INVESTIPH: 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.
INVESTIPH
Largest movements
- Tangible fixed assets -€38,867
down €38,867 (-2.0%), from €2.0m to €1.9m
- Debts after one year -€71,691
down €71,691 (-5.2%), from €1.4m to €1.3m
- Reserves +€20,535
up €20,535 (+6.3%), from €323,934 to €344,469
of which Distributable reserves: +€20,535
- Gross operating margin +€16,623
up €16,623 (+16.1%), from €102,931 to €119,554
- Taxes +€4,350
up €4,350 (+139.7%), from €3,113 to €7,463
- Financial charges -€1,575
down €1,575 (-4.8%), from €32,640 to €31,065
- Depreciation +€1,393
up €1,393 (+2.7%), from €51,203 to €52,597
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 | €1,973,514 | €1,938,200 | -€35,314 | -1.8% |
| Fixed assets | 21/28 | €1,963,652 | €1,924,784 | -€38,867 | -2.0% |
| Tangible fixed assets | 22/27 | €1,963,652 | €1,924,784 | -€38,867 | -2.0% |
| Land and buildings | 22 | €1,963,652 | €1,924,784 | -€38,867 | -2.0% |
| Current assets | 29/58 | €9,862 | €13,416 | +€3,553 | +36.0% |
| Cash at bank and in hand | 54/58 | €7,836 | €11,293 | +€3,457 | +44.1% |
| Deferred charges and accrued income | 490/1 | €2,026 | €2,122 | +€96 | +4.7% |
| Total equity and liabilities | 10/49 | €1,973,514 | €1,938,200 | -€35,314 | -1.8% |
| Equity | 10/15 | €399,695 | €420,230 | +€20,535 | +5.1% |
| Contributions | 10/11 | €75,761 | €75,761 | = | 0.0% |
| Reserves | 13 | €323,934 | €344,469 | +€20,535 | +6.3% |
| Tax-exempt reserves | 132 | €103,867 | €103,867 | = | 0.0% |
| Distributable reserves | 133 | €220,068 | €240,602 | +€20,535 | +9.3% |
| Amounts payable | 17/49 | €1,573,819 | €1,517,970 | -€55,848 | -3.5% |
| Amounts payable after more than one year | 17 | €1,368,476 | €1,296,785 | -€71,691 | -5.2% |
| Financial debts | 170/4 | €1,368,476 | €1,296,785 | -€71,691 | -5.2% |
| Amounts payable within one year | 42/48 | €199,055 | €214,710 | +€15,655 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €70,240 | €71,691 | +€1,451 | +2.1% |
| Trade debts | 44 | €10,703 | €17,444 | +€6,741 | +63.0% |
| Suppliers | 440/4 | €10,703 | €17,444 | +€6,741 | +63.0% |
| Taxes, remuneration and social security | 45 | €3,113 | €10,575 | +€7,463 | +239.7% |
| Taxes | 450/3 | €3,113 | €10,575 | +€7,463 | +239.7% |
| Other amounts payable | 47/48 | €115,000 | €115,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €6,287 | €6,475 | +€187 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,203 | €52,597 | +€1,393 | +2.7% |
| Other operating charges | 640/8 | €7,666 | €7,896 | +€230 | +3.0% |
| Gross operating margin | 9900 | €102,931 | €119,554 | +€16,623 | +16.1% |
| Operating profit (loss) | 9901 | €44,062 | €59,062 | +€15,000 | +34.0% |
| Financial charges | 65/66B | €32,640 | €31,065 | -€1,575 | -4.8% |
| Recurring financial charges | 65 | €32,640 | €31,065 | -€1,575 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €11,423 | €27,997 | +€16,575 | +145.1% |
| Income taxes | 67/77 | €3,113 | €7,463 | +€4,350 | +139.7% |
| Profit (loss) for the period | 9904 | €8,310 | €20,535 | +€12,225 | +147.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,310 | €20,535 | +€12,225 | +147.1% |
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 11 October 2026 via checked.be.