FINOSA: 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.
FINOSA
Largest movements
- Receivables after one year +€1.8m
up €1.8m (+150%), from €1.2m to €3.0m
- Current investments -€700,000
no longer reported in 2025 (was €700,000)
- Cash +€177,429
up €177,429 (+150%), from €118,374 to €295,803
mainly Debts after one year (+€1.2m) and Current investments (+€700,000)
- Debts after one year +€1.2m
up €1.2m (+68.6%), from €1.8m to €3.0m
- Reserves +€84,081
up €84,081 (+15.4%), from €545,798 to €629,879
of which Distributable reserves: +€79,877
- Financial income +€46,159
up €46,159 (+62.4%), from €74,003 to €120,161
- Gross operating margin -€11,547
down €11,547 (-20.4%), from €56,578 to €45,031
- Taxes +€7,948
up €7,948 (+55.7%), from €14,267 to €22,215
- Financial charges -€2,888
down €2,888 (-6.0%), from €48,479 to €45,591
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 | €6,660,200 | €7,972,099 | +€1.3m | +19.7% |
| Fixed assets | 21/28 | €4,568,363 | €4,555,120 | -€13,244 | -0.3% |
| Tangible fixed assets | 22/27 | €32,754 | €19,511 | -€13,244 | -40.4% |
| Furniture and vehicles | 24 | €32,754 | €19,511 | -€13,244 | -40.4% |
| Financial fixed assets | 28 | €4,535,609 | €4,535,609 | = | 0.0% |
| Current assets | 29/58 | €2,091,837 | €3,416,980 | +€1.3m | +63.3% |
| Amounts receivable after more than one year | 29 | €1,200,000 | €3,000,000 | +€1.8m | +150% |
| Other amounts receivable | 291 | €1,200,000 | €3,000,000 | +€1.8m | +150% |
| Amounts receivable within one year | 40/41 | €21,375 | €4,005 | -€17,370 | -81.3% |
| Trade receivables | 40 | €17,370 | - | -€17,370 | |
| Other amounts receivable | 41 | €4,005 | €4,005 | = | 0.0% |
| Current investments | 50/53 | €700,000 | - | -€700,000 | |
| Cash at bank and in hand | 54/58 | €118,374 | €295,803 | +€177,429 | +150% |
| Deferred charges and accrued income | 490/1 | €52,088 | €117,171 | +€65,084 | +125% |
| Total equity and liabilities | 10/49 | €6,660,200 | €7,972,099 | +€1.3m | +19.7% |
| Equity | 10/15 | €4,810,162 | €4,894,243 | +€84,081 | +1.7% |
| Contributions | 10/11 | €4,264,364 | €4,264,364 | = | 0.0% |
| Capital | 10 | €4,264,364 | €4,264,364 | = | 0.0% |
| Issued capital | 100 | €4,264,364 | €4,264,364 | = | 0.0% |
| Reserves | 13 | €545,798 | €629,879 | +€84,081 | +15.4% |
| Non-distributable reserves | 130/1 | €25,671 | €29,876 | +€4,204 | +16.4% |
| Legal reserve | 130 | €25,671 | €29,876 | +€4,204 | +16.4% |
| Distributable reserves | 133 | €520,127 | €600,004 | +€79,877 | +15.4% |
| Amounts payable | 17/49 | €1,850,038 | €3,077,856 | +€1.2m | +66.4% |
| Amounts payable after more than one year | 17 | €1,750,000 | €2,950,000 | +€1.2m | +68.6% |
| Financial debts | 170/4 | €1,750,000 | €2,950,000 | +€1.2m | +68.6% |
| Amounts payable within one year | 42/48 | €19,402 | €33,996 | +€14,595 | +75.2% |
| Trade debts | 44 | €5,430 | €7,420 | +€1,990 | +36.7% |
| Suppliers | 440/4 | €5,430 | €7,420 | +€1,990 | +36.7% |
| Taxes, remuneration and social security | 45 | €4,682 | €21,395 | +€16,713 | +357% |
| Taxes | 450/3 | €4,682 | €21,395 | +€16,713 | +357% |
| Other amounts payable | 47/48 | €9,290 | €5,181 | -€4,109 | -44.2% |
| Accrued charges and deferred income | 492/3 | €80,636 | €93,860 | +€13,224 | +16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,254 | €13,244 | -€10 | -0.1% |
| Other operating charges | 640/8 | €62 | €62 | = | 0.0% |
| Gross operating margin | 9900 | €56,578 | €45,031 | -€11,547 | -20.4% |
| Operating profit (loss) | 9901 | €43,263 | €31,725 | -€11,537 | -26.7% |
| Financial income | 75/76B | €74,003 | €120,161 | +€46,159 | +62.4% |
| Recurring financial income | 75 | €74,003 | €120,161 | +€46,159 | +62.4% |
| Financial charges | 65/66B | €48,479 | €45,591 | -€2,888 | -6.0% |
| Recurring financial charges | 65 | €48,479 | €45,591 | -€2,888 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €68,786 | €106,295 | +€37,510 | +54.5% |
| Income taxes | 67/77 | €14,267 | €22,215 | +€7,948 | +55.7% |
| Profit (loss) for the period | 9904 | €54,519 | €84,081 | +€29,562 | +54.2% |
| Profit (loss) for the period to be appropriated | 9905 | €54,519 | €84,081 | +€29,562 | +54.2% |
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 26 October 2026 via checked.be.