F.A.B.: 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.A.B.
Largest movements
- Stocks and contracts +€475,065
up €475,065 (+39.7%), from €1.2m to €1.7m
- Receivables within one year +€235,785
up €235,785 (+313.4%), from €75,230 to €311,015
of which Trade receivables: +€180,308
- Cash -€73,370
down €73,370 (-70.2%), from €104,442 to €31,072
mainly Stocks and contracts (-€475,065) and Other debts (-€300,260)
- Tangible fixed assets -€40,963
down €40,963 (-32.5%), from €126,013 to €85,049
of which Other tangible fixed assets: -€28,899
- Intangible fixed assets +€40,106
new in 2025: €40,106
- Debts after one year +€571,859
up €571,859 (+363.3%), from €157,387 to €729,246
- Trade debts +€435,977
up €435,977 (+803.3%), from €54,274 to €490,252
- Other debts -€300,260
down €300,260 (-50.0%), from €599,935 to €299,674
- Reserves -€43,569
down €43,569 (-6.9%), from €631,112 to €587,543
- Gross operating margin -€443,584
down €443,584 (-94.6%), from €468,724 to €25,141
- Taxes -€115,924
down €115,924 (-99.6%), from €116,377 to €453
- Depreciation +€12,580
up €12,580 (+30.2%), from €41,655 to €54,235
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 | €1,575,875 | €2,216,356 | +€640,481 | +40.6% |
| Fixed assets | 21/28 | €126,013 | €125,156 | -€857 | -0.7% |
| Intangible fixed assets | 21 | - | €40,106 | +€40,106 | |
| Tangible fixed assets | 22/27 | €126,013 | €85,049 | -€40,963 | -32.5% |
| Furniture and vehicles | 24 | €23,810 | €11,746 | -€12,064 | -50.7% |
| Other tangible fixed assets | 26 | €102,203 | €73,303 | -€28,899 | -28.3% |
| Current assets | 29/58 | €1,449,863 | €2,091,200 | +€641,338 | +44.2% |
| Stocks and contracts in progress | 3 | €1,197,302 | €1,672,367 | +€475,065 | +39.7% |
| Stocks | 30/36 | €1,197,302 | €1,672,367 | +€475,065 | +39.7% |
| Amounts receivable within one year | 40/41 | €75,230 | €311,015 | +€235,785 | +313.4% |
| Trade receivables | 40 | €22,282 | €202,589 | +€180,308 | +809.2% |
| Other amounts receivable | 41 | €52,948 | €108,425 | +€55,477 | +104.8% |
| Cash at bank and in hand | 54/58 | €104,442 | €31,072 | -€73,370 | -70.2% |
| Deferred charges and accrued income | 490/1 | €72,888 | €76,746 | +€3,858 | +5.3% |
| Total equity and liabilities | 10/49 | €1,575,875 | €2,216,356 | +€640,481 | +40.6% |
| Equity | 10/15 | €649,712 | €606,143 | -€43,569 | -6.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €631,112 | €587,543 | -€43,569 | -6.9% |
| Distributable reserves | 133 | €631,112 | €587,543 | -€43,569 | -6.9% |
| Amounts payable | 17/49 | €926,163 | €1,610,213 | +€684,050 | +73.9% |
| Amounts payable after more than one year | 17 | €157,387 | €729,246 | +€571,859 | +363.3% |
| Financial debts | 170/4 | €157,387 | €729,246 | +€571,859 | +363.3% |
| Amounts payable within one year | 42/48 | €768,776 | €880,967 | +€112,191 | +14.6% |
| Financial debts | 43 | €42,730 | €24,664 | -€18,067 | -42.3% |
| Credit institutions | 430/8 | €42,730 | €24,664 | -€18,067 | -42.3% |
| Trade debts | 44 | €54,274 | €490,252 | +€435,977 | +803.3% |
| Suppliers | 440/4 | €54,274 | €490,252 | +€435,977 | +803.3% |
| Taxes, remuneration and social security | 45 | €71,836 | €66,377 | -€5,459 | -7.6% |
| Taxes | 450/3 | €71,836 | €66,377 | -€5,459 | -7.6% |
| Other amounts payable | 47/48 | €599,935 | €299,674 | -€300,260 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,655 | €54,235 | +€12,580 | +30.2% |
| Other operating charges | 640/8 | €1,834 | €3,663 | +€1,829 | +99.7% |
| Gross operating margin | 9900 | €468,724 | €25,141 | -€443,584 | -94.6% |
| Operating profit (loss) | 9901 | €425,235 | -€32,757 | -€457,993 | |
| Financial charges | 65/66B | €10,580 | €10,359 | -€220 | -2.1% |
| Recurring financial charges | 65 | €10,580 | €10,359 | -€220 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €414,656 | -€43,117 | -€457,772 | |
| Income taxes | 67/77 | €116,377 | €453 | -€115,924 | -99.6% |
| Profit (loss) for the period | 9904 | €298,279 | -€43,569 | -€341,848 | |
| Profit (loss) for the period to be appropriated | 9905 | €298,279 | -€43,569 | -€341,848 |
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 8 October 2026 via checked.be.