diff --git a/docs/finance/annual-records.md b/docs/finance/annual-records.md
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+---
+title: Annual Financial Records
+description: Balance sheets, income statements, and supporting financial data organized by year.
+---
+
+# Annual Financial Records
+
+The downloadable workbooks are the source financial records. The summaries below make the headline figures easier to review; amounts are rounded to two decimal places for display.
+
+## 2025
+
+Reporting period: January 1–December 31, 2025.
+
+| Statement item | Amount |
+| --- | ---: |
+| Total current assets | $1,008.73 |
+| Total assets | $17,505.21 |
+| Total liabilities | $0.00 |
+| Net revenue | $1,000.00 |
+| Operating expenses | $1,696.40 |
+| Net loss | $(696.40) |
+
+Downloads:
+
+- [Balance sheet](/files/financials/2025/Balance%20Sheet.xlsx)
+- [Income statement](/files/financials/2025/Income%20Statement.xlsx)
+- [XLM deposit detail](/files/financials/2025/xlm-deposits.csv)
+
+## 2024
+
+Reporting period: January 1–December 31, 2024.
+
+| Statement item | Amount |
+| --- | ---: |
+| Total current assets | $1,184.42 |
+| Total assets | $18,044.45 |
+| Total liabilities | $0.00 |
+| Net revenue | $147.00 |
+| Operating expenses | $2,718.83 |
+| Net loss | $(2,571.83) |
+
+Downloads:
+
+- [Balance sheet](/files/financials/2024/Balance%20Sheet.xlsx)
+- [Income statement](/files/financials/2024/Income%20Statement.xlsx)
+
+## Related records
+
+See [Taxes](../taxes/index.md) for the corresponding tax-return downloads and filing checklist.
diff --git a/docs/finance/how-finances-work.md b/docs/finance/how-finances-work.md
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+---
+title: How the Finances Work
+description: How BlockTrans Syndicate records activity and publishes annual financial information.
+---
+
+# How the Finances Work
+
+BlockTrans Syndicate organizes its published financial information around an annual reporting cycle. Transactions and supporting records are classified during the year, summarized in financial statements at year-end, and used to prepare the applicable tax filings.
+
+## Reporting flow
+
+1. **Record activity.** Cash movements, contributions, income, expenses, and asset transactions are retained with their supporting records.
+2. **Classify balances.** Period-end holdings are grouped as cash, cash equivalents, fixed assets, other investments, liabilities, or equity.
+3. **Prepare annual statements.** The income statement reports activity during the year. The balance sheet reports balances at the end of that year.
+4. **Prepare tax filings.** The annual statements and transaction details support the organization's tax return and related schedules.
+5. **Publish final records.** Completed statements, filings, and selected supporting data are made available in [Annual financial records](./annual-records.md) and [Taxes](../taxes/index.md).
+
+## How to read the statements
+
+### Income statement
+
+The income statement shows revenue and operating expenses over a full reporting period. The resulting net profit or loss changes the accumulated surplus or deficit reported in equity.
+
+### Balance sheet
+
+The balance sheet is a point-in-time view at the end of the reporting period. It separates liquid operating resources from longer-term or less-liquid holdings such as Stellar lumens, web-domain assets, and other investments.
+
+### Supporting schedules
+
+Supporting schedules provide transaction-level context for selected balances. For example, the published XLM deposit file identifies deposits associated with Soroban Domains. A supporting schedule should be read together with the annual statement it supports.
+
+## Basis and limitations
+
+- Published figures are taken from the source workbooks and rounded to two decimal places when displayed on these pages.
+- A year-end balance is historical and should not be treated as the current amount in an account or wallet.
+- Asset values are accounting values in the statements, not necessarily the amount that could be converted to cash immediately.
+- The downloadable workbooks and filed returns are the source records. These explanatory pages do not replace them or provide tax, legal, or investment advice.
