F.D.M.: 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.D.M.
Largest movements
- Tangible fixed assets -€50,856
down €50,856 (-3.3%), from €1.5m to €1.5m
of which Land and buildings: -€49,987
- Debts after one year -€136,077
down €136,077 (-12.2%), from €1.1m to €980,332
of which Financial debts: -€126,872
- Reserves +€49,604
up €49,604 (+16.2%), from €305,327 to €354,931
of which Distributable reserves: +€49,604
- Trade debts +€46,287
up €46,287 (+57.7%), from €80,154 to €126,441
- Gross operating margin -€276,157
down €276,157 (-33.5%), from €824,742 to €548,585
- Staff costs +€78,278
up €78,278 (+27.5%), from €284,838 to €363,116
- Taxes +€20,656
up €20,656 (+287%), from €7,187 to €27,843
- Depreciation -€15,279
down €15,279 (-23.1%), from €66,135 to €50,856
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 | €2,093,161 | €2,040,877 | -€52,284 | -2.5% |
| Fixed assets | 21/28 | €1,522,934 | €1,472,077 | -€50,856 | -3.3% |
| Tangible fixed assets | 22/27 | €1,522,934 | €1,472,077 | -€50,856 | -3.3% |
| Land and buildings | 22 | €1,522,064 | €1,472,077 | -€49,987 | -3.3% |
| Plant, machinery and equipment | 23 | €402 | €0 | -€402 | -100% |
| Furniture and vehicles | 24 | €467 | €0 | -€467 | -100% |
| Current assets | 29/58 | €570,228 | €568,799 | -€1,428 | -0.3% |
| Amounts receivable within one year | 40/41 | €19,685 | €19,685 | = | 0.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €19,685 | €19,685 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €541,150 | €548,356 | +€7,206 | +1.3% |
| Deferred charges and accrued income | 490/1 | €9,393 | €759 | -€8,634 | -91.9% |
| Total equity and liabilities | 10/49 | €2,093,161 | €2,040,877 | -€52,284 | -2.5% |
| Equity | 10/15 | €556,812 | €606,416 | +€49,604 | +8.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €305,327 | €354,931 | +€49,604 | +16.2% |
| Tax-exempt reserves | 132 | €294,750 | €294,750 | = | 0.0% |
| Distributable reserves | 133 | €10,577 | €60,181 | +€49,604 | +469% |
| Profit (loss) carried forward | 14 | €232,893 | €232,893 | = | 0.0% |
| Provisions and deferred taxes | 16 | €98,250 | €98,250 | = | 0.0% |
| Deferred taxes | 168 | €98,250 | €98,250 | = | 0.0% |
| Amounts payable | 17/49 | €1,438,100 | €1,336,211 | -€101,889 | -7.1% |
| Amounts payable after more than one year | 17 | €1,116,409 | €980,332 | -€136,077 | -12.2% |
| Financial debts | 170/4 | €966,409 | €839,537 | -€126,872 | -13.1% |
| Other amounts payable | 178/9 | €150,000 | €140,795 | -€9,205 | -6.1% |
| Amounts payable within one year | 42/48 | €321,690 | €355,879 | +€34,189 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €148,953 | €138,017 | -€10,936 | -7.3% |
| Trade debts | 44 | €80,154 | €126,441 | +€46,287 | +57.7% |
| Suppliers | 440/4 | €80,154 | €126,441 | +€46,287 | +57.7% |
| Taxes, remuneration and social security | 45 | €81,169 | €84,500 | +€3,331 | +4.1% |
| Taxes | 450/3 | €52,408 | €53,449 | +€1,040 | +2.0% |
| Remuneration and social security | 454/9 | €28,761 | €31,052 | +€2,291 | +8.0% |
| Other amounts payable | 47/48 | €11,414 | €6,921 | -€4,493 | -39.4% |
| Remuneration, social security and pensions | 62 | €284,838 | €363,116 | +€78,278 | +27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,135 | €50,856 | -€15,279 | -23.1% |
| Other operating charges | 640/8 | €22,143 | €21,456 | -€687 | -3.1% |
| Gross operating margin | 9900 | €824,742 | €548,585 | -€276,157 | -33.5% |
| Operating profit (loss) | 9901 | €451,625 | €113,157 | -€338,468 | -74.9% |
| Financial income | 75/76B | - | €3,001 | +€3,001 | |
| Recurring financial income | 75 | - | €3,001 | +€3,001 | |
| Financial charges | 65/66B | €42,720 | €38,710 | -€4,010 | -9.4% |
| Recurring financial charges | 65 | €42,720 | €38,710 | -€4,010 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €408,905 | €77,448 | -€331,457 | -81.1% |
| Transfer to deferred taxes | 680 | €98,250 | €0 | -€98,250 | -100% |
| Income taxes | 67/77 | €7,187 | €27,843 | +€20,656 | +287% |
| Profit (loss) for the period | 9904 | €303,468 | €49,604 | -€253,864 | -83.7% |
| Transfer to tax-exempt reserves | 689 | €294,750 | €0 | -€294,750 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €8,718 | €49,604 | +€40,886 | +469% |
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 14 October 2026 via checked.be.