F-GEST: 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-GEST
Largest movements
- Receivables within one year +€124,533
up €124,533 (+119.1%), from €104,604 to €229,137
of which Trade receivables: +€164,408
- Deferred charges and accrued income +€66,540
new in 2026: €66,540
- Tangible fixed assets +€44,940
up €44,940 (+2.9%), from €1.6m to €1.6m
of which Land and buildings: +€36,864
- Cash -€27,606
down €27,606 (-73.2%), from €37,709 to €10,103
mainly Investment in fixed assets (net) (-€129,251) and Contributions, distributions and other (-€128,000)
- Accrued charges and deferred income +€166,953
up €166,953 (+3653.5%), from €4,570 to €171,523
- Other debts +€131,361
up €131,361 (+738.1%), from €17,797 to €149,158
- Reserves -€118,695
down €118,695 (-27.4%), from €432,500 to €313,805
- Trade debts -€115,685
down €115,685 (-90.4%), from €127,962 to €12,277
- Debts after one year +€58,801
up €58,801 (+4.1%), from €1.4m to €1.5m
- Gross operating margin +€121,348
up €121,348 (+172.7%), from €70,276 to €191,624
- Financial income +€72,497
up €72,497 (+483.2%), from €15,003 to €87,500
of which Financial income: +€49,997
- Depreciation +€37,348
up €37,348 (+79.5%), from €46,963 to €84,311
- Financial charges +€20,219
up €20,219 (+21.5%), from €93,861 to €114,081
of which Financial charges: +€12,204
- Other operating charges +€8,919
up €8,919 (+348.2%), from €2,561 to €11,480
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,017,058 | €2,225,465 | +€208,407 | +10.3% |
| Fixed assets | 21/28 | €1,874,745 | €1,919,685 | +€44,940 | +2.4% |
| Tangible fixed assets | 22/27 | €1,558,483 | €1,603,423 | +€44,940 | +2.9% |
| Land and buildings | 22 | €1,499,369 | €1,536,233 | +€36,864 | +2.5% |
| Plant, machinery and equipment | 23 | €34,946 | €53,889 | +€18,943 | +54.2% |
| Furniture and vehicles | 24 | €8,639 | €0 | -€8,639 | -100.0% |
| Other tangible fixed assets | 26 | €15,529 | €13,300 | -€2,229 | -14.4% |
| Financial fixed assets | 28 | €316,261 | €316,261 | = | 0.0% |
| Current assets | 29/58 | €142,313 | €305,780 | +€163,467 | +114.9% |
| Amounts receivable within one year | 40/41 | €104,604 | €229,137 | +€124,533 | +119.1% |
| Trade receivables | 40 | €15,750 | €180,158 | +€164,408 | +1043.9% |
| Other amounts receivable | 41 | €88,854 | €48,979 | -€39,875 | -44.9% |
| Cash at bank and in hand | 54/58 | €37,709 | €10,103 | -€27,606 | -73.2% |
| Deferred charges and accrued income | 490/1 | - | €66,540 | +€66,540 | |
| Total equity and liabilities | 10/49 | €2,017,058 | €2,225,465 | +€208,407 | +10.3% |
| Equity | 10/15 | €392,587 | €332,405 | -€60,182 | -15.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €432,500 | €313,805 | -€118,695 | -27.4% |
| Distributable reserves | 133 | €432,500 | €313,805 | -€118,695 | -27.4% |
| Profit (loss) carried forward | 14 | -€58,513 | €0 | +€58,513 | |
| Amounts payable | 17/49 | €1,624,470 | €1,893,059 | +€268,589 | +16.5% |
| Amounts payable after more than one year | 17 | €1,422,584 | €1,481,385 | +€58,801 | +4.1% |
| Financial debts | 170/4 | €1,422,584 | €1,481,385 | +€58,801 | +4.1% |
| Amounts payable within one year | 42/48 | €197,317 | €240,152 | +€42,835 | +21.7% |
| Current portion of amounts payable after more than one year | 42 | €47,641 | €72,758 | +€25,118 | +52.7% |
| Financial debts | 43 | €1,667 | €0 | -€1,667 | -100.0% |
| Credit institutions | 430/8 | €1,667 | €0 | -€1,667 | -100.0% |
| Trade debts | 44 | €127,962 | €12,277 | -€115,685 | -90.4% |
| Suppliers | 440/4 | €127,962 | €12,277 | -€115,685 | -90.4% |
| Taxes, remuneration and social security | 45 | €2,250 | €5,959 | +€3,709 | +164.8% |
| Taxes | 450/3 | €2,250 | €5,959 | +€3,709 | +164.8% |
| Other amounts payable | 47/48 | €17,797 | €149,158 | +€131,361 | +738.1% |
| Accrued charges and deferred income | 492/3 | €4,570 | €171,523 | +€166,953 | +3653.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,963 | €84,311 | +€37,348 | +79.5% |
| Other operating charges | 640/8 | €2,561 | €11,480 | +€8,919 | +348.2% |
| Gross operating margin | 9900 | €70,276 | €191,624 | +€121,348 | +172.7% |
| Operating profit (loss) | 9901 | €20,751 | €95,832 | +€75,081 | +361.8% |
| Financial income | 75/76B | €15,003 | €87,500 | +€72,497 | +483.2% |
| Recurring financial income | 75 | €15,003 | €65,000 | +€49,997 | +333.2% |
| Non-recurring financial income | 76B | - | €22,500 | +€22,500 | |
| Financial charges | 65/66B | €93,861 | €114,081 | +€20,219 | +21.5% |
| Recurring financial charges | 65 | €93,861 | €106,065 | +€12,204 | +13.0% |
| Non-recurring financial charges | 66B | - | €8,015 | +€8,015 | |
| Profit (loss) for the period before taxes | 9903 | -€58,107 | €69,252 | +€127,358 | |
| Income taxes | 67/77 | €491 | €1,434 | +€943 | +192.0% |
| Profit (loss) for the period | 9904 | -€58,598 | €67,818 | +€126,416 | |
| Profit (loss) for the period to be appropriated | 9905 | -€58,598 | €67,818 | +€126,416 |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.