FIRWAN: 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.
FIRWAN
Largest movements
- Current investments +€87,994
new in 2025: €87,994
- Cash -€52,439
down €52,439 (-53.8%), from €97,530 to €45,091
mainly Current investments (-€87,994) and Tax, wage and social debts (-€16,631)
- Receivables within one year -€30,872
down €30,872 (-85.3%), from €36,190 to €5,318
of which Trade receivables: -€36,108
- Tangible fixed assets -€5,956
down €5,956 (-23.5%), from €25,301 to €19,345
- Profit (loss) carried forward +€36,688
up €36,688 (+33.7%), from €108,981 to €145,668
- Tax, wage and social debts -€16,631
down €16,631 (-62.9%), from €26,433 to €9,801
- Trade debts -€11,514
down €11,514 (-100%), from €11,514 to €0
- Other debts -€9,779
no longer reported in 2025 (was €9,779)
- Gross operating margin -€46,699
down €46,699 (-46.5%), from €100,518 to €53,819
- Taxes -€9,147
down €9,147 (-48.3%), from €18,948 to €9,801
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 | €159,707 | €158,470 | -€1,237 | -0.8% |
| Fixed assets | 21/28 | €25,301 | €19,345 | -€5,956 | -23.5% |
| Tangible fixed assets | 22/27 | €25,301 | €19,345 | -€5,956 | -23.5% |
| Furniture and vehicles | 24 | €25,301 | €19,345 | -€5,956 | -23.5% |
| Current assets | 29/58 | €134,405 | €139,125 | +€4,720 | +3.5% |
| Amounts receivable within one year | 40/41 | €36,190 | €5,318 | -€30,872 | -85.3% |
| Trade receivables | 40 | €36,190 | €82 | -€36,108 | -99.8% |
| Other amounts receivable | 41 | - | €5,236 | +€5,236 | |
| Current investments | 50/53 | - | €87,994 | +€87,994 | |
| Cash at bank and in hand | 54/58 | €97,530 | €45,091 | -€52,439 | -53.8% |
| Deferred charges and accrued income | 490/1 | €685 | €722 | +€37 | +5.5% |
| Total equity and liabilities | 10/49 | €159,707 | €158,470 | -€1,237 | -0.8% |
| Equity | 10/15 | €111,981 | €148,668 | +€36,688 | +32.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €108,981 | €145,668 | +€36,688 | +33.7% |
| Amounts payable | 17/49 | €47,726 | €9,801 | -€37,924 | -79.5% |
| Amounts payable within one year | 42/48 | €47,726 | €9,801 | -€37,924 | -79.5% |
| Trade debts | 44 | €11,514 | €0 | -€11,514 | -100% |
| Suppliers | 440/4 | €11,514 | €0 | -€11,514 | -100% |
| Taxes, remuneration and social security | 45 | €26,433 | €9,801 | -€16,631 | -62.9% |
| Taxes | 450/3 | €26,433 | €9,801 | -€16,631 | -62.9% |
| Other amounts payable | 47/48 | €9,779 | - | -€9,779 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,927 | €7,158 | +€232 | +3.3% |
| Other operating charges | 640/8 | €130 | €172 | +€42 | +32.2% |
| Gross operating margin | 9900 | €100,518 | €53,819 | -€46,699 | -46.5% |
| Operating profit (loss) | 9901 | €93,461 | €46,489 | -€46,972 | -50.3% |
| Financial charges | 65/66B | €588 | - | -€588 | |
| Recurring financial charges | 65 | €588 | - | -€588 | |
| Profit (loss) for the period before taxes | 9903 | €92,873 | €46,489 | -€46,384 | -49.9% |
| Income taxes | 67/77 | €18,948 | €9,801 | -€9,147 | -48.3% |
| Profit (loss) for the period | 9904 | €73,925 | €36,688 | -€37,238 | -50.4% |
| Profit (loss) for the period to be appropriated | 9905 | €73,925 | €36,688 | -€37,238 | -50.4% |
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 24 October 2026 via checked.be.