FIVANCO: 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
FIVANCO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€140,165
2024 · -€1.2m+€1.4m
Equity
€56.6m
2024 · €56.4m+€140,165
Cash
€1.1m
2024 · €421,079+€664,869
Balance sheet total
€95.9m
2024 · €87.3m+€8.5m
Largest movements
Assets
- Financial fixed assets +€9.7m
up €9.7m (+16.0%), from €60.6m to €70.2m
of which Affiliated companies: +€8.2m
- Receivables within one year -€2.0m
down €2.0m (-67.2%), from €2.9m to €951,775
of which Other amounts receivable: -€2.0m
Equity and liabilities
- Debts after one year +€3.9m
up €3.9m (+40.8%), from €9.6m to €13.4m
- Short-term financial debts +€3.0m
up €3.0m (+15.8%), from €19.2m to €22.3m
of which Credit institutions: +€5.0m
Income statement
- Financial charges -€1.1m
down €1.1m (-32.9%), from €3.3m to €2.2m
of which Non-recurring financial charges: -€825,442
- Financial income +€889,415
up €889,415 (+34.4%), from €2.6m to €3.5m
of which Financial income: +€499,438
- Other operating income -€359,609
down €359,609 (-75.8%), from €474,213 to €114,604
- Services and other goods +€178,000
up €178,000 (+31.2%), from €570,861 to €748,860
- Staff costs +€38,099
up €38,099 (+9.3%), from €409,618 to €447,717
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
-€1.2m
Turnover
-€5,204
Other operating income
-€359,609
Services and other goods
-€178,000
Staff costs
-€38,099
Depreciation
+€7,582
Other operating charges
-€35,168
Other operating items
-€1,354
Financial income
+€889,415
Financial charges
+€1.1m
Taxes
+€242
Result 2025
€140,165
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
+€1.9m
Investment
-€9.1m
Financing
+€7.9m
Cash 2024
€421,079
From operations (derived)
+€1.9m
Net result for the year
+€140,165
Depreciation
+€11,422
Receivables within one year
+€2.0m
Deferred charges and accrued income
-€759,973
Trade debts
+€99,269
Tax, wage and social debts
+€6,790
Other debts
-€72,294
Accrued charges and deferred income
+€476,805
Investment (derived)
-€9.1m
Investment in fixed assets (net)
-€9.7m
Current investments
+€642,531
Financing
+€7.9m
Debts after one year
+€3.9m
Current portion of long-term debt
+€947,368
Short-term financial debts
+€3.0m
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €87,346,318 | €95,881,838 | +€8.5m | +9.8% |
| Fixed assets | 21/28 | €60,832,172 | €70,535,716 | +€9.7m | +16.0% |
| Tangible fixed assets | 22/27 | €279,213 | €307,950 | +€28,736 | +10.3% |
| Land and buildings | 22 | €252,773 | €252,773 | = | 0.0% |
| Plant, machinery and equipment | 23 | €549 | €435 | -€114 | -20.7% |
| Furniture and vehicles | 24 | €25,892 | €54,742 | +€28,850 | +111% |
| Financial fixed assets | 28 | €60,552,958 | €70,227,766 | +€9.7m | +16.0% |
| Affiliated companies | 280/1 | €40,258,540 | €48,507,457 | +€8.2m | +20.5% |
| Participating interests | 280 | €19,449,095 | €20,439,697 | +€990,602 | +5.1% |
| Amounts receivable | 281 | €20,809,445 | €28,067,760 | +€7.3m | +34.9% |
| Companies linked by participating interests | 282/3 | €7,013,495 | €8,204,804 | +€1.2m | +17.0% |
| Participating interests | 282 | €5,238,745 | €6,042,223 | +€803,478 | +15.3% |
| Amounts receivable | 283 | €1,774,751 | €2,162,580 | +€387,830 | +21.9% |
| Other financial fixed assets | 284/8 | €13,280,923 | €13,515,505 | +€234,582 | +1.8% |
| Shares | 284 | €9,989,062 | €9,750,699 | -€238,363 | -2.4% |
| Amounts receivable and cash guarantees | 285/8 | €3,291,860 | €3,764,806 | +€472,946 | +14.4% |
| Current assets | 29/58 | €26,514,147 | €25,346,122 | -€1.2m | -4.4% |
| Amounts receivable within one year | 40/41 | €2,902,111 | €951,775 | -€2.0m | -67.2% |
| Trade receivables | 40 | €1,297 | €3,935 | +€2,637 | +203% |
| Other amounts receivable | 41 | €2,900,814 | €947,841 | -€2.0m | -67.3% |
| Current investments | 50/53 | €20,540,050 | €19,897,519 | -€642,531 | -3.1% |
| Other investments | 51/53 | €20,540,050 | €19,897,519 | -€642,531 | -3.1% |
| Cash at bank and in hand | 54/58 | €421,079 | €1,085,948 | +€664,869 | +158% |
| Deferred charges and accrued income | 490/1 | €2,650,906 | €3,410,879 | +€759,973 | +28.7% |
| Total equity and liabilities | 10/49 | €87,346,318 | €95,881,838 | +€8.5m | +9.8% |
