INVESTMAT: 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.
INVESTMAT
Largest movements
- Tangible fixed assets -€30,060
down €30,060 (-6.1%), from €496,801 to €466,741
of which Land and buildings: -€20,264
- Cash +€11,184
new in 2025: €11,184
mainly Debts after one year (+€127,550) and Depreciation (+€30,060)
- Receivables within one year +€6,050
up €6,050 (+846%), from €715 to €6,765
- Other debts -€141,145
down €141,145 (-100.0%), from €141,206 to €61
- Debts after one year +€127,550
up €127,550 (+29.1%), from €438,445 to €565,995
- Short-term financial debts -€14,651
no longer reported in 2025 (was €14,651)
- Profit (loss) carried forward +€11,184
up €11,184 (+7.9%), from -€142,409 to -€131,224
- Gross operating margin +€24,747
up €24,747 (+97.9%), from €25,281 to €50,028
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 | €497,672 | €485,412 | -€12,260 | -2.5% |
| Fixed assets | 21/28 | €496,957 | €466,898 | -€30,060 | -6.0% |
| Tangible fixed assets | 22/27 | €496,801 | €466,741 | -€30,060 | -6.1% |
| Land and buildings | 22 | €459,881 | €439,618 | -€20,264 | -4.4% |
| Plant, machinery and equipment | 23 | €668 | €529 | -€139 | -20.9% |
| Furniture and vehicles | 24 | €34,903 | €26,389 | -€8,514 | -24.4% |
| Other tangible fixed assets | 26 | €1,349 | €205 | -€1,143 | -84.8% |
| Financial fixed assets | 28 | €156 | €156 | = | 0.0% |
| Current assets | 29/58 | €715 | €18,514 | +€17,800 | +2,490% |
| Amounts receivable within one year | 40/41 | €715 | €6,765 | +€6,050 | +846% |
| Trade receivables | 40 | €715 | €6,765 | +€6,050 | +846% |
| Cash at bank and in hand | 54/58 | - | €11,184 | +€11,184 | |
| Deferred charges and accrued income | 490/1 | - | €565 | +€565 | |
| Total equity and liabilities | 10/49 | €497,672 | €485,412 | -€12,260 | -2.5% |
| Equity | 10/15 | -€121,957 | -€110,773 | +€11,184 | +9.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€142,409 | -€131,224 | +€11,184 | +7.9% |
| Amounts payable | 17/49 | €619,630 | €596,185 | -€23,444 | -3.8% |
| Amounts payable after more than one year | 17 | €438,445 | €565,995 | +€127,550 | +29.1% |
| Financial debts | 170/4 | €438,445 | €565,995 | +€127,550 | +29.1% |
| Amounts payable within one year | 42/48 | €181,185 | €30,190 | -€150,994 | -83.3% |
| Current portion of amounts payable after more than one year | 42 | €21,327 | €21,856 | +€529 | +2.5% |
| Financial debts | 43 | €14,651 | - | -€14,651 | |
| Credit institutions | 430/8 | €14,651 | - | -€14,651 | |
| Trade debts | 44 | €1,179 | €651 | -€527 | -44.7% |
| Suppliers | 440/4 | €1,179 | €651 | -€527 | -44.7% |
| Taxes, remuneration and social security | 45 | €2,823 | €7,622 | +€4,799 | +170% |
| Taxes | 450/3 | €2,823 | €7,622 | +€4,799 | +170% |
| Other amounts payable | 47/48 | €141,206 | €61 | -€141,145 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,904 | €30,060 | +€156 | +0.5% |
| Other operating charges | 640/8 | €1,915 | €1,975 | +€60 | +3.1% |
| Gross operating margin | 9900 | €25,281 | €50,028 | +€24,747 | +97.9% |
| Operating profit (loss) | 9901 | -€6,537 | €17,994 | +€24,531 | |
| Financial charges | 65/66B | €7,041 | €6,668 | -€372 | -5.3% |
| Recurring financial charges | 65 | €7,041 | €6,668 | -€372 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | -€13,578 | €11,325 | +€24,903 | |
| Income taxes | 67/77 | €174 | €141 | -€33 | -19.2% |
| Profit (loss) for the period | 9904 | -€13,752 | €11,184 | +€24,937 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,752 | €11,184 | +€24,937 |
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 14 October 2026 via checked.be.