INVICTUS: 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.
INVICTUS
Largest movements
- Tangible fixed assets -€12,954
down €12,954 (-45.8%), from €28,303 to €15,349
of which Furniture and vehicles: -€12,148
- Receivables within one year +€5,894
up €5,894 (+85.1%), from €6,930 to €12,824
of which Trade receivables: +€5,059
- Deferred charges and accrued income +€580
up €580 (+18.0%), from €3,228 to €3,808
- Debts after one year -€7,356
down €7,356 (-54.0%), from €13,620 to €6,264
- Profit (loss) carried forward -€4,763
down €4,763 (-158.4%), from -€3,007 to -€7,770
- Other debts +€3,553
up €3,553 (+26.0%), from €13,644 to €17,197
- Tax, wage and social debts +€943
up €943 (+13.0%), from €7,228 to €8,171
of which Taxes: +€925
- Trade debts +€837
up €837 (+173.3%), from €483 to €1,321
- Gross operating margin -€6,783
down €6,783 (-47.4%), from €14,296 to €7,512
- Taxes -€1,160
down €1,160 (-87.5%), from €1,326 to €165
- Depreciation -€825
down €825 (-7.9%), from €10,480 to €9,655
- Financial charges -€741
down €741 (-46.4%), from €1,598 to €857
- Other operating charges +€218
up €218 (+22.4%), from €973 to €1,191
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 | €45,447 | €38,760 | -€6,688 | -14.7% |
| Fixed assets | 21/28 | €28,303 | €15,349 | -€12,954 | -45.8% |
| Tangible fixed assets | 22/27 | €28,303 | €15,349 | -€12,954 | -45.8% |
| Plant, machinery and equipment | 23 | €1,793 | €986 | -€807 | -45.0% |
| Furniture and vehicles | 24 | €26,510 | €14,363 | -€12,148 | -45.8% |
| Current assets | 29/58 | €17,144 | €23,411 | +€6,267 | +36.6% |
| Amounts receivable within one year | 40/41 | €6,930 | €12,824 | +€5,894 | +85.1% |
| Trade receivables | 40 | €6,930 | €11,989 | +€5,059 | +73.0% |
| Other amounts receivable | 41 | - | €835 | +€835 | |
| Cash at bank and in hand | 54/58 | €6,986 | €6,778 | -€207 | -3.0% |
| Deferred charges and accrued income | 490/1 | €3,228 | €3,808 | +€580 | +18.0% |
| Total equity and liabilities | 10/49 | €45,447 | €38,760 | -€6,688 | -14.7% |
| Equity | 10/15 | €3,193 | -€1,570 | -€4,763 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,007 | -€7,770 | -€4,763 | -158.4% |
| Amounts payable | 17/49 | €42,255 | €40,330 | -€1,925 | -4.6% |
| Amounts payable after more than one year | 17 | €13,620 | €6,264 | -€7,356 | -54.0% |
| Financial debts | 170/4 | €13,620 | €6,264 | -€7,356 | -54.0% |
| Amounts payable within one year | 42/48 | €28,635 | €34,066 | +€5,431 | +19.0% |
| Current portion of amounts payable after more than one year | 42 | €7,183 | €7,356 | +€172 | +2.4% |
| Financial debts | 43 | €96 | €21 | -€75 | -78.1% |
| Credit institutions | 430/8 | €96 | €21 | -€75 | -78.1% |
| Trade debts | 44 | €483 | €1,321 | +€837 | +173.3% |
| Suppliers | 440/4 | €483 | €1,321 | +€837 | +173.3% |
| Taxes, remuneration and social security | 45 | €7,228 | €8,171 | +€943 | +13.0% |
| Taxes | 450/3 | €5,173 | €6,098 | +€925 | +17.9% |
| Remuneration and social security | 454/9 | €2,055 | €2,073 | +€18 | +0.9% |
| Other amounts payable | 47/48 | €13,644 | €17,197 | +€3,553 | +26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,480 | €9,655 | -€825 | -7.9% |
| Other operating charges | 640/8 | €973 | €1,191 | +€218 | +22.4% |
| Non-recurring operating charges | 66A | - | €406 | +€406 | |
| Gross operating margin | 9900 | €14,296 | €7,512 | -€6,783 | -47.4% |
| Operating profit (loss) | 9901 | €2,842 | -€3,740 | -€6,582 | |
| Financial income | 75/76B | €24 | €0 | -€24 | -100.0% |
| Recurring financial income | 75 | €24 | €0 | -€24 | -100.0% |
| Financial charges | 65/66B | €1,598 | €857 | -€741 | -46.4% |
| Recurring financial charges | 65 | €1,598 | €857 | -€741 | -46.4% |
| Profit (loss) for the period before taxes | 9903 | €1,268 | -€4,597 | -€5,866 | |
| Income taxes | 67/77 | €1,326 | €165 | -€1,160 | -87.5% |
| Profit (loss) for the period | 9904 | -€57 | -€4,763 | -€4,705 | -8197.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€57 | -€4,763 | -€4,705 | -8197.4% |
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 9 October 2026 via checked.be.