F&FVT: 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&FVT
Largest movements
- Intangible fixed assets -€13,110
down €13,110 (-10.7%), from €123,042 to €109,932
- Tangible fixed assets -€12,040
down €12,040 (-10.6%), from €113,307 to €101,267
of which Plant, machinery and equipment: -€15,439
- Cash -€4,298
down €4,298 (-14.3%), from €30,090 to €25,792
mainly Debts after one year (-€26,869) and Trade debts (-€7,913)
- Debts after one year -€26,869
down €26,869 (-16.6%), from €161,608 to €134,739
- Trade debts -€7,913
down €7,913 (-85.9%), from €9,210 to €1,297
- Reserves +€4,194
up €4,194 (+31.1%), from €13,507 to €17,701
- Tax, wage and social debts +€3,159
up €3,159 (+57.5%), from €5,492 to €8,651
- Depreciation +€14,104
up €14,104 (+75.0%), from €18,813 to €32,917
- Gross operating margin +€4,406
up €4,406 (+10.5%), from €42,109 to €46,515
- Taxes -€2,333
down €2,333 (-66.8%), from €3,492 to €1,159
- Financial charges +€1,932
up €1,932 (+34.1%), from €5,672 to €7,604
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 | €273,855 | €248,619 | -€25,236 | -9.2% |
| Fixed assets | 21/28 | €236,349 | €211,199 | -€25,150 | -10.6% |
| Intangible fixed assets | 21 | €123,042 | €109,932 | -€13,110 | -10.7% |
| Tangible fixed assets | 22/27 | €113,307 | €101,267 | -€12,040 | -10.6% |
| Plant, machinery and equipment | 23 | €113,307 | €97,868 | -€15,439 | -13.6% |
| Other tangible fixed assets | 26 | - | €3,399 | +€3,399 | |
| Current assets | 29/58 | €37,506 | €37,420 | -€86 | -0.2% |
| Stocks and contracts in progress | 3 | €3,925 | €4,951 | +€1,026 | +26.1% |
| Stocks | 30/36 | €3,925 | €4,951 | +€1,026 | +26.1% |
| Amounts receivable within one year | 40/41 | €2,877 | €4,086 | +€1,208 | +42.0% |
| Trade receivables | 40 | €123 | €23 | -€100 | -81.6% |
| Other amounts receivable | 41 | €2,755 | €4,063 | +€1,308 | +47.5% |
| Cash at bank and in hand | 54/58 | €30,090 | €25,792 | -€4,298 | -14.3% |
| Deferred charges and accrued income | 490/1 | €613 | €2,591 | +€1,978 | +322% |
| Total equity and liabilities | 10/49 | €273,855 | €248,619 | -€25,236 | -9.2% |
| Equity | 10/15 | €38,507 | €42,701 | +€4,194 | +10.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €13,507 | €17,701 | +€4,194 | +31.1% |
| Distributable reserves | 133 | €13,507 | €17,701 | +€4,194 | +31.1% |
| Amounts payable | 17/49 | €235,348 | €205,918 | -€29,430 | -12.5% |
| Amounts payable after more than one year | 17 | €161,608 | €134,739 | -€26,869 | -16.6% |
| Financial debts | 170/4 | €161,608 | €134,739 | -€26,869 | -16.6% |
| Amounts payable within one year | 42/48 | €73,740 | €71,179 | -€2,561 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €25,843 | €26,869 | +€1,026 | +4.0% |
| Trade debts | 44 | €9,210 | €1,297 | -€7,913 | -85.9% |
| Suppliers | 440/4 | €9,210 | €1,297 | -€7,913 | -85.9% |
| Taxes, remuneration and social security | 45 | €5,492 | €8,651 | +€3,159 | +57.5% |
| Taxes | 450/3 | €5,492 | €8,651 | +€3,159 | +57.5% |
| Other amounts payable | 47/48 | €33,195 | €34,362 | +€1,167 | +3.5% |
| Remuneration, social security and pensions | 62 | €413 | - | -€413 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,813 | €32,917 | +€14,104 | +75.0% |
| Other operating charges | 640/8 | €211 | €641 | +€431 | +204% |
| Gross operating margin | 9900 | €42,109 | €46,515 | +€4,406 | +10.5% |
| Operating profit (loss) | 9901 | €22,671 | €12,957 | -€9,715 | -42.9% |
| Financial charges | 65/66B | €5,672 | €7,604 | +€1,932 | +34.1% |
| Recurring financial charges | 65 | €5,672 | €7,604 | +€1,932 | +34.1% |
| Profit (loss) for the period before taxes | 9903 | €16,999 | €5,353 | -€11,646 | -68.5% |
| Income taxes | 67/77 | €3,492 | €1,159 | -€2,333 | -66.8% |
| Profit (loss) for the period | 9904 | €13,507 | €4,194 | -€9,313 | -68.9% |
| Profit (loss) for the period to be appropriated | 9905 | €13,507 | €4,194 | -€9,313 | -68.9% |
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 18 October 2026 via checked.be.