F-J-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-J-M
Largest movements
- Cash -€136,103
down €136,103 (-37.7%), from €361,162 to €225,059
mainly Current investments (-€131,287) and Debts after one year (-€101,607)
- Current investments +€131,287
up €131,287 (+33.9%), from €387,215 to €518,502
- Tangible fixed assets -€74,374
down €74,374 (-4.9%), from €1.5m to €1.5m
of which Furniture and vehicles: -€60,545
- Receivables within one year +€46,492
up €46,492 (+14.7%), from €316,510 to €363,002
of which Trade receivables: +€30,422
- Debts after one year -€101,607
down €101,607 (-9.4%), from €1.1m to €974,880
- Tax, wage and social debts +€66,806
up €66,806 (+30.2%), from €221,366 to €288,172
of which Remuneration and social security: +€56,924
- Profit (loss) carried forward +€37,012
up €37,012 (+4.7%), from €781,601 to €818,612
- Staff costs +€119,228
up €119,228 (+7.1%), from €1.7m to €1.8m
- Gross operating margin +€114,546
up €114,546 (+6.4%), from €1.8m to €1.9m
- Financial income -€90,299
down €90,299 (-44.1%), from €204,809 to €114,510
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 | €2,596,335 | €2,566,073 | -€30,262 | -1.2% |
| Fixed assets | 21/28 | €1,530,396 | €1,456,022 | -€74,374 | -4.9% |
| Tangible fixed assets | 22/27 | €1,530,396 | €1,456,022 | -€74,374 | -4.9% |
| Land and buildings | 22 | €1,280,345 | €1,270,607 | -€9,738 | -0.8% |
| Plant, machinery and equipment | 23 | €10,114 | €6,025 | -€4,090 | -40.4% |
| Furniture and vehicles | 24 | €239,937 | €179,391 | -€60,545 | -25.2% |
| Current assets | 29/58 | €1,065,939 | €1,110,050 | +€44,111 | +4.1% |
| Amounts receivable within one year | 40/41 | €316,510 | €363,002 | +€46,492 | +14.7% |
| Trade receivables | 40 | €156,065 | €186,488 | +€30,422 | +19.5% |
| Other amounts receivable | 41 | €160,445 | €176,515 | +€16,070 | +10.0% |
| Current investments | 50/53 | €387,215 | €518,502 | +€131,287 | +33.9% |
| Cash at bank and in hand | 54/58 | €361,162 | €225,059 | -€136,103 | -37.7% |
| Deferred charges and accrued income | 490/1 | €1,051 | €3,487 | +€2,436 | +231.7% |
| Total equity and liabilities | 10/49 | €2,596,335 | €2,566,073 | -€30,262 | -1.2% |
| Equity | 10/15 | €845,553 | €882,564 | +€37,012 | +4.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €45,360 | €45,360 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €43,500 | €43,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €781,601 | €818,612 | +€37,012 | +4.7% |
| Amounts payable | 17/49 | €1,750,782 | €1,683,508 | -€67,274 | -3.8% |
| Amounts payable after more than one year | 17 | €1,076,488 | €974,880 | -€101,607 | -9.4% |
| Financial debts | 170/4 | €1,076,488 | €974,880 | -€101,607 | -9.4% |
| Amounts payable within one year | 42/48 | €554,988 | €603,036 | +€48,048 | +8.7% |
| Current portion of amounts payable after more than one year | 42 | €107,398 | €101,307 | -€6,091 | -5.7% |
| Trade debts | 44 | €95,380 | €72,604 | -€22,776 | -23.9% |
| Suppliers | 440/4 | €95,380 | €72,604 | -€22,776 | -23.9% |
| Advances received on contracts in progress | 46 | €10,395 | €10,395 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €221,366 | €288,172 | +€66,806 | +30.2% |
| Taxes | 450/3 | €3,526 | €13,408 | +€9,882 | +280.2% |
| Remuneration and social security | 454/9 | €217,840 | €274,764 | +€56,924 | +26.1% |
| Other amounts payable | 47/48 | €120,449 | €130,558 | +€10,110 | +8.4% |
| Accrued charges and deferred income | 492/3 | €119,307 | €105,592 | -€13,715 | -11.5% |
| Remuneration, social security and pensions | 62 | €1,675,245 | €1,794,473 | +€119,228 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,442 | €143,705 | +€11,264 | +8.5% |
| Other operating charges | 640/8 | €15,238 | €16,189 | +€951 | +6.2% |
| Gross operating margin | 9900 | €1,793,083 | €1,907,629 | +€114,546 | +6.4% |
| Operating profit (loss) | 9901 | -€29,842 | -€46,739 | -€16,897 | -56.6% |
| Financial income | 75/76B | €204,809 | €114,510 | -€90,299 | -44.1% |
| Recurring financial income | 75 | €204,809 | €114,510 | -€90,299 | -44.1% |
| Financial charges | 65/66B | €35,445 | €16,600 | -€18,846 | -53.2% |
| Recurring financial charges | 65 | €35,445 | €16,600 | -€18,846 | -53.2% |
| Profit (loss) for the period before taxes | 9903 | €139,522 | €51,172 | -€88,350 | -63.3% |
| Income taxes | 67/77 | €28,094 | €14,160 | -€13,934 | -49.6% |
| Profit (loss) for the period | 9904 | €111,428 | €37,012 | -€74,416 | -66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €111,428 | €37,012 | -€74,416 | -66.8% |
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.