FIN.CO: 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
FIN.CO
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€12.3m
2024 · -€1.7m+€14.0m
Equity
€225.2m
2024 · €210.9m+€14.4m
Cash
€8.1m
2024 · €44.8m-€36.7m
Balance sheet total
€227.9m
2024 · €211.0m+€16.9m
Largest movements
Assets
- Current investments +€51.2m
up €51.2m (+42.3%), from €121.0m to €172.1m
- Cash -€36.7m
down €36.7m (-81.9%), from €44.8m to €8.1m
mainly Current investments (-€51.2m) and Receivables within one year (-€1.8m)
Equity and liabilities
- Profit (loss) carried forward +€9.7m
up €9.7m (+5.2%), from €185.7m to €195.4m
- Contributions +€4.7m
up €4.7m (+26.4%), from €17.7m to €22.4m
- Other debts +€2.6m
up €2.6m (+16003.3%), from €16,247 to €2.6m
Income statement
- Financial income +€15.3m
up €15.3m (+107.2%), from €14.3m to €29.6m
of which Non-recurring financial income: +€8.9m
- Taxes +€1.3m
up €1.3m (+425.2%), from €297,304 to €1.6m
of which Taxes: +€1.3m
- Services and other goods +€213,496
up €213,496 (+25.9%), from €823,121 to €1.0m
- Financial charges -€141,873
down €141,873 (-1.0%), from €14.5m to €14.3m
of which Financial charges: -€8.0m
- Staff costs +€69,224
up €69,224 (+63.0%), from €109,953 to €179,177
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
-€1.7m
Turnover
+€3,500
Other operating income
-€11,541
Services and other goods
-€213,496
Staff costs
-€69,224
Depreciation
-€24,152
Other operating charges
+€65,698
Other operating items
+€1,590
Financial income
+€15.3m
Financial charges
+€141,873
Taxes
-€1.3m
Result 2025
€12.3m
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
+€13.2m
Investment
-€51.9m
Financing
+€2.1m
Cash 2024
€44.8m
From operations (derived)
+€13.2m
Net result for the year
+€12.3m
Depreciation
+€49,409
Receivables after one year
+€271,553
Receivables within one year
-€1.8m
Smaller working-capital items
-€173,896
Other debts
+€2.6m
Investment (derived)
-€51.9m
Investment in fixed assets (net)
-€738,289
Current investments
-€51.2m
Financing
+€2.1m
Debts after one year
+€250
Contributions, distributions and other
+€2.1m
Cash 2025
€8.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €211,025,603 | €227,931,627 | +€16.9m | +8.0% |
| Fixed assets | 21/28 | €43,447,385 | €44,136,265 | +€688,881 | +1.6% |
| Intangible fixed assets | 21 | - | €2,550 | +€2,550 | |
| Tangible fixed assets | 22/27 | €550,360 | €2,252,817 | +€1.7m | +309.3% |
| Land and buildings | 22 | €476,305 | €2,141,988 | +€1.7m | +349.7% |
| Plant, machinery and equipment | 23 | €5,977 | €8,515 | +€2,538 | +42.5% |
| Furniture and vehicles | 24 | €65,388 | €86,258 | +€20,870 | +31.9% |
| Other tangible fixed assets | 26 | €2,690 | €16,056 | +€13,366 | +496.9% |
| Financial fixed assets | 28 | €42,897,025 | €41,880,898 | -€1.0m | -2.4% |
| Affiliated companies | 280/1 | €23,349,333 | €25,788,815 | +€2.4m | +10.4% |
| Participating interests | 280 | €23,349,333 | €25,788,815 | +€2.4m | +10.4% |
| Companies linked by participating interests | 282/3 | €16,292,724 | €16,089,383 | -€203,341 | -1.2% |
| Participating interests | 282 | €16,269,261 | €16,064,747 | -€204,514 | -1.3% |
| Amounts receivable | 283 | €23,463 | €24,636 | +€1,173 | +5.0% |
| Other financial fixed assets | 284/8 | €3,254,968 | €2,700 | -€3.3m | -99.9% |
| Shares | 284 | €3,252,268 | €0 | -€3.3m | -100.0% |
| Amounts receivable and cash guarantees | 285/8 | €2,700 | €2,700 | = | 0.0% |
| Current assets | 29/58 | €167,578,218 | €183,795,361 | +€16.2m | +9.7% |
| Amounts receivable after more than one year | 29 | €271,553 | €0 | -€271,553 | -100.0% |
| Other amounts receivable | 291 | €271,553 | €0 | -€271,553 | -100.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,485,941 | €3,330,551 | +€1.8m | +124.1% |
| Trade receivables | 40 | €2,500 | €15,950 | +€13,450 | +538.0% |
| Other amounts receivable | 41 | €1,483,441 | €3,314,601 | +€1.8m | +123.4% |
| Current investments | 50/53 | €120,956,733 | €172,130,138 | +€51.2m | +42.3% |
| Other investments | 51/53 | €120,956,733 | €172,130,138 | +€51.2m | +42.3% |
