FINO: 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
FINO
NACE 70.100, Activities of head offices
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1.1m
2024 · -€2.1m+€1.0m
Equity
€65.1m
2024 · €9.0m+€56.0m
Cash
€349,125
2024 · €81,445+€267,680
Balance sheet total
€76.1m
2024 · €47.9m+€28.2m
Largest movements
Assets
- Financial fixed assets +€16.8m
up €16.8m (+100.2%), from €16.7m to €33.5m
- Receivables after one year +€12.5m
new in 2025: €12.5m
- Receivables within one year -€11.1m
down €11.1m (-56.4%), from €19.6m to €8.5m
- Tangible fixed assets +€9.1m
up €9.1m (+82.2%), from €11.1m to €20.2m
of which Land and buildings: +€5.1m
Equity and liabilities
- Contributions +€57.1m
up €57.1m (+20946.7%), from €272,683 to €57.4m
- Other debts -€21.5m
down €21.5m (-98.0%), from €21.9m to €430,340
- Provisions -€4.9m
no longer reported in 2025 (was €4.9m)
- Debts after one year +€3.0m
up €3.0m (+45.0%), from €6.7m to €9.8m
- Short-term financial debts -€2.8m
no longer reported in 2025 (was €2.8m)
Income statement
- Financial income -€2.6m
down €2.6m (-66.8%), from €3.9m to €1.3m
of which Non-recurring financial income: -€1.6m
- Financial charges -€2.2m
down €2.2m (-57.4%), from €3.9m to €1.6m
of which Non-recurring financial charges: -€2.6m
- Gross operating margin +€616,133
up €616,133, from -€239,165 to €376,968
- Write-downs -€550,000
down €550,000 (-44.0%), from €1.3m to €700,000
- Taxes -€224,465
down €224,465 (-99.2%), from €226,294 to €1,829
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
-€2.1m
Gross operating margin
+€616,133
Depreciation
-€89,712
Write-downs
+€550,000
Other operating charges
+€118,817
Other operating items
-€3,000
Financial income
-€2.6m
Financial charges
+€2.2m
Taxes
+€224,465
Result 2025
-€1.1m
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
-€30.1m
Investment
-€26.9m
Financing
+€57.2m
Cash 2024
€81,445
From operations (derived)
-€30.1m
Net result for the year
-€1.1m
Depreciation
+€390,338
Receivables after one year
-€12.5m
Receivables within one year
+€11.1m
Smaller working-capital items
-€7,198
Provisions
-€4.9m
Tax, wage and social debts
-€1.5m
Other debts
-€21.5m
Investment (derived)
-€26.9m
Investment in fixed assets (net)
-€26.3m
Current investments
-€646,588
Financing
+€57.2m
Debts after one year
+€3.0m
Current portion of long-term debt
-€113,105
Short-term financial debts
-€2.8m
Contributions, distributions and other
+€57.1m
Cash 2025
€349,125
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €47,944,253 | €76,124,371 | +€28.2m | +58.8% |
| Fixed assets | 21/28 | €27,821,142 | €53,692,442 | +€25.9m | +93.0% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €11,092,090 | €20,209,207 | +€9.1m | +82.2% |
| Land and buildings | 22 | €10,916,420 | €16,061,886 | +€5.1m | +47.1% |
| Furniture and vehicles | 24 | €175,670 | €106,276 | -€69,394 | -39.5% |
| Assets under construction and advance payments | 27 | - | €4,041,045 | +€4.0m | |
| Financial fixed assets | 28 | €16,729,051 | €33,483,234 | +€16.8m | +100.2% |
| Current assets | 29/58 | €20,123,111 | €22,431,929 | +€2.3m | +11.5% |
| Amounts receivable after more than one year | 29 | - | €12,543,390 | +€12.5m | |
| Other amounts receivable | 291 | - | €12,543,390 | +€12.5m | |
| Amounts receivable within one year | 40/41 | €19,597,564 | €8,538,146 | -€11.1m | -56.4% |
| Other amounts receivable | 41 | €19,597,564 | €8,538,146 | -€11.1m | -56.4% |
