M-invast: 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.
What changed
M-invast
NACE 68.110, Buying and selling of own real estate
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€49,762
2024 · -€75,606+€125,368
Equity
€124,068
2024 · €74,306+€49,762
Cash
€116,212
2024 · €51,691+€64,521
Balance sheet total
€8.8m
2024 · €5.0m+€3.8m
Largest movements
Assets
- Stocks and contracts +€3.9m
up €3.9m (+140.3%), from €2.8m to €6.7m
- Tangible fixed assets -€114,934
down €114,934 (-5.6%), from €2.1m to €2.0m
of which Furniture and vehicles: -€70,370
Equity and liabilities
- Short-term financial debts +€2.2m
up €2.2m (+115.7%), from €1.9m to €4.2m
- Other debts +€1.5m
up €1.5m (+160.4%), from €945,030 to €2.5m
- Trade debts +€172,781
up €172,781 (+423.1%), from €40,836 to €213,617
- Debts after one year -€113,252
down €113,252 (-6.2%), from €1.8m to €1.7m
Income statement
- Gross operating margin +€101,128
up €101,128 (+61.9%), from €163,466 to €264,593
- Depreciation -€11,807
down €11,807 (-10.7%), from €110,075 to €98,267
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.
Result 2024
-€75,606
Gross operating margin
+€101,128
Depreciation
+€11,807
Other operating charges
+€219
Other operating items
+€11,586
Financial income
-€129
Financial charges
+€757
Result 2025
€49,762
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.
From operations
-€2.1m
Investment
+€16,666
Financing
+€2.1m
Cash 2024
€51,691
From operations (derived)
-€2.1m
Net result for the year
+€49,762
Depreciation
+€98,267
Receivables after one year
+€9,985
Stocks and contracts
-€3.9m
Smaller working-capital items
-€1,447
Deferred charges and accrued income
+€11,401
Trade debts
+€172,781
Other debts
+€1.5m
Investment (derived)
+€16,666
Investment in fixed assets (net)
+€16,666
Financing
+€2.1m
Debts after one year
-€113,252
Current portion of long-term debt
-€29,761
Short-term financial debts
+€2.2m
Cash 2025
€116,212
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,987,203 | €8,836,028 | +€3.8m | +77.2% |
| Fixed assets | 21/28 | €2,065,056 | €1,950,123 | -€114,934 | -5.6% |
| Tangible fixed assets | 22/27 | €2,065,056 | €1,950,123 | -€114,934 | -5.6% |
| Land and buildings | 22 | €1,858,405 | €1,816,273 | -€42,132 | -2.3% |
| Plant, machinery and equipment | 23 | €7,049 | €4,618 | -€2,431 | -34.5% |
| Furniture and vehicles | 24 | €199,602 | €129,232 | -€70,370 | -35.3% |
| Current assets | 29/58 | €2,922,147 | €6,885,905 | +€4.0m | +135.6% |
| Amounts receivable after more than one year | 29 | €31,168 | €21,183 | -€9,985 | -32.0% |
| Trade receivables | 290 | €31,168 | €21,183 | -€9,985 | -32.0% |
| Stocks and contracts in progress | 3 | €2,789,833 | €6,704,812 | +€3.9m | +140.3% |
| Contracts in progress | 37 | €2,789,833 | €6,704,812 | +€3.9m | +140.3% |
| Amounts receivable within one year | 40/41 | €31,955 | €37,598 | +€5,643 | +17.7% |
| Trade receivables | 40 | €22,354 | €22,613 | +€259 | +1.2% |
| Other amounts receivable | 41 | €9,601 | €14,985 | +€5,384 | +56.1% |
| Cash at bank and in hand | 54/58 | €51,691 | €116,212 | +€64,521 | +124.8% |
| Deferred charges and accrued income | 490/1 | €17,501 | €6,100 | -€11,401 | -65.1% |
| Total equity and liabilities | 10/49 | €4,987,203 | €8,836,028 | +€3.8m | +77.2% |
| Equity | 10/15 | €74,306 | €124,068 | +€49,762 | +67.0% |
| Contributions | 10/11 | €220,000 | €220,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€145,694 | -€95,932 | +€49,762 | +34.2% |
| Amounts payable | 17/49 | €4,912,897 | €8,711,960 | +€3.8m | +77.3% |
| Amounts payable after more than one year | 17 | €1,813,395 | €1,700,143 | -€113,252 | -6.2% |
| Financial debts | 170/4 | €1,813,395 | €1,700,143 | -€113,252 | -6.2% |
| Amounts payable within one year | 42/48 | €3,094,769 | €7,010,972 | +€3.9m | +126.5% |
| Current portion of amounts payable after more than one year | 42 | €143,012 | €113,252 | -€29,761 | -20.8% |
| Financial debts | 43 | €1,944,600 | €4,193,698 | +€2.2m | +115.7% |
| Credit institutions | 430/8 | €1,944,600 | €4,193,698 | +€2.2m | +115.7% |
| Trade debts | 44 | €40,836 | €213,617 | +€172,781 | +423.1% |
| Suppliers | 440/4 | €40,836 | €213,617 | +€172,781 | +423.1% |
| Taxes, remuneration and social security | 45 | €21,291 | €29,374 | +€8,084 | +38.0% |
| Taxes | 450/3 | €21,291 | €29,374 | +€8,084 | +38.0% |
| Other amounts payable | 47/48 | €945,030 | €2,461,030 | +€1.5m | +160.4% |
| Accrued charges and deferred income | 492/3 | €4,733 | €845 | -€3,888 | -82.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,075 | €98,267 | -€11,807 | -10.7% |
| Other operating charges | 640/8 | €4,383 | €4,164 | -€219 | -5.0% |
| Non-recurring operating charges | 66A | €11,586 | - | -€11,586 | |
| Gross operating margin | 9900 | €163,466 | €264,593 | +€101,128 | +61.9% |
| Operating profit (loss) | 9901 | €37,421 | €162,162 | +€124,740 | +333.3% |
| Financial income | 75/76B | €1,800 | €1,670 | -€129 | -7.2% |
| Recurring financial income | 75 | €1,800 | €1,670 | -€129 | -7.2% |
| Financial charges | 65/66B | €114,827 | €114,070 | -€757 | -0.7% |
| Recurring financial charges | 65 | €114,827 | €114,070 | -€757 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | -€75,606 | €49,762 | +€125,368 | |
| Profit (loss) for the period | 9904 | -€75,606 | €49,762 | +€125,368 | |
| Profit (loss) for the period to be appropriated | 9905 | -€75,606 | €49,762 | +€125,368 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.