FINGRAY: 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.
FINGRAY
Largest movements
- Stocks and contracts +€12,089
new in 2025: €12,089
- Receivables within one year -€10,558
down €10,558 (-41.6%), from €25,352 to €14,793
of which Trade receivables: -€8,994
- Tangible fixed assets -€8,092
down €8,092 (-4.0%), from €202,915 to €194,823
of which Plant, machinery and equipment: -€13,784
- Cash +€4,810
up €4,810 (+3.3%), from €145,595 to €150,405
mainly Depreciation (+€19,082) and Receivables within one year (+€10,558)
- Reserves +€6,827
up €6,827 (+1.6%), from €415,666 to €422,493
- Gross operating margin -€54,294
down €54,294 (-53.2%), from €102,010 to €47,716
- Taxes -€16,515
down €16,515 (-77.7%), from €21,253 to €4,738
- Staff costs +€5,087
up €5,087 (+57.2%), from €8,889 to €13,976
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 | €444,656 | €444,062 | -€595 | -0.1% |
| Fixed assets | 21/28 | €202,915 | €194,823 | -€8,092 | -4.0% |
| Tangible fixed assets | 22/27 | €202,915 | €194,823 | -€8,092 | -4.0% |
| Land and buildings | 22 | €162,682 | €160,000 | -€2,682 | -1.6% |
| Plant, machinery and equipment | 23 | €37,915 | €24,131 | -€13,784 | -36.4% |
| Furniture and vehicles | 24 | €2,319 | €10,692 | +€8,373 | +361% |
| Current assets | 29/58 | €241,741 | €249,239 | +€7,498 | +3.1% |
| Stocks and contracts in progress | 3 | - | €12,089 | +€12,089 | |
| Stocks | 30/36 | - | €12,089 | +€12,089 | |
| Amounts receivable within one year | 40/41 | €25,352 | €14,793 | -€10,558 | -41.6% |
| Trade receivables | 40 | €23,324 | €14,330 | -€8,994 | -38.6% |
| Other amounts receivable | 41 | €2,028 | €463 | -€1,564 | -77.1% |
| Current investments | 50/53 | €66,764 | €67,177 | +€413 | +0.6% |
| Cash at bank and in hand | 54/58 | €145,595 | €150,405 | +€4,810 | +3.3% |
| Deferred charges and accrued income | 490/1 | €4,031 | €4,775 | +€744 | +18.5% |
| Total equity and liabilities | 10/49 | €444,656 | €444,062 | -€595 | -0.1% |
| Equity | 10/15 | €421,866 | €428,693 | +€6,827 | +1.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €415,666 | €422,493 | +€6,827 | +1.6% |
| Distributable reserves | 133 | €415,666 | €422,493 | +€6,827 | +1.6% |
| Amounts payable | 17/49 | €22,790 | €15,368 | -€7,422 | -32.6% |
| Amounts payable within one year | 42/48 | €21,810 | €15,368 | -€6,441 | -29.5% |
| Trade debts | 44 | €4,708 | €2,061 | -€2,647 | -56.2% |
| Suppliers | 440/4 | €4,708 | €2,061 | -€2,647 | -56.2% |
| Taxes, remuneration and social security | 45 | €15,302 | €11,507 | -€3,795 | -24.8% |
| Taxes | 450/3 | €14,754 | €8,636 | -€6,119 | -41.5% |
| Remuneration and social security | 454/9 | €547 | €2,871 | +€2,324 | +425% |
| Other amounts payable | 47/48 | €1,800 | €1,800 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €980 | - | -€980 | |
| Remuneration, social security and pensions | 62 | €8,889 | €13,976 | +€5,087 | +57.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,304 | €19,082 | +€779 | +4.3% |
| Other operating charges | 640/8 | €2,414 | €1,594 | -€820 | -34.0% |
| Gross operating margin | 9900 | €102,010 | €47,716 | -€54,294 | -53.2% |
| Operating profit (loss) | 9901 | €72,403 | €13,063 | -€59,340 | -82.0% |
| Financial income | 75/76B | €722 | €599 | -€123 | -17.0% |
| Recurring financial income | 75 | €722 | €599 | -€123 | -17.0% |
| Financial charges | 65/66B | €330 | €297 | -€33 | -9.9% |
| Recurring financial charges | 65 | €330 | €297 | -€33 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €72,795 | €13,365 | -€59,430 | -81.6% |
| Income taxes | 67/77 | €21,253 | €4,738 | -€16,515 | -77.7% |
| Profit (loss) for the period | 9904 | €51,542 | €8,627 | -€42,915 | -83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €51,542 | €8,627 | -€42,915 | -83.3% |
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 13 October 2026 via checked.be.