GENFINA: 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.
What changed
GENFINA
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€28.2m
2024 · €45.6m-€17.4m
Equity
€628.8m
2024 · €600.6m+€28.2m
Cash
€1,093
2024 · €1,237-€143
Balance sheet total
€630.1m
2024 · €619.6m+€10.5m
Largest movements
Assets
- Receivables within one year +€268.5m
up €268.5m (+75.8%), from €354.0m to €622.5m
- Financial fixed assets -€259.0m
down €259.0m (-98.1%), from €263.9m to €4.9m
of which Affiliated companies: -€257.0m
Equity and liabilities
- Profit (loss) carried forward +€28.2m
up €28.2m (+43.5%), from €64.8m to €93.0m
- Other debts -€17.5m
down €17.5m (-100.0%), from €17.6m to €7,927
Income statement
- Financial charges +€51.3m
up €51.3m (+2,203%), from €2.3m to €53.6m
of which Non-recurring financial charges: +€52.4m
- Financial income +€33.3m
up €33.3m (+65.7%), from €50.7m to €84.1m
of which Financial income: +€65.1m
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.
Result 2024
€45.6m
Other operating items
+€7,937
Financial income
+€33.3m
Financial charges
-€51.3m
Taxes
+€530,114
Result 2025
€28.2m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€259.0m
Investment
+€259.0m
Financing
€0
Cash 2024
€1,237
From operations (derived)
-€259.0m
Net result for the year
+€28.2m
Receivables within one year
-€268.5m
Deferred charges and accrued income
-€1.0m
Smaller working-capital items
+€768,261
Other debts
-€17.5m
Accrued charges and deferred income
-€946,102
Investment (derived)
+€259.0m
Investment in fixed assets (net)
+€259.0m
Cash 2025
€1,093
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €619,588,059 | €630,072,019 | +€10.5m | +1.7% |
| Fixed assets | 21/28 | €263,931,523 | €4,920,896 | -€259.0m | -98.1% |
| Financial fixed assets | 28 | €263,931,523 | €4,920,896 | -€259.0m | -98.1% |
| Affiliated companies | 280/1 | €261,940,191 | €4,920,896 | -€257.0m | -98.1% |
| Participating interests | 280 | €261,940,191 | €0 | -€261.9m | -100% |
| Amounts receivable | 281 | - | €4,920,896 | +€4.9m | |
| Other financial fixed assets | 284/8 | €1,991,332 | - | -€2.0m | |
| Amounts receivable and cash guarantees | 285/8 | €1,991,332 | - | -€2.0m | |
| Current assets | 29/58 | €355,656,536 | €625,151,123 | +€269.5m | +75.8% |
| Amounts receivable within one year | 40/41 | €354,042,507 | €622,528,744 | +€268.5m | +75.8% |
| Other amounts receivable | 41 | €354,042,507 | €622,528,744 | +€268.5m | +75.8% |
| Cash at bank and in hand | 54/58 | €1,237 | €1,093 | -€143 | -11.6% |
| Deferred charges and accrued income | 490/1 | €1,612,792 | €2,621,285 | +€1.0m | +62.5% |
| Total equity and liabilities | 10/49 | €619,588,059 | €630,072,019 | +€10.5m | +1.7% |
| Equity | 10/15 | €600,590,540 | €628,797,372 | +€28.2m | +4.7% |
| Contributions | 10/11 | €532,216,051 | €532,216,051 | = | 0.0% |
| Reserves | 13 | €3,592,525 | €3,592,525 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,997,645 | €999,875 | -€997,770 | -49.9% |
| Distributable reserves | 133 | €1,594,880 | €2,592,650 | +€997,770 | +62.6% |
| Profit (loss) carried forward | 14 | €64,781,964 | €92,988,796 | +€28.2m | +43.5% |
| Amounts payable | 17/49 | €18,997,519 | €1,274,647 | -€17.7m | -93.3% |
| Amounts payable within one year | 42/48 | €17,960,605 | €1,183,835 | -€16.8m | -93.4% |
| Trade debts | 44 | €4,428 | €111,578 | +€107,150 | +2,420% |
| Suppliers | 440/4 | €4,428 | €111,578 | +€107,150 | +2,420% |
| Taxes, remuneration and social security | 45 | €403,218 | €1,064,330 | +€661,111 | +164% |
| Taxes | 450/3 | €403,218 | €1,064,330 | +€661,111 | +164% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €17,552,959 | €7,927 | -€17.5m | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,036,914 | €90,812 | -€946,102 | -91.2% |
| Operating charges | 60/66A | €121,634 | €113,697 | -€7,937 | -6.5% |
| Services and other goods | 61 | €121,634 | €113,697 | -€7,937 | -6.5% |
| Operating profit (loss) | 9901 | -€121,634 | -€113,697 | +€7,937 | +6.5% |
| Financial income | 75/76B | €50,729,380 | €84,053,447 | +€33.3m | +65.7% |
| Recurring financial income | 75 | €18,930,809 | €84,053,447 | +€65.1m | +344% |
| Income from financial fixed assets | 750 | €7,862,107 | €67,818,069 | +€60.0m | +763% |
| Income from current assets | 751 | €8,792,852 | €10,905,741 | +€2.1m | +24.0% |
| Other financial income | 752/9 | €2,275,850 | €5,329,637 | +€3.1m | +134% |
| Non-recurring financial income | 76B | €31,798,572 | €0 | -€31.8m | -100% |
| Financial charges | 65/66B | €2,326,258 | €53,583,460 | +€51.3m | +2,203% |
| Recurring financial charges | 65 | €2,326,258 | €1,184,976 | -€1.1m | -49.1% |
| Other financial charges | 652/9 | €2,326,258 | €1,184,976 | -€1.1m | -49.1% |
| Non-recurring financial charges | 66B | - | €52,398,484 | +€52.4m | |
| Profit (loss) for the period before taxes | 9903 | €48,281,489 | €30,356,290 | -€17.9m | -37.1% |
| Income taxes | 67/77 | €2,679,572 | €2,149,457 | -€530,114 | -19.8% |
| Taxes | 670/3 | €2,679,572 | €2,149,457 | -€530,114 | -19.8% |
| Profit (loss) for the period | 9904 | €45,601,917 | €28,206,833 | -€17.4m | -38.1% |
| Transfer from tax-exempt reserves | 789 | - | €997,770 | +€997,770 | |
| Transfer to tax-exempt reserves | 689 | €999,875 | - | -€999,875 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,602,042 | €29,204,603 | -€15.4m | -34.5% |
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 21 October 2026 via checked.be.