FINTEL: 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.
FINTEL
Largest movements
- Financial fixed assets -€100,000
down €100,000 (-15.0%), from €668,500 to €568,500
- Receivables within one year +€70,235
up €70,235 (+196.7%), from €35,701 to €105,936
of which Trade receivables: +€47,386
- Cash -€65,795
down €65,795 (-33.3%), from €197,733 to €131,938
mainly Accrued charges and deferred income (-€137,147) and Receivables within one year (-€70,235)
- Tangible fixed assets -€43,948
down €43,948 (-7.4%), from €592,285 to €548,336
of which Assets under construction and advance payments: -€41,044
- Accrued charges and deferred income -€137,147
down €137,147 (-88.3%), from €155,240 to €18,092
- Other debts +€75,812
up €75,812 (+458.0%), from €16,555 to €92,367
- Debts after one year -€65,546
down €65,546 (-28.1%), from €233,034 to €167,488
- Tax, wage and social debts -€63,208
down €63,208 (-64.6%), from €97,871 to €34,663
of which Taxes: -€76,610
- Trade debts +€35,374
up €35,374 (+78.8%), from €44,875 to €80,248
- Financial charges +€103,936
up €103,936 (+621.0%), from €16,737 to €120,673
of which Non-recurring financial charges: +€100,000
- Gross operating margin -€88,084
down €88,084 (-42.7%), from €206,364 to €118,280
- Financial income +€85,582
up €85,582 (+591.3%), from €14,474 to €100,057
- Taxes -€28,749
down €28,749 (-63.9%), from €45,000 to €16,251
- Staff costs +€15,334
up €15,334 (+543.9%), from €2,820 to €18,154
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 | €1,506,009 | €1,361,753 | -€144,256 | -9.6% |
| Fixed assets | 21/28 | €1,260,785 | €1,116,836 | -€143,948 | -11.4% |
| Tangible fixed assets | 22/27 | €592,285 | €548,336 | -€43,948 | -7.4% |
| Land and buildings | 22 | €159,043 | €159,043 | = | 0.0% |
| Plant, machinery and equipment | 23 | €17,281 | €14,376 | -€2,905 | -16.8% |
| Assets under construction and advance payments | 27 | €415,961 | €374,917 | -€41,044 | -9.9% |
| Financial fixed assets | 28 | €668,500 | €568,500 | -€100,000 | -15.0% |
| Current assets | 29/58 | €245,224 | €244,916 | -€308 | -0.1% |
| Amounts receivable within one year | 40/41 | €35,701 | €105,936 | +€70,235 | +196.7% |
| Trade receivables | 40 | €32,500 | €79,886 | +€47,386 | +145.8% |
| Other amounts receivable | 41 | €3,201 | €26,050 | +€22,848 | +713.7% |
| Current investments | 50/53 | €2,043 | €2,043 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €197,733 | €131,938 | -€65,795 | -33.3% |
| Deferred charges and accrued income | 490/1 | €9,747 | €5,000 | -€4,747 | -48.7% |
| Total equity and liabilities | 10/49 | €1,506,009 | €1,361,753 | -€144,256 | -9.6% |
| Equity | 10/15 | €667,439 | €677,817 | +€10,378 | +1.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €647,127 | €658,884 | +€11,756 | +1.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €165,267 | €159,024 | -€6,244 | -3.8% |
| Distributable reserves | 133 | €480,000 | €498,000 | +€18,000 | +3.8% |
| Profit (loss) carried forward | 14 | €1,712 | €333 | -€1,378 | -80.5% |
| Provisions and deferred taxes | 16 | €225,089 | €223,008 | -€2,081 | -0.9% |
| Provisions for liabilities and charges | 160/5 | €170,000 | €170,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €170,000 | €170,000 | = | 0.0% |
| Deferred taxes | 168 | €55,089 | €53,008 | -€2,081 | -3.8% |
| Amounts payable | 17/49 | €613,480 | €460,928 | -€152,553 | -24.9% |
| Amounts payable after more than one year | 17 | €233,034 | €167,488 | -€65,546 | -28.1% |
| Financial debts | 170/4 | €233,034 | €167,488 | -€65,546 | -28.1% |
| Amounts payable within one year | 42/48 | €225,207 | €275,348 | +€50,141 | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €65,907 | €68,070 | +€2,163 | +3.3% |
| Trade debts | 44 | €44,875 | €80,248 | +€35,374 | +78.8% |
| Suppliers | 440/4 | €44,875 | €80,248 | +€35,374 | +78.8% |
| Taxes, remuneration and social security | 45 | €97,871 | €34,663 | -€63,208 | -64.6% |
| Taxes | 450/3 | €95,806 | €19,197 | -€76,610 | -80.0% |
| Remuneration and social security | 454/9 | €2,065 | €15,466 | +€13,402 | +649.1% |
| Other amounts payable | 47/48 | €16,555 | €92,367 | +€75,812 | +458.0% |
| Accrued charges and deferred income | 492/3 | €155,240 | €18,092 | -€137,147 | -88.3% |
| Remuneration, social security and pensions | 62 | €2,820 | €18,154 | +€15,334 | +543.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,875 | €45,486 | +€1,611 | +3.7% |
| Other operating charges | 640/8 | €4,314 | €9,476 | +€5,162 | +119.7% |
| Gross operating margin | 9900 | €206,364 | €118,280 | -€88,084 | -42.7% |
| Operating profit (loss) | 9901 | €155,355 | €45,163 | -€110,192 | -70.9% |
| Financial income | 75/76B | €14,474 | €100,057 | +€85,582 | +591.3% |
| Recurring financial income | 75 | €14,474 | €100,057 | +€85,582 | +591.3% |
| Financial charges | 65/66B | €16,737 | €120,673 | +€103,936 | +621.0% |
| Recurring financial charges | 65 | €16,737 | €20,673 | +€3,936 | +23.5% |
| Non-recurring financial charges | 66B | - | €100,000 | +€100,000 | |
| Profit (loss) for the period before taxes | 9903 | €153,093 | €24,547 | -€128,546 | -84.0% |
| Transfer from deferred taxes | 780 | €2,081 | €2,081 | = | 0.0% |
| Income taxes | 67/77 | €45,000 | €16,251 | -€28,749 | -63.9% |
| Profit (loss) for the period | 9904 | €110,174 | €10,378 | -€99,796 | -90.6% |
| Transfer from tax-exempt reserves | 789 | €6,244 | €6,244 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €116,418 | €16,622 | -€99,796 | -85.7% |
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.