INVESTMA: what changed
INVESTMA
Largest movements
- Receivables within one year -€321,525
down €321,525 (-36.9%), from €871,261 to €549,736
of which Other amounts receivable: -€322,330
- Cash +€222,341
up €222,341 (+93.5%), from €237,916 to €460,257
mainly Receivables within one year (+€321,525) and Net result for the year (+€171,876)
- Deferred charges and accrued income +€27,917
up €27,917 (+251%), from €11,108 to €39,024
- Reserves -€61,541
down €61,541 (-5.2%), from €1.2m to €1.1m
of which Distributable reserves: -€61,541
- Gross operating margin -€26,224
down €26,224 (-9.4%), from €278,957 to €252,734
- Financial income +€11,819
up €11,819 (+45.9%), from €25,759 to €37,578
- Other operating charges +€9,483
up €9,483 (+1,601%), from €592 to €10,075
- Taxes -€7,643
down €7,643 (-8.3%), from €92,638 to €84,995
- Depreciation -€6,294
down €6,294 (-21.2%), from €29,629 to €23,336
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,224,253 | €1,154,784 | -€69,469 | -5.7% |
| Fixed assets | 21/28 | €103,968 | €105,766 | +€1,799 | +1.7% |
| Tangible fixed assets | 22/27 | €103,968 | €105,766 | +€1,799 | +1.7% |
| Furniture and vehicles | 24 | €103,968 | €105,766 | +€1,799 | +1.7% |
| Current assets | 29/58 | €1,120,285 | €1,049,018 | -€71,268 | -6.4% |
| Amounts receivable within one year | 40/41 | €871,261 | €549,736 | -€321,525 | -36.9% |
| Trade receivables | 40 | €34,351 | €35,155 | +€805 | +2.3% |
| Other amounts receivable | 41 | €836,911 | €514,581 | -€322,330 | -38.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €237,916 | €460,257 | +€222,341 | +93.5% |
| Deferred charges and accrued income | 490/1 | €11,108 | €39,024 | +€27,917 | +251% |
| Total equity and liabilities | 10/49 | €1,224,253 | €1,154,784 | -€69,469 | -5.7% |
| Equity | 10/15 | €1,200,980 | €1,139,439 | -€61,541 | -5.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,194,780 | €1,133,239 | -€61,541 | -5.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,194,780 | €1,133,239 | -€61,541 | -5.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €23,273 | €15,345 | -€7,928 | -34.1% |
| Amounts payable within one year | 42/48 | €22,749 | €15,099 | -€7,651 | -33.6% |
| Trade debts | 44 | €1,483 | €719 | -€765 | -51.5% |
| Suppliers | 440/4 | €1,483 | €719 | -€765 | -51.5% |
| Taxes, remuneration and social security | 45 | €20,407 | €14,380 | -€6,027 | -29.5% |
| Taxes | 450/3 | €20,407 | €14,380 | -€6,027 | -29.5% |
| Other amounts payable | 47/48 | €859 | €0 | -€859 | -100% |
| Accrued charges and deferred income | 492/3 | €524 | €246 | -€278 | -53.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,629 | €23,336 | -€6,294 | -21.2% |
| Other operating charges | 640/8 | €592 | €10,075 | +€9,483 | +1,601% |
| Gross operating margin | 9900 | €278,957 | €252,734 | -€26,224 | -9.4% |
| Operating profit (loss) | 9901 | €248,736 | €219,323 | -€29,413 | -11.8% |
| Financial income | 75/76B | €25,759 | €37,578 | +€11,819 | +45.9% |
| Recurring financial income | 75 | €25,759 | €37,578 | +€11,819 | +45.9% |
| Financial charges | 65/66B | €93 | €30 | -€63 | -67.8% |
| Recurring financial charges | 65 | €93 | €30 | -€63 | -67.8% |
| Profit (loss) for the period before taxes | 9903 | €274,402 | €256,871 | -€17,531 | -6.4% |
| Income taxes | 67/77 | €92,638 | €84,995 | -€7,643 | -8.3% |
| Profit (loss) for the period | 9904 | €181,764 | €171,876 | -€9,888 | -5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €181,764 | €171,876 | -€9,888 | -5.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.