FINGAREN: 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
FINGAREN
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€6.1m
2024 · €7.4m-€1.4m
Equity
€104.3m
2024 · €99.9m+€4.5m
Cash
€1.6m
2024 · €1.4m+€225,582
Balance sheet total
€137.5m
2024 · €136.0m+€1.5m
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Profit (loss) carried forward +€4.5m
up €4.5m (+10.2%), from €43.8m to €48.2m
- Debts after one year -€2.5m
down €2.5m (-10.5%), from €24.1m to €21.6m
Income statement
- Financial income -€6.3m
down €6.3m (-51.8%), from €12.2m to €5.9m
of which Financial income: -€5.6m
- Financial charges -€4.4m
down €4.4m, from €3.8m to -€633,884
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
€7.4m
Other operating income
+€23,199
Services and other goods
-€60,026
Staff costs
+€122,095
Depreciation
-€37
Write-downs
+€8,321
Other operating charges
-€18,392
Other operating items
+€465,019
Financial income
-€6.3m
Financial charges
+€4.4m
Taxes
-€21,709
Result 2025
€6.1m
raises the resultlowers the resultnot broken down further in the accounts
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
+€5.9m
Investment
-€1.2m
Financing
-€4.5m
Cash 2024
€1.4m
From operations (derived)
+€5.9m
Net result for the year
+€6.1m
Depreciation
+€95,828
Receivables within one year
+€34,468
Deferred charges and accrued income
-€210,469
Smaller working-capital items
-€11,198
Other debts
+€15,826
Accrued charges and deferred income
-€114,074
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€277,086
Current investments
-€914,338
Financing
-€4.5m
Debts after one year
-€2.5m
Short-term financial debts
-€304,357
Contributions, distributions and other
-€1.6m
Cash 2025
€1.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €136,016,034 | €137,513,211 | +€1.5m | +1.1% |
| Fixed assets | 21/28 | €123,179,464 | €123,360,722 | +€181,258 | +0.1% |
| Tangible fixed assets | 22/27 | €3,909,167 | €3,948,363 | +€39,196 | +1.0% |
| Furniture and vehicles | 24 | €713 | €448 | -€265 | -37.2% |
| Other tangible fixed assets | 26 | €3,908,454 | €3,947,915 | +€39,461 | +1.0% |
| Financial fixed assets | 28 | €119,270,297 | €119,412,358 | +€142,061 | +0.1% |
| Affiliated companies | 280/1 | €115,778,231 | €116,011,228 | +€232,997 | +0.2% |
| Participating interests | 280 | €115,778,231 | €116,011,228 | +€232,997 | +0.2% |
| Companies linked by participating interests | 282/3 | €785,079 | €694,144 | -€90,936 | -11.6% |
| Participating interests | 282 | €0 | - | = | |
| Amounts receivable | 283 | €785,079 | €694,144 | -€90,936 | -11.6% |
| Other financial fixed assets | 284/8 | €2,706,987 | €2,706,987 | = | 0.0% |
| Shares | 284 | €2,705,729 | €2,705,729 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,257 | €1,257 | = | 0.0% |
| Current assets | 29/58 | €12,836,570 | €14,152,490 | +€1.3m | +10.3% |
| Amounts receivable within one year | 40/41 | €460,593 | €426,125 | -€34,468 | -7.5% |
| Trade receivables | 40 | €704 | €0 | -€704 | -100% |
| Other amounts receivable | 41 | €459,889 | €426,125 | -€33,764 | -7.3% |
| Current investments | 50/53 | €10,934,465 | €11,848,803 | +€914,338 | +8.4% |
| Own shares | 50 | €96,000 | €96,000 | = | 0.0% |
| Other investments | 51/53 | €10,838,465 | €11,752,803 | +€914,338 | +8.4% |
| Cash at bank and in hand | 54/58 | €1,357,943 | €1,583,525 | +€225,582 | +16.6% |
| Deferred charges and accrued income | 490/1 | €83,569 | €294,038 | +€210,469 | +252% |
| Total equity and liabilities | 10/49 | €136,016,034 | €137,513,211 | +€1.5m | +1.1% |
| Equity | 10/15 | €99,869,472 | €104,320,881 | +€4.5m | +4.5% |
| Contributions | 10/11 | €50,939,825 | €50,939,825 | = | 0.0% |
| Capital | 10 | €50,760,640 | - | -€50.8m | |
| Issued capital | 100 | €50,760,640 | - | -€50.8m | |
| Contributions outside capital | 11 | €179,185 | - | -€179,185 | |
| Share premium | 1100/10 | €179,185 | - | -€179,185 | |
