F.M.T.: 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.
What changed
F.M.T.
NACE 70.100, Activities of head offices
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4.3m
2024 · €438,344+€3.9m
Equity
€27.7m
2024 · €24.6m+€3.0m
Cash
€137,796
2024 · €211,254-€73,458
Balance sheet total
€29.3m
2024 · €25.7m+€3.7m
Largest movements
Assets
- Current investments +€3.7m
up €3.7m (+2379.1%), from €157,180 to €3.9m
- Financial fixed assets -€980,785
down €980,785 (-4.2%), from €23.6m to €22.6m
- Receivables after one year +€760,092
new in 2025: €760,092
Equity and liabilities
- Reserves +€4.0m
up €4.0m (+300.5%), from €1.3m to €5.3m
of which Distributable reserves: +€4.0m
- Revaluation surpluses -€958,420
down €958,420 (-4.5%), from €21.1m to €20.1m
- Tax, wage and social debts +€377,659
up €377,659 (+603.8%), from €62,542 to €440,201
of which Taxes: +€382,687
Income statement
- Financial income +€4.3m
up €4.3m (+892.4%), from €476,426 to €4.7m
of which Financial income: +€3.2m
- Taxes +€381,453
up €381,453 (+862.0%), from €44,252 to €425,705
- Gross operating margin +€54,516
up €54,516 (+42.1%), from €129,518 to €184,034
- Depreciation +€48,075
up €48,075 (+64.0%), from €75,118 to €123,193
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.
Result 2024
€438,344
Gross operating margin
+€54,516
Depreciation
-€48,075
Other operating charges
+€494
Other operating items
+€3,414
Financial income
+€4.3m
Financial charges
-€1,533
Taxes
-€381,453
Deferred taxes and other
-€15,944
Result 2025
€4.3m
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.
From operations
+€4.1m
Investment
-€3.1m
Financing
-€1.1m
Cash 2024
€211,254
From operations (derived)
+€4.1m
Net result for the year
+€4.3m
Depreciation
+€123,193
Receivables after one year
-€760,092
Smaller working-capital items
-€558
Provisions
+€15,944
Tax, wage and social debts
+€377,659
Other debts
+€87,880
Investment (derived)
-€3.1m
Investment in fixed assets (net)
+€645,880
Current investments
-€3.7m
Financing
-€1.1m
Debts after one year
+€243,178
Current portion of long-term debt
+€34,528
Short-term financial debts
-€150,000
Contributions, distributions and other
-€1.3m
Cash 2025
€137,796
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,656,828 | €29,316,622 | +€3.7m | +14.3% |
| Fixed assets | 21/28 | €25,287,013 | €24,517,940 | -€769,074 | -3.0% |
| Tangible fixed assets | 22/27 | €1,658,106 | €1,869,818 | +€211,712 | +12.8% |
| Land and buildings | 22 | €1,536,028 | €1,690,169 | +€154,141 | +10.0% |
| Plant, machinery and equipment | 23 | €653 | €338 | -€316 | -48.3% |
| Furniture and vehicles | 24 | €121,424 | €179,311 | +€57,887 | +47.7% |
| Financial fixed assets | 28 | €23,628,907 | €22,648,122 | -€980,785 | -4.2% |
| Current assets | 29/58 | €369,815 | €4,798,683 | +€4.4m | +1197.6% |
| Amounts receivable after more than one year | 29 | - | €760,092 | +€760,092 | |
| Other amounts receivable | 291 | - | €760,092 | +€760,092 | |
| Amounts receivable within one year | 40/41 | €0 | €678 | +€678 | |
| Trade receivables | 40 | €0 | €678 | +€678 | |
| Current investments | 50/53 | €157,180 | €3,896,598 | +€3.7m | +2379.1% |
| Cash at bank and in hand | 54/58 | €211,254 | €137,796 | -€73,458 | -34.8% |
| Deferred charges and accrued income | 490/1 | €1,380 | €3,519 | +€2,139 | +155.0% |
