F.M.G.: 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.M.G.
Largest movements
- Stocks and contracts +€225,153
up €225,153 (+42.1%), from €534,710 to €759,863
- Receivables within one year +€103,691
up €103,691 (+43751.5%), from €237 to €103,928
of which Trade receivables: +€89,314
- Tangible fixed assets -€38,750
down €38,750 (-6.5%), from €600,200 to €561,450
of which Furniture and vehicles: -€25,042
- Cash -€34,270
down €34,270 (-100.0%), from €34,271 to €1
mainly Stocks and contracts (-€225,153) and Receivables within one year (-€103,691)
- Short-term financial debts +€205,063
up €205,063 (+1708.9%), from €12,000 to €217,063
of which Credit institutions: +€197,063
- Trade debts +€74,552
up €74,552 (+312.5%), from €23,857 to €98,409
- Debts after one year -€52,068
down €52,068 (-7.4%), from €706,375 to €654,307
of which Financial debts: -€43,063
- Gross operating margin -€29,778
down €29,778 (-23.5%), from €126,556 to €96,778
- Taxes -€12,555
down €12,555 (-69.0%), from €18,194 to €5,639
- Depreciation +€9,529
up €9,529 (+30.0%), from €31,721 to €41,250
- Financial charges +€5,703
up €5,703 (+33.3%), from €17,116 to €22,819
- Other operating charges -€3,456
down €3,456 (-19.5%), from €17,735 to €14,279
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 | €1,175,454 | €1,429,252 | +€253,798 | +21.6% |
| Fixed assets | 21/28 | €600,200 | €561,450 | -€38,750 | -6.5% |
| Tangible fixed assets | 22/27 | €600,200 | €561,450 | -€38,750 | -6.5% |
| Land and buildings | 22 | €491,417 | €478,321 | -€13,096 | -2.7% |
| Plant, machinery and equipment | 23 | €733 | €121 | -€612 | -83.5% |
| Furniture and vehicles | 24 | €108,050 | €83,008 | -€25,042 | -23.2% |
| Current assets | 29/58 | €575,254 | €867,802 | +€292,548 | +50.9% |
| Stocks and contracts in progress | 3 | €534,710 | €759,863 | +€225,153 | +42.1% |
| Stocks | 30/36 | €534,710 | €759,863 | +€225,153 | +42.1% |
| Amounts receivable within one year | 40/41 | €237 | €103,928 | +€103,691 | +43751.5% |
| Trade receivables | 40 | €51 | €89,365 | +€89,314 | +175125.5% |
| Other amounts receivable | 41 | €186 | €14,563 | +€14,377 | +7729.6% |
| Cash at bank and in hand | 54/58 | €34,271 | €1 | -€34,270 | -100.0% |
| Deferred charges and accrued income | 490/1 | €6,036 | €4,010 | -€2,026 | -33.6% |
| Total equity and liabilities | 10/49 | €1,175,454 | €1,429,252 | +€253,798 | +21.6% |
| Equity | 10/15 | €377,365 | €390,262 | +€12,897 | +3.4% |
| Contributions | 10/11 | €117,000 | €117,000 | = | 0.0% |
| Capital | 10 | €117,000 | €117,000 | = | 0.0% |
| Issued capital | 100 | €117,000 | €117,000 | = | 0.0% |
| Reserves | 13 | €160,700 | €160,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,700 | €11,700 | = | 0.0% |
| Legal reserve | 130 | €11,700 | €11,700 | = | 0.0% |
| Distributable reserves | 133 | €149,000 | €149,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €99,665 | €112,562 | +€12,897 | +12.9% |
| Amounts payable | 17/49 | €798,089 | €1,038,990 | +€240,901 | +30.2% |
| Amounts payable after more than one year | 17 | €706,375 | €654,307 | -€52,068 | -7.4% |
| Financial debts | 170/4 | €514,703 | €471,640 | -€43,063 | -8.4% |
| Other amounts payable | 178/9 | €191,672 | €182,667 | -€9,005 | -4.7% |
| Amounts payable within one year | 42/48 | €90,319 | €382,013 | +€291,694 | +323.0% |
| Current portion of amounts payable after more than one year | 42 | €42,040 | €43,062 | +€1,022 | +2.4% |
| Financial debts | 43 | €12,000 | €217,063 | +€205,063 | +1708.9% |
| Credit institutions | 430/8 | - | €197,063 | +€197,063 | |
| Other loans | 439 | €12,000 | €20,000 | +€8,000 | +66.7% |
| Trade debts | 44 | €23,857 | €98,409 | +€74,552 | +312.5% |
| Suppliers | 440/4 | €23,857 | €98,409 | +€74,552 | +312.5% |
| Advances received on contracts in progress | 46 | €1,500 | €400 | -€1,100 | -73.3% |
| Taxes, remuneration and social security | 45 | €8,402 | €20,559 | +€12,157 | +144.7% |
| Taxes | 450/3 | €8,402 | €20,559 | +€12,157 | +144.7% |
| Other amounts payable | 47/48 | €2,520 | €2,520 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,395 | €2,670 | +€1,275 | +91.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,721 | €41,250 | +€9,529 | +30.0% |
| Other operating charges | 640/8 | €17,735 | €14,279 | -€3,456 | -19.5% |
| Gross operating margin | 9900 | €126,556 | €96,778 | -€29,778 | -23.5% |
| Operating profit (loss) | 9901 | €77,100 | €41,249 | -€35,851 | -46.5% |
| Financial income | 75/76B | €220 | €106 | -€114 | -51.8% |
| Recurring financial income | 75 | €220 | €106 | -€114 | -51.8% |
| Financial charges | 65/66B | €17,116 | €22,819 | +€5,703 | +33.3% |
| Recurring financial charges | 65 | €17,116 | €22,819 | +€5,703 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | €60,204 | €18,536 | -€41,668 | -69.2% |
| Income taxes | 67/77 | €18,194 | €5,639 | -€12,555 | -69.0% |
| Profit (loss) for the period | 9904 | €42,010 | €12,897 | -€29,113 | -69.3% |
| Profit (loss) for the period to be appropriated | 9905 | €42,010 | €12,897 | -€29,113 | -69.3% |
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 29 September 2026 via checked.be.