F&C Projects: 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 Projects
Largest movements
- Current investments +€130,000
new in 2025: €130,000
- Cash -€89,897
down €89,897 (-41.9%), from €214,710 to €124,813
mainly Contributions, distributions and other (-€199,609) and Current investments (-€130,000)
- Receivables after one year -€50,000
down €50,000 (-25.0%), from €200,000 to €150,000
- Tangible fixed assets +€32,739
up €32,739 (+948%), from €3,454 to €36,193
of which Furniture and vehicles: +€33,145
- Other debts +€133,709
up €133,709 (+241%), from €55,435 to €189,144
- Reserves -€118,144
down €118,144 (-33.5%), from €352,534 to €234,390
of which Distributable reserves: -€118,144
- Tax, wage and social debts +€6,212
up €6,212 (+24.6%), from €25,217 to €31,429
of which Taxes: +€8,130
- Gross operating margin +€32,553
up €32,553 (+38.9%), from €83,681 to €116,234
- Depreciation +€12,061
up €12,061 (+991%), from €1,217 to €13,278
- Taxes +€4,103
up €4,103 (+15.5%), from €26,537 to €30,641
- Financial income -€2,669
down €2,669 (-20.1%), from €13,279 to €10,610
of which Financial income: -€2,669
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 | €447,279 | €468,131 | +€20,852 | +4.7% |
| Fixed assets | 21/28 | €3,454 | €36,193 | +€32,739 | +948% |
| Tangible fixed assets | 22/27 | €3,454 | €36,193 | +€32,739 | +948% |
| Furniture and vehicles | 24 | €63 | €33,208 | +€33,145 | +52,787% |
| Other tangible fixed assets | 26 | €3,391 | €2,985 | -€407 | -12.0% |
| Current assets | 29/58 | €443,825 | €431,938 | -€11,887 | -2.7% |
| Amounts receivable after more than one year | 29 | €200,000 | €150,000 | -€50,000 | -25.0% |
| Other amounts receivable | 291 | €200,000 | €150,000 | -€50,000 | -25.0% |
| Amounts receivable within one year | 40/41 | €19,312 | €19,300 | -€12 | -0.1% |
| Trade receivables | 40 | €19,312 | €19,300 | -€12 | -0.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | - | €130,000 | +€130,000 | |
| Cash at bank and in hand | 54/58 | €214,710 | €124,813 | -€89,897 | -41.9% |
| Deferred charges and accrued income | 490/1 | €9,803 | €7,825 | -€1,978 | -20.2% |
| Total equity and liabilities | 10/49 | €447,279 | €468,131 | +€20,852 | +4.7% |
| Equity | 10/15 | €364,934 | €246,790 | -€118,144 | -32.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €352,534 | €234,390 | -€118,144 | -33.5% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €197 | €197 | = | 0.0% |
| Distributable reserves | 133 | €350,482 | €232,338 | -€118,144 | -33.7% |
| Amounts payable | 17/49 | €82,345 | €221,340 | +€138,996 | +169% |
| Amounts payable within one year | 42/48 | €82,345 | €221,209 | +€138,864 | +169% |
| Trade debts | 44 | €1,693 | €636 | -€1,057 | -62.4% |
| Suppliers | 440/4 | €1,693 | €636 | -€1,057 | -62.4% |
| Taxes, remuneration and social security | 45 | €25,217 | €31,429 | +€6,212 | +24.6% |
| Taxes | 450/3 | €17,061 | €25,191 | +€8,130 | +47.7% |
| Remuneration and social security | 454/9 | €8,156 | €6,238 | -€1,918 | -23.5% |
| Other amounts payable | 47/48 | €55,435 | €189,144 | +€133,709 | +241% |
| Accrued charges and deferred income | 492/3 | - | €131 | +€131 | |
| Non-recurring operating income | 76A | - | €225 | +€225 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,217 | €13,278 | +€12,061 | +991% |
| Other operating charges | 640/8 | €1,043 | €1,316 | +€273 | +26.1% |
| Gross operating margin | 9900 | €83,681 | €116,234 | +€32,553 | +38.9% |
| Operating profit (loss) | 9901 | €81,421 | €101,640 | +€20,219 | +24.8% |
| Financial income | 75/76B | €13,279 | €10,610 | -€2,669 | -20.1% |
| Recurring financial income | 75 | €13,279 | €10,610 | -€2,669 | -20.1% |
| Non-recurring financial income | 76B | €13,279 | €10,610 | -€2,669 | -20.1% |
| Financial charges | 65/66B | €159 | €144 | -€15 | -9.5% |
| Recurring financial charges | 65 | €159 | €144 | -€15 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €94,541 | €112,106 | +€17,565 | +18.6% |
| Income taxes | 67/77 | €26,537 | €30,641 | +€4,103 | +15.5% |
| Profit (loss) for the period | 9904 | €68,004 | €81,465 | +€13,462 | +19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €68,004 | €81,465 | +€13,462 | +19.8% |
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 16 October 2026 via checked.be.