FIVAL: 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.
FIVAL
Largest movements
- Current investments -€423,044
down €423,044 (-68.9%), from €614,281 to €191,237
- Cash +€338,074
up €338,074 (+165.8%), from €203,856 to €541,930
mainly Current investments (+€423,044) and Depreciation (+€50,848)
- Tangible fixed assets -€50,848
down €50,848 (-7.0%), from €723,542 to €672,694
of which Land and buildings: -€44,532
- Receivables within one year +€16,502
new in 2025: €16,502
- Other debts -€154,354
down €154,354 (-27.6%), from €558,664 to €404,310
- Profit (loss) carried forward +€29,527
up €29,527 (+3.4%), from €859,941 to €889,468
- Financial income -€82,452
down €82,452 (-34.9%), from €236,248 to €153,796
- Financial charges -€45,393
down €45,393 (-30.9%), from €147,068 to €101,675
- Gross operating margin -€3,535
down €3,535 (-6.9%), from €51,476 to €47,941
- Taxes -€1,463
down €1,463 (-44.0%), from €3,328 to €1,865
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 | €1,542,699 | €1,423,390 | -€119,309 | -7.7% |
| Fixed assets | 21/28 | €723,604 | €672,756 | -€50,848 | -7.0% |
| Tangible fixed assets | 22/27 | €723,542 | €672,694 | -€50,848 | -7.0% |
| Land and buildings | 22 | €610,971 | €566,438 | -€44,532 | -7.3% |
| Plant, machinery and equipment | 23 | €46,565 | €40,249 | -€6,316 | -13.6% |
| Other tangible fixed assets | 26 | €66,007 | €66,007 | = | 0.0% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €819,094 | €750,634 | -€68,461 | -8.4% |
| Amounts receivable within one year | 40/41 | - | €16,502 | +€16,502 | |
| Other amounts receivable | 41 | - | €16,502 | +€16,502 | |
| Current investments | 50/53 | €614,281 | €191,237 | -€423,044 | -68.9% |
| Cash at bank and in hand | 54/58 | €203,856 | €541,930 | +€338,074 | +165.8% |
| Deferred charges and accrued income | 490/1 | €958 | €964 | +€6 | +0.7% |
| Total equity and liabilities | 10/49 | €1,542,699 | €1,423,390 | -€119,309 | -7.7% |
| Equity | 10/15 | €972,713 | €1,002,240 | +€29,527 | +3.0% |
| Contributions | 10/11 | €96,867 | €96,867 | = | 0.0% |
| Reserves | 13 | €15,904 | €15,904 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,608 | €10,608 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,608 | €10,608 | = | 0.0% |
| Distributable reserves | 133 | €5,296 | €5,296 | = | 0.0% |
| Profit (loss) carried forward | 14 | €859,941 | €889,468 | +€29,527 | +3.4% |
| Amounts payable | 17/49 | €569,986 | €421,150 | -€148,836 | -26.1% |
| Amounts payable within one year | 42/48 | €561,359 | €415,835 | -€145,524 | -25.9% |
| Trade debts | 44 | €2,583 | €9,918 | +€7,335 | +284.0% |
| Suppliers | 440/4 | €2,583 | €9,918 | +€7,335 | +284.0% |
| Taxes, remuneration and social security | 45 | €112 | €1,607 | +€1,495 | +1330.9% |
| Taxes | 450/3 | €28 | €28 | = | 0.0% |
| Remuneration and social security | 454/9 | €84 | €1,579 | +€1,495 | +1780.4% |
| Other amounts payable | 47/48 | €558,664 | €404,310 | -€154,354 | -27.6% |
| Accrued charges and deferred income | 492/3 | €8,627 | €5,314 | -€3,312 | -38.4% |
| Remuneration, social security and pensions | 62 | €5,612 | €5,522 | -€90 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,619 | €50,848 | +€229 | +0.5% |
| Other operating charges | 640/8 | €12,785 | €12,299 | -€487 | -3.8% |
| Gross operating margin | 9900 | €51,476 | €47,941 | -€3,535 | -6.9% |
| Operating profit (loss) | 9901 | -€17,541 | -€20,728 | -€3,188 | -18.2% |
| Financial income | 75/76B | €236,248 | €153,796 | -€82,452 | -34.9% |
| Recurring financial income | 75 | €236,248 | €153,796 | -€82,452 | -34.9% |
| Financial charges | 65/66B | €147,068 | €101,675 | -€45,393 | -30.9% |
| Recurring financial charges | 65 | €147,068 | €101,675 | -€45,393 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €71,639 | €31,393 | -€40,247 | -56.2% |
| Income taxes | 67/77 | €3,328 | €1,865 | -€1,463 | -44.0% |
| Profit (loss) for the period | 9904 | €68,311 | €29,527 | -€38,784 | -56.8% |
| Profit (loss) for the period to be appropriated | 9905 | €68,311 | €29,527 | -€38,784 | -56.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.