F-88: what changed
Two fiscal 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.
F-88
Largest movements
- Tangible fixed assets +€29,187
up €29,187 (+23.5%), from €124,238 to €153,425
of which Furniture and vehicles: +€31,818
- Cash -€12,262
down €12,262 (-84.6%), from €14,489 to €2,227
mainly Investment in fixed assets (net) (-€34,731) and Receivables within one year (-€2,285)
- Receivables within one year +€2,285
up €2,285 (+19.4%), from €11,750 to €14,035
of which Trade receivables: +€3,115
- Reserves +€9,854
up €9,854 (+108.9%), from €9,047 to €18,902
- Current portion of long-term debt +€6,815
up €6,815 (+141.3%), from €4,824 to €11,639
- Debts after one year +€4,821
up €4,821 (+3.9%), from €122,915 to €127,735
- Tax, wage and social debts -€2,033
down €2,033 (-22.0%), from €9,227 to €7,194
- Gross operating margin +€2,497
up €2,497 (+11.1%), from €22,572 to €25,069
- Depreciation +€669
up €669 (+13.1%), from €5,113 to €5,782
- Taxes +€599
up €599 (+22.8%), from €2,621 to €3,219
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.
Cash bridge derived
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 | €151,133 | €170,105 | +€18,972 | +12.6% |
| Formation expenses | 20 | €656 | €419 | -€237 | -36.2% |
| Fixed assets | 21/28 | €124,238 | €153,425 | +€29,187 | +23.5% |
| Tangible fixed assets | 22/27 | €124,238 | €153,425 | +€29,187 | +23.5% |
| Land and buildings | 22 | €122,146 | €118,985 | -€3,161 | -2.6% |
| Plant, machinery and equipment | 23 | €2,092 | €2,622 | +€530 | +25.3% |
| Furniture and vehicles | 24 | €0 | €31,818 | +€31,818 | |
| Current assets | 29/58 | €26,239 | €16,262 | -€9,977 | -38.0% |
| Amounts receivable within one year | 40/41 | €11,750 | €14,035 | +€2,285 | +19.4% |
| Trade receivables | 40 | €7,348 | €10,463 | +€3,115 | +42.4% |
| Other amounts receivable | 41 | €4,402 | €3,573 | -€829 | -18.8% |
| Cash at bank and in hand | 54/58 | €14,489 | €2,227 | -€12,262 | -84.6% |
| Total equity and liabilities | 10/49 | €151,133 | €170,105 | +€18,972 | +12.6% |
| Equity | 10/15 | €12,647 | €22,502 | +€9,854 | +77.9% |
| Contributions | 10/11 | €3,600 | €3,600 | = | 0.0% |
| Reserves | 13 | €9,047 | €18,902 | +€9,854 | +108.9% |
| Distributable reserves | 133 | €9,047 | €18,902 | +€9,854 | +108.9% |
| Amounts payable | 17/49 | €138,486 | €147,604 | +€9,118 | +6.6% |
| Amounts payable after more than one year | 17 | €122,915 | €127,735 | +€4,821 | +3.9% |
| Financial debts | 170/4 | €122,915 | €127,735 | +€4,821 | +3.9% |
| Amounts payable within one year | 42/48 | €15,571 | €19,868 | +€4,297 | +27.6% |
| Current portion of amounts payable after more than one year | 42 | €4,824 | €11,639 | +€6,815 | +141.3% |
| Trade debts | 44 | €1,520 | €1,035 | -€485 | -31.9% |
| Suppliers | 440/4 | €1,520 | €1,035 | -€485 | -31.9% |
| Taxes, remuneration and social security | 45 | €9,227 | €7,194 | -€2,033 | -22.0% |
| Taxes | 450/3 | €9,227 | €7,194 | -€2,033 | -22.0% |
| Non-recurring operating income | 76A | - | €1,500 | +€1,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,113 | €5,782 | +€669 | +13.1% |
| Other operating charges | 640/8 | €1,224 | €1,382 | +€158 | +12.9% |
| Gross operating margin | 9900 | €22,572 | €25,069 | +€2,497 | +11.1% |
| Operating profit (loss) | 9901 | €16,235 | €17,906 | +€1,671 | +10.3% |
| Financial income | 75/76B | €305 | €216 | -€89 | -29.2% |
| Recurring financial income | 75 | €305 | €216 | -€89 | -29.2% |
| Financial charges | 65/66B | €5,167 | €5,049 | -€118 | -2.3% |
| Recurring financial charges | 65 | €5,167 | €5,049 | -€118 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €11,374 | €13,074 | +€1,700 | +14.9% |
| Income taxes | 67/77 | €2,621 | €3,219 | +€599 | +22.8% |
| Profit (loss) for the period | 9904 | €8,753 | €9,854 | +€1,101 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €8,753 | €9,854 | +€1,101 | +12.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.