diff --git a/docs/finance/index.md b/docs/finance/index.md
new file mode 100644
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--- /dev/null
+++ b/docs/finance/index.md
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+---
+title: Taxes & Financials
+description: Financial reporting, operating balances, and tax records for BlockTrans Syndicate.
+slug: /taxes-and-financials
+---
+
+# Taxes & Financials
+
+This section explains how BlockTrans Syndicate records its finances and provides the supporting annual records published with this site.
+
+## Start here
+
+- [How the finances work](./how-finances-work.md) explains the reporting cycle and how the statements relate to one another.
+- [Operating balances](./operating-balances.md) presents period-end balances and explains which assets are available for operations.
+- [Annual financial records](./annual-records.md) collects the balance sheets, income statements, and supporting data by year.
+- [Taxes](../taxes/index.md) lists the tax forms tracked by the organization and the filed records available for download.
+
+## Latest published records
+
+The latest complete period currently published is the year ended December 31, 2025.
+
+- [2025 balance sheet](/files/financials/2025/Balance%20Sheet.xlsx)
+- [2025 income statement](/files/financials/2025/Income%20Statement.xlsx)
+- [2025 XLM deposit detail](/files/financials/2025/xlm-deposits.csv)
+- [2025 tax return](/files/taxes/2025.pdf)
+
+:::note Reporting date
+
+These are annual records, not live account balances. Each page identifies the period covered by its source documents.
+
+:::
diff --git a/docs/finance/operating-balances.md b/docs/finance/operating-balances.md
new file mode 100644
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+++ b/docs/finance/operating-balances.md
@@ -0,0 +1,38 @@
+---
+title: Operating Balances
+description: Period-end liquid resources, assets, liabilities, and operating results.
+---
+
+# Operating Balances
+
+An operating balance answers a narrower question than total assets: what resources were recorded as cash or cash equivalents and were therefore the most readily available for ordinary operations at the reporting date?
+
+## Latest period: December 31, 2025
+
+| Measure | Amount |
+| --- | ---: |
+| Cash | $8.71 |
+| Other cash equivalents | $1,000.02 |
+| **Total current assets** | **$1,008.73** |
+| Total liabilities | $0.00 |
+| Total assets | $17,505.21 |
+| 2025 net loss | $(696.40) |
+
+The remaining reported assets primarily consisted of $14,230.21 in Stellar lumens and the $2,250.00 recorded cost of the `blocktransfer.com` domain, plus $16.28 in other investments. The statement notes that the Stellar lumens balance includes deposits for Soroban Domains. Those holdings are part of total assets but should not automatically be treated as unrestricted cash for routine expenses.
+
+## Year-over-year view
+
+| Reporting date | Cash | Cash equivalents | Current assets | Total assets | Liabilities | Annual profit (loss) |
+| --- | ---: | ---: | ---: | ---: | ---: | ---: |
+| December 31, 2024 | $1,184.42 | $0.00 | $1,184.42 | $18,044.45 | $0.00 | $(2,571.83) |
+| December 31, 2025 | $8.71 | $1,000.02 | $1,008.73 | $17,505.21 | $0.00 | $(696.40) |
+
+## Interpreting the balances
+
+- **Cash** is the amount classified as cash in the annual balance sheet.
+- **Cash equivalents** are short-term resources reported separately from cash.
+- **Current assets** are cash, cash equivalents, receivables, and inventory expected to support nearer-term activity.
+- **Total assets** also include longer-term, deposited, or less-liquid holdings and therefore are not the same as the operating balance.
+- **Liabilities** are obligations recorded in the published balance sheet. A zero balance means none were recorded there at year-end; it does not predict future expenses.
+
+For the underlying figures, see [Annual financial records](./annual-records.md). These balances are historical snapshots and are not a live treasury dashboard.
diff --git a/docs/records.md b/docs/records.md
index 54af7c3..b217eb4 100644
--- a/docs/records.md
+++ b/docs/records.md
@@ -14,6 +14,8 @@ These files are copied into the Docusaurus static output so they remain availabl
 
