F.I.R.M.: what changed
F.I.R.M.
Largest movements
- Cash -€59,323
down €59,323 (-10.9%), from €544,467 to €485,144
mainly Contributions, distributions and other (-€113,900) and Tax, wage and social debts (-€22,895)
- Receivables within one year +€12,831
up €12,831 (+82.2%), from €15,602 to €28,433
of which Trade receivables: +€11,892
- Tax, wage and social debts -€22,895
down €22,895 (-29.6%), from €77,449 to €54,554
of which Taxes: -€37,956
- Reserves -€19,219
down €19,219 (-6.2%), from €310,634 to €291,416
of which Distributable reserves: -€19,219
- Other debts -€18,608
down €18,608 (-13.9%), from €133,682 to €115,074
- Trade debts +€7,547
up €7,547 (+47.0%), from €16,068 to €23,616
- Gross operating margin -€44,007
down €44,007 (-10.6%), from €413,648 to €369,641
- Taxes -€15,615
down €15,615 (-29.3%), from €53,286 to €37,670
- Staff costs +€5,263
up €5,263 (+2.4%), from €222,382 to €227,645
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €599,922 | €546,748 | -€53,174 | -8.9% |
| Fixed assets | 21/28 | €18,154 | €15,699 | -€2,455 | -13.5% |
| Tangible fixed assets | 22/27 | €18,154 | €15,699 | -€2,455 | -13.5% |
| Plant, machinery and equipment | 23 | €9,821 | €6,853 | -€2,967 | -30.2% |
| Furniture and vehicles | 24 | €1,772 | €3,210 | +€1,438 | +81.2% |
| Other tangible fixed assets | 26 | €6,561 | €5,635 | -€926 | -14.1% |
| Current assets | 29/58 | €581,769 | €531,050 | -€50,719 | -8.7% |
| Stocks and contracts in progress | 3 | €14,494 | €14,235 | -€259 | -1.8% |
| Stocks | 30/36 | €14,494 | €14,235 | -€259 | -1.8% |
| Amounts receivable within one year | 40/41 | €15,602 | €28,433 | +€12,831 | +82.2% |
| Trade receivables | 40 | €7,916 | €19,808 | +€11,892 | +150% |
| Other amounts receivable | 41 | €7,686 | €8,625 | +€938 | +12.2% |
| Cash at bank and in hand | 54/58 | €544,467 | €485,144 | -€59,323 | -10.9% |
| Deferred charges and accrued income | 490/1 | €7,206 | €3,238 | -€3,968 | -55.1% |
| Total equity and liabilities | 10/49 | €599,922 | €546,748 | -€53,174 | -8.9% |
| Equity | 10/15 | €372,723 | €353,504 | -€19,219 | -5.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €310,634 | €291,416 | -€19,219 | -6.2% |
| Non-distributable reserves | 130/1 | €18,530 | €18,530 | = | 0.0% |
| Legal reserve | 130 | €18,530 | €18,530 | = | 0.0% |
| Distributable reserves | 133 | €292,104 | €272,886 | -€19,219 | -6.6% |
| Profit (loss) carried forward | 14 | €89 | €89 | = | 0.0% |
| Amounts payable | 17/49 | €227,199 | €193,244 | -€33,955 | -14.9% |
| Amounts payable within one year | 42/48 | €227,199 | €193,244 | -€33,955 | -14.9% |
| Trade debts | 44 | €16,068 | €23,616 | +€7,547 | +47.0% |
| Suppliers | 440/4 | €16,068 | €23,616 | +€7,547 | +47.0% |
| Taxes, remuneration and social security | 45 | €77,449 | €54,554 | -€22,895 | -29.6% |
| Taxes | 450/3 | €60,940 | €22,984 | -€37,956 | -62.3% |
| Remuneration and social security | 454/9 | €16,509 | €31,570 | +€15,061 | +91.2% |
| Other amounts payable | 47/48 | €133,682 | €115,074 | -€18,608 | -13.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €222,382 | €227,645 | +€5,263 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,825 | €6,424 | -€2,401 | -27.2% |
| Other operating charges | 640/8 | €3,415 | €2,224 | -€1,191 | -34.9% |
| Gross operating margin | 9900 | €413,648 | €369,641 | -€44,007 | -10.6% |
| Operating profit (loss) | 9901 | €179,026 | €133,348 | -€45,678 | -25.5% |
| Financial income | 75/76B | €3,476 | €4,144 | +€668 | +19.2% |
| Recurring financial income | 75 | €3,476 | €4,144 | +€668 | +19.2% |
| Financial charges | 65/66B | €5,729 | €5,140 | -€589 | -10.3% |
| Recurring financial charges | 65 | €5,729 | €5,140 | -€589 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €176,773 | €132,351 | -€44,421 | -25.1% |
| Income taxes | 67/77 | €53,286 | €37,670 | -€15,615 | -29.3% |
| Profit (loss) for the period | 9904 | €123,487 | €94,681 | -€28,806 | -23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €123,487 | €94,681 | -€28,806 | -23.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.