FINAO: 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.
FINAO
Largest movements
- Financial fixed assets +€17.5m
up €17.5m (+53,296%), from €32,761 to €17.5m
- Cash -€427,989
down €427,989 (-95.3%), from €449,115 to €21,125
mainly Investment in fixed assets (net) (-€17.5m) and Receivables within one year (-€296,637)
- Receivables within one year +€296,637
up €296,637 (+68.2%), from €435,195 to €731,831
of which Other amounts receivable: +€305,669
- Profit (loss) carried forward +€17.5m
up €17.5m (+3,265%), from €537,442 to €18.1m
- Financial income +€17.5m
up €17.5m (+92,508%), from €18,884 to €17.5m
- Taxes +€10,495
up €10,495 (+51.5%), from €20,379 to €30,874
- Financial charges -€9,951
down €9,951 (-40.3%), from €24,673 to €14,723
- Gross operating margin +€6,665
up €6,665 (+6.2%), from €108,353 to €115,018
- Depreciation -€4,813
down €4,813 (-32.8%), from €14,690 to €9,876
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 | €1,174,667 | €18,669,445 | +€17.5m | +1,489% |
| Fixed assets | 21/28 | €47,401 | €17,497,763 | +€17.5m | +36,814% |
| Tangible fixed assets | 22/27 | €14,640 | €4,764 | -€9,876 | -67.5% |
| Furniture and vehicles | 24 | €14,640 | €4,764 | -€9,876 | -67.5% |
| Financial fixed assets | 28 | €32,761 | €17,493,000 | +€17.5m | +53,296% |
| Current assets | 29/58 | €1,127,266 | €1,171,682 | +€44,415 | +3.9% |
| Amounts receivable within one year | 40/41 | €435,195 | €731,831 | +€296,637 | +68.2% |
| Trade receivables | 40 | €69,652 | €60,620 | -€9,033 | -13.0% |
| Other amounts receivable | 41 | €365,543 | €671,212 | +€305,669 | +83.6% |
| Current investments | 50/53 | €240,000 | €400,000 | +€160,000 | +66.7% |
| Cash at bank and in hand | 54/58 | €449,115 | €21,125 | -€427,989 | -95.3% |
| Deferred charges and accrued income | 490/1 | €2,957 | €18,725 | +€15,768 | +533% |
| Total equity and liabilities | 10/49 | €1,174,667 | €18,669,445 | +€17.5m | +1,489% |
| Equity | 10/15 | €901,502 | €18,446,779 | +€17.5m | +1,946% |
| Contributions | 10/11 | €130,000 | €130,000 | = | 0.0% |
| Reserves | 13 | €234,060 | €234,060 | = | 0.0% |
| Distributable reserves | 133 | €234,060 | €234,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | €537,442 | €18,082,719 | +€17.5m | +3,265% |
| Amounts payable | 17/49 | €273,166 | €222,666 | -€50,500 | -18.5% |
| Amounts payable within one year | 42/48 | €273,166 | €221,046 | -€52,119 | -19.1% |
| Trade debts | 44 | €3,301 | €1,430 | -€1,871 | -56.7% |
| Suppliers | 440/4 | €3,301 | €1,430 | -€1,871 | -56.7% |
| Taxes, remuneration and social security | 45 | €25,708 | €11,904 | -€13,804 | -53.7% |
| Taxes | 450/3 | €25,708 | €11,904 | -€13,804 | -53.7% |
| Other amounts payable | 47/48 | €244,157 | €207,712 | -€36,444 | -14.9% |
| Accrued charges and deferred income | 492/3 | - | €1,620 | +€1,620 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,690 | €9,876 | -€4,813 | -32.8% |
| Other operating charges | 640/8 | €1,358 | €2,054 | +€697 | +51.3% |
| Gross operating margin | 9900 | €108,353 | €115,018 | +€6,665 | +6.2% |
| Operating profit (loss) | 9901 | €92,306 | €103,087 | +€10,782 | +11.7% |
| Financial income | 75/76B | €18,884 | €17,487,787 | +€17.5m | +92,508% |
| Recurring financial income | 75 | €18,884 | €17,487,787 | +€17.5m | +92,508% |
| Financial charges | 65/66B | €24,673 | €14,723 | -€9,951 | -40.3% |
| Recurring financial charges | 65 | €24,673 | €14,723 | -€9,951 | -40.3% |
| Profit (loss) for the period before taxes | 9903 | €86,516 | €17,576,152 | +€17.5m | +20,216% |
| Income taxes | 67/77 | €20,379 | €30,874 | +€10,495 | +51.5% |
| Profit (loss) for the period | 9904 | €66,137 | €17,545,278 | +€17.5m | +26,429% |
| Profit (loss) for the period to be appropriated | 9905 | €66,137 | €17,545,278 | +€17.5m | +26,429% |
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.