F GENVAL: 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 GENVAL
Largest movements
- Stocks and contracts +€31,542
up €31,542 (+17.0%), from €185,790 to €217,332
- Cash -€15,675
down €15,675 (-28.1%), from €55,829 to €40,154
mainly Stocks and contracts (-€31,542) and Debts after one year (-€24,136)
- Receivables within one year +€14,465
up €14,465 (+97.2%), from €14,888 to €29,353
- Tangible fixed assets -€13,906
down €13,906 (-23.5%), from €59,139 to €45,232
of which Plant, machinery and equipment: -€8,901
- Trade debts +€66,972
up €66,972 (+46.8%), from €143,063 to €210,035
- Debts after one year -€24,136
down €24,136 (-84.7%), from €28,511 to €4,375
- Profit (loss) carried forward -€12,811
down €12,811 (-73.9%), from €17,331 to €4,520
- Accrued charges and deferred income -€8,679
down €8,679 (-24.1%), from €35,949 to €27,271
- Other debts -€3,713
down €3,713 (-73.8%), from €5,030 to €1,317
- Gross operating margin -€5,887
down €5,887 (-4.9%), from €119,936 to €114,048
- Financial charges +€1,623
up €1,623 (+44.0%), from €3,691 to €5,314
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.
Cash bridge derived
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 | €320,646 | €334,071 | +€13,425 | +4.2% |
| Fixed assets | 21/28 | €64,139 | €47,232 | -€16,906 | -26.4% |
| Intangible fixed assets | 21 | €5,000 | €2,000 | -€3,000 | -60.0% |
| Tangible fixed assets | 22/27 | €59,139 | €45,232 | -€13,906 | -23.5% |
| Plant, machinery and equipment | 23 | €38,376 | €29,475 | -€8,901 | -23.2% |
| Furniture and vehicles | 24 | €20,763 | €15,757 | -€5,005 | -24.1% |
| Current assets | 29/58 | €256,507 | €286,839 | +€30,332 | +11.8% |
| Stocks and contracts in progress | 3 | €185,790 | €217,332 | +€31,542 | +17.0% |
| Stocks | 30/36 | €185,790 | €217,332 | +€31,542 | +17.0% |
| Amounts receivable within one year | 40/41 | €14,888 | €29,353 | +€14,465 | +97.2% |
| Trade receivables | 40 | €14,888 | €29,353 | +€14,465 | +97.2% |
| Cash at bank and in hand | 54/58 | €55,829 | €40,154 | -€15,675 | -28.1% |
| Total equity and liabilities | 10/49 | €320,646 | €334,071 | +€13,425 | +4.2% |
| Equity | 10/15 | €37,331 | €24,520 | -€12,811 | -34.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,331 | €4,520 | -€12,811 | -73.9% |
| Amounts payable | 17/49 | €283,314 | €309,551 | +€26,236 | +9.3% |
| Amounts payable after more than one year | 17 | €28,511 | €4,375 | -€24,136 | -84.7% |
| Financial debts | 170/4 | €28,511 | €4,375 | -€24,136 | -84.7% |
| Amounts payable within one year | 42/48 | €218,854 | €277,905 | +€59,051 | +27.0% |
| Current portion of amounts payable after more than one year | 42 | €27,775 | €25,506 | -€2,269 | -8.2% |
| Trade debts | 44 | €143,063 | €210,035 | +€66,972 | +46.8% |
| Suppliers | 440/4 | €143,063 | €210,035 | +€66,972 | +46.8% |
| Taxes, remuneration and social security | 45 | €42,986 | €41,047 | -€1,938 | -4.5% |
| Taxes | 450/3 | €26,345 | €25,002 | -€1,343 | -5.1% |
| Remuneration and social security | 454/9 | €16,640 | €16,045 | -€595 | -3.6% |
| Other amounts payable | 47/48 | €5,030 | €1,317 | -€3,713 | -73.8% |
| Accrued charges and deferred income | 492/3 | €35,949 | €27,271 | -€8,679 | -24.1% |
| Remuneration, social security and pensions | 62 | €105,467 | €104,626 | -€841 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,906 | €16,906 | = | 0.0% |
| Other operating charges | 640/8 | €70 | €400 | +€330 | +471.0% |
| Gross operating margin | 9900 | €119,936 | €114,048 | -€5,887 | -4.9% |
| Operating profit (loss) | 9901 | -€2,508 | -€7,883 | -€5,376 | -214.4% |
| Financial income | 75/76B | €252 | €474 | +€222 | +88.0% |
| Recurring financial income | 75 | €252 | €474 | +€222 | +88.0% |
| Financial charges | 65/66B | €3,691 | €5,314 | +€1,623 | +44.0% |
| Recurring financial charges | 65 | €3,691 | €5,314 | +€1,623 | +44.0% |
| Profit (loss) for the period before taxes | 9903 | -€5,947 | -€12,724 | -€6,777 | -113.9% |
| Income taxes | 67/77 | €160 | €87 | -€73 | -45.4% |
| Profit (loss) for the period | 9904 | -€6,107 | -€12,811 | -€6,704 | -109.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,107 | -€12,811 | -€6,704 | -109.8% |
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 12 October 2026 via checked.be.