FINNAVAAL: what changed
Two fiscal 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
FINNAVAAL
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€5.8m
2024 · €3.7m+€2.1m
Equity
€14.7m
2024 · €11.4m+€3.3m
Cash
€4.1m
2024 · €4.2m-€116,796
Balance sheet total
€17.2m
2024 · €13.9m+€3.3m
Largest movements
Assets
- Financial fixed assets +€2.3m
up €2.3m (+35.9%), from €6.3m to €8.6m
- Receivables within one year +€1.2m
up €1.2m (+35.9%), from €3.3m to €4.5m
of which Other amounts receivable: +€1.2m
Equity and liabilities
- Profit (loss) carried forward +€3.3m
up €3.3m (+78.3%), from €4.2m to €7.5m
Income statement
- Financial income +€2.4m
up €2.4m (+61.9%), from €3.8m to €6.2m
of which Financial income: +€2.0m
- Services and other goods -€12,872
down €12,872 (-13.5%), from €95,610 to €82,737
- Other operating charges +€2,287
up €2,287 (+243.9%), from €938 to €3,225
- Taxes -€873
no longer reported in 2025 (was €873)
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
€3.7m
Services and other goods
+€12,872
Other operating charges
-€2,287
Other operating items
-€300,394
Financial income
+€2.4m
Financial charges
-€396
Taxes
+€873
Result 2025
€5.8m
Cash bridge derived
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
+€4.6m
Investment
-€2.3m
Financing
-€2.5m
Cash 2024
€4.2m
From operations (derived)
+€4.6m
Net result for the year
+€5.8m
Receivables within one year
-€1.2m
Deferred charges and accrued income
+€38,887
Smaller working-capital items
+€6,460
Investment (derived)
-€2.3m
Investment in fixed assets (net)
-€2.3m
Financing
-€2.5m
Contributions, distributions and other
-€2.5m
Cash 2025
€4.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,893,174 | €17,192,416 | +€3.3m | +23.7% |
| Fixed assets | 21/28 | €6,304,413 | €8,567,026 | +€2.3m | +35.9% |
| Financial fixed assets | 28 | €6,304,413 | €8,567,026 | +€2.3m | +35.9% |
| Affiliated companies | 280/1 | €6,304,413 | €8,567,026 | +€2.3m | +35.9% |
| Participating interests | 280 | €6,304,413 | €8,567,026 | +€2.3m | +35.9% |
| Current assets | 29/58 | €7,588,761 | €8,625,390 | +€1.0m | +13.7% |
| Amounts receivable within one year | 40/41 | €3,321,120 | €4,513,432 | +€1.2m | +35.9% |
| Trade receivables | 40 | €75,000 | €104,040 | +€29,040 | +38.7% |
| Other amounts receivable | 41 | €3,246,120 | €4,409,392 | +€1.2m | +35.8% |
| Current investments | 50/53 | €11 | €11 | = | 0.0% |
| Other investments | 51/53 | €11 | €11 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €4,200,028 | €4,083,231 | -€116,796 | -2.8% |
| Deferred charges and accrued income | 490/1 | €67,602 | €28,715 | -€38,887 | -57.5% |
| Total equity and liabilities | 10/49 | €13,893,174 | €17,192,416 | +€3.3m | +23.7% |
| Equity | 10/15 | €11,375,711 | €14,668,494 | +€3.3m | +28.9% |
| Contributions | 10/11 | €715,100 | €715,100 | = | 0.0% |
| Capital | 10 | €715,100 | €715,100 | = | 0.0% |
| Issued capital | 100 | €715,100 | €715,100 | = | 0.0% |
| Reserves | 13 | €6,456,718 | €6,456,718 | = | 0.0% |
| Non-distributable reserves | 130/1 | €71,510 | €71,510 | = | 0.0% |
| Legal reserve | 130 | €71,510 | €71,510 | = | 0.0% |
| Distributable reserves | 133 | €6,385,208 | €6,385,208 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,203,894 | €7,496,676 | +€3.3m | +78.3% |
| Amounts payable | 17/49 | €2,517,462 | €2,523,922 | +€6,460 | +0.3% |
| Amounts payable within one year | 42/48 | €2,517,462 | €2,523,922 | +€6,460 | +0.3% |
| Trade debts | 44 | €17,462 | €23,208 | +€5,746 | +32.9% |
| Suppliers | 440/4 | €17,462 | €23,208 | +€5,746 | +32.9% |
| Taxes, remuneration and social security | 45 | - | €714 | +€714 | |
| Taxes | 450/3 | - | €714 | +€714 | |
| Other amounts payable | 47/48 | €2,500,000 | €2,500,000 | = | 0.0% |
| Operating income | 70/76A | €99,000 | €99,000 | = | 0.0% |
| Turnover | 70 | €75,000 | €75,000 | = | 0.0% |
| Other operating income | 74 | €24,000 | €24,000 | = | 0.0% |
| Operating charges | 60/66A | €199,713 | €489,522 | +€289,809 | +145.1% |
| Services and other goods | 61 | €95,610 | €82,737 | -€12,872 | -13.5% |
| Other operating charges | 640/8 | €938 | €3,225 | +€2,287 | +243.9% |
| Non-recurring operating charges | 66A | €103,166 | €403,560 | +€300,394 | +291.2% |
| Operating profit (loss) | 9901 | -€100,713 | -€390,522 | -€289,809 | -287.8% |
| Financial income | 75/76B | €3,820,224 | €6,183,990 | +€2.4m | +61.9% |
| Recurring financial income | 75 | €3,815,795 | €5,780,432 | +€2.0m | +51.5% |
| Income from financial fixed assets | 750 | €3,739,406 | €5,749,087 | +€2.0m | +53.7% |
| Income from current assets | 751 | €76,388 | €31,344 | -€45,044 | -59.0% |
| Non-recurring financial income | 76B | €4,429 | €403,559 | +€399,129 | +9011.6% |
| Financial charges | 65/66B | €289 | €685 | +€396 | +137.2% |
| Recurring financial charges | 65 | €289 | €685 | +€396 | +137.2% |
| Other financial charges | 652/9 | €289 | €685 | +€396 | +137.2% |
| Profit (loss) for the period before taxes | 9903 | €3,719,221 | €5,792,783 | +€2.1m | +55.8% |
| Income taxes | 67/77 | €873 | - | -€873 | |
| Taxes | 670/3 | €873 | - | -€873 | |
| Profit (loss) for the period | 9904 | €3,718,348 | €5,792,783 | +€2.1m | +55.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,718,348 | €5,792,783 | +€2.1m | +55.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.