FINSPICO: 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.
FINSPICO
Largest movements
- Financial fixed assets -€510,433
down €510,433 (-97.1%), from €525,945 to €15,512
- Cash +€469,978
up €469,978 (+767.6%), from €61,230 to €531,208
mainly Other debts (+€6.4m) and Investment in fixed assets (net) (+€535,872)
- Receivables within one year -€396,762
down €396,762 (-4.6%), from €8.5m to €8.2m
of which Other amounts receivable: -€407,148
- Other debts +€6.4m
up €6.4m (+1299.2%), from €491,215 to €6.9m
- Reserves -€6.1m
down €6.1m (-73.3%), from €8.4m to €2.2m
of which Distributable reserves: -€6.1m
- Provisions -€875,000
down €875,000 (-94.6%), from €925,000 to €50,000
- Trade debts +€156,196
up €156,196 (+79.1%), from €197,490 to €353,686
- Financial income -€4.9m
down €4.9m (-100.0%), from €4.9m to €0
- Financial charges -€2.9m
down €2.9m (-84.7%), from €3.4m to €520,971
of which Non-recurring financial charges: -€2.9m
- Provisions -€875,000
new in 2025: -€875,000
- Gross operating margin -€528,445
down €528,445 (-59.1%), from €894,260 to €365,815
- Taxes -€131,051
down €131,051 (-100.0%), from €131,051 to €0
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 | €10,824,098 | €10,287,912 | -€536,186 | -5.0% |
| Fixed assets | 21/28 | €849,616 | €289,148 | -€560,468 | -66.0% |
| Tangible fixed assets | 22/27 | €323,671 | €273,636 | -€50,035 | -15.5% |
| Other tangible fixed assets | 26 | €323,671 | €273,636 | -€50,035 | -15.5% |
| Financial fixed assets | 28 | €525,945 | €15,512 | -€510,433 | -97.1% |
| Current assets | 29/58 | €9,974,482 | €9,998,764 | +€24,282 | +0.2% |
| Stocks and contracts in progress | 3 | €1,363,970 | €1,315,036 | -€48,934 | -3.6% |
| Stocks | 30/36 | €1,363,970 | €1,315,036 | -€48,934 | -3.6% |
| Amounts receivable within one year | 40/41 | €8,549,281 | €8,152,519 | -€396,762 | -4.6% |
| Trade receivables | 40 | €20,227 | €30,613 | +€10,387 | +51.4% |
| Other amounts receivable | 41 | €8,529,055 | €8,121,906 | -€407,148 | -4.8% |
| Cash at bank and in hand | 54/58 | €61,230 | €531,208 | +€469,978 | +767.6% |
| Total equity and liabilities | 10/49 | €10,824,098 | €10,287,912 | -€536,186 | -5.0% |
| Equity | 10/15 | €9,023,589 | €2,904,834 | -€6.1m | -67.8% |
| Contributions | 10/11 | €671,108 | €671,108 | = | 0.0% |
| Capital | 10 | €671,108 | €671,108 | = | 0.0% |
| Issued capital | 100 | €671,108 | €671,108 | = | 0.0% |
| Reserves | 13 | €8,352,482 | €2,233,726 | -€6.1m | -73.3% |
| Non-distributable reserves | 130/1 | €67,111 | €67,111 | = | 0.0% |
| Legal reserve | 130 | €67,111 | €67,111 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,438,180 | €1,438,180 | = | 0.0% |
| Distributable reserves | 133 | €6,847,191 | €728,435 | -€6.1m | -89.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €925,000 | €50,000 | -€875,000 | -94.6% |
| Provisions for liabilities and charges | 160/5 | €925,000 | €50,000 | -€875,000 | -94.6% |
| Major repairs and maintenance | 162 | €925,000 | €50,000 | -€875,000 | -94.6% |
| Amounts payable | 17/49 | €875,508 | €7,333,078 | +€6.5m | +737.6% |
| Amounts payable after more than one year | 17 | €51,101 | €51,101 | = | 0.0% |
| Other amounts payable | 178/9 | €51,101 | €51,101 | = | 0.0% |
| Amounts payable within one year | 42/48 | €824,407 | €7,281,977 | +€6.5m | +783.3% |
| Trade debts | 44 | €197,490 | €353,686 | +€156,196 | +79.1% |
| Suppliers | 440/4 | €197,490 | €353,686 | +€156,196 | +79.1% |
| Taxes, remuneration and social security | 45 | €135,701 | €55,375 | -€80,326 | -59.2% |
| Taxes | 450/3 | €106,402 | €6,892 | -€99,510 | -93.5% |
| Remuneration and social security | 454/9 | €29,300 | €48,483 | +€19,183 | +65.5% |
| Other amounts payable | 47/48 | €491,215 | €6,872,915 | +€6.4m | +1299.2% |
| Non-recurring operating income | 76A | - | €905 | +€905 | |
| Remuneration, social security and pensions | 62 | €210,121 | €297,611 | +€87,490 | +41.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,953 | €24,596 | -€3,357 | -12.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€875,000 | -€875,000 | |
| Other operating charges | 640/8 | €85,355 | €131,442 | +€46,087 | +54.0% |
| Gross operating margin | 9900 | €894,260 | €365,815 | -€528,445 | -59.1% |
| Operating profit (loss) | 9901 | €570,832 | €787,166 | +€216,334 | +37.9% |
| Financial income | 75/76B | €4,860,187 | €0 | -€4.9m | -100.0% |
| Recurring financial income | 75 | €4,860,187 | €0 | -€4.9m | -100.0% |
| Financial charges | 65/66B | €3,412,961 | €520,971 | -€2.9m | -84.7% |
| Recurring financial charges | 65 | €479 | €10,538 | +€10,059 | +2098.9% |
| Non-recurring financial charges | 66B | €3,412,482 | €510,433 | -€2.9m | -85.0% |
| Profit (loss) for the period before taxes | 9903 | €2,018,058 | €266,194 | -€1.8m | -86.8% |
| Income taxes | 67/77 | €131,051 | €0 | -€131,051 | -100.0% |
| Profit (loss) for the period | 9904 | €1,887,007 | €266,194 | -€1.6m | -85.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,887,007 | €266,194 | -€1.6m | -85.9% |
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.