| Equity | 10/15 | €56,438,931 | €56,579,096 | +€140,165 | +0.2% |
| Contributions | 10/11 | €1,250,000 | €1,250,000 | = | 0.0% |
| Capital | 10 | €1,250,000 | €1,250,000 | = | 0.0% |
| Issued capital | 100 | €1,250,000 | €1,250,000 | = | 0.0% |
| Reserves | 13 | €42,564,528 | €42,564,528 | = | 0.0% |
| Non-distributable reserves | 130/1 | €125,000 | €125,000 | = | 0.0% |
| Legal reserve | 130 | €125,000 | €125,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,138,960 | €4,138,960 | = | 0.0% |
| Distributable reserves | 133 | €38,300,568 | €38,300,568 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,624,404 | €12,764,569 | +€140,165 | +1.1% |
| Amounts payable | 17/49 | €30,907,387 | €39,302,741 | +€8.4m | +27.2% |
| Amounts payable after more than one year | 17 | €9,550,000 | €13,444,745 | +€3.9m | +40.8% |
| Financial debts | 170/4 | €9,550,000 | €13,444,745 | +€3.9m | +40.8% |
| Credit institutions | 173 | - | €552,632 | +€552,632 | |
| Other loans | 174 | €9,550,000 | €12,892,113 | +€3.3m | +35.0% |
| Amounts payable within one year | 42/48 | €20,332,326 | €24,356,130 | +€4.0m | +19.8% |
| Current portion of amounts payable after more than one year | 42 | - | €947,368 | +€947,368 | |
| Financial debts | 43 | €19,224,329 | €22,267,000 | +€3.0m | +15.8% |
| Credit institutions | 430/8 | €17,250,000 | €22,267,000 | +€5.0m | +29.1% |
| Other loans | 439 | €1,974,329 | - | -€2.0m | |
| Trade debts | 44 | €106,783 | €206,051 | +€99,269 | +93.0% |
| Suppliers | 440/4 | €106,783 | €206,051 | +€99,269 | +93.0% |
| Taxes, remuneration and social security | 45 | €76,697 | €83,487 | +€6,790 | +8.9% |
| Taxes | 450/3 | €31,695 | €32,497 | +€802 | +2.5% |
| Remuneration and social security | 454/9 | €45,002 | €50,991 | +€5,989 | +13.3% |
| Other amounts payable | 47/48 | €924,518 | €852,224 | -€72,294 | -7.8% |
| Accrued charges and deferred income | 492/3 | €1,025,060 | €1,501,866 | +€476,805 | +46.5% |
| Operating income | 70/76A | €600,517 | €235,104 | -€365,413 | -60.8% |
| Turnover | 70 | €125,704 | €120,500 | -€5,204 | -4.1% |
| Other operating income | 74 | €474,213 | €114,604 | -€359,609 | -75.8% |
| Non-recurring operating income | 76A | €600 | - | -€600 | |
| Operating charges | 60/66A | €1,097,289 | €1,341,727 | +€244,438 | +22.3% |
| Services and other goods | 61 | €570,861 | €748,860 | +€178,000 | +31.2% |
| Remuneration, social security and pensions | 62 | €409,618 | €447,717 | +€38,099 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,004 | €11,422 | -€7,582 | -39.9% |
| Other operating charges | 640/8 | €97,806 | €132,974 | +€35,168 | +36.0% |
| Non-recurring operating charges | 66A | - | €754 | +€754 | |
| Operating profit (loss) | 9901 | -€496,772 | -€1,106,624 | -€609,852 | -123% |
| Financial income | 75/76B | €2,588,510 | €3,477,924 | +€889,415 | +34.4% |
| Recurring financial income | 75 | €2,347,182 | €2,846,619 | +€499,438 | +21.3% |
| Income from financial fixed assets | 750 | €1,348,941 | €1,134,010 | -€214,931 | -15.9% |
| Income from current assets | 751 | €565,249 | €628,690 | +€63,441 | +11.2% |
| Other financial income | 752/9 | €432,992 | €1,083,919 | +€650,928 | +150% |
| Non-recurring financial income | 76B | €241,328 | €631,305 | +€389,977 | +162% |
| Financial charges | 65/66B | €3,324,844 | €2,231,377 | -€1.1m | -32.9% |
| Recurring financial charges | 65 | €1,957,830 | €1,689,804 | -€268,025 | -13.7% |
| Debt charges | 650 | €1,173,563 | €1,098,468 | -€75,096 | -6.4% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €279,979 | €92,951 | -€187,028 | -66.8% |
| Other financial charges | 652/9 | €504,288 | €498,386 | -€5,902 | -1.2% |
| Non-recurring financial charges | 66B | €1,367,014 | €541,573 | -€825,442 | -60.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,233,106 | €139,924 | +€1.4m | |
| Income taxes | 67/77 | - | -€242 | -€242 | |
| Taxes | 670/3 | - | €931 | +€931 | |
| Tax adjustments and reversals of tax provisions | 77 | - | €1,172 | +€1,172 | |
| Profit (loss) for the period | 9904 | -€1,233,106 | €140,165 | +€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,233,106 | €140,165 | +€1.4m |
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.