INVINCIBLE: 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.
INVINCIBLE
Largest movements
- Cash +€124,595
up €124,595 (+217.4%), from €57,313 to €181,908
mainly Net result for the year (+€74,777) and Receivables within one year (+€54,637)
- Receivables within one year -€54,637
down €54,637 (-24.7%), from €220,953 to €166,316
of which Other amounts receivable: -€56,168
- Tangible fixed assets -€13,876
down €13,876 (-10.1%), from €137,725 to €123,849
of which Other tangible fixed assets: -€9,797
- Financial fixed assets +€7,484
up €7,484 (+7484.0%), from €100 to €7,584
- Reserves +€74,777
up €74,777 (+57.7%), from €129,563 to €204,340
of which Distributable reserves: +€74,777
- Accrued charges and deferred income +€21,133
up €21,133 (+18.5%), from €114,249 to €135,382
- Trade debts -€16,148
down €16,148 (-11.0%), from €147,292 to €131,144
- Current portion of long-term debt -€13,852
no longer reported in 2025 (was €13,852)
- Gross operating margin +€115,170
up €115,170 (+33.1%), from €348,159 to €463,328
- Staff costs +€31,284
up €31,284 (+12.2%), from €257,043 to €288,327
- Taxes +€14,845
up €14,845 (+105.1%), from €14,119 to €28,963
- Depreciation +€6,120
up €6,120 (+14.3%), from €42,652 to €48,771
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 | €521,454 | €589,226 | +€67,772 | +13.0% |
| Fixed assets | 21/28 | €137,825 | €131,433 | -€6,392 | -4.6% |
| Tangible fixed assets | 22/27 | €137,725 | €123,849 | -€13,876 | -10.1% |
| Plant, machinery and equipment | 23 | €48,619 | €45,918 | -€2,701 | -5.6% |
| Furniture and vehicles | 24 | €7,516 | €6,139 | -€1,377 | -18.3% |
| Other tangible fixed assets | 26 | €81,589 | €71,792 | -€9,797 | -12.0% |
| Financial fixed assets | 28 | €100 | €7,584 | +€7,484 | +7484.0% |
| Current assets | 29/58 | €383,629 | €457,793 | +€74,164 | +19.3% |
| Stocks and contracts in progress | 3 | €105,363 | €108,730 | +€3,367 | +3.2% |
| Stocks | 30/36 | €105,363 | €108,730 | +€3,367 | +3.2% |
| Amounts receivable within one year | 40/41 | €220,953 | €166,316 | -€54,637 | -24.7% |
| Trade receivables | 40 | €23,225 | €24,756 | +€1,531 | +6.6% |
| Other amounts receivable | 41 | €197,728 | €141,560 | -€56,168 | -28.4% |
| Cash at bank and in hand | 54/58 | €57,313 | €181,908 | +€124,595 | +217.4% |
| Deferred charges and accrued income | 490/1 | - | €839 | +€839 | |
| Total equity and liabilities | 10/49 | €521,454 | €589,226 | +€67,772 | +13.0% |
| Equity | 10/15 | €148,163 | €222,940 | +€74,777 | +50.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €129,563 | €204,340 | +€74,777 | +57.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,718 | €4,718 | = | 0.0% |
| Distributable reserves | 133 | €122,985 | €197,762 | +€74,777 | +60.8% |
| Amounts payable | 17/49 | €373,291 | €366,286 | -€7,005 | -1.9% |
| Amounts payable after more than one year | 17 | €17,628 | €17,628 | = | 0.0% |
| Financial debts | 170/4 | €17,628 | €17,628 | = | 0.0% |
| Amounts payable within one year | 42/48 | €241,414 | €213,275 | -€28,139 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €13,852 | - | -€13,852 | |
| Trade debts | 44 | €147,292 | €131,144 | -€16,148 | -11.0% |
| Suppliers | 440/4 | €147,292 | €131,144 | -€16,148 | -11.0% |
| Taxes, remuneration and social security | 45 | €80,270 | €82,132 | +€1,861 | +2.3% |
| Taxes | 450/3 | €58,520 | €56,136 | -€2,383 | -4.1% |
| Remuneration and social security | 454/9 | €21,751 | €25,995 | +€4,245 | +19.5% |
| Accrued charges and deferred income | 492/3 | €114,249 | €135,382 | +€21,133 | +18.5% |
| Remuneration, social security and pensions | 62 | €257,043 | €288,327 | +€31,284 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,652 | €48,771 | +€6,120 | +14.3% |
| Other operating charges | 640/8 | €6,548 | €6,381 | -€167 | -2.6% |
| Non-recurring operating charges | 66A | €30 | €2,173 | +€2,143 | +7142.0% |
| Gross operating margin | 9900 | €348,159 | €463,328 | +€115,170 | +33.1% |
| Operating profit (loss) | 9901 | €41,886 | €117,676 | +€75,790 | +180.9% |
| Financial income | 75/76B | €681 | €0 | -€681 | -100.0% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -90.7% |
| Non-recurring financial income | 76B | €680 | - | -€680 | |
| Financial charges | 65/66B | €14,543 | €13,936 | -€608 | -4.2% |
| Recurring financial charges | 65 | €12,374 | €13,936 | +€1,561 | +12.6% |
| Non-recurring financial charges | 66B | €2,169 | - | -€2,169 | |
| Profit (loss) for the period before taxes | 9903 | €28,024 | €103,741 | +€75,717 | +270.2% |
| Income taxes | 67/77 | €14,119 | €28,963 | +€14,845 | +105.1% |
| Profit (loss) for the period | 9904 | €13,905 | €74,777 | +€60,872 | +437.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,905 | €74,777 | +€60,872 | +437.8% |
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 10 October 2026 via checked.be.