Finvarco: 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.
Finvarco
Largest movements
- Receivables within one year -€195,790
down €195,790 (-81.2%), from €241,049 to €45,258
of which Trade receivables: -€122,690
- Cash +€124,608
up €124,608 (+104.5%), from €119,226 to €243,834
mainly Receivables within one year (+€195,790) and Net result for the year (+€49,970)
- Stocks and contracts -€49,140
down €49,140 (-26.8%), from €183,361 to €134,221
- Tangible fixed assets -€9,535
down €9,535 (-23.9%), from €39,933 to €30,398
- Trade debts -€181,958
down €181,958 (-60.9%), from €298,569 to €116,610
- Profit (loss) carried forward +€49,970
up €49,970 (+67.3%), from -€74,290 to -€24,320
- Other debts +€7,800
up €7,800 (+7.8%), from €100,000 to €107,800
- Accrued charges and deferred income -€5,901
down €5,901 (-100.0%), from €5,901 to €0
- Gross operating margin +€5,670
up €5,670 (+10.2%), from €55,530 to €61,200
- Depreciation +€1,793
up €1,793 (+23.2%), from €7,742 to €9,535
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 | €588,596 | €459,041 | -€129,556 | -22.0% |
| Fixed assets | 21/28 | €39,933 | €30,398 | -€9,535 | -23.9% |
| Tangible fixed assets | 22/27 | €39,933 | €30,398 | -€9,535 | -23.9% |
| Plant, machinery and equipment | 23 | €39,933 | €30,398 | -€9,535 | -23.9% |
| Current assets | 29/58 | €548,664 | €428,643 | -€120,021 | -21.9% |
| Stocks and contracts in progress | 3 | €183,361 | €134,221 | -€49,140 | -26.8% |
| Stocks | 30/36 | €183,361 | €134,221 | -€49,140 | -26.8% |
| Amounts receivable within one year | 40/41 | €241,049 | €45,258 | -€195,790 | -81.2% |
| Trade receivables | 40 | €167,948 | €45,258 | -€122,690 | -73.1% |
| Other amounts receivable | 41 | €73,100 | €0 | -€73,100 | -100.0% |
| Cash at bank and in hand | 54/58 | €119,226 | €243,834 | +€124,608 | +104.5% |
| Deferred charges and accrued income | 490/1 | €5,029 | €5,330 | +€301 | +6.0% |
| Total equity and liabilities | 10/49 | €588,596 | €459,041 | -€129,556 | -22.0% |
| Equity | 10/15 | €181,585 | €231,555 | +€49,970 | +27.5% |
| Contributions | 10/11 | €255,110 | €255,110 | = | 0.0% |
| Reserves | 13 | €765 | €765 | = | 0.0% |
| Non-distributable reserves | 130/1 | €765 | €765 | = | 0.0% |
| Reserves not available under the articles | 1311 | €765 | €765 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€74,290 | -€24,320 | +€49,970 | +67.3% |
| Amounts payable | 17/49 | €407,011 | €227,486 | -€179,526 | -44.1% |
| Amounts payable within one year | 42/48 | €401,111 | €227,486 | -€173,625 | -43.3% |
| Trade debts | 44 | €298,569 | €116,610 | -€181,958 | -60.9% |
| Suppliers | 440/4 | €298,569 | €116,610 | -€181,958 | -60.9% |
| Taxes, remuneration and social security | 45 | €2,542 | €3,076 | +€534 | +21.0% |
| Taxes | 450/3 | - | €516 | +€516 | |
| Remuneration and social security | 454/9 | €2,542 | €2,560 | +€18 | +0.7% |
| Other amounts payable | 47/48 | €100,000 | €107,800 | +€7,800 | +7.8% |
| Accrued charges and deferred income | 492/3 | €5,901 | €0 | -€5,901 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,742 | €9,535 | +€1,793 | +23.2% |
| Other operating charges | 640/8 | €1,684 | €1,276 | -€408 | -24.2% |
| Gross operating margin | 9900 | €55,530 | €61,200 | +€5,670 | +10.2% |
| Operating profit (loss) | 9901 | €46,104 | €50,389 | +€4,285 | +9.3% |
| Financial income | 75/76B | €33 | €120 | +€87 | +264.9% |
| Recurring financial income | 75 | €33 | €120 | +€87 | +264.9% |
| Financial charges | 65/66B | €517 | €539 | +€22 | +4.3% |
| Recurring financial charges | 65 | €517 | €539 | +€22 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | €45,620 | €49,970 | +€4,350 | +9.5% |
| Profit (loss) for the period | 9904 | €45,620 | €49,970 | +€4,350 | +9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,620 | €49,970 | +€4,350 | +9.5% |
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 12 October 2026 via checked.be.