FINAKEM: what changed
Two fiscal 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.
FINAKEM
Largest movements
- Financial fixed assets -€129.7m
down €129.7m (-74.9%), from €173.3m to €43.5m
- Intangible fixed assets +€80.8m
new in 2025: €80.8m
- Contributions -€37.3m
down €37.3m (-26.5%), from €140.7m to €103.4m
- Profit (loss) carried forward -€12.1m
down €12.1m, from €7.9m to -€4.3m
- Taxes -€21,768
new in 2025: -€21,768
- Gross operating margin +€13,486
up €13,486 (+49.3%), from -€27,363 to -€13,877
- Financial charges +€9,179
up €9,179 (+1.7%), from €527,255 to €536,434
- Other operating charges +€580
up €580 (+144.9%), from €400 to €980
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €175,370,649 | €126,463,996 | -€48.9m | -27.9% |
| Fixed assets | 21/28 | €173,280,819 | €124,367,733 | -€48.9m | -28.2% |
| Intangible fixed assets | 21 | - | €80,829,546 | +€80.8m | |
| Financial fixed assets | 28 | €173,280,819 | €43,538,187 | -€129.7m | -74.9% |
| Current assets | 29/58 | €2,089,830 | €2,096,263 | +€6,432 | +0.3% |
| Amounts receivable within one year | 40/41 | €494 | €494 | = | 0.0% |
| Other amounts receivable | 41 | €494 | €494 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,089,337 | €2,095,769 | +€6,432 | +0.3% |
| Total equity and liabilities | 10/49 | €175,370,649 | €126,463,996 | -€48.9m | -27.9% |
| Equity | 10/15 | €148,572,826 | €99,129,060 | -€49.4m | -33.3% |
| Contributions | 10/11 | €140,672,285 | €103,395,991 | -€37.3m | -26.5% |
| Capital | 10 | €140,672,285 | €103,395,991 | -€37.3m | -26.5% |
| Issued capital | 100 | €140,672,285 | €103,395,991 | -€37.3m | -26.5% |
| Reserves | 13 | €29,306 | - | -€29,306 | |
| Non-distributable reserves | 130/1 | €29,306 | - | -€29,306 | |
| Legal reserve | 130 | €29,306 | - | -€29,306 | |
| Profit (loss) carried forward | 14 | €7,871,236 | -€4,266,931 | -€12.1m | |
| Amounts payable | 17/49 | €26,797,823 | €27,334,936 | +€537,113 | +2.0% |
| Amounts payable after more than one year | 17 | €26,270,950 | €26,797,823 | +€526,873 | +2.0% |
| Financial debts | 170/4 | €26,270,950 | €26,797,823 | +€526,873 | +2.0% |
| Accrued charges and deferred income | 492/3 | €526,873 | €537,113 | +€10,240 | +1.9% |
| Other operating charges | 640/8 | €400 | €980 | +€580 | +144.9% |
| Gross operating margin | 9900 | -€27,363 | -€13,877 | +€13,486 | +49.3% |
| Operating profit (loss) | 9901 | -€27,764 | -€14,858 | +€12,906 | +46.5% |
| Financial charges | 65/66B | €527,255 | €536,434 | +€9,179 | +1.7% |
| Recurring financial charges | 65 | €527,255 | €536,434 | +€9,179 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | -€555,019 | -€551,292 | +€3,727 | +0.7% |
| Income taxes | 67/77 | - | -€21,768 | -€21,768 | |
| Profit (loss) for the period | 9904 | -€555,019 | -€529,524 | +€25,495 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€555,019 | -€529,524 | +€25,495 | +4.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.