IR INVEST: 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.
IR INVEST
Largest movements
- Cash -€174,977
down €174,977 (-90.8%), from €192,777 to €17,800
mainly Stocks and contracts (-€116,853) and Other debts (-€39,856)
- Stocks and contracts +€116,853
up €116,853 (+62.1%), from €188,268 to €305,121
- Tangible fixed assets -€26,477
down €26,477 (-4.2%), from €630,211 to €603,734
of which Land and buildings: -€13,272
- Other debts -€39,856
down €39,856 (-24.0%), from €165,823 to €125,967
- Debts after one year -€34,547
down €34,547 (-7.6%), from €452,235 to €417,689
- Gross operating margin -€42,402
down €42,402 (-44.2%), from €95,978 to €53,576
- Taxes -€6,692
down €6,692, from €6,340 to -€352
- Other operating charges +€1,582
up €1,582 (+67.4%), from €2,347 to €3,929
- Financial charges -€1,272
down €1,272 (-4.5%), from €28,248 to €26,976
- Depreciation +€982
up €982 (+3.9%), from €25,495 to €26,477
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.
Derived cash bridge
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 | €1,046,592 | €961,260 | -€85,333 | -8.2% |
| Fixed assets | 21/28 | €630,211 | €603,734 | -€26,477 | -4.2% |
| Tangible fixed assets | 22/27 | €630,211 | €603,734 | -€26,477 | -4.2% |
| Land and buildings | 22 | €577,710 | €564,438 | -€13,272 | -2.3% |
| Furniture and vehicles | 24 | €52,501 | €39,297 | -€13,205 | -25.2% |
| Current assets | 29/58 | €416,381 | €357,525 | -€58,856 | -14.1% |
| Stocks and contracts in progress | 3 | €188,268 | €305,121 | +€116,853 | +62.1% |
| Contracts in progress | 37 | €188,268 | €305,121 | +€116,853 | +62.1% |
| Amounts receivable within one year | 40/41 | €32,376 | €30,722 | -€1,654 | -5.1% |
| Trade receivables | 40 | €27,000 | €28,184 | +€1,184 | +4.4% |
| Other amounts receivable | 41 | €5,376 | €2,538 | -€2,838 | -52.8% |
| Cash at bank and in hand | 54/58 | €192,777 | €17,800 | -€174,977 | -90.8% |
| Deferred charges and accrued income | 490/1 | €2,960 | €3,882 | +€922 | +31.1% |
| Total equity and liabilities | 10/49 | €1,046,592 | €961,260 | -€85,333 | -8.2% |
| Equity | 10/15 | €21,960 | €18,506 | -€3,454 | -15.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,960 | €1,960 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,960 | €1,960 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€3,454 | -€3,454 | |
| Amounts payable | 17/49 | €1,024,632 | €942,754 | -€81,878 | -8.0% |
| Amounts payable after more than one year | 17 | €452,235 | €417,689 | -€34,547 | -7.6% |
| Financial debts | 170/4 | €452,235 | €417,689 | -€34,547 | -7.6% |
| Amounts payable within one year | 42/48 | €558,096 | €515,305 | -€42,792 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €33,520 | €34,547 | +€1,027 | +3.1% |
| Financial debts | 43 | €350,000 | €350,000 | = | 0.0% |
| Credit institutions | 430/8 | €350,000 | €350,000 | = | 0.0% |
| Trade debts | 44 | €1,274 | €2,181 | +€906 | +71.1% |
| Suppliers | 440/4 | €1,274 | €2,181 | +€906 | +71.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €7,479 | €2,610 | -€4,869 | -65.1% |
| Taxes | 450/3 | €7,479 | €2,610 | -€4,869 | -65.1% |
| Other amounts payable | 47/48 | €165,823 | €125,967 | -€39,856 | -24.0% |
| Accrued charges and deferred income | 492/3 | €14,300 | €9,760 | -€4,540 | -31.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,495 | €26,477 | +€982 | +3.9% |
| Other operating charges | 640/8 | €2,347 | €3,929 | +€1,582 | +67.4% |
| Non-recurring operating charges | 66A | €9,009 | €0 | -€9,009 | -100% |
| Gross operating margin | 9900 | €95,978 | €53,576 | -€42,402 | -44.2% |
| Operating profit (loss) | 9901 | €59,127 | €23,170 | -€35,957 | -60.8% |
| Financial charges | 65/66B | €28,248 | €26,976 | -€1,272 | -4.5% |
| Recurring financial charges | 65 | €28,248 | €26,976 | -€1,272 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €30,879 | -€3,806 | -€34,685 | |
| Income taxes | 67/77 | €6,340 | -€352 | -€6,692 | |
| Profit (loss) for the period | 9904 | €24,539 | -€3,454 | -€27,993 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,539 | -€3,454 | -€27,993 |
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 24 October 2026 via checked.be.