FINAXER: 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.
FINAXER
Largest movements
- Financial fixed assets +€30.8m
up €30.8m (+115%), from €26.9m to €57.6m
- Receivables within one year -€775,663
no longer reported in 2025 (was €775,663)
- Other debts +€50.0m
new in 2025: €50.0m
- Debts after one year -€20.7m
down €20.7m (-59.8%), from €34.7m to €14.0m
- Profit (loss) carried forward +€801,594
up €801,594 (+11.3%), from -€7.1m to -€6.3m
- Gross operating margin +€1.5m
up €1.5m (+732%), from €208,983 to €1.7m
- Financial charges -€185,917
down €185,917 (-53.2%), from €349,527 to €163,610
- Financial income +€111,415
up €111,415 (+124%), from €90,158 to €201,572
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 | €27,649,099 | €57,697,174 | +€30.0m | +109% |
| Fixed assets | 21/28 | €26,867,998 | €57,649,337 | +€30.8m | +115% |
| Financial fixed assets | 28 | €26,867,998 | €57,649,337 | +€30.8m | +115% |
| Current assets | 29/58 | €781,101 | €47,837 | -€733,264 | -93.9% |
| Amounts receivable within one year | 40/41 | €775,663 | - | -€775,663 | |
| Other amounts receivable | 41 | €775,663 | - | -€775,663 | |
| Cash at bank and in hand | 54/58 | €5,438 | €47,837 | +€42,399 | +780% |
| Total equity and liabilities | 10/49 | €27,649,099 | €57,697,174 | +€30.0m | +109% |
| Equity | 10/15 | -€7,038,950 | -€6,237,355 | +€801,594 | +11.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,106,600 | -€6,305,005 | +€801,594 | +11.3% |
| Amounts payable | 17/49 | €34,688,048 | €63,934,529 | +€29.2m | +84.3% |
| Amounts payable after more than one year | 17 | €34,681,905 | €13,950,000 | -€20.7m | -59.8% |
| Financial debts | 170/4 | €34,681,905 | €13,950,000 | -€20.7m | -59.8% |
| Amounts payable within one year | 42/48 | €6,143 | €49,984,529 | +€50.0m | +813,530% |
| Trade debts | 44 | €1,614 | - | -€1,614 | |
| Suppliers | 440/4 | €1,614 | - | -€1,614 | |
| Taxes, remuneration and social security | 45 | €4,529 | €4,529 | = | 0.0% |
| Remuneration and social security | 454/9 | €4,529 | €4,529 | = | 0.0% |
| Other amounts payable | 47/48 | - | €49,980,000 | +€50.0m | |
| Non-recurring operating income | 76A | - | €1,249,145 | +€1.2m | |
| Remuneration, social security and pensions | 62 | €42,410 | €33,289 | -€9,121 | -21.5% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Non-recurring operating charges | 66A | - | €940,894 | +€940,894 | |
| Gross operating margin | 9900 | €208,983 | €1,738,814 | +€1.5m | +732% |
| Operating profit (loss) | 9901 | €165,605 | €763,632 | +€598,027 | +361% |
| Financial income | 75/76B | €90,158 | €201,572 | +€111,415 | +124% |
| Recurring financial income | 75 | €90,158 | €201,572 | +€111,415 | +124% |
| Financial charges | 65/66B | €349,527 | €163,610 | -€185,917 | -53.2% |
| Recurring financial charges | 65 | €349,527 | €163,610 | -€185,917 | -53.2% |
| Profit (loss) for the period before taxes | 9903 | -€93,765 | €801,594 | +€895,359 | |
| Profit (loss) for the period | 9904 | -€93,765 | €801,594 | +€895,359 | |
| Profit (loss) for the period to be appropriated | 9905 | -€93,765 | €801,594 | +€895,359 |
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 13 October 2026 via checked.be.