F.B.F.: what changed
Two financial 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.B.F.
Largest movements
- Financial fixed assets +€196,406
up €196,406 (+2,401%), from €8,180 to €204,586
- Cash -€178,427
down €178,427 (-36.9%), from €482,972 to €304,545
mainly Investment in fixed assets (net) (-€196,406) and Debts after one year (-€83,716)
- Profit (loss) carried forward +€112,324
up €112,324 (+7.6%), from -€1.5m to -€1.4m
- Debts after one year -€83,716
down €83,716 (-45.7%), from €183,175 to €99,459
- Other debts -€80,175
down €80,175 (-14.1%), from €569,146 to €488,971
- Short-term financial debts +€70,623
up €70,623, from €0 to €70,623
- Current portion of long-term debt -€18,170
down €18,170 (-17.8%), from €101,887 to €83,716
- Gross operating margin +€118,653
up €118,653 (+259%), from €45,819 to €164,472
- Taxes +€35,121
up €35,121 (+585%), from €6,004 to €41,124
- Financial charges -€10,101
down €10,101 (-68.1%), from €14,825 to €4,724
- Other operating charges -€4,692
down €4,692 (-44.1%), from €10,638 to €5,946
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.
Derived cash bridge
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 | €1,637,025 | €1,650,975 | +€13,950 | +0.9% |
| Fixed assets | 21/28 | €10,299 | €206,351 | +€196,051 | +1,904% |
| Tangible fixed assets | 22/27 | €2,119 | €1,764 | -€355 | -16.7% |
| Land and buildings | 22 | €2,119 | €1,764 | -€355 | -16.7% |
| Financial fixed assets | 28 | €8,180 | €204,586 | +€196,406 | +2,401% |
| Current assets | 29/58 | €1,626,726 | €1,444,624 | -€182,102 | -11.2% |
| Stocks and contracts in progress | 3 | €1,131,584 | €1,135,323 | +€3,739 | +0.3% |
| Stocks | 30/36 | €1,131,584 | €1,135,323 | +€3,739 | +0.3% |
| Amounts receivable within one year | 40/41 | €11,000 | €4,242 | -€6,758 | -61.4% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €11,000 | €4,242 | -€6,758 | -61.4% |
| Cash at bank and in hand | 54/58 | €482,972 | €304,545 | -€178,427 | -36.9% |
| Deferred charges and accrued income | 490/1 | €1,170 | €514 | -€656 | -56.1% |
| Total equity and liabilities | 10/49 | €1,637,025 | €1,650,975 | +€13,950 | +0.9% |
| Equity | 10/15 | €774,999 | €887,323 | +€112,324 | +14.5% |
| Contributions | 10/11 | €1,992,354 | €1,992,354 | = | 0.0% |
| Reserves | 13 | €264,275 | €264,275 | = | 0.0% |
| Distributable reserves | 133 | €264,275 | €264,275 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,481,630 | -€1,369,306 | +€112,324 | +7.6% |
| Amounts payable | 17/49 | €862,026 | €763,652 | -€98,374 | -11.4% |
| Amounts payable after more than one year | 17 | €183,175 | €99,459 | -€83,716 | -45.7% |
| Financial debts | 170/4 | €183,175 | €99,459 | -€83,716 | -45.7% |
| Amounts payable within one year | 42/48 | €676,344 | €651,349 | -€24,995 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €101,887 | €83,716 | -€18,170 | -17.8% |
| Financial debts | 43 | €0 | €70,623 | +€70,623 | |
| Credit institutions | 430/8 | €0 | €70,623 | +€70,623 | |
| Trade debts | 44 | €1,468 | €7,720 | +€6,251 | +426% |
| Suppliers | 440/4 | €1,468 | €7,720 | +€6,251 | +426% |
| Taxes, remuneration and social security | 45 | €3,843 | €320 | -€3,523 | -91.7% |
| Taxes | 450/3 | €3,843 | €320 | -€3,523 | -91.7% |
| Other amounts payable | 47/48 | €569,146 | €488,971 | -€80,175 | -14.1% |
| Accrued charges and deferred income | 492/3 | €2,507 | €12,843 | +€10,336 | +412% |
| Non-recurring operating income | 76A | €1,311 | €0 | -€1,311 | -100% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €355 | €355 | = | 0.0% |
| Other operating charges | 640/8 | €10,638 | €5,946 | -€4,692 | -44.1% |
| Gross operating margin | 9900 | €45,819 | €164,472 | +€118,653 | +259% |
| Operating profit (loss) | 9901 | €34,826 | €158,171 | +€123,345 | +354% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €14,825 | €4,724 | -€10,101 | -68.1% |
| Recurring financial charges | 65 | €14,825 | €4,724 | -€10,101 | -68.1% |
| Profit (loss) for the period before taxes | 9903 | €20,001 | €153,448 | +€133,447 | +667% |
| Income taxes | 67/77 | €6,004 | €41,124 | +€35,121 | +585% |
| Profit (loss) for the period | 9904 | €13,998 | €112,324 | +€98,327 | +702% |
| Profit (loss) for the period to be appropriated | 9905 | €13,998 | €112,324 | +€98,327 | +702% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.