INVULNERABLE: 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.
INVULNERABLE
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash -€73,909
down €73,909 (-33.5%), from €220,352 to €146,443
mainly Current investments (-€100,000) and Receivables within one year (-€19,529)
- Tangible fixed assets -€28,952
down €28,952 (-35.8%), from €80,892 to €51,940
of which Furniture and vehicles: -€28,952
- Receivables within one year +€19,529
up €19,529 (+12.3%), from €159,087 to €178,616
of which Trade receivables: +€18,043
- Stocks and contracts +€17,884
up €17,884 (+53.3%), from €33,526 to €51,410
- Profit (loss) carried forward +€26,429
up €26,429 (+115.5%), from €22,873 to €49,302
- Tax, wage and social debts +€18,952
up €18,952 (+224.1%), from €8,456 to €27,408
- Trade debts -€14,550
down €14,550 (-40.9%), from €35,602 to €21,052
- Staff costs +€108,825
up €108,825 (+63.6%), from €171,012 to €279,837
- Gross operating margin +€107,549
up €107,549 (+44.3%), from €242,646 to €350,195
- Taxes -€7,602
down €7,602 (-49.8%), from €15,278 to €7,676
- Depreciation +€7,427
up €7,427 (+34.5%), from €21,525 to €28,952
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 | €501,928 | €537,599 | +€35,671 | +7.1% |
| Fixed assets | 21/28 | €80,892 | €51,940 | -€28,952 | -35.8% |
| Tangible fixed assets | 22/27 | €80,892 | €51,940 | -€28,952 | -35.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €80,892 | €51,940 | -€28,952 | -35.8% |
| Current assets | 29/58 | €421,036 | €485,659 | +€64,623 | +15.3% |
| Stocks and contracts in progress | 3 | €33,526 | €51,410 | +€17,884 | +53.3% |
| Stocks | 30/36 | €33,526 | €51,410 | +€17,884 | +53.3% |
| Amounts receivable within one year | 40/41 | €159,087 | €178,616 | +€19,529 | +12.3% |
| Trade receivables | 40 | €137,034 | €155,077 | +€18,043 | +13.2% |
| Other amounts receivable | 41 | €22,053 | €23,539 | +€1,486 | +6.7% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €220,352 | €146,443 | -€73,909 | -33.5% |
| Deferred charges and accrued income | 490/1 | €8,071 | €9,190 | +€1,119 | +13.9% |
| Total equity and liabilities | 10/49 | €501,928 | €537,599 | +€35,671 | +7.1% |
| Equity | 10/15 | €300,626 | €327,055 | +€26,429 | +8.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €177,753 | €177,753 | = | 0.0% |
| Non-distributable reserves | 130/1 | €23,550 | €23,550 | = | 0.0% |
| Legal reserve | 130 | €23,550 | €23,550 | = | 0.0% |
| Distributable reserves | 133 | €154,203 | €154,203 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,873 | €49,302 | +€26,429 | +115.5% |
| Amounts payable | 17/49 | €201,302 | €210,544 | +€9,242 | +4.6% |
| Amounts payable within one year | 42/48 | €193,863 | €202,460 | +€8,597 | +4.4% |
| Trade debts | 44 | €35,602 | €21,052 | -€14,550 | -40.9% |
| Suppliers | 440/4 | €35,602 | €21,052 | -€14,550 | -40.9% |
| Taxes, remuneration and social security | 45 | €8,456 | €27,408 | +€18,952 | +224.1% |
| Remuneration and social security | 454/9 | €8,456 | €27,408 | +€18,952 | +224.1% |
| Other amounts payable | 47/48 | €149,805 | €154,000 | +€4,195 | +2.8% |
| Accrued charges and deferred income | 492/3 | €7,439 | €8,084 | +€645 | +8.7% |
| Remuneration, social security and pensions | 62 | €171,012 | €279,837 | +€108,825 | +63.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,525 | €28,952 | +€7,427 | +34.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €657 | €0 | -€657 | -100.0% |
| Other operating charges | 640/8 | €1,219 | €1,713 | +€494 | +40.5% |
| Gross operating margin | 9900 | €242,646 | €350,195 | +€107,549 | +44.3% |
| Operating profit (loss) | 9901 | €48,233 | €39,693 | -€8,540 | -17.7% |
| Financial income | 75/76B | €1,981 | €541 | -€1,440 | -72.7% |
| Recurring financial income | 75 | €1,981 | €541 | -€1,440 | -72.7% |
| Financial charges | 65/66B | €6,067 | €6,129 | +€62 | +1.0% |
| Recurring financial charges | 65 | €6,067 | €6,129 | +€62 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €44,147 | €34,105 | -€10,042 | -22.7% |
| Income taxes | 67/77 | €15,278 | €7,676 | -€7,602 | -49.8% |
| Profit (loss) for the period | 9904 | €28,869 | €26,429 | -€2,440 | -8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €28,869 | €26,429 | -€2,440 | -8.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.