Consolidated statement of cash flows

For the year ended December 31, 2025

Notes

2025

2024

Cash from operating activities

Inflows

- Interest received on loans

4,108

2,306

- Interest received on cash and deposits

263

904

- Dividends and fees received

27

12

- Repayments on loans

1,924

3,708

- Other received amounts

-

614

Outflows

- Disbursements on loans

(2)

-43,808

-24,171

- Investments in equity instruments

-1,225

-221

- Interest paid on borrowed funds

-1,841

-

- Disbursements on grants

-1,841

-242

- Disbursements on Technical Assistance

-4,631

-4,337

- Direct personnel cost

-1,965

-1,914

- Other direct project cost

-529

-541

- Overhead/ indirect cost

-735

-650

- Other paid amounts

-586

-2

Net cash flow from operating activities

-50,839

-24,534

Cash flow financing activities

Contribution DGIS current year

14,840

8,900

Borrowed funds

43,356

6,401

Net cash flow from financing activities

58,196

15,301

Net cash flow

7,357

-9,233

Position at January 1 1)

19,221

28,299

Foreign exchange Translation

-521

155

Position at December 31 1)

26,057

19,221

1 Cash includes the current account with FMO.

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