FINEG: 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.
What changed
FINEG
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4.7m
2024 · €4.5m+€264,794
Equity
€68.8m
2024 · €67.4m+€1.4m
Cash
€4.1m
2024 · €1.3m+€2.7m
Balance sheet total
€72.5m
2024 · €73.1m-€643,185
Largest movements
Assets
- Cash +€2.7m
up €2.7m (+204%), from €1.3m to €4.1m
mainly Net result for the year (+€4.7m) and Investment in fixed assets (net) (+€2.4m)
- Financial fixed assets -€2.4m
down €2.4m (-3.8%), from €61.2m to €58.8m
Equity and liabilities
- Other debts -€1.9m
down €1.9m (-35.8%), from €5.2m to €3.3m
- Reserves +€1.4m
up €1.4m (+3.8%), from €37.7m to €39.1m
of which Distributable reserves: +€1.6m
Income statement
- Gross operating margin -€386,746
down €386,746 (-92.8%), from €416,574 to €29,828
- Financial income +€375,868
up €375,868 (+7.4%), from €5.1m to €5.5m
- Financial charges -€251,857
down €251,857 (-93.4%), from €269,631 to €17,775
- Staff costs +€74,632
up €74,632 (+20.4%), from €366,466 to €441,098
- Taxes -€60,241
no longer reported in 2025 (was €60,241)
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.
Result 2024
€4.5m
Gross operating margin
-€386,746
Staff costs
-€74,632
Depreciation
-€1,754
Other operating charges
+€39,960
Financial income
+€375,868
Financial charges
+€251,857
Taxes
+€60,241
Result 2025
€4.7m
raises the resultlowers the result
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.
From operations
+€3.9m
Investment
+€2.5m
Financing
-€3.6m
Cash 2024
€1.3m
From operations (derived)
+€3.9m
Net result for the year
+€4.7m
Depreciation
+€249,429
Receivables after one year
+€427,973
Receivables within one year
+€194,408
Deferred charges and accrued income
+€47,405
Trade debts
+€59,564
Tax, wage and social debts
+€65,018
Other debts
-€1.9m
Accrued charges and deferred income
-€8,728
Investment (derived)
+€2.5m
Investment in fixed assets (net)
+€2.4m
Current investments
+€100,000
Financing
-€3.6m
Debts after one year
-€74,737
Short-term financial debts
-€250,000
Contributions, distributions and other
-€3.3m
Cash 2025
€4.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €73,098,645 | €72,455,460 | -€643,185 | -0.9% |
| Fixed assets | 21/28 | €65,992,687 | €63,393,074 | -€2.6m | -3.9% |
| Intangible fixed assets | 21 | €4,397 | €3,224 | -€1,173 | -26.7% |
| Tangible fixed assets | 22/27 | €4,832,815 | €4,584,559 | -€248,256 | -5.1% |
| Land and buildings | 22 | €4,824,875 | €4,579,850 | -€245,025 | -5.1% |
| Plant, machinery and equipment | 23 | €7,940 | €4,709 | -€3,231 | -40.7% |
| Financial fixed assets | 28 | €61,155,475 | €58,805,291 | -€2.4m | -3.8% |
| Current assets | 29/58 | €7,105,958 | €9,062,386 | +€2.0m | +27.5% |
| Amounts receivable after more than one year | 29 | €2,883,541 | €2,455,567 | -€427,973 | -14.8% |
| Other amounts receivable | 291 | €2,883,541 | €2,455,567 | -€427,973 | -14.8% |
| Amounts receivable within one year | 40/41 | €1,822,748 | €1,628,340 | -€194,408 | -10.7% |
| Trade receivables | 40 | €94,955 | €71,760 | -€23,195 | -24.4% |
| Other amounts receivable | 41 | €1,727,793 | €1,556,581 | -€171,213 | -9.9% |
