F C O MANAGEMENT: 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 C O MANAGEMENT
Largest movements
- Tangible fixed assets +€30,179
up €30,179 (+21.8%), from €138,560 to €168,739
of which Furniture and vehicles: +€40,616
- Cash +€27,006
up €27,006 (+147%), from €18,420 to €45,426
mainly Other debts (+€49,198) and Depreciation (+€20,075)
- Receivables within one year -€8,969
down €8,969 (-43.8%), from €20,495 to €11,526
of which Trade receivables: -€12,299
- Other debts +€49,198
up €49,198 (+1,422%), from €3,461 to €52,659
- Profit (loss) carried forward +€8,737
up €8,737 (+11.0%), from -€79,470 to -€70,733
- Tax, wage and social debts -€4,736
down €4,736 (-86.2%), from €5,495 to €760
- Trade debts -€3,553
down €3,553 (-99.0%), from €3,590 to €37
- Gross operating margin +€35,731
up €35,731 (+2,315%), from €1,544 to €37,275
- Depreciation +€8,488
up €8,488 (+73.2%), from €11,587 to €20,075
- Financial charges +€2,692
up €2,692 (+78.4%), from €3,432 to €6,124
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 | €177,476 | €227,123 | +€49,647 | +28.0% |
| Fixed assets | 21/28 | €138,560 | €168,739 | +€30,179 | +21.8% |
| Tangible fixed assets | 22/27 | €138,560 | €168,739 | +€30,179 | +21.8% |
| Land and buildings | 22 | €119,526 | €110,339 | -€9,187 | -7.7% |
| Plant, machinery and equipment | 23 | €16,093 | €14,843 | -€1,249 | -7.8% |
| Furniture and vehicles | 24 | €2,942 | €43,557 | +€40,616 | +1,381% |
| Current assets | 29/58 | €38,916 | €58,383 | +€19,468 | +50.0% |
| Amounts receivable within one year | 40/41 | €20,495 | €11,526 | -€8,969 | -43.8% |
| Trade receivables | 40 | €20,419 | €8,120 | -€12,299 | -60.2% |
| Other amounts receivable | 41 | €76 | €3,406 | +€3,330 | +4,357% |
| Cash at bank and in hand | 54/58 | €18,420 | €45,426 | +€27,006 | +147% |
| Deferred charges and accrued income | 490/1 | - | €1,431 | +€1,431 | |
| Total equity and liabilities | 10/49 | €177,476 | €227,123 | +€49,647 | +28.0% |
| Equity | 10/15 | €124,930 | €133,667 | +€8,737 | +7.0% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €185,400 | €185,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €183,500 | €183,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,470 | -€70,733 | +€8,737 | +11.0% |
| Amounts payable | 17/49 | €52,545 | €93,455 | +€40,910 | +77.9% |
| Amounts payable after more than one year | 17 | €40,000 | €40,000 | = | 0.0% |
| Financial debts | 170/4 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €12,545 | €53,455 | +€40,910 | +326% |
| Trade debts | 44 | €3,590 | €37 | -€3,553 | -99.0% |
| Suppliers | 440/4 | €3,590 | €37 | -€3,553 | -99.0% |
| Taxes, remuneration and social security | 45 | €5,495 | €760 | -€4,736 | -86.2% |
| Taxes | 450/3 | €5,495 | €760 | -€4,736 | -86.2% |
| Other amounts payable | 47/48 | €3,461 | €52,659 | +€49,198 | +1,422% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,587 | €20,075 | +€8,488 | +73.2% |
| Other operating charges | 640/8 | €1,702 | €1,903 | +€202 | +11.9% |
| Gross operating margin | 9900 | €1,544 | €37,275 | +€35,731 | +2,315% |
| Operating profit (loss) | 9901 | -€11,745 | €15,297 | +€27,042 | |
| Financial income | 75/76B | €33 | €42 | +€10 | +30.0% |
| Recurring financial income | 75 | €33 | €42 | +€10 | +30.0% |
| Financial charges | 65/66B | €3,432 | €6,124 | +€2,692 | +78.4% |
| Recurring financial charges | 65 | €3,432 | €6,124 | +€2,692 | +78.4% |
| Profit (loss) for the period before taxes | 9903 | -€15,145 | €9,215 | +€24,360 | |
| Income taxes | 67/77 | €282 | €478 | +€196 | +69.6% |
| Profit (loss) for the period | 9904 | -€15,427 | €8,737 | +€24,163 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,427 | €8,737 | +€24,163 |
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 19 October 2026 via checked.be.