 ## Financials
 
+For explanations and summarized figures, see [Taxes & Financials](./finance/index.md).
+
 - [2024 balance sheet](/files/financials/2024/Balance%20Sheet.xlsx)
 - [2024 income statement](/files/financials/2024/Income%20Statement.xlsx)
 - [2025 balance sheet](/files/financials/2025/Balance%20Sheet.xlsx)
diff --git a/docs/taxes/cash/2025.md b/docs/taxes/cash/2025.md
index 3cf3b42..ce52d42 100644
--- a/docs/taxes/cash/2025.md
+++ b/docs/taxes/cash/2025.md
@@ -1,7 +1,15 @@
-JW Amex = -1.30
-
-see basis tracking todo
 ---
 title: 2025 Cash Taxes
-description: 2025 cash tax notes.
+description: 2025 cash-basis tax records and review notes.
 ---
+
+# 2025 Cash Taxes
+
+Use the following records when reviewing the 2025 cash-basis tax position:
+
+- [2025 filed tax return](/files/taxes/2025.pdf)
+- [2025 balance sheet](/files/financials/2025/Balance%20Sheet.xlsx)
+- [2025 income statement](/files/financials/2025/Income%20Statement.xlsx)
+- [2025 XLM deposit detail](/files/financials/2025/xlm-deposits.csv)
+
+The income statement reports $1,000.00 in net revenue, $1,696.40 in operating expenses, and a net loss of $696.40 for the year. Confirm tax treatment and basis against the filed return and source transactions rather than relying on this summary alone.
diff --git a/docs/taxes/cash/index.md b/docs/taxes/cash/index.md
index 0ba5694..3907903 100644
--- a/docs/taxes/cash/index.md
+++ b/docs/taxes/cash/index.md
@@ -5,4 +5,10 @@ description: Cash tax notes.
 
 # Cash Taxes
 
-Carryovers without accural.
+These are internal working notes for cash-basis tax preparation. They are not filed returns and should be verified against the annual financial statements and source transactions.
+
+- Review carryovers without accruals.
+- Reconcile any cash-basis adjustments.
+- Complete basis tracking.
+
+See the [filed tax records](../index.md) for completed returns.
diff --git a/docs/taxes/index.md b/docs/taxes/index.md
index b90f901..078ef58 100644
--- a/docs/taxes/index.md
+++ b/docs/taxes/index.md
@@ -1,18 +1,33 @@
 ---
-title: Taxes
-description: Tax checklist and records.
+title: Tax Records
+description: Tax filing checklist, annual returns, and supporting notes.
 ---
 
-# Taxes
+# Tax Records
 
-## Checklist
+BlockTrans Syndicate uses its annual financial statements and supporting transaction records to prepare the applicable tax return and schedules. Filed returns are published here by tax year.
 
-- 1120S
-- 1125A
-- 8949
-- K1
+## Filing checklist
 
-## Records
+- **Form 1120-S:** U.S. income tax return for an S corporation.
+- **Form 1125-A:** Cost of goods sold, when applicable.
+- **Form 8949:** Sales and other dispositions of capital assets, when applicable.
+- **Schedule K-1:** Shareholder reporting of income, deductions, and credits.
 
-- [2024 tax PDF](/files/taxes/2024.pdf)
-- [2025 tax PDF](/files/taxes/2025.pdf)
+The checklist identifies forms tracked during preparation. The forms required in a particular year depend on that year's activity and the completed return.
+
+## Filed returns
+
+- [2025 tax return](/files/taxes/2025.pdf)
+- [2024 tax return](/files/taxes/2024.pdf)
+
+## Supporting material
+
+- [Annual financial records](../finance/annual-records.md)
+- [Cash-tax working notes](./cash/index.md)
+
+:::caution Sensitive information
+
+Review tax documents for information that should not be disclosed before sharing them beyond their intended audience.
+
+:::
diff --git a/sidebars.ts b/sidebars.ts
index 8b65c54..29ea06a 100644
--- a/sidebars.ts
+++ b/sidebars.ts
@@ -60,11 +60,24 @@ const sidebars: SidebarsConfig = {
     },
     {
       type: 'category',
-      label: 'Taxes',
+      label: 'Taxes & Financials',
+      link: {
+        type: 'doc',
+        id: 'finance/index',
+      },
       items: [
-        'taxes/index',
-        'taxes/cash/index',
-        'taxes/cash/2025',
+        'finance/how-finances-work',
+        'finance/operating-balances',
+        'finance/annual-records',
+        {
+          type: 'category',
+          label: 'Taxes',
+          items: [
+            'taxes/index',
+            'taxes/cash/index',
+            'taxes/cash/2025',
+          ],
+        },
       ],
     },
     'glossary',