F.I.N.A.O.: 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.
F.I.N.A.O.
Largest movements
- Tangible fixed assets -€10,980
down €10,980 (-5.0%), from €218,380 to €207,400
of which Land and buildings: -€7,188
- Receivables within one year -€8,152
down €8,152 (-35.8%), from €22,741 to €14,588
of which Other amounts receivable: -€17,227
- Other debts -€29,103
down €29,103 (-59.2%), from €49,164 to €20,061
- Reserves +€18,850
up €18,850 (+68.3%), from €27,582 to €46,432
of which Distributable reserves: +€18,850
- Tax, wage and social debts -€5,041
down €5,041 (-25.2%), from €19,972 to €14,931
- Gross operating margin -€3,719
down €3,719 (-8.4%), from €44,146 to €40,426
- Taxes -€2,415
down €2,415 (-27.8%), from €8,673 to €6,258
- Depreciation +€881
up €881 (+8.7%), from €10,099 to €10,980
- Financial charges -€810
down €810 (-21.9%), from €3,703 to €2,893
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 | €286,290 | €268,924 | -€17,366 | -6.1% |
| Fixed assets | 21/28 | €240,980 | €230,000 | -€10,980 | -4.6% |
| Tangible fixed assets | 22/27 | €218,380 | €207,400 | -€10,980 | -5.0% |
| Land and buildings | 22 | €208,381 | €201,194 | -€7,188 | -3.4% |
| Plant, machinery and equipment | 23 | €874 | €271 | -€603 | -69.0% |
| Furniture and vehicles | 24 | €6,506 | €4,569 | -€1,936 | -29.8% |
| Other tangible fixed assets | 26 | €2,619 | €1,366 | -€1,253 | -47.8% |
| Financial fixed assets | 28 | €22,600 | €22,600 | = | 0.0% |
| Current assets | 29/58 | €45,311 | €38,924 | -€6,386 | -14.1% |
| Amounts receivable within one year | 40/41 | €22,741 | €14,588 | -€8,152 | -35.8% |
| Trade receivables | 40 | - | €9,075 | +€9,075 | |
| Other amounts receivable | 41 | €22,741 | €5,513 | -€17,227 | -75.8% |
| Cash at bank and in hand | 54/58 | €21,859 | €23,217 | +€1,358 | +6.2% |
| Deferred charges and accrued income | 490/1 | €711 | €1,119 | +€408 | +57.4% |
| Total equity and liabilities | 10/49 | €286,290 | €268,924 | -€17,366 | -6.1% |
| Equity | 10/15 | €27,584 | €46,434 | +€18,850 | +68.3% |
| Contributions | 10/11 | €2 | €2 | = | 0.0% |
| Reserves | 13 | €27,582 | €46,432 | +€18,850 | +68.3% |
| Non-distributable reserves | 130/1 | €7,585 | €7,585 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,585 | €7,585 | = | 0.0% |
| Distributable reserves | 133 | €19,997 | €38,847 | +€18,850 | +94.3% |
| Amounts payable | 17/49 | €258,707 | €222,490 | -€36,217 | -14.0% |
| Amounts payable after more than one year | 17 | €182,614 | €182,614 | = | 0.0% |
| Financial debts | 170/4 | €182,614 | €182,614 | = | 0.0% |
| Amounts payable within one year | 42/48 | €72,772 | €37,425 | -€35,347 | -48.6% |
| Trade debts | 44 | €3,637 | €2,433 | -€1,203 | -33.1% |
| Suppliers | 440/4 | €3,637 | €2,433 | -€1,203 | -33.1% |
| Taxes, remuneration and social security | 45 | €19,972 | €14,931 | -€5,041 | -25.2% |
| Taxes | 450/3 | €19,972 | €14,931 | -€5,041 | -25.2% |
| Other amounts payable | 47/48 | €49,164 | €20,061 | -€29,103 | -59.2% |
| Accrued charges and deferred income | 492/3 | €3,320 | €2,451 | -€869 | -26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,099 | €10,980 | +€881 | +8.7% |
| Other operating charges | 640/8 | €1,675 | €1,454 | -€222 | -13.2% |
| Gross operating margin | 9900 | €44,146 | €40,426 | -€3,719 | -8.4% |
| Operating profit (loss) | 9901 | €32,372 | €27,993 | -€4,379 | -13.5% |
| Financial income | 75/76B | - | €8 | +€8 | |
| Recurring financial income | 75 | - | €8 | +€8 | |
| Financial charges | 65/66B | €3,703 | €2,893 | -€810 | -21.9% |
| Recurring financial charges | 65 | €3,703 | €2,893 | -€810 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | €28,669 | €25,108 | -€3,561 | -12.4% |
| Income taxes | 67/77 | €8,673 | €6,258 | -€2,415 | -27.8% |
| Profit (loss) for the period | 9904 | €19,997 | €18,850 | -€1,146 | -5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,997 | €18,850 | -€1,146 | -5.7% |
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 29 October 2026 via checked.be.