F.F.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.F.M.
Largest movements
- Receivables within one year +€176,448
up €176,448 (+85.5%), from €206,306 to €382,754
of which Other amounts receivable: +€169,550
- Tangible fixed assets +€26,455
up €26,455 (+44.8%), from €58,994 to €85,449
- Deferred charges and accrued income +€9,561
up €9,561 (+93.5%), from €10,229 to €19,790
- Cash +€8,720
up €8,720 (+35.8%), from €24,355 to €33,075
mainly Other debts (+€138,449) and Net result for the year (+€35,319)
- Other debts +€138,449
up €138,449 (+1,644%), from €8,420 to €146,869
- Reserves +€35,000
up €35,000 (+12.3%), from €283,625 to €318,625
of which Distributable reserves: +€35,000
- Debts after one year +€15,865
up €15,865 (+23.5%), from €67,536 to €83,401
- Tax, wage and social debts +€12,903
up €12,903 (+20.4%), from €63,194 to €76,097
of which Remuneration and social security: +€8,666
- Current portion of long-term debt +€10,104
up €10,104 (+60.3%), from €16,760 to €26,864
- Staff costs +€52,520
up €52,520 (+70.5%), from €74,505 to €127,025
- Taxes -€15,408
down €15,408 (-52.7%), from €29,232 to €13,824
- Depreciation +€6,941
up €6,941 (+32.3%), from €21,520 to €28,461
- Financial charges +€5,367
up €5,367 (+140%), from €3,830 to €9,197
- Financial income +€3,430
up €3,430 (+63.3%), from €5,417 to €8,847
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 | €478,345 | €699,528 | +€221,183 | +46.2% |
| Fixed assets | 21/28 | €237,454 | €263,909 | +€26,455 | +11.1% |
| Tangible fixed assets | 22/27 | €58,994 | €85,449 | +€26,455 | +44.8% |
| Furniture and vehicles | 24 | €58,994 | €85,449 | +€26,455 | +44.8% |
| Financial fixed assets | 28 | €178,460 | €178,460 | = | 0.0% |
| Current assets | 29/58 | €240,890 | €435,619 | +€194,728 | +80.8% |
| Amounts receivable within one year | 40/41 | €206,306 | €382,754 | +€176,448 | +85.5% |
| Trade receivables | 40 | €76,306 | €83,204 | +€6,898 | +9.0% |
| Other amounts receivable | 41 | €130,000 | €299,550 | +€169,550 | +130% |
| Cash at bank and in hand | 54/58 | €24,355 | €33,075 | +€8,720 | +35.8% |
| Deferred charges and accrued income | 490/1 | €10,229 | €19,790 | +€9,561 | +93.5% |
| Total equity and liabilities | 10/49 | €478,345 | €699,528 | +€221,183 | +46.2% |
| Equity | 10/15 | €313,954 | €349,272 | +€35,319 | +11.2% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €283,625 | €318,625 | +€35,000 | +12.3% |
| Tax-exempt reserves | 132 | €52,625 | €52,625 | = | 0.0% |
| Distributable reserves | 133 | €231,000 | €266,000 | +€35,000 | +15.2% |
| Profit (loss) carried forward | 14 | €329 | €647 | +€319 | +96.9% |
| Amounts payable | 17/49 | €164,391 | €350,255 | +€185,864 | +113% |
| Amounts payable after more than one year | 17 | €67,536 | €83,401 | +€15,865 | +23.5% |
| Financial debts | 170/4 | €67,536 | €83,401 | +€15,865 | +23.5% |
| Amounts payable within one year | 42/48 | €94,144 | €259,713 | +€165,569 | +176% |
| Current portion of amounts payable after more than one year | 42 | €16,760 | €26,864 | +€10,104 | +60.3% |
| Trade debts | 44 | €5,771 | €9,884 | +€4,113 | +71.3% |
| Suppliers | 440/4 | €5,771 | €9,884 | +€4,113 | +71.3% |
| Taxes, remuneration and social security | 45 | €63,194 | €76,097 | +€12,903 | +20.4% |
| Taxes | 450/3 | €49,000 | €53,237 | +€4,237 | +8.6% |
| Remuneration and social security | 454/9 | €14,193 | €22,860 | +€8,666 | +61.1% |
| Other amounts payable | 47/48 | €8,420 | €146,869 | +€138,449 | +1,644% |
| Accrued charges and deferred income | 492/3 | €2,711 | €7,141 | +€4,430 | +163% |
| Non-recurring operating income | 76A | - | €9,433 | +€9,433 | |
| Remuneration, social security and pensions | 62 | €74,505 | €127,025 | +€52,520 | +70.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,520 | €28,461 | +€6,941 | +32.3% |
| Other operating charges | 640/8 | €736 | €804 | +€68 | +9.2% |
| Gross operating margin | 9900 | €207,436 | €205,783 | -€1,653 | -0.8% |
| Operating profit (loss) | 9901 | €110,675 | €49,493 | -€61,183 | -55.3% |
| Financial income | 75/76B | €5,417 | €8,847 | +€3,430 | +63.3% |
| Recurring financial income | 75 | €5,417 | €8,847 | +€3,430 | +63.3% |
| Financial charges | 65/66B | €3,830 | €9,197 | +€5,367 | +140% |
| Recurring financial charges | 65 | €3,830 | €9,197 | +€5,367 | +140% |
| Profit (loss) for the period before taxes | 9903 | €112,262 | €49,142 | -€63,120 | -56.2% |
| Income taxes | 67/77 | €29,232 | €13,824 | -€15,408 | -52.7% |
| Profit (loss) for the period | 9904 | €83,030 | €35,319 | -€47,711 | -57.5% |
| Transfer to tax-exempt reserves | 689 | €31,575 | - | -€31,575 | |
| Profit (loss) for the period to be appropriated | 9905 | €51,455 | €35,319 | -€16,136 | -31.4% |
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 21 October 2026 via checked.be.