| Current investments | 50/53 | €107,826 | €754,414 | +€646,588 | +599.7% |
| Cash at bank and in hand | 54/58 | €81,445 | €349,125 | +€267,680 | +328.7% |
| Deferred charges and accrued income | 490/1 | €336,276 | €246,854 | -€89,422 | -26.6% |
| Total equity and liabilities | 10/49 | €47,944,253 | €76,124,371 | +€28.2m | +58.8% |
| Equity | 10/15 | €9,046,742 | €65,069,823 | +€56.0m | +619.3% |
| Contributions | 10/11 | €272,683 | €57,390,756 | +€57.1m | +20946.7% |
| Capital | 10 | €272,683 | €57,390,756 | +€57.1m | +20946.7% |
| Issued capital | 100 | €272,683 | €57,390,756 | +€57.1m | +20946.7% |
| Reserves | 13 | €1,501,120 | €1,501,120 | = | 0.0% |
| Non-distributable reserves | 130/1 | €27,268 | €27,268 | = | 0.0% |
| Legal reserve | 130 | €27,268 | €27,268 | = | 0.0% |
| Distributable reserves | 133 | €1,473,852 | €1,473,852 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,272,939 | €6,177,947 | -€1.1m | -15.1% |
| Provisions and deferred taxes | 16 | €4,907,714 | - | -€4.9m | |
| Provisions for liabilities and charges | 160/5 | €4,907,714 | - | -€4.9m | |
| Other liabilities and charges | 164/5 | €4,907,714 | - | -€4.9m | |
| Amounts payable | 17/49 | €33,989,797 | €11,054,548 | -€22.9m | -67.5% |
| Amounts payable after more than one year | 17 | €6,744,124 | €9,779,606 | +€3.0m | +45.0% |
| Financial debts | 170/4 | €6,744,124 | €9,779,606 | +€3.0m | +45.0% |
| Amounts payable within one year | 42/48 | €27,234,856 | €1,274,942 | -€26.0m | -95.3% |
| Current portion of amounts payable after more than one year | 42 | €686,543 | €573,438 | -€113,105 | -16.5% |
| Financial debts | 43 | €2,800,000 | - | -€2.8m | |
| Credit institutions | 430/8 | €2,800,000 | - | -€2.8m | |
| Trade debts | 44 | €152,860 | €67,057 | -€85,803 | -56.1% |
| Suppliers | 440/4 | €152,860 | €67,057 | -€85,803 | -56.1% |
| Taxes, remuneration and social security | 45 | €1,679,207 | €204,107 | -€1.5m | -87.8% |
| Taxes | 450/3 | €1,679,207 | €204,107 | -€1.5m | -87.8% |
| Other amounts payable | 47/48 | €21,916,246 | €430,340 | -€21.5m | -98.0% |
| Accrued charges and deferred income | 492/3 | €10,817 | - | -€10,817 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €300,626 | €390,338 | +€89,712 | +29.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,250,000 | €700,000 | -€550,000 | -44.0% |
| Other operating charges | 640/8 | €141,771 | €22,954 | -€118,817 | -83.8% |
| Non-recurring operating charges | 66A | - | €3,000 | +€3,000 | |
| Gross operating margin | 9900 | -€239,165 | €376,968 | +€616,133 | |
| Operating profit (loss) | 9901 | -€1,931,562 | -€739,324 | +€1.2m | +61.7% |
| Financial income | 75/76B | €3,901,217 | €1,295,726 | -€2.6m | -66.8% |
| Recurring financial income | 75 | €1,013,841 | €2,084 | -€1.0m | -99.8% |
| Non-recurring financial income | 76B | €2,887,376 | €1,293,642 | -€1.6m | -55.2% |
| Financial charges | 65/66B | €3,872,612 | €1,649,565 | -€2.2m | -57.4% |
| Recurring financial charges | 65 | €1,278,177 | €1,649,565 | +€371,388 | +29.1% |
| Non-recurring financial charges | 66B | €2,594,435 | - | -€2.6m | |
| Profit (loss) for the period before taxes | 9903 | -€1,902,957 | -€1,093,163 | +€809,794 | +42.6% |
| Income taxes | 67/77 | €226,294 | €1,829 | -€224,465 | -99.2% |
| Profit (loss) for the period | 9904 | -€2,129,251 | -€1,094,992 | +€1.0m | +48.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,129,251 | -€1,094,992 | +€1.0m | +48.6% |
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.