[en] In this paper, the phase transformations occurring during the crystallization process of FINEMETs in which Nb has been gradually replaced by Mo have been studied by a variety of techniques including DSC, DTA, TGA, XRD and TEM. The thermal stability of the alloy was deteriorated as a consequence of Mo's smaller atomic size. The gradual replacement of Nb by Mo reduced the onset temperature of Fe-Si and of the borides. The Curie temperature of the amorphous phase slightly decreased from 594 K for x=0 to 587 K for x=3. The borides compounds Fe₂B and Fe₂₃B₆ as well as the (Nb,Mo)₅Si₃ phase were found to precipitate in the second and third crystallization.