| Total equity and liabilities | 10/49 | €25,656,828 | €29,316,622 | +€3.7m | +14.3% |
| Equity | 10/15 | €24,606,237 | €27,654,583 | +€3.0m | +12.4% |
| Contributions | 10/11 | €2,200,000 | €2,200,000 | = | 0.0% |
| Revaluation surpluses | 12 | €21,073,000 | €20,114,580 | -€958,420 | -4.5% |
| Reserves | 13 | €1,333,237 | €5,340,003 | +€4.0m | +300.5% |
| Tax-exempt reserves | 132 | €502 | €48,333 | +€47,831 | +9530.1% |
| Distributable reserves | 133 | €1,332,735 | €5,291,670 | +€4.0m | +297.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €15,944 | +€15,944 | |
| Deferred taxes | 168 | - | €15,944 | +€15,944 | |
| Amounts payable | 17/49 | €1,050,591 | €1,646,095 | +€595,504 | +56.7% |
| Amounts payable after more than one year | 17 | €523,551 | €766,729 | +€243,178 | +46.4% |
| Financial debts | 170/4 | €523,551 | €766,729 | +€243,178 | +46.4% |
| Amounts payable within one year | 42/48 | €525,305 | €879,366 | +€354,061 | +67.4% |
| Current portion of amounts payable after more than one year | 42 | €92,319 | €126,847 | +€34,528 | +37.4% |
| Financial debts | 43 | €150,000 | €0 | -€150,000 | -100.0% |
| Credit institutions | 430/8 | €150,000 | €0 | -€150,000 | -100.0% |
| Trade debts | 44 | €956 | €4,950 | +€3,994 | +417.7% |
| Suppliers | 440/4 | €956 | €4,950 | +€3,994 | +417.7% |
| Taxes, remuneration and social security | 45 | €62,542 | €440,201 | +€377,659 | +603.8% |
| Taxes | 450/3 | €57,514 | €440,201 | +€382,687 | +665.4% |
| Remuneration and social security | 454/9 | €5,028 | €0 | -€5,028 | -100.0% |
| Other amounts payable | 47/48 | €219,488 | €307,368 | +€87,880 | +40.0% |
| Accrued charges and deferred income | 492/3 | €1,734 | €0 | -€1,734 | -100.0% |
| Non-recurring operating income | 76A | €250 | €80,195 | +€79,945 | +31978.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,118 | €123,193 | +€48,075 | +64.0% |
| Other operating charges | 640/8 | €6,909 | €6,414 | -€494 | -7.2% |
| Non-recurring operating charges | 66A | €9,108 | €5,693 | -€3,414 | -37.5% |
| Gross operating margin | 9900 | €129,518 | €184,034 | +€54,516 | +42.1% |
| Operating profit (loss) | 9901 | €38,384 | €48,733 | +€10,349 | +27.0% |
| Financial income | 75/76B | €476,426 | €4,727,930 | +€4.3m | +892.4% |
| Recurring financial income | 75 | €476,426 | €3,709,486 | +€3.2m | +678.6% |
| Non-recurring financial income | 76B | - | €1,018,444 | +€1.0m | |
| Financial charges | 65/66B | €32,214 | €33,747 | +€1,533 | +4.8% |
| Recurring financial charges | 65 | €32,214 | €33,747 | +€1,533 | +4.8% |
| Profit (loss) for the period before taxes | 9903 | €482,596 | €4,742,916 | +€4.3m | +882.8% |
| Transfer from deferred taxes | 780 | - | €313 | +€313 | |
| Transfer to deferred taxes | 680 | - | €16,257 | +€16,257 | |
| Income taxes | 67/77 | €44,252 | €425,705 | +€381,453 | +862.0% |
| Profit (loss) for the period | 9904 | €438,344 | €4,301,267 | +€3.9m | +881.3% |
| Transfer from tax-exempt reserves | 789 | - | €940 | +€940 | |
| Transfer to tax-exempt reserves | 689 | - | €48,771 | +€48,771 | |
| Profit (loss) for the period to be appropriated | 9905 | €438,344 | €4,253,436 | +€3.8m | +870.3% |
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 10 October 2026 via checked.be.