INVICTIS: 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.
INVICTIS
Largest movements
- Current investments +€325,537
new in 2025: €325,537
- Cash -€292,271
down €292,271 (-84.2%), from €347,065 to €54,794
mainly Current investments (-€325,537) and Contributions, distributions and other (-€174,033)
- Receivables within one year -€16,195
down €16,195 (-40.0%), from €40,441 to €24,246
of which Other amounts receivable: -€16,453
- Other debts +€102,743
up €102,743 (+144%), from €71,290 to €174,033
- Reserves -€90,665
down €90,665 (-30.2%), from €299,845 to €209,180
of which Distributable reserves: -€90,665
- Tax, wage and social debts +€7,844
up €7,844 (+41.4%), from €18,959 to €26,803
of which Taxes: +€7,844
- Gross operating margin +€21,409
up €21,409 (+22.0%), from €97,465 to €118,875
- Taxes +€7,468
up €7,468 (+26.7%), from €27,977 to €35,444
- Financial income +€2,472
up €2,472 (+92.8%), from €2,664 to €5,136
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 | €401,561 | €420,246 | +€18,685 | +4.7% |
| Fixed assets | 21/28 | €12,057 | €10,121 | -€1,936 | -16.1% |
| Tangible fixed assets | 22/27 | €12,057 | €10,121 | -€1,936 | -16.1% |
| Furniture and vehicles | 24 | €9,085 | €6,614 | -€2,471 | -27.2% |
| Other tangible fixed assets | 26 | €2,972 | €3,506 | +€535 | +18.0% |
| Current assets | 29/58 | €389,504 | €410,125 | +€20,622 | +5.3% |
| Amounts receivable within one year | 40/41 | €40,441 | €24,246 | -€16,195 | -40.0% |
| Trade receivables | 40 | €23,090 | €23,349 | +€259 | +1.1% |
| Other amounts receivable | 41 | €17,351 | €898 | -€16,453 | -94.8% |
| Current investments | 50/53 | - | €325,537 | +€325,537 | |
| Cash at bank and in hand | 54/58 | €347,065 | €54,794 | -€292,271 | -84.2% |
| Deferred charges and accrued income | 490/1 | €1,998 | €5,548 | +€3,550 | +178% |
| Total equity and liabilities | 10/49 | €401,561 | €420,246 | +€18,685 | +4.7% |
| Equity | 10/15 | €306,633 | €215,969 | -€90,665 | -29.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €299,845 | €209,180 | -€90,665 | -30.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €299,845 | €209,180 | -€90,665 | -30.2% |
| Profit (loss) carried forward | 14 | €589 | €589 | = | 0.0% |
| Amounts payable | 17/49 | €94,928 | €204,277 | +€109,350 | +115% |
| Amounts payable within one year | 42/48 | €94,928 | €204,277 | +€109,350 | +115% |
| Financial debts | 43 | €858 | €374 | -€483 | -56.4% |
| Other loans | 439 | €858 | €374 | -€483 | -56.4% |
| Trade debts | 44 | €3,821 | €3,067 | -€754 | -19.7% |
| Suppliers | 440/4 | €3,821 | €3,067 | -€754 | -19.7% |
| Taxes, remuneration and social security | 45 | €18,959 | €26,803 | +€7,844 | +41.4% |
| Taxes | 450/3 | €18,959 | €26,803 | +€7,844 | +41.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €71,290 | €174,033 | +€102,743 | +144% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | €270 | +€270 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,807 | €3,550 | -€256 | -6.7% |
| Other operating charges | 640/8 | €893 | €1,101 | +€208 | +23.3% |
| Non-recurring operating charges | 66A | - | €105 | +€105 | |
| Gross operating margin | 9900 | €97,465 | €118,875 | +€21,409 | +22.0% |
| Operating profit (loss) | 9901 | €92,766 | €114,118 | +€21,353 | +23.0% |
| Financial income | 75/76B | €2,664 | €5,136 | +€2,472 | +92.8% |
| Recurring financial income | 75 | €2,664 | €5,136 | +€2,472 | +92.8% |
| Financial charges | 65/66B | €181 | €442 | +€261 | +145% |
| Recurring financial charges | 65 | €181 | €442 | +€261 | +145% |
| Profit (loss) for the period before taxes | 9903 | €95,250 | €118,813 | +€23,563 | +24.7% |
| Income taxes | 67/77 | €27,977 | €35,444 | +€7,468 | +26.7% |
| Profit (loss) for the period | 9904 | €67,273 | €83,368 | +€16,095 | +23.9% |
| Profit (loss) for the period to be appropriated | 9905 | €67,273 | €83,368 | +€16,095 | +23.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.