FINOPAL: 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.
FINOPAL
Largest movements
- Cash -€164,641
down €164,641 (-93.1%), from €176,809 to €12,168
mainly Contributions, distributions and other (-€300,000) and Current investments (-€147,125)
- Current investments +€147,125
up €147,125 (+44.6%), from €329,984 to €477,110
- Receivables after one year -€9,547
down €9,547 (-47.7%), from €20,000 to €10,453
- Reserves -€117,059
down €117,059 (-31.1%), from €376,306 to €259,247
of which Distributable reserves: -€117,059
- Other debts +€79,414
up €79,414 (+42.0%), from €189,079 to €268,493
- Tax, wage and social debts +€6,723
up €6,723 (+14197.7%), from €47 to €6,770
- Gross operating margin +€12,513
up €12,513 (+4.8%), from €259,265 to €271,779
- Financial income -€11,544
down €11,544 (-59.5%), from €19,414 to €7,869
- Financial charges +€7,986
up €7,986 (+55.9%), from €14,276 to €22,263
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €628,020 | €597,410 | -€30,611 | -4.9% |
| Fixed assets | 21/28 | €70,570 | €65,284 | -€5,285 | -7.5% |
| Tangible fixed assets | 22/27 | €70,470 | €65,184 | -€5,285 | -7.5% |
| Land and buildings | 22 | €69,771 | €63,312 | -€6,458 | -9.3% |
| Furniture and vehicles | 24 | €699 | €1,872 | +€1,173 | +167.8% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €557,451 | €532,125 | -€25,325 | -4.5% |
| Amounts receivable after more than one year | 29 | €20,000 | €10,453 | -€9,547 | -47.7% |
| Other amounts receivable | 291 | €20,000 | €10,453 | -€9,547 | -47.7% |
| Amounts receivable within one year | 40/41 | €29,314 | €29,203 | -€111 | -0.4% |
| Trade receivables | 40 | €27,682 | €28,990 | +€1,308 | +4.7% |
| Other amounts receivable | 41 | €1,631 | €213 | -€1,419 | -87.0% |
| Current investments | 50/53 | €329,984 | €477,110 | +€147,125 | +44.6% |
| Cash at bank and in hand | 54/58 | €176,809 | €12,168 | -€164,641 | -93.1% |
| Deferred charges and accrued income | 490/1 | €1,344 | €3,192 | +€1,848 | +137.5% |
| Total equity and liabilities | 10/49 | €628,020 | €597,410 | -€30,611 | -4.9% |
| Equity | 10/15 | €394,906 | €277,847 | -€117,059 | -29.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €376,306 | €259,247 | -€117,059 | -31.1% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €334,206 | €217,147 | -€117,059 | -35.0% |
| Amounts payable | 17/49 | €233,115 | €319,563 | +€86,448 | +37.1% |
| Amounts payable after more than one year | 17 | €12,772 | €10,252 | -€2,520 | -19.7% |
| Financial debts | 170/4 | €12,772 | €10,252 | -€2,520 | -19.7% |
| Amounts payable within one year | 42/48 | €220,342 | €309,311 | +€88,968 | +40.4% |
| Current portion of amounts payable after more than one year | 42 | €29,349 | €31,002 | +€1,653 | +5.6% |
| Trade debts | 44 | €1,867 | €3,046 | +€1,179 | +63.2% |
| Suppliers | 440/4 | €1,867 | €3,046 | +€1,179 | +63.2% |
| Taxes, remuneration and social security | 45 | €47 | €6,770 | +€6,723 | +14197.7% |
| Taxes | 450/3 | €47 | €6,770 | +€6,723 | +14197.7% |
| Other amounts payable | 47/48 | €189,079 | €268,493 | +€79,414 | +42.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,880 | €7,389 | -€490 | -6.2% |
| Other operating charges | 640/8 | €171 | €283 | +€112 | +65.4% |
| Non-recurring operating charges | 66A | - | €5,000 | +€5,000 | |
| Gross operating margin | 9900 | €259,265 | €271,779 | +€12,513 | +4.8% |
| Operating profit (loss) | 9901 | €251,215 | €259,106 | +€7,892 | +3.1% |
| Financial income | 75/76B | €19,414 | €7,869 | -€11,544 | -59.5% |
| Recurring financial income | 75 | €19,414 | €7,869 | -€11,544 | -59.5% |
| Financial charges | 65/66B | €14,276 | €22,263 | +€7,986 | +55.9% |
| Recurring financial charges | 65 | €14,276 | €22,263 | +€7,986 | +55.9% |
| Profit (loss) for the period before taxes | 9903 | €256,352 | €244,713 | -€11,639 | -4.5% |
| Income taxes | 67/77 | €59,159 | €61,772 | +€2,613 | +4.4% |
| Profit (loss) for the period | 9904 | €197,194 | €182,941 | -€14,253 | -7.2% |
| Transfer to tax-exempt reserves | 689 | €42,100 | - | -€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €155,094 | €182,941 | +€27,847 | +18.0% |
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 12 October 2026 via checked.be.