FINURSE: 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.
FINURSE
Largest movements
- Tangible fixed assets +€135,956
up €135,956 (+94.7%), from €143,627 to €279,582
- Receivables within one year +€96,090
up €96,090 (+202.2%), from €47,530 to €143,620
of which Other amounts receivable: +€102,617
- Intangible fixed assets -€48,302
down €48,302 (-30.0%), from €161,179 to €112,877
- Deferred charges and accrued income -€18,612
down €18,612 (-29.9%), from €62,340 to €43,728
- Other debts +€74,049
up €74,049 (+740.5%), from €10,000 to €84,049
- Debts after one year +€72,065
up €72,065 (+26.2%), from €275,080 to €347,144
- Tax, wage and social debts +€21,882
up €21,882 (+128.9%), from €16,982 to €38,864
- Reserves +€10,500
up €10,500 (+6.4%), from €164,000 to €174,500
- Current portion of long-term debt -€9,536
down €9,536 (-10.7%), from €89,174 to €79,638
- Gross operating margin +€143,685
up €143,685 (+124.4%), from €115,524 to €259,209
- Taxes +€41,836
up €41,836 (+496.4%), from €8,429 to €50,265
- Depreciation +€16,575
up €16,575 (+24.9%), from €66,604 to €83,179
- Financial income +€5,252
up €5,252 (+26262250.0%), from €0 to €5,252
- Financial charges +€5,009
up €5,009 (+54.0%), from €9,282 to €14,291
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 | €551,460 | €717,658 | +€166,198 | +30.1% |
| Fixed assets | 21/28 | €390,405 | €478,059 | +€87,653 | +22.5% |
| Intangible fixed assets | 21 | €161,179 | €112,877 | -€48,302 | -30.0% |
| Tangible fixed assets | 22/27 | €143,627 | €279,582 | +€135,956 | +94.7% |
| Land and buildings | 22 | €84,546 | €144,822 | +€60,276 | +71.3% |
| Plant, machinery and equipment | 23 | €54,217 | €106,968 | +€52,752 | +97.3% |
| Furniture and vehicles | 24 | €3,223 | €7,222 | +€3,999 | +124.1% |
| Other tangible fixed assets | 26 | €1,641 | €20,569 | +€18,928 | +1153.4% |
| Financial fixed assets | 28 | €85,600 | €85,600 | = | 0.0% |
| Current assets | 29/58 | €161,054 | €239,599 | +€78,544 | +48.8% |
| Amounts receivable within one year | 40/41 | €47,530 | €143,620 | +€96,090 | +202.2% |
| Trade receivables | 40 | €13,357 | €6,829 | -€6,527 | -48.9% |
| Other amounts receivable | 41 | €34,174 | €136,791 | +€102,617 | +300.3% |
| Cash at bank and in hand | 54/58 | €51,184 | €52,250 | +€1,066 | +2.1% |
| Deferred charges and accrued income | 490/1 | €62,340 | €43,728 | -€18,612 | -29.9% |
| Total equity and liabilities | 10/49 | €551,460 | €717,658 | +€166,198 | +30.1% |
| Equity | 10/15 | €149,245 | €160,235 | +€10,990 | +7.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €164,000 | €174,500 | +€10,500 | +6.4% |
| Distributable reserves | 133 | €164,000 | €174,500 | +€10,500 | +6.4% |
| Profit (loss) carried forward | 14 | -€20,955 | -€20,465 | +€490 | +2.3% |
| Amounts payable | 17/49 | €402,215 | €557,423 | +€155,207 | +38.6% |
| Amounts payable after more than one year | 17 | €275,080 | €347,144 | +€72,065 | +26.2% |
| Financial debts | 170/4 | €275,080 | €347,144 | +€72,065 | +26.2% |
| Amounts payable within one year | 42/48 | €127,136 | €206,660 | +€79,524 | +62.6% |
| Current portion of amounts payable after more than one year | 42 | €89,174 | €79,638 | -€9,536 | -10.7% |
| Trade debts | 44 | €10,980 | €4,109 | -€6,871 | -62.6% |
| Suppliers | 440/4 | €10,980 | €4,109 | -€6,871 | -62.6% |
| Taxes, remuneration and social security | 45 | €16,982 | €38,864 | +€21,882 | +128.9% |
| Taxes | 450/3 | €16,982 | €38,864 | +€21,882 | +128.9% |
| Other amounts payable | 47/48 | €10,000 | €84,049 | +€74,049 | +740.5% |
| Accrued charges and deferred income | 492/3 | - | €3,618 | +€3,618 | |
| Non-recurring operating income | 76A | €1,564 | €6,379 | +€4,815 | +307.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,604 | €83,179 | +€16,575 | +24.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,204 | €1,609 | -€1,595 | -49.8% |
| Other operating charges | 640/8 | €5,071 | €3,951 | -€1,120 | -22.1% |
| Non-recurring operating charges | 66A | €2,002 | €12,677 | +€10,674 | +533.1% |
| Gross operating margin | 9900 | €115,524 | €259,209 | +€143,685 | +124.4% |
| Operating profit (loss) | 9901 | €38,643 | €157,794 | +€119,151 | +308.3% |
| Financial income | 75/76B | €0 | €5,252 | +€5,252 | +26262250.0% |
| Recurring financial income | 75 | €0 | €5,252 | +€5,252 | +26262250.0% |
| Financial charges | 65/66B | €9,282 | €14,291 | +€5,009 | +54.0% |
| Recurring financial charges | 65 | €9,282 | €14,291 | +€5,009 | +54.0% |
| Profit (loss) for the period before taxes | 9903 | €29,361 | €148,755 | +€119,394 | +406.6% |
| Income taxes | 67/77 | €8,429 | €50,265 | +€41,836 | +496.4% |
| Profit (loss) for the period | 9904 | €20,932 | €98,490 | +€77,558 | +370.5% |
| Profit (loss) for the period to be appropriated | 9905 | €20,932 | €98,490 | +€77,558 | +370.5% |
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 9 October 2026 via checked.be.