FINKODER: 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.
FINKODER
Largest movements
- Receivables within one year +€184,387
up €184,387 (+124%), from €148,741 to €333,129
of which Other amounts receivable: +€118,285
- Cash -€43,733
down €43,733 (-66.8%), from €65,510 to €21,777
mainly Receivables within one year (-€184,387) and Tax, wage and social debts (-€38,485)
- Current investments -€22,616
down €22,616 (-92.3%), from €24,498 to €1,882
- Tangible fixed assets +€4,159
up €4,159 (+23.9%), from €17,402 to €21,561
of which Furniture and vehicles: +€12,762
- Reserves +€158,969
up €158,969 (+78.4%), from €202,647 to €361,616
- Tax, wage and social debts -€38,485
down €38,485 (-72.5%), from €53,054 to €14,569
- Gross operating margin +€133,297
up €133,297 (+151%), from €88,266 to €221,563
- Taxes +€33,040
up €33,040 (+200%), from €16,538 to €49,578
- Financial income +€11,800
up €11,800 (+999%), from €1,181 to €12,981
- Financial charges +€5,908
up €5,908 (+171%), from €3,452 to €9,360
- Depreciation +€4,067
up €4,067 (+34.4%), from €11,826 to €15,894
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 | €257,285 | €379,455 | +€122,170 | +47.5% |
| Fixed assets | 21/28 | €17,402 | €21,561 | +€4,159 | +23.9% |
| Tangible fixed assets | 22/27 | €17,402 | €21,561 | +€4,159 | +23.9% |
| Land and buildings | 22 | €1,274 | €1,139 | -€135 | -10.6% |
| Plant, machinery and equipment | 23 | €11,080 | €2,612 | -€8,468 | -76.4% |
| Furniture and vehicles | 24 | €5,048 | €17,810 | +€12,762 | +253% |
| Current assets | 29/58 | €239,882 | €357,894 | +€118,011 | +49.2% |
| Amounts receivable within one year | 40/41 | €148,741 | €333,129 | +€184,387 | +124% |
| Trade receivables | 40 | €16,246 | €82,348 | +€66,103 | +407% |
| Other amounts receivable | 41 | €132,496 | €250,780 | +€118,285 | +89.3% |
| Current investments | 50/53 | €24,498 | €1,882 | -€22,616 | -92.3% |
| Cash at bank and in hand | 54/58 | €65,510 | €21,777 | -€43,733 | -66.8% |
| Deferred charges and accrued income | 490/1 | €1,133 | €1,106 | -€27 | -2.4% |
| Total equity and liabilities | 10/49 | €257,285 | €379,455 | +€122,170 | +47.5% |
| Equity | 10/15 | €203,647 | €362,616 | +€158,969 | +78.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €202,647 | €361,616 | +€158,969 | +78.4% |
| Distributable reserves | 133 | €202,647 | €361,616 | +€158,969 | +78.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €53,637 | €16,838 | -€36,799 | -68.6% |
| Amounts payable within one year | 42/48 | €53,637 | €16,838 | -€36,799 | -68.6% |
| Trade debts | 44 | €0 | €1,039 | +€1,039 | |
| Suppliers | 440/4 | €0 | €1,039 | +€1,039 | |
| Taxes, remuneration and social security | 45 | €53,054 | €14,569 | -€38,485 | -72.5% |
| Taxes | 450/3 | €53,054 | €14,569 | -€38,485 | -72.5% |
| Other amounts payable | 47/48 | €583 | €1,231 | +€648 | +111% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,826 | €15,894 | +€4,067 | +34.4% |
| Other operating charges | 640/8 | €961 | €744 | -€218 | -22.6% |
| Gross operating margin | 9900 | €88,266 | €221,563 | +€133,297 | +151% |
| Operating profit (loss) | 9901 | €75,478 | €204,926 | +€129,448 | +172% |
| Financial income | 75/76B | €1,181 | €12,981 | +€11,800 | +999% |
| Recurring financial income | 75 | €1,181 | €12,981 | +€11,800 | +999% |
| Financial charges | 65/66B | €3,452 | €9,360 | +€5,908 | +171% |
| Recurring financial charges | 65 | €3,452 | €9,360 | +€5,908 | +171% |
| Profit (loss) for the period before taxes | 9903 | €73,207 | €208,547 | +€135,340 | +185% |
| Income taxes | 67/77 | €16,538 | €49,578 | +€33,040 | +200% |
| Profit (loss) for the period | 9904 | €56,669 | €158,969 | +€102,300 | +181% |
| Profit (loss) for the period to be appropriated | 9905 | €56,669 | €158,969 | +€102,300 | +181% |
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 23 October 2026 via checked.be.