FINVAG: 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.
FINVAG
Largest movements
- Current investments -€3.7m
down €3.7m (-52.3%), from €7.1m to €3.4m
- Receivables within one year +€853,226
up €853,226 (+454%), from €187,878 to €1.0m
of which Other amounts receivable: +€843,656
- Receivables after one year +€620,638
up €620,638 (+26.9%), from €2.3m to €2.9m
- Debts after one year -€1.8m
down €1.8m (-86.2%), from €2.1m to €291,668
- Other debts -€528,972
down €528,972 (-78.0%), from €678,113 to €149,141
- Reserves +€242,724
up €242,724 (+4.2%), from €5.8m to €6.1m
of which Distributable reserves: +€242,724
- Financial income -€7.7m
down €7.7m (-94.2%), from €8.1m to €472,970
- Financial charges -€1.4m
down €1.4m (-93.2%), from €1.5m to €102,426
of which Non-recurring financial charges: -€1.3m
- Taxes -€573,918
down €573,918 (-93.0%), from €617,087 to €43,169
- Gross operating margin -€148,950
down €148,950, from €120,607 to -€28,343
- Other operating charges -€2,007
down €2,007 (-42.4%), from €4,734 to €2,727
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 | €10,839,538 | €8,681,062 | -€2.2m | -19.9% |
| Fixed assets | 21/28 | €1,189,204 | €1,222,873 | +€33,669 | +2.8% |
| Tangible fixed assets | 22/27 | €311,624 | €303,044 | -€8,581 | -2.8% |
| Land and buildings | 22 | €311,624 | €303,044 | -€8,581 | -2.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €877,579 | €919,829 | +€42,250 | +4.8% |
| Current assets | 29/58 | €9,650,335 | €7,458,189 | -€2.2m | -22.7% |
| Amounts receivable after more than one year | 29 | €2,302,940 | €2,923,577 | +€620,638 | +26.9% |
| Other amounts receivable | 291 | €2,302,940 | €2,923,577 | +€620,638 | +26.9% |
| Amounts receivable within one year | 40/41 | €187,878 | €1,041,104 | +€853,226 | +454% |
| Trade receivables | 40 | €16,000 | €25,570 | +€9,570 | +59.8% |
| Other amounts receivable | 41 | €171,878 | €1,015,534 | +€843,656 | +491% |
| Current investments | 50/53 | €7,084,440 | €3,382,363 | -€3.7m | -52.3% |
| Cash at bank and in hand | 54/58 | €43,342 | €111,144 | +€67,802 | +156% |
| Deferred charges and accrued income | 490/1 | €31,734 | €0 | -€31,734 | -100% |
| Total equity and liabilities | 10/49 | €10,839,538 | €8,681,062 | -€2.2m | -19.9% |
| Equity | 10/15 | €7,366,138 | €7,608,862 | +€242,724 | +3.3% |
| Contributions | 10/11 | €1,552,670 | €1,552,670 | = | 0.0% |
| Reserves | 13 | €5,813,468 | €6,056,192 | +€242,724 | +4.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €444 | €444 | = | 0.0% |
| Distributable reserves | 133 | €5,813,024 | €6,055,748 | +€242,724 | +4.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,473,400 | €1,072,200 | -€2.4m | -69.1% |
| Amounts payable after more than one year | 17 | €2,118,250 | €291,668 | -€1.8m | -86.2% |
| Financial debts | 170/4 | €2,118,250 | €291,668 | -€1.8m | -86.2% |
| Amounts payable within one year | 42/48 | €1,346,409 | €768,438 | -€577,970 | -42.9% |
| Current portion of amounts payable after more than one year | 42 | €15,883 | €14,878 | -€1,005 | -6.3% |
| Trade debts | 44 | €57,128 | €236 | -€56,892 | -99.6% |
| Suppliers | 440/4 | €57,128 | €236 | -€56,892 | -99.6% |
| Taxes, remuneration and social security | 45 | €595,284 | €604,183 | +€8,900 | +1.5% |
| Taxes | 450/3 | €595,284 | €604,183 | +€8,900 | +1.5% |
| Other amounts payable | 47/48 | €678,113 | €149,141 | -€528,972 | -78.0% |
| Accrued charges and deferred income | 492/3 | €8,742 | €12,094 | +€3,351 | +38.3% |
| Non-recurring operating income | 76A | €27,846 | €0 | -€27,846 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,581 | €8,581 | = | 0.0% |
| Other operating charges | 640/8 | €4,734 | €2,727 | -€2,007 | -42.4% |
| Non-recurring operating charges | 66A | €302 | €0 | -€302 | -100% |
| Gross operating margin | 9900 | €120,607 | -€28,343 | -€148,950 | |
| Operating profit (loss) | 9901 | €106,990 | -€39,651 | -€146,641 | |
| Financial income | 75/76B | €8,129,512 | €472,970 | -€7.7m | -94.2% |
| Recurring financial income | 75 | €8,129,512 | €472,970 | -€7.7m | -94.2% |
| Financial charges | 65/66B | €1,517,300 | €102,426 | -€1.4m | -93.2% |
| Recurring financial charges | 65 | €180,926 | €102,426 | -€78,499 | -43.4% |
| Non-recurring financial charges | 66B | €1,336,374 | €0 | -€1.3m | -100% |
| Profit (loss) for the period before taxes | 9903 | €6,719,203 | €330,893 | -€6.4m | -95.1% |
| Income taxes | 67/77 | €617,087 | €43,169 | -€573,918 | -93.0% |
| Profit (loss) for the period | 9904 | €6,102,117 | €287,724 | -€5.8m | -95.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,102,117 | €287,724 | -€5.8m | -95.3% |
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 15 October 2026 via checked.be.