FIRMIN: 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.
FIRMIN
Largest movements
- Tangible fixed assets -€60,520
down €60,520 (-16.2%), from €373,900 to €313,380
- Receivables within one year -€9,373
down €9,373 (-2.6%), from €359,220 to €349,847
of which Other amounts receivable: -€4,836
- Debts after one year -€48,400
no longer reported in 2025 (was €48,400)
- Reserves -€20,073
down €20,073 (-3.4%), from €593,439 to €573,366
of which Tax-exempt reserves: -€20,073
- Write-downs +€32,860
up €32,860 (+96.5%), from -€34,060 to -€1,200
- Gross operating margin +€29,008
up €29,008, from -€2,107 to €26,900
- Depreciation -€8,446
down €8,446 (-12.2%), from €68,966 to €60,520
- Financial charges -€5,340
down €5,340 (-66.7%), from €8,007 to €2,666
of which Non-recurring financial charges: -€3,287
- Financial income -€2,232
down €2,232 (-13.4%), from €16,679 to €14,447
of which Financial income: -€1,825
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 | €771,969 | €692,389 | -€79,580 | -10.3% |
| Fixed assets | 21/28 | €373,900 | €313,380 | -€60,520 | -16.2% |
| Tangible fixed assets | 22/27 | €373,900 | €313,380 | -€60,520 | -16.2% |
| Plant, machinery and equipment | 23 | €82,788 | €66,432 | -€16,356 | -19.8% |
| Leasing and similar rights | 25 | €139,351 | €113,965 | -€25,386 | -18.2% |
| Other tangible fixed assets | 26 | €151,761 | €132,982 | -€18,779 | -12.4% |
| Current assets | 29/58 | €398,069 | €379,009 | -€19,060 | -4.8% |
| Stocks and contracts in progress | 3 | €20,255 | €14,086 | -€6,169 | -30.5% |
| Stocks | 30/36 | €20,255 | €14,086 | -€6,169 | -30.5% |
| Amounts receivable within one year | 40/41 | €359,220 | €349,847 | -€9,373 | -2.6% |
| Trade receivables | 40 | €79,450 | €74,914 | -€4,536 | -5.7% |
| Other amounts receivable | 41 | €279,770 | €274,933 | -€4,836 | -1.7% |
| Cash at bank and in hand | 54/58 | €16,493 | €15,077 | -€1,416 | -8.6% |
| Deferred charges and accrued income | 490/1 | €2,102 | - | -€2,102 | |
| Total equity and liabilities | 10/49 | €771,969 | €692,389 | -€79,580 | -10.3% |
| Equity | 10/15 | €274,692 | €259,726 | -€14,965 | -5.4% |
| Contributions | 10/11 | €143,816 | €143,816 | = | 0.0% |
| Reserves | 13 | €593,439 | €573,366 | -€20,073 | -3.4% |
| Non-distributable reserves | 130/1 | €865 | €865 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €865 | +€865 | |
| Other | 1319 | €865 | - | -€865 | |
| Tax-exempt reserves | 132 | €592,574 | €572,502 | -€20,073 | -3.4% |
| Profit (loss) carried forward | 14 | -€462,563 | -€457,456 | +€5,108 | +1.1% |
| Provisions and deferred taxes | 16 | €196,191 | €189,501 | -€6,691 | -3.4% |
| Deferred taxes | 168 | €196,191 | €189,501 | -€6,691 | -3.4% |
| Amounts payable | 17/49 | €301,086 | €243,162 | -€57,924 | -19.2% |
| Amounts payable after more than one year | 17 | €48,400 | - | -€48,400 | |
| Financial debts | 170/4 | €48,400 | - | -€48,400 | |
| Amounts payable within one year | 42/48 | €252,686 | €243,162 | -€9,524 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €51,449 | €48,400 | -€3,049 | -5.9% |
| Trade debts | 44 | €201,151 | €193,485 | -€7,665 | -3.8% |
| Suppliers | 440/4 | €201,151 | €193,485 | -€7,665 | -3.8% |
| Taxes, remuneration and social security | 45 | €86 | €1,277 | +€1,190 | +1,383% |
| Taxes | 450/3 | €86 | €1,277 | +€1,190 | +1,383% |
| Non-recurring operating income | 76A | - | €1 | +€1 | |
| Remuneration, social security and pensions | 62 | €1,224 | - | -€1,224 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,966 | €60,520 | -€8,446 | -12.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€34,060 | -€1,200 | +€32,860 | +96.5% |
| Other operating charges | 640/8 | €2,083 | €1,017 | -€1,066 | -51.2% |
| Non-recurring operating charges | 66A | €1,996 | - | -€1,996 | |
| Gross operating margin | 9900 | -€2,107 | €26,900 | +€29,008 | |
| Operating profit (loss) | 9901 | -€42,315 | -€33,437 | +€8,878 | +21.0% |
| Financial income | 75/76B | €16,679 | €14,447 | -€2,232 | -13.4% |
| Recurring financial income | 75 | €16,273 | €14,447 | -€1,825 | -11.2% |
| Non-recurring financial income | 76B | €407 | - | -€407 | |
| Financial charges | 65/66B | €8,007 | €2,666 | -€5,340 | -66.7% |
| Recurring financial charges | 65 | €4,720 | €2,666 | -€2,054 | -43.5% |
| Non-recurring financial charges | 66B | €3,287 | - | -€3,287 | |
| Profit (loss) for the period before taxes | 9903 | -€33,643 | -€21,656 | +€11,987 | +35.6% |
| Transfer from deferred taxes | 780 | €6,691 | €6,691 | = | 0.0% |
| Income taxes | 67/77 | €103 | - | -€103 | |
| Profit (loss) for the period | 9904 | -€27,055 | -€14,965 | +€12,090 | +44.7% |
| Transfer from tax-exempt reserves | 789 | €20,073 | €20,073 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,982 | €5,108 | +€12,090 |
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 13 October 2026 via checked.be.