FINVESTMENT: 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.
FINVESTMENT
Largest movements
- Tangible fixed assets -€75,051
down €75,051 (-3.7%), from €2.0m to €2.0m
of which Land and buildings: -€75,051
- Debts after one year -€50,295
down €50,295 (-12.5%), from €402,256 to €351,961
- Taxes -€5,284
no longer reported in 2025 (was €5,284)
- Depreciation -€4,711
down €4,711 (-5.9%), from €79,762 to €75,051
- Financial income -€2,483
no longer reported in 2025 (was €2,483)
- Gross operating margin -€2,115
down €2,115 (-1.8%), from €120,627 to €118,512
- Other operating charges +€1,432
up €1,432 (+10.0%), from €14,360 to €15,792
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 | €2,073,496 | €2,014,259 | -€59,237 | -2.9% |
| Fixed assets | 21/28 | €2,037,062 | €1,962,011 | -€75,051 | -3.7% |
| Tangible fixed assets | 22/27 | €2,037,062 | €1,962,011 | -€75,051 | -3.7% |
| Land and buildings | 22 | €2,013,195 | €1,938,144 | -€75,051 | -3.7% |
| Other tangible fixed assets | 26 | €23,867 | €23,867 | = | 0.0% |
| Current assets | 29/58 | €36,434 | €52,248 | +€15,814 | +43.4% |
| Amounts receivable within one year | 40/41 | €7,030 | €3,789 | -€3,241 | -46.1% |
| Trade receivables | 40 | €6,569 | €3,789 | -€2,780 | -42.3% |
| Other amounts receivable | 41 | €461 | - | -€461 | |
| Current investments | 50/53 | €19 | €19 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €25,627 | €44,445 | +€18,818 | +73.4% |
| Deferred charges and accrued income | 490/1 | €3,758 | €3,995 | +€237 | +6.3% |
| Total equity and liabilities | 10/49 | €2,073,496 | €2,014,259 | -€59,237 | -2.9% |
| Equity | 10/15 | €1,612,605 | €1,602,524 | -€10,081 | -0.6% |
| Contributions | 10/11 | €269,497 | €269,497 | = | 0.0% |
| Reserves | 13 | €1,327,288 | €1,333,027 | +€5,739 | +0.4% |
| Tax-exempt reserves | 132 | €28,853 | €28,853 | = | 0.0% |
| Distributable reserves | 133 | €1,298,435 | €1,304,174 | +€5,739 | +0.4% |
| Profit (loss) carried forward | 14 | €15,820 | - | -€15,820 | |
| Amounts payable | 17/49 | €460,891 | €411,735 | -€49,156 | -10.7% |
| Amounts payable after more than one year | 17 | €402,256 | €351,961 | -€50,295 | -12.5% |
| Financial debts | 170/4 | €402,256 | €351,961 | -€50,295 | -12.5% |
| Amounts payable within one year | 42/48 | €54,332 | €56,415 | +€2,083 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €53,586 | €54,450 | +€864 | +1.6% |
| Financial debts | 43 | €628 | €560 | -€68 | -10.8% |
| Credit institutions | 430/8 | €628 | €560 | -€68 | -10.8% |
| Trade debts | 44 | €118 | €1,405 | +€1,287 | +1,091% |
| Suppliers | 440/4 | €118 | €1,405 | +€1,287 | +1,091% |
| Accrued charges and deferred income | 492/3 | €4,303 | €3,359 | -€944 | -21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,762 | €75,051 | -€4,711 | -5.9% |
| Other operating charges | 640/8 | €14,360 | €15,792 | +€1,432 | +10.0% |
| Non-recurring operating charges | 66A | - | €30,555 | +€30,555 | |
| Gross operating margin | 9900 | €120,627 | €118,512 | -€2,115 | -1.8% |
| Operating profit (loss) | 9901 | €26,505 | -€2,886 | -€29,391 | |
| Financial income | 75/76B | €2,483 | - | -€2,483 | |
| Recurring financial income | 75 | €2,483 | - | -€2,483 | |
| Financial charges | 65/66B | €7,884 | €7,195 | -€689 | -8.7% |
| Recurring financial charges | 65 | €7,884 | €7,195 | -€689 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €21,104 | -€10,081 | -€31,185 | |
| Income taxes | 67/77 | €5,284 | - | -€5,284 | |
| Profit (loss) for the period | 9904 | €15,820 | -€10,081 | -€25,901 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,820 | -€10,081 | -€25,901 |
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 14 October 2026 via checked.be.