FINESTRA: 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.
FINESTRA
Largest movements
- Current investments +€463,520
up €463,520 (+224%), from €206,640 to €670,160
- Cash -€446,596
down €446,596 (-56.2%), from €794,085 to €347,489
mainly Current investments (-€463,520) and Stocks and contracts (-€244,035)
- Stocks and contracts +€244,035
up €244,035 (+176%), from €138,459 to €382,494
- Tangible fixed assets -€33,751
down €33,751 (-17.2%), from €196,375 to €162,624
of which Leasing and similar rights: -€47,474
- Receivables within one year -€27,615
down €27,615 (-9.0%), from €308,242 to €280,627
of which Trade receivables: -€44,650
- Advances received +€190,013
up €190,013 (+59.0%), from €322,303 to €512,316
- Reserves +€174,220
up €174,220 (+20.1%), from €865,182 to €1.0m
of which Distributable reserves: +€174,220
- Accrued charges and deferred income -€86,144
down €86,144 (-98.1%), from €87,814 to €1,669
- Debts after one year -€35,893
down €35,893 (-53.0%), from €67,708 to €31,815
- Tax, wage and social debts -€30,566
down €30,566 (-23.3%), from €130,957 to €100,392
of which Taxes: -€18,033
- Gross operating margin +€190,335
up €190,335 (+12.4%), from €1.5m to €1.7m
- Staff costs +€52,925
up €52,925 (+4.7%), from €1.1m to €1.2m
- Taxes +€43,887
up €43,887 (+39.4%), from €111,263 to €155,150
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 | €1,683,021 | €1,887,399 | +€204,377 | +12.1% |
| Fixed assets | 21/28 | €221,042 | €187,291 | -€33,751 | -15.3% |
| Tangible fixed assets | 22/27 | €196,375 | €162,624 | -€33,751 | -17.2% |
| Land and buildings | 22 | €14,744 | €14,744 | = | 0.0% |
| Plant, machinery and equipment | 23 | €33,464 | €24,313 | -€9,151 | -27.3% |
| Furniture and vehicles | 24 | €31,588 | €52,617 | +€21,028 | +66.6% |
| Leasing and similar rights | 25 | €104,606 | €57,132 | -€47,474 | -45.4% |
| Other tangible fixed assets | 26 | €11,973 | €13,819 | +€1,846 | +15.4% |
| Financial fixed assets | 28 | €24,668 | €24,668 | = | 0.0% |
| Current assets | 29/58 | €1,461,979 | €1,700,107 | +€238,128 | +16.3% |
| Stocks and contracts in progress | 3 | €138,459 | €382,494 | +€244,035 | +176% |
| Stocks | 30/36 | €138,459 | €382,494 | +€244,035 | +176% |
| Amounts receivable within one year | 40/41 | €308,242 | €280,627 | -€27,615 | -9.0% |
| Trade receivables | 40 | €306,023 | €261,373 | -€44,650 | -14.6% |
| Other amounts receivable | 41 | €2,219 | €19,254 | +€17,035 | +768% |
| Current investments | 50/53 | €206,640 | €670,160 | +€463,520 | +224% |
| Cash at bank and in hand | 54/58 | €794,085 | €347,489 | -€446,596 | -56.2% |
| Deferred charges and accrued income | 490/1 | €14,553 | €19,338 | +€4,785 | +32.9% |
| Total equity and liabilities | 10/49 | €1,683,021 | €1,887,399 | +€204,377 | +12.1% |
| Equity | 10/15 | €931,828 | €1,106,048 | +€174,220 | +18.7% |
| Contributions | 10/11 | €66,646 | €66,646 | = | 0.0% |
| Capital | 10 | €66,646 | €66,646 | = | 0.0% |
| Issued capital | 100 | €66,646 | €66,646 | = | 0.0% |
| Reserves | 13 | €865,182 | €1,039,402 | +€174,220 | +20.1% |
| Non-distributable reserves | 130/1 | €6,665 | €6,665 | = | 0.0% |
| Legal reserve | 130 | €6,665 | €6,665 | = | 0.0% |
| Distributable reserves | 133 | €858,518 | €1,032,737 | +€174,220 | +20.3% |
| Amounts payable | 17/49 | €751,193 | €781,351 | +€30,157 | +4.0% |
| Amounts payable after more than one year | 17 | €67,708 | €31,815 | -€35,893 | -53.0% |
| Financial debts | 170/4 | €67,708 | €31,815 | -€35,893 | -53.0% |
| Amounts payable within one year | 42/48 | €595,671 | €747,867 | +€152,195 | +25.6% |
| Current portion of amounts payable after more than one year | 42 | €55,401 | €35,893 | -€19,507 | -35.2% |
| Financial debts | 43 | €2,340 | €3,912 | +€1,572 | +67.2% |
| Credit institutions | 430/8 | €2,340 | €3,912 | +€1,572 | +67.2% |
| Trade debts | 44 | €83,812 | €89,057 | +€5,245 | +6.3% |
| Suppliers | 440/4 | €83,812 | €89,057 | +€5,245 | +6.3% |
| Advances received on contracts in progress | 46 | €322,303 | €512,316 | +€190,013 | +59.0% |
| Taxes, remuneration and social security | 45 | €130,957 | €100,392 | -€30,566 | -23.3% |
| Taxes | 450/3 | €47,994 | €29,961 | -€18,033 | -37.6% |
| Remuneration and social security | 454/9 | €82,963 | €70,431 | -€12,532 | -15.1% |
| Other amounts payable | 47/48 | €859 | €6,297 | +€5,438 | +633% |
| Accrued charges and deferred income | 492/3 | €87,814 | €1,669 | -€86,144 | -98.1% |
| Non-recurring operating income | 76A | - | €8,132 | +€8,132 | |
| Remuneration, social security and pensions | 62 | €1,124,671 | €1,177,596 | +€52,925 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,014 | €77,674 | +€6,660 | +9.4% |
| Other operating charges | 640/8 | €11,882 | €11,742 | -€140 | -1.2% |
| Gross operating margin | 9900 | €1,540,536 | €1,730,871 | +€190,335 | +12.4% |
| Operating profit (loss) | 9901 | €332,970 | €463,860 | +€130,890 | +39.3% |
| Financial income | 75/76B | €21,746 | €24,335 | +€2,589 | +11.9% |
| Recurring financial income | 75 | €21,746 | €24,335 | +€2,589 | +11.9% |
| Financial charges | 65/66B | €11,597 | €10,885 | -€712 | -6.1% |
| Recurring financial charges | 65 | €11,597 | €10,885 | -€712 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €343,119 | €477,310 | +€134,191 | +39.1% |
| Income taxes | 67/77 | €111,263 | €155,150 | +€43,887 | +39.4% |
| Profit (loss) for the period | 9904 | €231,856 | €322,160 | +€90,304 | +38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €231,856 | €322,160 | +€90,304 | +38.9% |
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 16 October 2026 via checked.be.