FINRES: 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.
FINRES
Largest movements
- Stocks and contracts +€78,627
up €78,627 (+31.6%), from €248,949 to €327,576
- Cash -€76,026
down €76,026 (-60.2%), from €126,326 to €50,300
mainly Stocks and contracts (-€78,627) and Net result for the year (-€60,674)
- Receivables after one year -€72,250
no longer reported in 2025 (was €72,250)
- Receivables within one year -€21,047
down €21,047 (-11.8%), from €178,686 to €157,639
of which Trade receivables: -€12,394
- Formation expenses -€9,600
down €9,600 (-32.4%), from €29,615 to €20,015
- Profit (loss) carried forward -€60,674
down €60,674 (-15.5%), from -€391,525 to -€452,199
- Tax, wage and social debts +€49,627
up €49,627 (+68.5%), from €72,454 to €122,082
of which Taxes: +€58,523
- Debts after one year -€42,571
down €42,571 (-48.7%), from €87,430 to €44,859
- Trade debts -€37,740
down €37,740 (-16.5%), from €228,429 to €190,689
- Other operating charges +€72,482
up €72,482 (+4,619%), from €1,569 to €74,051
- Staff costs -€21,289
down €21,289 (-13.0%), from €163,721 to €142,432
- Gross operating margin -€9,811
down €9,811 (-4.7%), from €208,295 to €198,484
- Depreciation -€4,394
down €4,394 (-23.5%), from €18,730 to €14,336
- Financial income +€4,392
up €4,392 (+495%), from €886 to €5,278
of which Non-recurring financial income: +€5,155
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 | €702,962 | €610,543 | -€92,419 | -13.1% |
| Formation expenses | 20 | €29,615 | €20,015 | -€9,600 | -32.4% |
| Fixed assets | 21/28 | €19,304 | €27,683 | +€8,379 | +43.4% |
| Intangible fixed assets | 21 | €121 | €0 | -€121 | -100% |
| Tangible fixed assets | 22/27 | €18,212 | €26,713 | +€8,501 | +46.7% |
| Plant, machinery and equipment | 23 | €1,532 | €773 | -€759 | -49.6% |
| Furniture and vehicles | 24 | €943 | €6,673 | +€5,730 | +608% |
| Other tangible fixed assets | 26 | €15,737 | €19,267 | +€3,530 | +22.4% |
| Financial fixed assets | 28 | €970 | €970 | = | 0.0% |
| Current assets | 29/58 | €654,043 | €562,845 | -€91,199 | -13.9% |
| Amounts receivable after more than one year | 29 | €72,250 | - | -€72,250 | |
| Trade receivables | 290 | €72,250 | - | -€72,250 | |
| Stocks and contracts in progress | 3 | €248,949 | €327,576 | +€78,627 | +31.6% |
| Stocks | 30/36 | €248,949 | €327,576 | +€78,627 | +31.6% |
| Amounts receivable within one year | 40/41 | €178,686 | €157,639 | -€21,047 | -11.8% |
| Trade receivables | 40 | €159,087 | €146,693 | -€12,394 | -7.8% |
| Other amounts receivable | 41 | €19,599 | €10,946 | -€8,653 | -44.2% |
| Cash at bank and in hand | 54/58 | €126,326 | €50,300 | -€76,026 | -60.2% |
| Deferred charges and accrued income | 490/1 | €27,833 | €27,329 | -€503 | -1.8% |
| Total equity and liabilities | 10/49 | €702,962 | €610,543 | -€92,419 | -13.1% |
| Equity | 10/15 | €115,213 | €54,539 | -€60,674 | -52.7% |
| Contributions | 10/11 | €450,207 | €450,207 | = | 0.0% |
| Capital | 10 | €450,000 | €450,000 | = | 0.0% |
| Issued capital | 100 | €450,000 | €450,000 | = | 0.0% |
| Contributions outside capital | 11 | €207 | €207 | = | 0.0% |
| Share premium | 1100/10 | €207 | €207 | = | 0.0% |
| Reserves | 13 | €56,532 | €56,532 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,390 | €4,390 | = | 0.0% |
| Legal reserve | 130 | €4,390 | €4,390 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,628 | €4,628 | = | 0.0% |
| Distributable reserves | 133 | €47,514 | €47,514 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€391,525 | -€452,199 | -€60,674 | -15.5% |
| Amounts payable | 17/49 | €587,749 | €556,004 | -€31,745 | -5.4% |
| Amounts payable after more than one year | 17 | €87,430 | €44,859 | -€42,571 | -48.7% |
| Financial debts | 170/4 | €87,430 | €44,859 | -€42,571 | -48.7% |
| Amounts payable within one year | 42/48 | €496,633 | €511,144 | +€14,511 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €39,336 | €42,185 | +€2,849 | +7.2% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €228,429 | €190,689 | -€37,740 | -16.5% |
| Suppliers | 440/4 | €228,429 | €190,689 | -€37,740 | -16.5% |
| Taxes, remuneration and social security | 45 | €72,454 | €122,082 | +€49,627 | +68.5% |
| Taxes | 450/3 | €53,651 | €112,174 | +€58,523 | +109% |
| Remuneration and social security | 454/9 | €18,803 | €9,907 | -€8,896 | -47.3% |
| Other amounts payable | 47/48 | €6,414 | €6,189 | -€225 | -3.5% |
| Accrued charges and deferred income | 492/3 | €3,685 | - | -€3,685 | |
| Remuneration, social security and pensions | 62 | €163,721 | €142,432 | -€21,289 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,730 | €14,336 | -€4,394 | -23.5% |
| Other operating charges | 640/8 | €1,569 | €74,051 | +€72,482 | +4,619% |
| Non-recurring operating charges | 66A | - | €126 | +€126 | |
| Gross operating margin | 9900 | €208,295 | €198,484 | -€9,811 | -4.7% |
| Operating profit (loss) | 9901 | €24,275 | -€32,460 | -€56,735 | |
| Financial income | 75/76B | €886 | €5,278 | +€4,392 | +495% |
| Recurring financial income | 75 | €886 | €123 | -€763 | -86.1% |
| Non-recurring financial income | 76B | - | €5,155 | +€5,155 | |
| Financial charges | 65/66B | €37,826 | €33,492 | -€4,333 | -11.5% |
| Recurring financial charges | 65 | €37,826 | €33,492 | -€4,333 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | -€12,664 | -€60,674 | -€48,010 | -379% |
| Income taxes | 67/77 | -€2 | - | +€2 | |
| Profit (loss) for the period | 9904 | -€12,662 | -€60,674 | -€48,012 | -379% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,662 | -€60,674 | -€48,012 | -379% |
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 19 October 2026 via checked.be.