INVICTUS DEVELOPMENT: what changed
Two fiscal 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 DEVELOPMENT
Largest movements
- Receivables within one year +€47,258
up €47,258 (+121.0%), from €39,064 to €86,323
of which Other amounts receivable: +€56,525
- Tangible fixed assets -€9,679
down €9,679 (-18.4%), from €52,584 to €42,905
- Cash -€9,356
down €9,356 (-99.6%), from €9,396 to €40
mainly Receivables within one year (-€47,258) and Debts after one year (-€8,713)
- Profit (loss) carried forward +€23,288
up €23,288 (+51.5%), from €45,260 to €68,548
- Trade debts +€9,147
up €9,147 (+1364.9%), from €670 to €9,817
- Debts after one year -€8,713
down €8,713 (-37.5%), from €23,225 to €14,512
- Tax, wage and social debts +€3,924
up €3,924 (+17.8%), from €22,059 to €25,984
of which Taxes: +€3,907
- Financial income -€18,236
down €18,236 (-84.4%), from €21,613 to €3,377
of which Non-recurring financial income: -€20,466
- Depreciation +€7,886
up €7,886 (+163.2%), from €4,832 to €12,718
- Taxes -€5,596
down €5,596 (-42.3%), from €13,226 to €7,630
- Gross operating margin -€1,671
down €1,671 (-3.8%), from €44,117 to €42,446
- Financial charges +€1,585
up €1,585 (+1346.3%), from €118 to €1,703
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €101,045 | €129,575 | +€28,530 | +28.2% |
| Fixed assets | 21/28 | €52,584 | €42,905 | -€9,679 | -18.4% |
| Tangible fixed assets | 22/27 | €52,584 | €42,905 | -€9,679 | -18.4% |
| Furniture and vehicles | 24 | €52,584 | €42,905 | -€9,679 | -18.4% |
| Current assets | 29/58 | €48,460 | €86,669 | +€38,209 | +78.8% |
| Amounts receivable within one year | 40/41 | €39,064 | €86,323 | +€47,258 | +121.0% |
| Trade receivables | 40 | €10,208 | €941 | -€9,267 | -90.8% |
| Other amounts receivable | 41 | €28,856 | €85,382 | +€56,525 | +195.9% |
| Cash at bank and in hand | 54/58 | €9,396 | €40 | -€9,356 | -99.6% |
| Deferred charges and accrued income | 490/1 | - | €306 | +€306 | |
| Total equity and liabilities | 10/49 | €101,045 | €129,575 | +€28,530 | +28.2% |
| Equity | 10/15 | €47,260 | €70,548 | +€23,288 | +49.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,260 | €68,548 | +€23,288 | +51.5% |
| Amounts payable | 17/49 | €53,785 | €59,026 | +€5,242 | +9.7% |
| Amounts payable after more than one year | 17 | €23,225 | €14,512 | -€8,713 | -37.5% |
| Financial debts | 170/4 | €23,225 | €14,512 | -€8,713 | -37.5% |
| Amounts payable within one year | 42/48 | €30,559 | €44,514 | +€13,955 | +45.7% |
| Current portion of amounts payable after more than one year | 42 | €7,830 | €8,713 | +€884 | +11.3% |
| Trade debts | 44 | €670 | €9,817 | +€9,147 | +1364.9% |
| Suppliers | 440/4 | €670 | €9,817 | +€9,147 | +1364.9% |
| Taxes, remuneration and social security | 45 | €22,059 | €25,984 | +€3,924 | +17.8% |
| Taxes | 450/3 | €19,687 | €23,594 | +€3,907 | +19.8% |
| Remuneration and social security | 454/9 | €2,372 | €2,390 | +€18 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,832 | €12,718 | +€7,886 | +163.2% |
| Other operating charges | 640/8 | €1,223 | €484 | -€739 | -60.4% |
| Gross operating margin | 9900 | €44,117 | €42,446 | -€1,671 | -3.8% |
| Operating profit (loss) | 9901 | €38,062 | €29,244 | -€8,819 | -23.2% |
| Financial income | 75/76B | €21,613 | €3,377 | -€18,236 | -84.4% |
| Recurring financial income | 75 | €1,147 | €3,377 | +€2,230 | +194.4% |
| Non-recurring financial income | 76B | €20,466 | - | -€20,466 | |
| Financial charges | 65/66B | €118 | €1,703 | +€1,585 | +1346.3% |
| Recurring financial charges | 65 | €118 | €1,703 | +€1,585 | +1346.3% |
| Profit (loss) for the period before taxes | 9903 | €59,558 | €30,918 | -€28,640 | -48.1% |
| Income taxes | 67/77 | €13,226 | €7,630 | -€5,596 | -42.3% |
| Profit (loss) for the period | 9904 | €46,332 | €23,288 | -€23,044 | -49.7% |
| Profit (loss) for the period to be appropriated | 9905 | €46,332 | €23,288 | -€23,044 | -49.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.