INVICTA PROJECT & SHIPPING: 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.
INVICTA PROJECT & SHIPPING
Largest movements
- Receivables within one year -€54,729
down €54,729 (-35.3%), from €155,148 to €100,419
of which Trade receivables: -€54,022
- Cash -€14,965
down €14,965 (-84.4%), from €17,729 to €2,765
mainly Trade debts (-€45,922) and Other debts (-€22,380)
- Trade debts -€45,922
down €45,922 (-89.0%), from €51,579 to €5,657
- Other debts -€22,380
down €22,380 (-45.4%), from €49,341 to €26,961
- Gross operating margin -€2,077
down €2,077 (-12.5%), from €16,619 to €14,542
- Taxes -€462
down €462 (-11.1%), from €4,148 to €3,686
- Financial income +€395
up €395 (+810%), from €49 to €444
- Financial charges -€353
down €353 (-59.4%), from €594 to €241
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 | €173,534 | €104,988 | -€68,546 | -39.5% |
| Fixed assets | 21/28 | €179 | €179 | = | 0.0% |
| Financial fixed assets | 28 | €179 | €179 | = | 0.0% |
| Current assets | 29/58 | €173,355 | €104,809 | -€68,546 | -39.5% |
| Amounts receivable within one year | 40/41 | €155,148 | €100,419 | -€54,729 | -35.3% |
| Trade receivables | 40 | €154,441 | €100,419 | -€54,022 | -35.0% |
| Other amounts receivable | 41 | €708 | €0 | -€708 | -100% |
| Cash at bank and in hand | 54/58 | €17,729 | €2,765 | -€14,965 | -84.4% |
| Deferred charges and accrued income | 490/1 | €477 | €1,626 | +€1,148 | +241% |
| Total equity and liabilities | 10/49 | €173,534 | €104,988 | -€68,546 | -39.5% |
| Equity | 10/15 | €68,736 | €67,445 | -€1,291 | -1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €50,136 | €48,845 | -€1,291 | -2.6% |
| Distributable reserves | 133 | €50,136 | €48,845 | -€1,291 | -2.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €104,797 | €37,543 | -€67,254 | -64.2% |
| Amounts payable within one year | 42/48 | €104,797 | €37,307 | -€67,490 | -64.4% |
| Trade debts | 44 | €51,579 | €5,657 | -€45,922 | -89.0% |
| Suppliers | 440/4 | €51,579 | €5,657 | -€45,922 | -89.0% |
| Taxes, remuneration and social security | 45 | €3,877 | €4,689 | +€811 | +20.9% |
| Taxes | 450/3 | €3,877 | €4,689 | +€811 | +20.9% |
| Other amounts payable | 47/48 | €49,341 | €26,961 | -€22,380 | -45.4% |
| Accrued charges and deferred income | 492/3 | - | €236 | +€236 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Other operating charges | 640/8 | €569 | €585 | +€16 | +2.9% |
| Gross operating margin | 9900 | €16,619 | €14,542 | -€2,077 | -12.5% |
| Operating profit (loss) | 9901 | €16,050 | €13,956 | -€2,093 | -13.0% |
| Financial income | 75/76B | €49 | €444 | +€395 | +810% |
| Recurring financial income | 75 | €49 | €444 | +€395 | +810% |
| Financial charges | 65/66B | €594 | €241 | -€353 | -59.4% |
| Recurring financial charges | 65 | €594 | €241 | -€353 | -59.4% |
| Profit (loss) for the period before taxes | 9903 | €15,505 | €14,159 | -€1,346 | -8.7% |
| Income taxes | 67/77 | €4,148 | €3,686 | -€462 | -11.1% |
| Profit (loss) for the period | 9904 | €11,357 | €10,473 | -€884 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,357 | €10,473 | -€884 | -7.8% |
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 28 October 2026 via checked.be.