SCHOOL 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.
What changed
SCHOOL INVEST
NACE 70.100, Activities of head offices
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€9.9m
2024 · €12.5m-€2.6m
Equity
€327.2m
2024 · €325.1m+€2.2m
Cash
€567,231
2024 · €486,739+€80,493
Balance sheet total
€1.27bn
2024 · €1.31bn-€39.3m
Largest movements
Assets
- Financial fixed assets -€35.3m
down €35.3m (-2.8%), from €1.27bn to €1.24bn
Equity and liabilities
- Debts after one year -€32.7m
down €32.7m (-5.3%), from €619.2m to €586.5m
Income statement
- Financial income -€20.0m
down €20.0m (-32.3%), from €61.8m to €41.8m
- Financial charges -€15.8m
down €15.8m (-36.2%), from €43.8m to €27.9m
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
€12.5m
Staff costs
-€14,516
Depreciation
-€19
Other operating charges
-€1,109
Other operating items
+€423,919
Financial income
-€20.0m
Financial charges
+€15.8m
Taxes
+€1.2m
Result 2025
€9.9m
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
+€11.3m
Investment
+€35.3m
Financing
-€46.6m
Cash 2024
€486,739
From operations (derived)
+€11.3m
Net result for the year
+€9.9m
Depreciation
+€226
Receivables within one year
+€3.5m
Deferred charges and accrued income
+€560,018
Smaller working-capital items
+€27,459
Other debts
-€2.2m
Accrued charges and deferred income
-€426,895
Investment (derived)
+€35.3m
Investment in fixed assets (net)
+€35.3m
Financing
-€46.6m
Debts after one year
-€32.7m
Current portion of long-term debt
-€6.1m
Contributions, distributions and other
-€7.8m
Cash 2025
€567,231
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,306,821,809 | €1,267,499,947 | -€39.3m | -3.0% |
| Fixed assets | 21/28 | €1,270,420,996 | €1,235,092,286 | -€35.3m | -2.8% |
| Tangible fixed assets | 22/27 | €2,299 | €2,074 | -€226 | -9.8% |
| Furniture and vehicles | 24 | €2,299 | €2,074 | -€226 | -9.8% |
| Financial fixed assets | 28 | €1,270,418,697 | €1,235,090,212 | -€35.3m | -2.8% |
| Companies linked by participating interests | 282/3 | €1,270,418,697 | €1,235,090,212 | -€35.3m | -2.8% |
| Participating interests | 282 | €6,488,000 | €11,488,000 | +€5.0m | +77.1% |
| Amounts receivable | 283 | €1,263,930,697 | €1,223,602,212 | -€40.3m | -3.2% |
| Current assets | 29/58 | €36,400,813 | €32,407,661 | -€4.0m | -11.0% |
| Amounts receivable within one year | 40/41 | €34,069,592 | €30,555,966 | -€3.5m | -10.3% |
| Trade receivables | 40 | - | €204 | +€204 | |
| Other amounts receivable | 41 | €34,069,592 | €30,555,762 | -€3.5m | -10.3% |
| Cash at bank and in hand | 54/58 | €486,739 | €567,231 | +€80,493 | +16.5% |
| Deferred charges and accrued income | 490/1 | €1,844,482 | €1,284,464 | -€560,018 | -30.4% |
| Total equity and liabilities | 10/49 | €1,306,821,809 | €1,267,499,947 | -€39.3m | -3.0% |
| Equity | 10/15 | €325,060,591 | €327,220,665 | +€2.2m | +0.7% |
| Contributions | 10/11 | €290,250,000 | €290,250,000 | = | 0.0% |
| Capital | 10 | €40,250,000 | €40,250,000 | = | 0.0% |
| Issued capital | 100 | €40,250,000 | €40,250,000 | = | 0.0% |
| Contributions outside capital | 11 | €250,000,000 | €250,000,000 | = | 0.0% |
