FINORA: 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.
FINORA
Largest movements
- Current investments +€2.3m
up €2.3m (+91.8%), from €2.5m to €4.7m
- Receivables after one year -€1.8m
down €1.8m (-48.9%), from €3.7m to €1.9m
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€49,929
down €49,929 (-28.9%), from €172,856 to €122,927
- Gross operating margin -€3,497
down €3,497 (-18.6%), from -€18,784 to -€22,282
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 | €148,948,693 | €149,051,755 | +€103,061 | +0.1% |
| Fixed assets | 21/28 | €141,886,982 | €141,886,982 | = | 0.0% |
| Financial fixed assets | 28 | €141,886,982 | €141,886,982 | = | 0.0% |
| Current assets | 29/58 | €7,061,712 | €7,164,773 | +€103,061 | +1.5% |
| Amounts receivable after more than one year | 29 | €3,735,456 | €1,910,245 | -€1.8m | -48.9% |
| Other amounts receivable | 291 | €3,735,456 | €1,910,245 | -€1.8m | -48.9% |
| Amounts receivable within one year | 40/41 | €101,106 | €72,328 | -€28,778 | -28.5% |
| Trade receivables | 40 | €79,339 | €46,315 | -€33,024 | -41.6% |
| Other amounts receivable | 41 | €21,767 | €26,013 | +€4,246 | +19.5% |
| Current investments | 50/53 | €2,450,000 | €4,700,000 | +€2.3m | +91.8% |
| Cash at bank and in hand | 54/58 | €742,627 | €469,335 | -€273,292 | -36.8% |
| Deferred charges and accrued income | 490/1 | €32,522 | €12,865 | -€19,657 | -60.4% |
| Total equity and liabilities | 10/49 | €148,948,693 | €149,051,755 | +€103,061 | +0.1% |
| Equity | 10/15 | €148,945,028 | €149,044,630 | +€99,602 | +0.1% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €100,000 | €100,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €147,845,028 | €147,944,630 | +€99,602 | +0.1% |
| Amounts payable | 17/49 | €3,666 | €7,125 | +€3,460 | +94.4% |
| Amounts payable within one year | 42/48 | €3,666 | €7,125 | +€3,460 | +94.4% |
| Trade debts | 44 | €3,666 | €6,974 | +€3,309 | +90.3% |
| Suppliers | 440/4 | €3,666 | €6,974 | +€3,309 | +90.3% |
| Other amounts payable | 47/48 | - | €151 | +€151 | |
| Other operating charges | 640/8 | €1,101 | €998 | -€103 | -9.3% |
| Gross operating margin | 9900 | -€18,784 | -€22,282 | -€3,497 | -18.6% |
| Operating profit (loss) | 9901 | -€19,885 | -€23,280 | -€3,395 | -17.1% |
| Financial income | 75/76B | €172,856 | €122,927 | -€49,929 | -28.9% |
| Recurring financial income | 75 | €172,856 | €122,927 | -€49,929 | -28.9% |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €152,925 | €99,602 | -€53,324 | -34.9% |
| Profit (loss) for the period | 9904 | €152,925 | €99,602 | -€53,324 | -34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €152,925 | €99,602 | -€53,324 | -34.9% |
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 14 October 2026 via checked.be.