6% |
| Financial charges | 65/66B | -€28,223 | €884 | +€29,107 | |
| Recurring financial charges | 65 | -€28,223 | €884 | +€29,107 | |
| Profit (loss) for the period before taxes | 9903 | €5,224 | -€31,385 | -€36,609 | |
| Income taxes | 67/77 | €83 | €60 | -€23 | -27.5% |
| Profit (loss) for the period | 9904 | €5,141 | -€31,445 | -€36,586 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,141 | -€31,445 | -€36,586 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.