FINCIOEN: 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.
FINCIOEN
Largest movements
- Tangible fixed assets +€593,947
up €593,947 (+461%), from €128,797 to €722,744
of which Leasing and similar rights: +€644,775
- Receivables within one year -€202,096
down €202,096 (-8.5%), from €2.4m to €2.2m
of which Trade receivables: -€357,028
- Cash -€177,501
down €177,501 (-18.4%), from €965,732 to €788,231
mainly Investment in fixed assets (net) (-€777,553) and Other debts (-€271,138)
- Stocks and contracts +€154,764
up €154,764 (+15.9%), from €973,752 to €1.1m
- Reserves +€368,006
up €368,006 (+19.1%), from €1.9m to €2.3m
of which Distributable reserves: +€325,906
- Other debts -€271,138
down €271,138 (-60.0%), from €451,933 to €180,795
- Debts after one year +€217,829
up €217,829 (+72.6%), from €300,000 to €517,829
of which Financial debts: +€517,829
- Current portion of long-term debt +€151,722
new in 2025: €151,722
- Short-term financial debts -€106,095
no longer reported in 2025 (was €106,095)
- Write-downs -€237,162
down €237,162 (-79.0%), from €300,065 to €62,903
- Gross operating margin +€223,547
up €223,547 (+9.7%), from €2.3m to €2.5m
- Staff costs +€192,287
up €192,287 (+12.2%), from €1.6m to €1.8m
- Depreciation +€138,475
up €138,475 (+416%), from €33,290 to €171,764
- Taxes +€57,327
up €57,327 (+130%), from €44,175 to €101,502
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 | €4,463,227 | €4,843,679 | +€380,451 | +8.5% |
| Fixed assets | 21/28 | €155,171 | €760,959 | +€605,788 | +390% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €128,797 | €722,744 | +€593,947 | +461% |
| Land and buildings | 22 | €2,716 | €2,164 | -€552 | -20.3% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €126,081 | €53,321 | -€72,760 | -57.7% |
| Leasing and similar rights | 25 | - | €644,775 | +€644,775 | |
| Other tangible fixed assets | 26 | - | €22,484 | +€22,484 | |
| Financial fixed assets | 28 | €26,374 | €38,215 | +€11,841 | +44.9% |
| Current assets | 29/58 | €4,308,056 | €4,082,720 | -€225,337 | -5.2% |
| Stocks and contracts in progress | 3 | €973,752 | €1,128,516 | +€154,764 | +15.9% |
| Stocks | 30/36 | €973,752 | €1,128,516 | +€154,764 | +15.9% |
| Amounts receivable within one year | 40/41 | €2,367,726 | €2,165,630 | -€202,096 | -8.5% |
| Trade receivables | 40 | €1,992,659 | €1,635,631 | -€357,028 | -17.9% |
| Other amounts receivable | 41 | €375,067 | €529,999 | +€154,932 | +41.3% |
| Cash at bank and in hand | 54/58 | €965,732 | €788,231 | -€177,501 | -18.4% |
| Deferred charges and accrued income | 490/1 | €846 | €342 | -€504 | -59.5% |
| Total equity and liabilities | 10/49 | €4,463,227 | €4,843,679 | +€380,451 | +8.5% |
| Equity | 10/15 | €1,933,984 | €2,301,990 | +€368,006 | +19.0% |
| Contributions | 10/11 | €7,453 | €7,453 | = | 0.0% |
| Reserves | 13 | €1,926,531 | €2,294,537 | +€368,006 | +19.1% |
| Tax-exempt reserves | 132 | €45,770 | €87,870 | +€42,100 | +92.0% |
| Distributable reserves | 133 | €1,880,761 | €2,206,667 | +€325,906 | +17.3% |
| Amounts payable | 17/49 | €2,529,243 | €2,541,689 | +€12,445 | +0.5% |
| Amounts payable after more than one year | 17 | €300,000 | €517,829 | +€217,829 | +72.6% |
| Financial debts | 170/4 | - | €517,829 | +€517,829 | |
| Other amounts payable | 178/9 | €300,000 | - | -€300,000 | |
| Amounts payable within one year | 42/48 | €2,228,654 | €2,022,631 | -€206,023 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | - | €151,722 | +€151,722 | |
| Financial debts | 43 | €106,095 | - | -€106,095 | |
| Credit institutions | 430/8 | €106,095 | - | -€106,095 | |
| Trade debts | 44 | €1,429,592 | €1,389,517 | -€40,076 | -2.8% |
| Suppliers | 440/4 | €1,429,592 | €1,389,517 | -€40,076 | -2.8% |
| Taxes, remuneration and social security | 45 | €241,033 | €300,598 | +€59,564 | +24.7% |
| Taxes | 450/3 | €51,243 | €68,680 | +€17,438 | +34.0% |
| Remuneration and social security | 454/9 | €189,791 | €231,917 | +€42,127 | +22.2% |
| Other amounts payable | 47/48 | €451,933 | €180,795 | -€271,138 | -60.0% |
| Accrued charges and deferred income | 492/3 | €589 | €1,228 | +€639 | +108% |
| Non-recurring operating income | 76A | - | €8,220 | +€8,220 | |
| Remuneration, social security and pensions | 62 | €1,580,071 | €1,772,358 | +€192,287 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,290 | €171,764 | +€138,475 | +416% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €300,065 | €62,903 | -€237,162 | -79.0% |
| Other operating charges | 640/8 | €58,264 | €41,631 | -€16,634 | -28.5% |
| Non-recurring operating charges | 66A | - | €2,827 | +€2,827 | |
| Gross operating margin | 9900 | €2,302,096 | €2,525,643 | +€223,547 | +9.7% |
| Operating profit (loss) | 9901 | €330,406 | €474,160 | +€143,754 | +43.5% |
| Financial income | 75/76B | €31,603 | €16,626 | -€14,976 | -47.4% |
| Recurring financial income | 75 | €25,991 | €16,626 | -€9,365 | -36.0% |
| Non-recurring financial income | 76B | €5,612 | - | -€5,612 | |
| Financial charges | 65/66B | €31,333 | €21,278 | -€10,055 | -32.1% |
| Recurring financial charges | 65 | €21,217 | €21,278 | +€61 | +0.3% |
| Non-recurring financial charges | 66B | €10,116 | €0 | -€10,116 | -100% |
| Profit (loss) for the period before taxes | 9903 | €330,676 | €469,508 | +€138,833 | +42.0% |
| Income taxes | 67/77 | €44,175 | €101,502 | +€57,327 | +130% |
| Profit (loss) for the period | 9904 | €286,501 | €368,006 | +€81,505 | +28.4% |
| Transfer to tax-exempt reserves | 689 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €286,501 | €325,906 | +€39,405 | +13.8% |
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 14 October 2026 via checked.be.