FINISHING LINE: 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.
FINISHING LINE
Largest movements
- Current investments +€26,775
up €26,775 (+15.2%), from €176,565 to €203,339
- Receivables within one year +€10,059
up €10,059 (+43.3%), from €23,256 to €33,315
of which Other amounts receivable: +€10,139
- Cash +€9,861
up €9,861 (+351%), from €2,806 to €12,667
mainly Net result for the year (+€63,450) and Depreciation (+€1,156)
- Reserves +€61,784
up €61,784 (+34.0%), from €181,604 to €243,388
- Tax, wage and social debts -€14,404
down €14,404 (-70.2%), from €20,505 to €6,102
- Gross operating margin -€38,113
down €38,113 (-25.8%), from €147,747 to €109,634
- Taxes -€6,780
down €6,780 (-18.5%), from €36,673 to €29,893
- Other operating charges -€2,963
down €2,963 (-16.1%), from €18,449 to €15,486
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 | €206,825 | €253,177 | +€46,352 | +22.4% |
| Fixed assets | 21/28 | €3,337 | €2,181 | -€1,156 | -34.6% |
| Tangible fixed assets | 22/27 | €2,837 | €1,681 | -€1,156 | -40.7% |
| Furniture and vehicles | 24 | €2,837 | €1,681 | -€1,156 | -40.7% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €203,488 | €250,996 | +€47,508 | +23.3% |
| Amounts receivable within one year | 40/41 | €23,256 | €33,315 | +€10,059 | +43.3% |
| Trade receivables | 40 | €23,255 | €23,175 | -€80 | -0.3% |
| Other amounts receivable | 41 | €1 | €10,141 | +€10,139 | +685,082% |
| Current investments | 50/53 | €176,565 | €203,339 | +€26,775 | +15.2% |
| Cash at bank and in hand | 54/58 | €2,806 | €12,667 | +€9,861 | +351% |
| Deferred charges and accrued income | 490/1 | €862 | €1,675 | +€813 | +94.4% |
| Total equity and liabilities | 10/49 | €206,825 | €253,177 | +€46,352 | +22.4% |
| Equity | 10/15 | €182,604 | €244,388 | +€61,784 | +33.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €181,604 | €243,388 | +€61,784 | +34.0% |
| Distributable reserves | 133 | €181,604 | €243,388 | +€61,784 | +34.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €24,221 | €8,789 | -€15,432 | -63.7% |
| Amounts payable within one year | 42/48 | €24,221 | €8,789 | -€15,432 | -63.7% |
| Financial debts | 43 | €110 | €13 | -€96 | -88.0% |
| Credit institutions | 430/8 | €110 | €13 | -€96 | -88.0% |
| Trade debts | 44 | €1,455 | €1,009 | -€446 | -30.7% |
| Suppliers | 440/4 | €1,455 | €1,009 | -€446 | -30.7% |
| Taxes, remuneration and social security | 45 | €20,505 | €6,102 | -€14,404 | -70.2% |
| Taxes | 450/3 | €20,505 | €6,102 | -€14,404 | -70.2% |
| Other amounts payable | 47/48 | €2,152 | €1,666 | -€486 | -22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €631 | €1,156 | +€525 | +83.2% |
| Other operating charges | 640/8 | €18,449 | €15,486 | -€2,963 | -16.1% |
| Gross operating margin | 9900 | €147,747 | €109,634 | -€38,113 | -25.8% |
| Operating profit (loss) | 9901 | €128,667 | €92,992 | -€35,675 | -27.7% |
| Financial income | 75/76B | €703 | €1,240 | +€537 | +76.4% |
| Recurring financial income | 75 | €703 | €1,240 | +€537 | +76.4% |
| Financial charges | 65/66B | €1,147 | €889 | -€258 | -22.5% |
| Recurring financial charges | 65 | €1,147 | €889 | -€258 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €128,223 | €93,343 | -€34,880 | -27.2% |
| Income taxes | 67/77 | €36,673 | €29,893 | -€6,780 | -18.5% |
| Profit (loss) for the period | 9904 | €91,550 | €63,450 | -€28,100 | -30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €91,550 | €63,450 | -€28,100 | -30.7% |
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 1 November 2026 via checked.be.