FHINVEST: 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.
FHINVEST
Largest movements
- Stocks and contracts -€153,401
down €153,401 (-43.8%), from €350,511 to €197,110
- Cash +€146,329
up €146,329 (+657%), from €22,266 to €168,595
mainly Stocks and contracts (+€153,401) and Net result for the year (+€121,547)
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Tangible fixed assets -€33,764
down €33,764 (-11.7%), from €289,512 to €255,747
- Debts after one year -€178,772
down €178,772 (-18.2%), from €980,935 to €802,163
of which Financial debts: -€178,772
- Reserves +€110,000
up €110,000 (+455%), from €24,201 to €134,201
- Short-term financial debts -€80,000
no longer reported in 2025 (was €80,000)
- Current portion of long-term debt +€32,531
up €32,531 (+27.0%), from €120,707 to €153,238
- Financial income +€65,813
up €65,813 (+1,886%), from €3,490 to €69,304
- Taxes +€41,472
up €41,472 (+7,040%), from €589 to €42,061
- Gross operating margin -€18,845
down €18,845 (-9.7%), from €193,701 to €174,855
- Financial charges -€10,353
down €10,353 (-19.9%), from €51,996 to €41,644
- Depreciation +€6,937
up €6,937 (+23.8%), from €29,169 to €36,106
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 | €2,726,874 | €2,618,551 | -€108,324 | -4.0% |
| Fixed assets | 21/28 | €1,359,512 | €1,325,748 | -€33,764 | -2.5% |
| Tangible fixed assets | 22/27 | €289,512 | €255,747 | -€33,764 | -11.7% |
| Land and buildings | 22 | €165,151 | €154,404 | -€10,747 | -6.5% |
| Furniture and vehicles | 24 | €32,725 | €19,360 | -€13,364 | -40.8% |
| Other tangible fixed assets | 26 | €91,635 | €81,983 | -€9,652 | -10.5% |
| Financial fixed assets | 28 | €1,070,001 | €1,070,001 | = | 0.0% |
| Current assets | 29/58 | €1,367,362 | €1,292,803 | -€74,559 | -5.5% |
| Stocks and contracts in progress | 3 | €350,511 | €197,110 | -€153,401 | -43.8% |
| Stocks | 30/36 | €350,511 | €197,110 | -€153,401 | -43.8% |
| Amounts receivable within one year | 40/41 | €937,213 | €923,221 | -€13,993 | -1.5% |
| Trade receivables | 40 | €4,945 | €211 | -€4,734 | -95.7% |
| Other amounts receivable | 41 | €932,269 | €923,010 | -€9,259 | -1.0% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €22,266 | €168,595 | +€146,329 | +657% |
| Deferred charges and accrued income | 490/1 | €7,372 | €3,877 | -€3,495 | -47.4% |
| Total equity and liabilities | 10/49 | €2,726,874 | €2,618,551 | -€108,324 | -4.0% |
| Equity | 10/15 | €1,524,499 | €1,646,047 | +€121,547 | +8.0% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €24,201 | €134,201 | +€110,000 | +455% |
| Tax-exempt reserves | 132 | €24,201 | €134,201 | +€110,000 | +455% |
| Profit (loss) carried forward | 14 | €1,479,838 | €1,491,385 | +€11,547 | +0.8% |
| Amounts payable | 17/49 | €1,202,375 | €972,504 | -€229,871 | -19.1% |
| Amounts payable after more than one year | 17 | €980,935 | €802,163 | -€178,772 | -18.2% |
| Financial debts | 170/4 | €977,415 | €798,643 | -€178,772 | -18.3% |
| Other amounts payable | 178/9 | €3,520 | €3,520 | = | 0.0% |
| Amounts payable within one year | 42/48 | €219,624 | €165,052 | -€54,572 | -24.8% |
| Current portion of amounts payable after more than one year | 42 | €120,707 | €153,238 | +€32,531 | +27.0% |
| Financial debts | 43 | €80,000 | - | -€80,000 | |
| Credit institutions | 430/8 | €80,000 | - | -€80,000 | |
| Trade debts | 44 | €8,188 | €1,491 | -€6,696 | -81.8% |
| Suppliers | 440/4 | €8,188 | €1,491 | -€6,696 | -81.8% |
| Taxes, remuneration and social security | 45 | €10,729 | €10,323 | -€407 | -3.8% |
| Taxes | 450/3 | €10,729 | €10,323 | -€407 | -3.8% |
| Accrued charges and deferred income | 492/3 | €1,816 | €5,289 | +€3,473 | +191% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,169 | €36,106 | +€6,937 | +23.8% |
| Other operating charges | 640/8 | €4,778 | €2,801 | -€1,977 | -41.4% |
| Gross operating margin | 9900 | €193,701 | €174,855 | -€18,845 | -9.7% |
| Operating profit (loss) | 9901 | €159,754 | €135,949 | -€23,805 | -14.9% |
| Financial income | 75/76B | €3,490 | €69,304 | +€65,813 | +1,886% |
| Recurring financial income | 75 | €3,490 | €69,304 | +€65,813 | +1,886% |
| Financial charges | 65/66B | €51,996 | €41,644 | -€10,353 | -19.9% |
| Recurring financial charges | 65 | €51,996 | €41,644 | -€10,353 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | €111,247 | €163,609 | +€52,361 | +47.1% |
| Income taxes | 67/77 | €589 | €42,061 | +€41,472 | +7,040% |
| Profit (loss) for the period | 9904 | €110,658 | €121,547 | +€10,889 | +9.8% |
| Transfer to tax-exempt reserves | 689 | - | €110,000 | +€110,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €110,658 | €11,547 | -€99,111 | -89.6% |
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 18 October 2026 via checked.be.