| Cash at bank and in hand | 54/58 | €44,762,074 | €8,110,387 | -€36.7m | -81.9% |
| Deferred charges and accrued income | 490/1 | €101,917 | €224,284 | +€122,367 | +120.1% |
| Total equity and liabilities | 10/49 | €211,025,603 | €227,931,627 | +€16.9m | +8.0% |
| Equity | 10/15 | €210,871,729 | €225,229,032 | +€14.4m | +6.8% |
| Contributions | 10/11 | €17,703,000 | €22,378,411 | +€4.7m | +26.4% |
| Capital | 10 | €17,703,000 | €22,378,411 | +€4.7m | +26.4% |
| Issued capital | 100 | €17,703,000 | €22,378,411 | +€4.7m | +26.4% |
| Reserves | 13 | €7,482,290 | €7,482,290 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,400,603 | €5,400,603 | = | 0.0% |
| Legal reserve | 130 | €5,384,204 | €5,384,204 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €16,399 | +€16,399 | |
| Other | 1319 | €16,399 | - | -€16,399 | |
| Distributable reserves | 133 | €2,081,687 | €2,081,687 | = | 0.0% |
| Profit (loss) carried forward | 14 | €185,686,439 | €195,368,330 | +€9.7m | +5.2% |
| Amounts payable | 17/49 | €153,873 | €2,702,595 | +€2.5m | +1656.4% |
| Amounts payable after more than one year | 17 | - | €250 | +€250 | |
| Other amounts payable | 178/9 | - | €250 | +€250 | |
| Amounts payable within one year | 42/48 | €129,032 | €2,698,799 | +€2.6m | +1991.6% |
| Trade debts | 44 | €112,260 | €76,998 | -€35,262 | -31.4% |
| Suppliers | 440/4 | €112,260 | €76,998 | -€35,262 | -31.4% |
| Taxes, remuneration and social security | 45 | €525 | €5,554 | +€5,029 | +957.9% |
| Taxes | 450/3 | €525 | €5,554 | +€5,029 | +957.9% |
| Other amounts payable | 47/48 | €16,247 | €2,616,247 | +€2.6m | +16003.3% |
| Accrued charges and deferred income | 492/3 | €24,841 | €3,546 | -€21,295 | -85.7% |
| Operating income | 70/76A | €19,681 | €11,640 | -€8,041 | -40.9% |
| Turnover | 70 | €0 | €3,500 | +€3,500 | |
| Other operating income | 74 | €19,681 | €8,140 | -€11,541 | -58.6% |
| Operating charges | 60/66A | €1,217,260 | €1,456,843 | +€239,583 | +19.7% |
| Goods for resale, raw materials and consumables | 60 | €0 | - | = | |
| Purchases | 600/8 | €0 | - | = | |
| Services and other goods | 61 | €823,121 | €1,036,617 | +€213,496 | +25.9% |
| Remuneration, social security and pensions | 62 | €109,953 | €179,177 | +€69,224 | +63.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,257 | €49,409 | +€24,152 | +95.6% |
| Other operating charges | 640/8 | €257,339 | €191,641 | -€65,698 | -25.5% |
| Non-recurring operating charges | 66A | €1,590 | €0 | -€1,590 | -100.0% |
| Operating profit (loss) | 9901 | -€1,197,579 | -€1,445,203 | -€247,623 | -20.7% |
| Financial income | 75/76B | €14,298,747 | €29,632,682 | +€15.3m | +107.2% |
| Recurring financial income | 75 | €14,298,747 | €20,778,026 | +€6.5m | +45.3% |
| Income from financial fixed assets | 750 | €135,140 | €234,891 | +€99,751 | +73.8% |
| Income from current assets | 751 | €5,423,125 | €3,461,512 | -€2.0m | -36.2% |
| Other financial income | 752/9 | €8,740,482 | €17,081,623 | +€8.3m | +95.4% |
| Non-recurring financial income | 76B | €0 | €8,854,656 | +€8.9m | |
| Financial charges | 65/66B | €14,486,102 | €14,344,229 | -€141,873 | -1.0% |
| Recurring financial charges | 65 | €13,686,102 | €5,688,512 | -€8.0m | -58.4% |
| Debt charges | 650 | €0 | - | = | |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€16,071,717 | -€7,011,153 | +€9.1m | +56.4% |
| Other financial charges | 652/9 | €29,757,819 | €12,699,665 | -€17.1m | -57.3% |
| Non-recurring financial charges | 66B | €800,000 | €8,655,717 | +€7.9m | +982.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,384,934 | €13,843,250 | +€15.2m | |
| Income taxes | 67/77 | €297,304 | €1,561,359 | +€1.3m | +425.2% |
| Taxes | 670/3 | €299,191 | €1,561,359 | +€1.3m | +421.9% |
| Tax adjustments and reversals of tax provisions | 77 | €1,887 | €0 | -€1,887 | -100.0% |
| Profit (loss) for the period | 9904 | -€1,682,238 | €12,281,891 | +€14.0m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,682,238 | €12,281,891 | +€14.0m |
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 12 October 2026 via checked.be.