INVICTA: 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.
What changed
INVICTA
NACE 64.910, Financial service activities, except insurance and pension funding
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€210,021
2024 · €106,957+€103,064
Equity
€6.4m
2024 · €6.2m+€210,021
Cash
€22,942
2024 · €65,518-€42,576
Balance sheet total
€14.3m
2024 · €16.0m-€1.7m
Largest movements
Assets
- Current investments -€2.7m
down €2.7m (-100.0%), from €2.7m to €0
- Tangible fixed assets +€1.0m
up €1.0m (+7.7%), from €13.1m to €14.1m
of which Assets under construction and advance payments: +€616,901
Equity and liabilities
- Current portion of long-term debt -€1.2m
down €1.2m (-75.8%), from €1.6m to €400,000
- Trade debts -€671,107
down €671,107 (-73.3%), from €915,253 to €244,146
- Debts after one year +€296,855
up €296,855 (+4.4%), from €6.7m to €7.0m
- Other debts -€246,000
down €246,000 (-100.0%), from €246,000 to €0
- Reserves +€210,021
up €210,021 (+3.6%), from €5.9m to €6.1m
of which Distributable reserves: +€520,168
Income statement
- Taxes +€119,034
up €119,034 (+13602.9%), from €875 to €119,909
- Other operating charges -€100,677
down €100,677 (-80.9%), from €124,494 to €23,816
- Gross operating margin +€95,177
up €95,177 (+11.0%), from €868,851 to €964,028
- Financial charges +€53,515
up €53,515 (+62.0%), from €86,341 to €139,856
- Financial income +€26,800
up €26,800 (+260.0%), from €10,309 to €37,109
of which Financial income: +€27,461
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.
Result 2024
€106,957
Gross operating margin
+€95,177
Depreciation
-€5,735
Other operating charges
+€100,677
Financial income
+€26,800
Financial charges
-€53,515
Taxes
-€119,034
Deferred taxes and other
+€58,693
Result 2025
€210,021
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.
From operations
-€150,365
Investment
+€1.1m
Financing
-€1.0m
Cash 2024
€65,518
From operations (derived)
-€150,365
Net result for the year
+€210,021
Depreciation
+€580,043
Receivables within one year
-€79,106
Deferred charges and accrued income
+€43,260
Provisions
-€72,509
Trade debts
-€671,107
Tax, wage and social debts
-€875
Other debts
-€246,000
Accrued charges and deferred income
+€85,908
Investment (derived)
+€1.1m
Investment in fixed assets (net)
-€1.6m
Current investments
+€2.7m
Financing
-€1.0m
Debts after one year
+€296,855
Current portion of long-term debt
-€1.2m
Short-term financial debts
-€48,360
Cash 2025
€22,942
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,004,603 | €14,308,536 | -€1.7m | -10.6% |
| Fixed assets | 21/28 | €13,098,482 | €14,109,145 | +€1.0m | +7.7% |
| Tangible fixed assets | 22/27 | €13,098,482 | €14,109,145 | +€1.0m | +7.7% |
| Land and buildings | 22 | €9,653,912 | €10,226,709 | +€572,797 | +5.9% |
| Plant, machinery and equipment | 23 | €105,603 | €90,338 | -€15,265 | -14.5% |
| Furniture and vehicles | 24 | €15,526 | €11,556 | -€3,970 | -25.6% |
| Other tangible fixed assets | 26 | €3,079,651 | €2,919,852 | -€159,799 | -5.2% |
| Assets under construction and advance payments | 27 | €243,789 | €860,689 | +€616,901 | +253.0% |
| Current assets | 29/58 | €2,906,121 | €199,391 | -€2.7m | -93.1% |
| Amounts receivable within one year | 40/41 | €73,205 | €152,312 | +€79,106 | +108.1% |
| Trade receivables | 40 | €53,030 | €14,229 | -€38,801 | -73.2% |
| Other amounts receivable | 41 | €20,176 | €138,083 | +€117,907 | +584.4% |
| Current investments | 50/53 | €2,700,000 | €0 | -€2.7m | -100.0% |