| Current investments | 50/53 | €800,000 | €700,000 | -€100,000 | -12.5% |
| Cash at bank and in hand | 54/58 | €1,336,187 | €4,062,402 | +€2.7m | +204% |
| Deferred charges and accrued income | 490/1 | €263,482 | €216,077 | -€47,405 | -18.0% |
| Total equity and liabilities | 10/49 | €73,098,645 | €72,455,460 | -€643,185 | -0.9% |
| Equity | 10/15 | €67,414,327 | €68,841,634 | +€1.4m | +2.1% |
| Contributions | 10/11 | €29,700,449 | €29,700,449 | = | 0.0% |
| Capital | 10 | €29,700,449 | €29,700,449 | = | 0.0% |
| Issued capital | 100 | €29,700,449 | €29,700,449 | = | 0.0% |
| Reserves | 13 | €37,713,879 | €39,141,186 | +€1.4m | +3.8% |
| Non-distributable reserves | 130/1 | €3,406,803 | €3,643,168 | +€236,365 | +6.9% |
| Legal reserve | 130 | €3,406,803 | €3,643,168 | +€236,365 | +6.9% |
| Tax-exempt reserves | 132 | €479,940 | €54,730 | -€425,210 | -88.6% |
| Distributable reserves | 133 | €33,827,136 | €35,443,288 | +€1.6m | +4.8% |
| Amounts payable | 17/49 | €5,684,318 | €3,613,826 | -€2.1m | -36.4% |
| Amounts payable after more than one year | 17 | €74,737 | - | -€74,737 | |
| Other amounts payable | 178/9 | €74,737 | - | -€74,737 | |
| Amounts payable within one year | 42/48 | €5,559,170 | €3,572,143 | -€2.0m | -35.7% |
| Financial debts | 43 | €250,000 | - | -€250,000 | |
| Credit institutions | 430/8 | €250,000 | - | -€250,000 | |
| Trade debts | 44 | €49,871 | €109,436 | +€59,564 | +119% |
| Suppliers | 440/4 | €49,871 | €109,436 | +€59,564 | +119% |
| Taxes, remuneration and social security | 45 | €60,277 | €125,295 | +€65,018 | +108% |
| Taxes | 450/3 | €6,358 | €34,809 | +€28,451 | +447% |
| Remuneration and social security | 454/9 | €53,919 | €90,486 | +€36,567 | +67.8% |
| Other amounts payable | 47/48 | €5,199,021 | €3,337,412 | -€1.9m | -35.8% |
| Accrued charges and deferred income | 492/3 | €50,411 | €41,683 | -€8,728 | -17.3% |
| Non-recurring operating income | 76A | €1,322 | - | -€1,322 | |
| Remuneration, social security and pensions | 62 | €366,466 | €441,098 | +€74,632 | +20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €247,675 | €249,429 | +€1,754 | +0.7% |
| Other operating charges | 640/8 | €92,013 | €52,053 | -€39,960 | -43.4% |
| Gross operating margin | 9900 | €416,574 | €29,828 | -€386,746 | -92.8% |
| Operating profit (loss) | 9901 | -€289,580 | -€712,752 | -€423,172 | -146% |
| Financial income | 75/76B | €5,081,965 | €5,457,833 | +€375,868 | +7.4% |
| Recurring financial income | 75 | €5,081,965 | €5,457,833 | +€375,868 | +7.4% |
| Financial charges | 65/66B | €269,631 | €17,775 | -€251,857 | -93.4% |
| Recurring financial charges | 65 | €269,631 | €17,775 | -€251,857 | -93.4% |
| Profit (loss) for the period before taxes | 9903 | €4,522,754 | €4,727,307 | +€204,553 | +4.5% |
| Income taxes | 67/77 | €60,241 | - | -€60,241 | |
| Profit (loss) for the period | 9904 | €4,462,513 | €4,727,307 | +€264,794 | +5.9% |
| Transfer to tax-exempt reserves | 689 | €96,830 | - | -€96,830 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,365,683 | €4,727,307 | +€361,624 | +8.3% |
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 19 October 2026 via checked.be.