INVICTO: 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.
INVICTO
Largest movements
- Receivables within one year -€25,752
down €25,752 (-99.0%), from €26,019 to €267
of which Trade receivables: -€25,752
- Tangible fixed assets +€11,846
up €11,846 (+34.2%), from €34,660 to €46,506
of which Furniture and vehicles: +€12,443
- Stocks and contracts +€3,596
up €3,596 (+153.5%), from €2,343 to €5,939
- Deferred charges and accrued income +€2,869
up €2,869, from €0 to €2,869
- Cash +€2,376
up €2,376 (+36.3%), from €6,537 to €8,913
mainly Receivables within one year (+€25,752) and Depreciation (+€12,971)
- Trade debts -€15,981
down €15,981 (-77.0%), from €20,768 to €4,786
- Other debts +€7,076
up €7,076 (+8.1%), from €87,334 to €94,411
- Profit (loss) carried forward +€5,143
up €5,143 (+9.4%), from -€54,735 to -€49,592
- Staff costs -€6,979
down €6,979 (-93.3%), from €7,479 to €500
- Gross operating margin -€4,680
down €4,680 (-16.2%), from €28,906 to €24,226
- Depreciation +€4,082
up €4,082 (+45.9%), from €8,889 to €12,971
- Financial charges -€1,334
down €1,334 (-42.8%), from €3,115 to €1,781
- Other operating charges -€307
down €307 (-7.9%), from €3,876 to €3,570
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €74,399 | €69,334 | -€5,066 | -6.8% |
| Fixed assets | 21/28 | €39,500 | €51,346 | +€11,846 | +30.0% |
| Tangible fixed assets | 22/27 | €34,660 | €46,506 | +€11,846 | +34.2% |
| Land and buildings | 22 | €4,195 | €3,530 | -€665 | -15.9% |
| Plant, machinery and equipment | 23 | €8,628 | €8,696 | +€68 | +0.8% |
| Furniture and vehicles | 24 | €21,837 | €34,280 | +€12,443 | +57.0% |
| Financial fixed assets | 28 | €4,840 | €4,840 | = | 0.0% |
| Current assets | 29/58 | €34,899 | €17,988 | -€16,911 | -48.5% |
| Stocks and contracts in progress | 3 | €2,343 | €5,939 | +€3,596 | +153.5% |
| Stocks | 30/36 | €2,343 | €5,939 | +€3,596 | +153.5% |
| Amounts receivable within one year | 40/41 | €26,019 | €267 | -€25,752 | -99.0% |
| Trade receivables | 40 | €26,019 | €267 | -€25,752 | -99.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €6,537 | €8,913 | +€2,376 | +36.3% |
| Deferred charges and accrued income | 490/1 | €0 | €2,869 | +€2,869 | |
| Total equity and liabilities | 10/49 | €74,399 | €69,334 | -€5,066 | -6.8% |
| Equity | 10/15 | -€36,135 | -€30,992 | +€5,143 | +14.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€54,735 | -€49,592 | +€5,143 | +9.4% |
| Amounts payable | 17/49 | €110,534 | €100,325 | -€10,209 | -9.2% |
| Amounts payable within one year | 42/48 | €109,834 | €100,325 | -€9,509 | -8.7% |
| Trade debts | 44 | €20,768 | €4,786 | -€15,981 | -77.0% |
| Suppliers | 440/4 | €20,768 | €4,786 | -€15,981 | -77.0% |
| Taxes, remuneration and social security | 45 | €1,732 | €1,129 | -€604 | -34.9% |
| Taxes | 450/3 | €1,233 | €629 | -€604 | -49.0% |
| Remuneration and social security | 454/9 | €500 | €500 | = | 0.0% |
| Other amounts payable | 47/48 | €87,334 | €94,411 | +€7,076 | +8.1% |
| Accrued charges and deferred income | 492/3 | €700 | €0 | -€700 | -100.0% |
| Non-recurring operating income | 76A | €24 | €20 | -€4 | -16.7% |
| Remuneration, social security and pensions | 62 | €7,479 | €500 | -€6,979 | -93.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,889 | €12,971 | +€4,082 | +45.9% |
| Other operating charges | 640/8 | €3,876 | €3,570 | -€307 | -7.9% |
| Gross operating margin | 9900 | €28,906 | €24,226 | -€4,680 | -16.2% |
| Operating profit (loss) | 9901 | €8,662 | €7,185 | -€1,477 | -17.0% |
| Financial income | 75/76B | €37 | €49 | +€12 | +32.1% |
| Recurring financial income | 75 | €37 | €49 | +€12 | +32.1% |
| Financial charges | 65/66B | €3,115 | €1,781 | -€1,334 | -42.8% |
| Recurring financial charges | 65 | €3,115 | €1,781 | -€1,334 | -42.8% |
| Profit (loss) for the period before taxes | 9903 | €5,584 | €5,453 | -€131 | -2.3% |
| Income taxes | 67/77 | €115 | €310 | +€194 | +168.6% |
| Profit (loss) for the period | 9904 | €5,468 | €5,143 | -€325 | -5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,468 | €5,143 | -€325 | -5.9% |
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 10 October 2026 via checked.be.