| Cash at bank and in hand | 54/58 | €65,518 | €22,942 | -€42,576 | -65.0% |
| Deferred charges and accrued income | 490/1 | €67,398 | €24,138 | -€43,260 | -64.2% |
| Total equity and liabilities | 10/49 | €16,004,603 | €14,308,536 | -€1.7m | -10.6% |
| Equity | 10/15 | €6,156,227 | €6,366,248 | +€210,021 | +3.4% |
| Contributions | 10/11 | €246,000 | €246,000 | = | 0.0% |
| Capital | 10 | €142,803 | €142,803 | = | 0.0% |
| Issued capital | 100 | €142,803 | €142,803 | = | 0.0% |
| Outside capital | 11 | €103,197 | €103,197 | = | 0.0% |
| Share premium | 1100/10 | €103,197 | €103,197 | = | 0.0% |
| Reserves | 13 | €5,910,227 | €6,120,248 | +€210,021 | +3.6% |
| Non-distributable reserves | 130/1 | €14,280 | €14,280 | = | 0.0% |
| Legal reserve | 130 | €14,280 | €14,280 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,858,278 | €1,548,132 | -€310,147 | -16.7% |
| Distributable reserves | 133 | €4,037,669 | €4,557,836 | +€520,168 | +12.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €269,643 | €197,134 | -€72,509 | -26.9% |
| Deferred taxes | 168 | €269,643 | €197,134 | -€72,509 | -26.9% |
| Amounts payable | 17/49 | €9,578,732 | €7,745,154 | -€1.8m | -19.1% |
| Amounts payable after more than one year | 17 | €6,713,333 | €7,010,188 | +€296,855 | +4.4% |
| Financial debts | 170/4 | €6,713,333 | €7,010,188 | +€296,855 | +4.4% |
| Amounts payable within one year | 42/48 | €2,860,488 | €644,146 | -€2.2m | -77.5% |
| Current portion of amounts payable after more than one year | 42 | €1,650,000 | €400,000 | -€1.2m | -75.8% |
| Financial debts | 43 | €48,360 | €0 | -€48,360 | -100.0% |
| Credit institutions | 430/8 | €48,360 | €0 | -€48,360 | -100.0% |
| Trade debts | 44 | €915,253 | €244,146 | -€671,107 | -73.3% |
| Suppliers | 440/4 | €915,253 | €244,146 | -€671,107 | -73.3% |
| Taxes, remuneration and social security | 45 | €875 | €0 | -€875 | -100.0% |
| Taxes | 450/3 | €875 | €0 | -€875 | -100.0% |
| Other amounts payable | 47/48 | €246,000 | €0 | -€246,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €4,911 | €90,819 | +€85,908 | +1749.2% |
| Non-recurring operating income | 76A | - | €46,288 | +€46,288 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €574,308 | €580,043 | +€5,735 | +1.0% |
| Other operating charges | 640/8 | €124,494 | €23,816 | -€100,677 | -80.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €868,851 | €964,028 | +€95,177 | +11.0% |
| Operating profit (loss) | 9901 | €170,049 | €360,169 | +€190,119 | +111.8% |
| Financial income | 75/76B | €10,309 | €37,109 | +€26,800 | +260.0% |
| Recurring financial income | 75 | €9,648 | €37,109 | +€27,461 | +284.6% |
| Non-recurring financial income | 76B | €660 | €0 | -€660 | -100.0% |
| Financial charges | 65/66B | €86,341 | €139,856 | +€53,515 | +62.0% |
| Recurring financial charges | 65 | €86,341 | €139,856 | +€53,515 | +62.0% |
| Profit (loss) for the period before taxes | 9903 | €94,017 | €257,421 | +€163,404 | +173.8% |
| Transfer from deferred taxes | 780 | €13,816 | €72,509 | +€58,693 | +424.8% |
| Income taxes | 67/77 | €875 | €119,909 | +€119,034 | +13602.9% |
| Profit (loss) for the period | 9904 | €106,957 | €210,021 | +€103,064 | +96.4% |
| Transfer from tax-exempt reserves | 789 | €495,977 | €310,147 | -€185,830 | -37.5% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €602,934 | €520,168 | -€82,766 | -13.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.