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
- Receivables within one year -€2,354
down €2,354 (-2.1%), from €114,034 to €111,680
of which Other amounts receivable: -€4,774
- Tax, wage and social debts -€18,807
down €18,807 (-82.7%), from €22,738 to €3,931
- Other debts +€15,920
up €15,920 (+26.7%), from €59,685 to €75,605
- Profit (loss) carried forward +€2,925
up €2,925 (+15.9%), from -€18,416 to -€15,490
- Short-term financial debts -€1,664
no longer reported in 2025 (was €1,664)
- Gross operating margin +€20,904
up €20,904, from -€18,063 to €2,841
- Financial income +€421
up €421 (+27.7%), from €1,523 to €1,945
- Financial charges -€351
down €351 (-42.6%), from €823 to €472
- Taxes +€315
up €315 (+180.7%), from €174 to €490
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 | €114,428 | €111,871 | -€2,557 | -2.2% |
| Fixed assets | 21/28 | €323 | €146 | -€177 | -54.9% |
| Tangible fixed assets | 22/27 | €323 | €146 | -€177 | -54.9% |
| Other tangible fixed assets | 26 | €323 | €146 | -€177 | -54.9% |
| Current assets | 29/58 | €114,105 | €111,726 | -€2,380 | -2.1% |
| Amounts receivable within one year | 40/41 | €114,034 | €111,680 | -€2,354 | -2.1% |
| Trade receivables | 40 | - | €2,420 | +€2,420 | |
| Other amounts receivable | 41 | €114,034 | €109,260 | -€4,774 | -4.2% |
| Cash at bank and in hand | 54/58 | €71 | €46 | -€25 | -35.7% |
| Total equity and liabilities | 10/49 | €114,428 | €111,871 | -€2,557 | -2.2% |
| Equity | 10/15 | €28,821 | €31,747 | +€2,925 | +10.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €41,037 | €41,037 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,291 | €1,291 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,291 | €1,291 | = | 0.0% |
| Distributable reserves | 133 | €39,746 | €39,746 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,416 | -€15,490 | +€2,925 | +15.9% |
| Amounts payable | 17/49 | €85,607 | €80,125 | -€5,482 | -6.4% |
| Amounts payable within one year | 42/48 | €85,607 | €80,125 | -€5,482 | -6.4% |
| Financial debts | 43 | €1,664 | - | -€1,664 | |
| Credit institutions | 430/8 | €1,664 | - | -€1,664 | |
| Trade debts | 44 | €1,520 | €588 | -€931 | -61.3% |
| Suppliers | 440/4 | €1,520 | €588 | -€931 | -61.3% |
| Taxes, remuneration and social security | 45 | €22,738 | €3,931 | -€18,807 | -82.7% |
| Taxes | 450/3 | €22,738 | €3,931 | -€18,807 | -82.7% |
| Other amounts payable | 47/48 | €59,685 | €75,605 | +€15,920 | +26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €177 | €177 | = | 0.0% |
| Other operating charges | 640/8 | €701 | €722 | +€20 | +2.9% |
| Gross operating margin | 9900 | -€18,063 | €2,841 | +€20,904 | |
| Operating profit (loss) | 9901 | -€18,941 | €1,942 | +€20,884 | |
| Financial income | 75/76B | €1,523 | €1,945 | +€421 | +27.7% |
| Recurring financial income | 75 | €1,523 | €1,945 | +€421 | +27.7% |
| Financial charges | 65/66B | €823 | €472 | -€351 | -42.6% |
| Recurring financial charges | 65 | €823 | €472 | -€351 | -42.6% |
| Profit (loss) for the period before taxes | 9903 | -€18,241 | €3,415 | +€21,656 | |
| Income taxes | 67/77 | €174 | €490 | +€315 | +180.7% |
| Profit (loss) for the period | 9904 | -€18,416 | €2,925 | +€21,341 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,416 | €2,925 | +€21,341 |
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.