| Share premium | 1100/10 | €250,000,000 | €250,000,000 | = | 0.0% |
| Reserves | 13 | €3,042,280 | €3,537,783 | +€495,504 | +16.3% |
| Non-distributable reserves | 130/1 | €3,042,280 | €3,537,783 | +€495,504 | +16.3% |
| Legal reserve | 130 | €3,042,280 | €3,537,783 | +€495,504 | +16.3% |
| Profit (loss) carried forward | 14 | €31,768,312 | €33,432,881 | +€1.7m | +5.2% |
| Amounts payable | 17/49 | €981,761,217 | €940,279,282 | -€41.5m | -4.2% |
| Amounts payable after more than one year | 17 | €619,243,844 | €586,516,851 | -€32.7m | -5.3% |
| Financial debts | 170/4 | €619,243,844 | €586,516,851 | -€32.7m | -5.3% |
| Unsubordinated bonds | 171 | €619,243,844 | €586,516,851 | -€32.7m | -5.3% |
| Amounts payable within one year | 42/48 | €361,038,588 | €352,710,541 | -€8.3m | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €350,954,776 | €344,845,939 | -€6.1m | -1.7% |
| Trade debts | 44 | €2,410 | €55,686 | +€53,275 | +2210.3% |
| Suppliers | 440/4 | €2,410 | €55,686 | +€53,275 | +2210.3% |
| Taxes, remuneration and social security | 45 | €81,402 | €55,586 | -€25,816 | -31.7% |
| Taxes | 450/3 | €12,164 | €2,220 | -€9,944 | -81.7% |
| Remuneration and social security | 454/9 | €69,237 | €53,366 | -€15,872 | -22.9% |
| Other amounts payable | 47/48 | €10,000,000 | €7,753,330 | -€2.2m | -22.5% |
| Accrued charges and deferred income | 492/3 | €1,478,786 | €1,051,890 | -€426,895 | -28.9% |
| Operating charges | 60/66A | €1,680,748 | €1,272,473 | -€408,275 | -24.3% |
| Services and other goods | 61 | €1,258,481 | €834,562 | -€423,919 | -33.7% |
| Remuneration, social security and pensions | 62 | €421,093 | €435,609 | +€14,516 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €207 | €226 | +€19 | +9.1% |
| Other operating charges | 640/8 | €968 | €2,077 | +€1,109 | +114.7% |
| Non-recurring operating charges | 66A | €0 | - | -€0 | |
| Operating profit (loss) | 9901 | -€1,680,748 | -€1,272,473 | +€408,275 | +24.3% |
| Financial income | 75/76B | €61,830,669 | €41,839,919 | -€20.0m | -32.3% |
| Recurring financial income | 75 | €61,830,669 | €41,839,919 | -€20.0m | -32.3% |
| Income from financial fixed assets | 750 | €58,194,844 | €38,543,885 | -€19.7m | -33.8% |
| Other financial income | 752/9 | €3,635,826 | €3,296,034 | -€339,792 | -9.3% |
| Financial charges | 65/66B | €43,766,574 | €27,919,013 | -€15.8m | -36.2% |
| Recurring financial charges | 65 | €43,766,574 | €27,919,013 | -€15.8m | -36.2% |
| Debt charges | 650 | €43,766,574 | €27,919,013 | -€15.8m | -36.2% |
| Profit (loss) for the period before taxes | 9903 | €16,383,347 | €12,648,432 | -€3.7m | -22.8% |
| Income taxes | 67/77 | €3,902,073 | €2,738,359 | -€1.2m | -29.8% |
| Taxes | 670/3 | €3,902,073 | €2,813,316 | -€1.1m | -27.9% |
| Tax adjustments and reversals of tax provisions | 77 | - | €74,957 | +€74,957 | |
| Profit (loss) for the period | 9904 | €12,481,274 | €9,910,073 | -€2.6m | -20.6% |
| Profit (loss) for the period to be appropriated | 9905 | €12,481,274 | €9,910,073 | -€2.6m | -20.6% |
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 9 October 2026 via checked.be.