| Reserves | 13 | €5,172,064 | €5,172,064 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,172,064 | €5,172,064 | = | 0.0% |
| Legal reserve | 130 | €5,076,064 | - | -€5.1m | |
| Reserves not available under the articles | 1311 | - | €5,076,064 | +€5.1m | |
| Own shares acquired | 1312 | €96,000 | €96,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,757,583 | €48,208,992 | +€4.5m | +10.2% |
| Amounts payable | 17/49 | €36,146,562 | €33,192,331 | -€3.0m | -8.2% |
| Amounts payable after more than one year | 17 | €24,127,599 | €21,587,171 | -€2.5m | -10.5% |
| Financial debts | 170/4 | €24,127,599 | €21,587,171 | -€2.5m | -10.5% |
| Unsubordinated bonds | 171 | €15,519,090 | €15,594,566 | +€75,476 | +0.5% |
| Credit institutions | 173 | €8,608,509 | €5,992,605 | -€2.6m | -30.4% |
| Amounts payable within one year | 42/48 | €11,365,732 | €11,066,003 | -€299,729 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €2,615,904 | €2,615,904 | = | 0.0% |
| Financial debts | 43 | €7,775,017 | €7,470,660 | -€304,357 | -3.9% |
| Other loans | 439 | €7,775,017 | €7,470,660 | -€304,357 | -3.9% |
| Trade debts | 44 | €37,582 | €24,771 | -€12,811 | -34.1% |
| Suppliers | 440/4 | €37,582 | €24,771 | -€12,811 | -34.1% |
| Taxes, remuneration and social security | 45 | €16,731 | €18,344 | +€1,613 | +9.6% |
| Taxes | 450/3 | €2,135 | €9,852 | +€7,717 | +361% |
| Remuneration and social security | 454/9 | €14,596 | €8,492 | -€6,104 | -41.8% |
| Other amounts payable | 47/48 | €920,498 | €936,323 | +€15,826 | +1.7% |
| Accrued charges and deferred income | 492/3 | €653,231 | €539,157 | -€114,074 | -17.5% |
| Operating income | 70/76A | €81,570 | €140,805 | +€59,234 | +72.6% |
| Turnover | 70 | - | €0 | = | |
| Other operating income | 74 | €81,570 | €104,769 | +€23,199 | +28.4% |
| Non-recurring operating income | 76A | - | €36,036 | +€36,036 | |
| Operating charges | 60/66A | €1,033,150 | €552,206 | -€480,944 | -46.6% |
| Services and other goods | 61 | €179,411 | €239,436 | +€60,026 | +33.5% |
| Remuneration, social security and pensions | 62 | €273,559 | €151,465 | -€122,095 | -44.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,791 | €95,828 | +€37 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€8,275 | -€16,596 | -€8,321 | -101% |
| Other operating charges | 640/8 | €60,408 | €78,800 | +€18,392 | +30.4% |
| Non-recurring operating charges | 66A | €432,256 | €3,272 | -€428,984 | -99.2% |
| Operating profit (loss) | 9901 | -€951,580 | -€411,401 | +€540,179 | +56.8% |
| Financial income | 75/76B | €12,169,169 | €5,859,635 | -€6.3m | -51.8% |
| Recurring financial income | 75 | €10,803,214 | €5,164,720 | -€5.6m | -52.2% |
| Income from financial fixed assets | 750 | €9,137,368 | €4,575,585 | -€4.6m | -49.9% |
| Income from current assets | 751 | €758,794 | €548,592 | -€210,202 | -27.7% |
| Other financial income | 752/9 | €907,053 | €40,543 | -€866,510 | -95.5% |
| Non-recurring financial income | 76B | €1,365,954 | €694,915 | -€671,039 | -49.1% |
| Financial charges | 65/66B | €3,799,089 | -€633,884 | -€4.4m | |
| Recurring financial charges | 65 | €3,799,089 | -€633,884 | -€4.4m | |
| Debt charges | 650 | €1,381,896 | €899,727 | -€482,169 | -34.9% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €2,277,359 | -€1,687,979 | -€4.0m | |
| Other financial charges | 652/9 | €139,835 | €154,368 | +€14,534 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €7,418,500 | €6,082,118 | -€1.3m | -18.0% |
| Income taxes | 67/77 | - | €21,709 | +€21,709 | |
| Taxes | 670/3 | - | €21,709 | +€21,709 | |
| Profit (loss) for the period | 9904 | €7,418,500 | €6,060,409 | -€1.4m | -18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,418,500 | €6,060,409 | -€1.4m | -18.3% |
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 28 October 2026 via checked.be.