FINSEL: 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.
FINSEL
Largest movements
- Cash +€75,261
up €75,261 (+16.0%), from €471,225 to €546,486
mainly Net result for the year (+€63,908) and Other debts (+€57,389)
- Receivables within one year -€26,673
down €26,673 (-37.9%), from €70,374 to €43,701
of which Other amounts receivable: -€14,388
- Tangible fixed assets -€14,617
down €14,617 (-26.4%), from €55,355 to €40,739
of which Furniture and vehicles: -€14,367
- Other debts +€57,389
up €57,389 (+367.4%), from €15,618 to €73,007
- Tax, wage and social debts -€10,111
down €10,111 (-76.1%), from €13,282 to €3,172
- Reserves -€9,099
down €9,099 (-1.6%), from €562,375 to €553,276
- Depreciation +€10,524
up €10,524 (+228.1%), from €4,613 to €15,137
- Gross operating margin -€5,347
down €5,347 (-4.8%), from €111,483 to €106,136
- Taxes -€3,616
down €3,616 (-12.0%), from €30,186 to €26,570
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 | €601,015 | €636,047 | +€35,032 | +5.8% |
| Fixed assets | 21/28 | €55,355 | €40,739 | -€14,617 | -26.4% |
| Tangible fixed assets | 22/27 | €55,355 | €40,739 | -€14,617 | -26.4% |
| Plant, machinery and equipment | 23 | €617 | €368 | -€249 | -40.4% |
| Furniture and vehicles | 24 | €54,738 | €40,371 | -€14,367 | -26.2% |
| Current assets | 29/58 | €545,660 | €595,308 | +€49,648 | +9.1% |
| Amounts receivable within one year | 40/41 | €70,374 | €43,701 | -€26,673 | -37.9% |
| Trade receivables | 40 | €49,860 | €37,575 | -€12,285 | -24.6% |
| Other amounts receivable | 41 | €20,514 | €6,126 | -€14,388 | -70.1% |
| Cash at bank and in hand | 54/58 | €471,225 | €546,486 | +€75,261 | +16.0% |
| Deferred charges and accrued income | 490/1 | €4,061 | €5,122 | +€1,061 | +26.1% |
| Total equity and liabilities | 10/49 | €601,015 | €636,047 | +€35,032 | +5.8% |
| Equity | 10/15 | €568,575 | €559,476 | -€9,099 | -1.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €562,375 | €553,276 | -€9,099 | -1.6% |
| Distributable reserves | 133 | €562,375 | €553,276 | -€9,099 | -1.6% |
| Amounts payable | 17/49 | €32,441 | €76,571 | +€44,130 | +136.0% |
| Amounts payable within one year | 42/48 | €32,441 | €76,571 | +€44,130 | +136.0% |
| Trade debts | 44 | €3,540 | €392 | -€3,148 | -88.9% |
| Suppliers | 440/4 | €3,540 | €392 | -€3,148 | -88.9% |
| Taxes, remuneration and social security | 45 | €13,282 | €3,172 | -€10,111 | -76.1% |
| Taxes | 450/3 | €13,282 | €3,172 | -€10,111 | -76.1% |
| Other amounts payable | 47/48 | €15,618 | €73,007 | +€57,389 | +367.4% |
| Non-recurring operating income | 76A | €2,860 | - | -€2,860 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,613 | €15,137 | +€10,524 | +228.1% |
| Other operating charges | 640/8 | €1,418 | €738 | -€679 | -47.9% |
| Gross operating margin | 9900 | €111,483 | €106,136 | -€5,347 | -4.8% |
| Operating profit (loss) | 9901 | €105,452 | €90,261 | -€15,191 | -14.4% |
| Financial income | 75/76B | €353 | €314 | -€39 | -11.2% |
| Recurring financial income | 75 | €353 | €314 | -€39 | -11.2% |
| Financial charges | 65/66B | €103 | €97 | -€6 | -5.9% |
| Recurring financial charges | 65 | €103 | €97 | -€6 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €105,702 | €90,478 | -€15,225 | -14.4% |
| Income taxes | 67/77 | €30,186 | €26,570 | -€3,616 | -12.0% |
| Profit (loss) for the period | 9904 | €75,516 | €63,908 | -€11,608 | -15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €75,516 | €63,908 | -€11,608 | -15.4% |
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 7 October 2026 via checked.be.