FINE CAPITAL MANAGEMENT: what changed
FINE CAPITAL MANAGEMENT
Largest movements
- Receivables within one year -€23,102
down €23,102 (-92.1%), from €25,089 to €1,987
of which Trade receivables: -€24,000
- Cash +€19,374
up €19,374 (+610%), from €3,175 to €22,549
mainly Receivables within one year (+€23,102) and Net result for the year (+€14,252)
- Tangible fixed assets +€4,073
new in 2025: €4,073
of which Other tangible fixed assets: +€2,097
- Reserves +€14,252
up €14,252 (+303%), from €4,697 to €18,949
- Accrued charges and deferred income -€5,567
down €5,567 (-58.7%), from €9,477 to €3,910
- Other debts -€5,479
down €5,479 (-12.8%), from €42,699 to €37,220
- Tax, wage and social debts -€4,947
down €4,947 (-84.9%), from €5,829 to €882
of which Remuneration and social security: -€2,725
- Financial charges -€16,273
down €16,273, from €14,726 to -€1,547
- Gross operating margin +€8,467
up €8,467 (+77.8%), from €10,881 to €19,349
- Financial income -€6,204
no longer reported in 2025 (was €6,204)
of which Financial income: -€6,204
- Taxes +€4,919
up €4,919 (+416%), from €1,183 to €6,102
- Depreciation +€332
new in 2025: €332
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €296,372 | €296,717 | +€345 | +0.1% |
| Fixed assets | 21/28 | €268,095 | €272,169 | +€4,073 | +1.5% |
| Tangible fixed assets | 22/27 | - | €4,073 | +€4,073 | |
| Land and buildings | 22 | - | €1,977 | +€1,977 | |
| Other tangible fixed assets | 26 | - | €2,097 | +€2,097 | |
| Financial fixed assets | 28 | €268,095 | €268,095 | = | 0.0% |
| Current assets | 29/58 | €28,277 | €24,549 | -€3,728 | -13.2% |
| Amounts receivable within one year | 40/41 | €25,089 | €1,987 | -€23,102 | -92.1% |
| Trade receivables | 40 | €24,000 | - | -€24,000 | |
| Other amounts receivable | 41 | €1,089 | €1,987 | +€898 | +82.4% |
| Cash at bank and in hand | 54/58 | €3,175 | €22,549 | +€19,374 | +610% |
| Deferred charges and accrued income | 490/1 | €12 | €12 | = | 0.0% |
| Total equity and liabilities | 10/49 | €296,372 | €296,717 | +€345 | +0.1% |
| Equity | 10/15 | €7,697 | €21,949 | +€14,252 | +185% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €4,697 | €18,949 | +€14,252 | +303% |
| Distributable reserves | 133 | €4,697 | €18,949 | +€14,252 | +303% |
| Amounts payable | 17/49 | €288,675 | €274,768 | -€13,906 | -4.8% |
| Amounts payable after more than one year | 17 | €195,510 | €195,510 | = | 0.0% |
| Financial debts | 170/4 | €195,510 | €195,510 | = | 0.0% |
| Amounts payable within one year | 42/48 | €83,687 | €75,348 | -€8,340 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €32,585 | €32,585 | = | 0.0% |
| Trade debts | 44 | €2,574 | €4,661 | +€2,087 | +81.1% |
| Suppliers | 440/4 | €2,574 | €4,661 | +€2,087 | +81.1% |
| Taxes, remuneration and social security | 45 | €5,829 | €882 | -€4,947 | -84.9% |
| Taxes | 450/3 | €3,104 | €882 | -€2,222 | -71.6% |
| Remuneration and social security | 454/9 | €2,725 | - | -€2,725 | |
| Other amounts payable | 47/48 | €42,699 | €37,220 | -€5,479 | -12.8% |
| Accrued charges and deferred income | 492/3 | €9,477 | €3,910 | -€5,567 | -58.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €332 | +€332 | |
| Other operating charges | 640/8 | €64 | €210 | +€146 | +229% |
| Gross operating margin | 9900 | €10,881 | €19,349 | +€8,467 | +77.8% |
| Operating profit (loss) | 9901 | €10,817 | €18,807 | +€7,989 | +73.9% |
| Financial income | 75/76B | €6,204 | - | -€6,204 | |
| Recurring financial income | 75 | €6,204 | - | -€6,204 | |
| Non-recurring financial income | 76B | €6,204 | - | -€6,204 | |
| Financial charges | 65/66B | €14,726 | -€1,547 | -€16,273 | |
| Recurring financial charges | 65 | €14,726 | -€1,547 | -€16,273 | |
| Profit (loss) for the period before taxes | 9903 | €2,295 | €20,354 | +€18,059 | +787% |
| Income taxes | 67/77 | €1,183 | €6,102 | +€4,919 | +416% |
| Profit (loss) for the period | 9904 | €1,113 | €14,252 | +€13,139 | +1,181% |
| Profit (loss) for the period to be appropriated | 9905 | €1,113 | €14,252 | +€13,139 | +1,181% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.