FINVIGILO: 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.
FINVIGILO
Largest movements
- Receivables within one year -€48,303
down €48,303 (-33.5%), from €144,158 to €95,855
of which Other amounts receivable: -€54,196
- Cash +€24,951
up €24,951 (+22.5%), from €110,979 to €135,930
mainly Receivables within one year (+€48,303) and Net result for the year (+€28,982)
- Deferred charges and accrued income -€4,087
down €4,087 (-43.3%), from €9,436 to €5,349
- Provisions -€51,042
no longer reported in 2025 (was €51,042)
- Reserves +€28,982
up €28,982 (+14.1%), from €205,380 to €234,362
- Provisions -€61,301
down €61,301, from €10,259 to -€51,042
- Gross operating margin -€32,182
down €32,182 (-44.1%), from €72,909 to €40,727
- Financial charges +€19,744
up €19,744 (+51.8%), from €38,138 to €57,882
- Financial income -€3,336
down €3,336 (-42.4%), from €7,868 to €4,532
- Taxes -€2,212
down €2,212 (-30.6%), from €7,234 to €5,022
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 | €275,385 | €249,914 | -€25,471 | -9.2% |
| Fixed assets | 21/28 | €10,813 | €12,780 | +€1,967 | +18.2% |
| Tangible fixed assets | 22/27 | €10,813 | €12,780 | +€1,967 | +18.2% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €4,586 | €3,085 | -€1,501 | -32.7% |
| Other tangible fixed assets | 26 | €6,227 | €9,695 | +€3,468 | +55.7% |
| Current assets | 29/58 | €264,573 | €237,134 | -€27,439 | -10.4% |
| Amounts receivable within one year | 40/41 | €144,158 | €95,855 | -€48,303 | -33.5% |
| Trade receivables | 40 | €16,166 | €22,059 | +€5,894 | +36.5% |
| Other amounts receivable | 41 | €127,992 | €73,796 | -€54,196 | -42.3% |
| Cash at bank and in hand | 54/58 | €110,979 | €135,930 | +€24,951 | +22.5% |
| Deferred charges and accrued income | 490/1 | €9,436 | €5,349 | -€4,087 | -43.3% |
| Total equity and liabilities | 10/49 | €275,385 | €249,914 | -€25,471 | -9.2% |
| Equity | 10/15 | €205,980 | €234,962 | +€28,982 | +14.1% |
| Contributions | 10/11 | €600 | €600 | = | 0.0% |
| Reserves | 13 | €205,380 | €234,362 | +€28,982 | +14.1% |
| Distributable reserves | 133 | €205,380 | €234,362 | +€28,982 | +14.1% |
| Provisions and deferred taxes | 16 | €51,042 | - | -€51,042 | |
| Provisions for liabilities and charges | 160/5 | €51,042 | - | -€51,042 | |
| Other liabilities and charges | 164/5 | €51,042 | - | -€51,042 | |
| Amounts payable | 17/49 | €18,363 | €14,952 | -€3,411 | -18.6% |
| Amounts payable within one year | 42/48 | €16,132 | €13,727 | -€2,405 | -14.9% |
| Trade debts | 44 | €1,484 | €434 | -€1,051 | -70.8% |
| Suppliers | 440/4 | €1,484 | €434 | -€1,051 | -70.8% |
| Taxes, remuneration and social security | 45 | €14,648 | €13,293 | -€1,355 | -9.2% |
| Taxes | 450/3 | €14,648 | €13,293 | -€1,355 | -9.2% |
| Accrued charges and deferred income | 492/3 | €2,231 | €1,226 | -€1,006 | -45.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,422 | €3,953 | +€531 | +15.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €10,259 | -€51,042 | -€61,301 | |
| Other operating charges | 640/8 | €714 | €462 | -€252 | -35.3% |
| Gross operating margin | 9900 | €72,909 | €40,727 | -€32,182 | -44.1% |
| Operating profit (loss) | 9901 | €58,514 | €87,354 | +€28,840 | +49.3% |
| Financial income | 75/76B | €7,868 | €4,532 | -€3,336 | -42.4% |
| Recurring financial income | 75 | €7,868 | €4,532 | -€3,336 | -42.4% |
| Financial charges | 65/66B | €38,138 | €57,882 | +€19,744 | +51.8% |
| Recurring financial charges | 65 | €38,138 | €57,882 | +€19,744 | +51.8% |
| Profit (loss) for the period before taxes | 9903 | €28,244 | €34,004 | +€5,760 | +20.4% |
| Income taxes | 67/77 | €7,234 | €5,022 | -€2,212 | -30.6% |
| Profit (loss) for the period | 9904 | €21,010 | €28,982 | +€7,972 | +37.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,010 | €28,982 | +€7,972 | +37.9% |
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 17 October 2026 via checked.be.