F.K.: what changed
Two fiscal 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.K.
Largest movements
- Stocks and contracts +€256,114
up €256,114 (+56.3%), from €454,566 to €710,680
- Tangible fixed assets +€20,566
up €20,566 (+7.7%), from €267,366 to €287,932
of which Plant, machinery and equipment: +€47,301
- Deferred charges and accrued income +€19,050
up €19,050 (+105.6%), from €18,047 to €37,097
- Receivables within one year -€16,880
down €16,880 (-5.0%), from €334,463 to €317,583
of which Trade receivables: -€56,853
- Financial fixed assets +€16,510
up €16,510 (+196.5%), from €8,400 to €24,910
- Trade debts +€174,740
up €174,740 (+158.2%), from €110,467 to €285,206
- Short-term financial debts +€62,148
up €62,148 (+109.0%), from €57,042 to €119,190
- Debts after one year -€49,406
down €49,406 (-21.8%), from €227,102 to €177,696
- Reserves +€48,690
up €48,690 (+9.4%), from €518,254 to €566,944
of which Distributable reserves: +€48,690
- Tax, wage and social debts +€31,433
up €31,433 (+108.4%), from €28,987 to €60,420
of which Taxes: +€24,349
- Staff costs +€183,705
up €183,705 (+128.9%), from €142,535 to €326,240
- Gross operating margin +€88,569
up €88,569 (+19.5%), from €453,506 to €542,074
- Taxes -€44,903
down €44,903 (-70.9%), from €63,311 to €18,408
- Depreciation +€28,378
up €28,378 (+71.5%), from €39,695 to €68,074
- Other operating charges +€14,177
up €14,177 (+73.7%), from €19,245 to €33,422
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 | €1,085,726 | €1,390,501 | +€304,775 | +28.1% |
| Fixed assets | 21/28 | €275,766 | €312,842 | +€37,076 | +13.4% |
| Tangible fixed assets | 22/27 | €267,366 | €287,932 | +€20,566 | +7.7% |
| Plant, machinery and equipment | 23 | €85,953 | €133,255 | +€47,301 | +55.0% |
| Furniture and vehicles | 24 | €6,564 | €11,145 | +€4,582 | +69.8% |
| Leasing and similar rights | 25 | €174,848 | €143,532 | -€31,317 | -17.9% |
| Financial fixed assets | 28 | €8,400 | €24,910 | +€16,510 | +196.5% |
| Current assets | 29/58 | €809,960 | €1,077,659 | +€267,699 | +33.1% |
| Stocks and contracts in progress | 3 | €454,566 | €710,680 | +€256,114 | +56.3% |
| Stocks | 30/36 | €454,566 | €710,680 | +€256,114 | +56.3% |
| Amounts receivable within one year | 40/41 | €334,463 | €317,583 | -€16,880 | -5.0% |
| Trade receivables | 40 | €327,975 | €271,122 | -€56,853 | -17.3% |
| Other amounts receivable | 41 | €6,487 | €46,461 | +€39,973 | +616.2% |
| Cash at bank and in hand | 54/58 | €2,885 | €12,300 | +€9,415 | +326.3% |
| Deferred charges and accrued income | 490/1 | €18,047 | €37,097 | +€19,050 | +105.6% |
| Total equity and liabilities | 10/49 | €1,085,726 | €1,390,501 | +€304,775 | +28.1% |
| Equity | 10/15 | €521,354 | €570,044 | +€48,690 | +9.3% |
| Contributions | 10/11 | €3,100 | €3,100 | = | 0.0% |
| Reserves | 13 | €518,254 | €566,944 | +€48,690 | +9.4% |
| Tax-exempt reserves | 132 | €8,597 | €8,597 | = | 0.0% |
| Distributable reserves | 133 | €509,657 | €558,347 | +€48,690 | +9.6% |
| Amounts payable | 17/49 | €564,372 | €820,457 | +€256,085 | +45.4% |
| Amounts payable after more than one year | 17 | €227,102 | €177,696 | -€49,406 | -21.8% |
| Financial debts | 170/4 | €227,102 | €177,696 | -€49,406 | -21.8% |
| Amounts payable within one year | 42/48 | €336,199 | €634,090 | +€297,891 | +88.6% |
| Current portion of amounts payable after more than one year | 42 | €46,934 | €49,406 | +€2,473 | +5.3% |
| Financial debts | 43 | €57,042 | €119,190 | +€62,148 | +109.0% |
| Credit institutions | 430/8 | €57,042 | €119,190 | +€62,148 | +109.0% |
| Trade debts | 44 | €110,467 | €285,206 | +€174,740 | +158.2% |
| Suppliers | 440/4 | €110,467 | €285,206 | +€174,740 | +158.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €28,987 | €60,420 | +€31,433 | +108.4% |
| Taxes | 450/3 | €23,371 | €47,721 | +€24,349 | +104.2% |
| Remuneration and social security | 454/9 | €5,615 | €12,699 | +€7,084 | +126.2% |
| Other amounts payable | 47/48 | €92,770 | €119,868 | +€27,098 | +29.2% |
| Accrued charges and deferred income | 492/3 | €1,071 | €8,671 | +€7,600 | +709.5% |
| Non-recurring operating income | 76A | €0 | €3,000 | +€3,000 | |
| Remuneration, social security and pensions | 62 | €142,535 | €326,240 | +€183,705 | +128.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,695 | €68,074 | +€28,378 | +71.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,827 | €150 | -€3,677 | -96.1% |
| Other operating charges | 640/8 | €19,245 | €33,422 | +€14,177 | +73.7% |
| Non-recurring operating charges | 66A | €0 | €9,168 | +€9,168 | |
| Gross operating margin | 9900 | €453,506 | €542,074 | +€88,569 | +19.5% |
| Operating profit (loss) | 9901 | €248,203 | €105,021 | -€143,182 | -57.7% |
| Financial income | 75/76B | €203 | €1,598 | +€1,396 | +689.2% |
| Recurring financial income | 75 | €203 | €1,598 | +€1,396 | +689.2% |
| Financial charges | 65/66B | €27,203 | €39,521 | +€12,318 | +45.3% |
| Recurring financial charges | 65 | €27,203 | €39,521 | +€12,318 | +45.3% |
| Profit (loss) for the period before taxes | 9903 | €221,202 | €67,098 | -€154,105 | -69.7% |
| Income taxes | 67/77 | €63,311 | €18,408 | -€44,903 | -70.9% |
| Profit (loss) for the period | 9904 | €157,891 | €48,690 | -€109,201 | -69.2% |
| Profit (loss) for the period to be appropriated | 9905 | €157,891 | €48,690 | -€109,201 | -69.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.