F.M.R.: 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.R.
Largest movements
- Financial fixed assets -€152,765
down €152,765 (-56.7%), from €269,643 to €116,878
- Receivables within one year +€32,917
up €32,917 (+693.9%), from €4,744 to €37,661
of which Trade receivables: +€32,184
- Cash +€21,202
up €21,202 (+400.8%), from €5,291 to €26,493
mainly Investment in fixed assets (net) (+€150,893) and Trade debts (+€29,880)
- Tangible fixed assets -€12,405
down €12,405 (-4.8%), from €258,687 to €246,282
of which Land and buildings: -€13,940
- Profit (loss) carried forward -€118,268
down €118,268, from €81,432 to -€36,836
- Debts after one year -€33,643
down €33,643 (-30.6%), from €110,092 to €76,449
- Trade debts +€29,880
up €29,880 (+1353.4%), from €2,208 to €32,088
- Other debts +€16,792
up €16,792 (+10.6%), from €158,199 to €174,991
- Tax, wage and social debts -€6,567
down €6,567 (-68.2%), from €9,624 to €3,057
- Financial charges +€104,054
up €104,054 (+756.0%), from €13,764 to €117,818
- Gross operating margin +€3,302
up €3,302 (+24.2%), from €13,666 to €16,968
- Depreciation +€1,977
up €1,977 (+16.1%), from €12,300 to €14,277
- Other operating charges -€618
down €618 (-17.2%), from €3,603 to €2,985
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 | €538,475 | €427,342 | -€111,133 | -20.6% |
| Fixed assets | 21/28 | €528,330 | €363,160 | -€165,169 | -31.3% |
| Tangible fixed assets | 22/27 | €258,687 | €246,282 | -€12,405 | -4.8% |
| Land and buildings | 22 | €257,503 | €243,563 | -€13,940 | -5.4% |
| Furniture and vehicles | 24 | €1,183 | €2,719 | +€1,536 | +129.8% |
| Financial fixed assets | 28 | €269,643 | €116,878 | -€152,765 | -56.7% |
| Current assets | 29/58 | €10,146 | €64,181 | +€54,036 | +532.6% |
| Amounts receivable within one year | 40/41 | €4,744 | €37,661 | +€32,917 | +693.9% |
| Trade receivables | 40 | €4,744 | €36,928 | +€32,184 | +678.4% |
| Other amounts receivable | 41 | €0 | €733 | +€733 | |
| Cash at bank and in hand | 54/58 | €5,291 | €26,493 | +€21,202 | +400.8% |
| Deferred charges and accrued income | 490/1 | €111 | €28 | -€83 | -74.9% |
| Total equity and liabilities | 10/49 | €538,475 | €427,342 | -€111,133 | -20.6% |
| Equity | 10/15 | €222,383 | €104,115 | -€118,268 | -53.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €132,891 | €132,891 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €81,432 | -€36,836 | -€118,268 | |
| Amounts payable | 17/49 | €316,093 | €323,227 | +€7,134 | +2.3% |
| Amounts payable after more than one year | 17 | €110,092 | €76,449 | -€33,643 | -30.6% |
| Financial debts | 170/4 | €110,092 | €76,449 | -€33,643 | -30.6% |
| Amounts payable within one year | 42/48 | €203,000 | €243,779 | +€40,779 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €32,968 | €33,643 | +€675 | +2.0% |
| Trade debts | 44 | €2,208 | €32,088 | +€29,880 | +1353.4% |
| Suppliers | 440/4 | €2,208 | €32,088 | +€29,880 | +1353.4% |
| Taxes, remuneration and social security | 45 | €9,624 | €3,057 | -€6,567 | -68.2% |
| Taxes | 450/3 | €9,624 | €3,057 | -€6,567 | -68.2% |
| Other amounts payable | 47/48 | €158,199 | €174,991 | +€16,792 | +10.6% |
| Accrued charges and deferred income | 492/3 | €3,001 | €3,000 | -€2 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,300 | €14,277 | +€1,977 | +16.1% |
| Other operating charges | 640/8 | €3,603 | €2,985 | -€618 | -17.2% |
| Gross operating margin | 9900 | €13,666 | €16,968 | +€3,302 | +24.2% |
| Operating profit (loss) | 9901 | -€2,236 | -€293 | +€1,943 | +86.9% |
| Financial income | 75/76B | €3 | €19 | +€17 | +604.4% |
| Recurring financial income | 75 | €3 | €19 | +€17 | +604.4% |
| Financial charges | 65/66B | €13,764 | €117,818 | +€104,054 | +756.0% |
| Recurring financial charges | 65 | €13,764 | €117,818 | +€104,054 | +756.0% |
| Profit (loss) for the period before taxes | 9903 | -€15,998 | -€118,092 | -€102,094 | -638.2% |
| Income taxes | 67/77 | €181 | €176 | -€5 | -2.8% |
| Profit (loss) for the period | 9904 | -€16,179 | -€118,268 | -€102,089 | -631.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,179 | -€118,268 | -€102,089 | -631.0% |
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 8 October 2026 via checked.be.