INVOCATION: 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.
INVOCATION
Largest movements
- Receivables within one year +€64,596
up €64,596 (+39.4%), from €163,791 to €228,388
of which Trade receivables: +€54,456
- Cash -€60,685
down €60,685 (-98.8%), from €61,410 to €726
mainly Contributions, distributions and other (-€249,371) and Receivables within one year (-€64,596)
- Tangible fixed assets -€11,235
down €11,235 (-26.4%), from €42,637 to €31,402
- Tax, wage and social debts -€3,038
down €3,038 (-4.6%), from €66,451 to €63,413
- Financial income -€206,586
down €206,586 (-99.9%), from €206,749 to €163
- Gross operating margin +€71,314
up €71,314 (+25.9%), from €275,870 to €347,184
- Taxes -€33,195
down €33,195 (-29.4%), from €113,054 to €79,860
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 | €292,639 | €285,415 | -€7,223 | -2.5% |
| Fixed assets | 21/28 | €42,637 | €31,402 | -€11,235 | -26.4% |
| Tangible fixed assets | 22/27 | €42,637 | €31,402 | -€11,235 | -26.4% |
| Plant, machinery and equipment | 23 | €19,762 | €14,383 | -€5,379 | -27.2% |
| Furniture and vehicles | 24 | €9,790 | €8,141 | -€1,650 | -16.8% |
| Other tangible fixed assets | 26 | €13,085 | €8,878 | -€4,207 | -32.2% |
| Current assets | 29/58 | €250,002 | €254,013 | +€4,012 | +1.6% |
| Amounts receivable within one year | 40/41 | €163,791 | €228,388 | +€64,596 | +39.4% |
| Trade receivables | 40 | €155,791 | €210,247 | +€54,456 | +35.0% |
| Other amounts receivable | 41 | €8,000 | €18,140 | +€10,140 | +126.8% |
| Current investments | 50/53 | €23,500 | €23,600 | +€100 | +0.4% |
| Cash at bank and in hand | 54/58 | €61,410 | €726 | -€60,685 | -98.8% |
| Deferred charges and accrued income | 490/1 | €1,300 | €1,300 | = | 0.0% |
| Total equity and liabilities | 10/49 | €292,639 | €285,415 | -€7,223 | -2.5% |
| Equity | 10/15 | €100 | €100 | = | 0.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Amounts payable | 17/49 | €292,539 | €285,315 | -€7,223 | -2.5% |
| Amounts payable within one year | 42/48 | €290,539 | €283,815 | -€6,723 | -2.3% |
| Trade debts | 44 | €8,651 | €6,078 | -€2,572 | -29.7% |
| Suppliers | 440/4 | €8,651 | €6,078 | -€2,572 | -29.7% |
| Taxes, remuneration and social security | 45 | €66,451 | €63,413 | -€3,038 | -4.6% |
| Taxes | 450/3 | €66,451 | €63,413 | -€3,038 | -4.6% |
| Other amounts payable | 47/48 | €215,437 | €214,324 | -€1,113 | -0.5% |
| Accrued charges and deferred income | 492/3 | €2,000 | €1,500 | -€500 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,200 | €15,155 | -€45 | -0.3% |
| Other operating charges | 640/8 | €505 | €567 | +€62 | +12.2% |
| Gross operating margin | 9900 | €275,870 | €347,184 | +€71,314 | +25.9% |
| Operating profit (loss) | 9901 | €260,165 | €331,462 | +€71,297 | +27.4% |
| Financial income | 75/76B | €206,749 | €163 | -€206,586 | -99.9% |
| Recurring financial income | 75 | €206,749 | €163 | -€206,586 | -99.9% |
| Financial charges | 65/66B | €1,895 | €2,394 | +€499 | +26.3% |
| Recurring financial charges | 65 | €1,895 | €2,394 | +€499 | +26.3% |
| Profit (loss) for the period before taxes | 9903 | €465,019 | €329,231 | -€135,788 | -29.2% |
| Income taxes | 67/77 | €113,054 | €79,860 | -€33,195 | -29.4% |
| Profit (loss) for the period | 9904 | €351,965 | €249,371 | -€102,593 | -29.1% |
| Profit (loss) for the period to be appropriated | 9905 | €351,965 | €249,371 | -€102,593 | -29.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.