F.M.V.: 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.V.
Largest movements
- Stocks and contracts +€33,015
up €33,015 (+33.8%), from €97,704 to €130,719
- Receivables within one year +€11,390
up €11,390 (+1858.1%), from €613 to €12,003
of which Trade receivables: +€11,390
- Cash -€3,579
down €3,579 (-7.4%), from €48,680 to €45,101
mainly Stocks and contracts (-€33,015) and Other debts (-€27,857)
- Tangible fixed assets -€2,521
down €2,521 (-11.1%), from €22,755 to €20,234
of which Furniture and vehicles: -€3,663
- Current portion of long-term debt +€50,000
up €50,000, from €0 to €50,000
- Other debts -€27,857
down €27,857 (-17.5%), from €159,355 to €131,499
- Profit (loss) carried forward +€26,441
up €26,441 (+51.6%), from -€51,205 to -€24,764
- Tax, wage and social debts -€16,275
down €16,275 (-38.7%), from €42,093 to €25,818
- Trade debts +€8,712
up €8,712 (+395.0%), from €2,206 to €10,917
- Gross operating margin -€11,872
down €11,872 (-19.6%), from €60,535 to €48,662
- Other operating charges -€5,706
down €5,706 (-92.6%), from €6,160 to €454
- Taxes -€2,775
down €2,775 (-22.4%), from €12,392 to €9,617
- Write-downs -€1,833
no longer reported in 2025 (was €1,833)
- Financial charges -€1,723
down €1,723 (-26.7%), from €6,446 to €4,724
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 | €171,041 | €212,061 | +€41,020 | +24.0% |
| Fixed assets | 21/28 | €23,874 | €23,154 | -€721 | -3.0% |
| Tangible fixed assets | 22/27 | €22,755 | €20,234 | -€2,521 | -11.1% |
| Furniture and vehicles | 24 | €16,967 | €13,304 | -€3,663 | -21.6% |
| Other tangible fixed assets | 26 | €5,788 | €6,930 | +€1,143 | +19.7% |
| Financial fixed assets | 28 | €1,119 | €2,919 | +€1,800 | +160.8% |
| Current assets | 29/58 | €147,167 | €188,908 | +€41,741 | +28.4% |
| Stocks and contracts in progress | 3 | €97,704 | €130,719 | +€33,015 | +33.8% |
| Stocks | 30/36 | €97,704 | €130,719 | +€33,015 | +33.8% |
| Amounts receivable within one year | 40/41 | €613 | €12,003 | +€11,390 | +1858.1% |
| Trade receivables | 40 | €613 | €12,003 | +€11,390 | +1858.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €48,680 | €45,101 | -€3,579 | -7.4% |
| Deferred charges and accrued income | 490/1 | €170 | €1,085 | +€915 | +539.2% |
| Total equity and liabilities | 10/49 | €171,041 | €212,061 | +€41,020 | +24.0% |
| Equity | 10/15 | -€32,613 | -€6,172 | +€26,441 | +81.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,205 | -€24,764 | +€26,441 | +51.6% |
| Amounts payable | 17/49 | €203,654 | €218,234 | +€14,580 | +7.2% |
| Amounts payable within one year | 42/48 | €203,654 | €218,234 | +€14,580 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | €50,000 | +€50,000 | |
| Trade debts | 44 | €2,206 | €10,917 | +€8,712 | +395.0% |
| Suppliers | 440/4 | €2,206 | €10,917 | +€8,712 | +395.0% |
| Taxes, remuneration and social security | 45 | €42,093 | €25,818 | -€16,275 | -38.7% |
| Taxes | 450/3 | €42,093 | €25,818 | -€16,275 | -38.7% |
| Other amounts payable | 47/48 | €159,355 | €131,499 | -€27,857 | -17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,734 | €7,438 | -€1,296 | -14.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,833 | - | -€1,833 | |
| Other operating charges | 640/8 | €6,160 | €454 | -€5,706 | -92.6% |
| Gross operating margin | 9900 | €60,535 | €48,662 | -€11,872 | -19.6% |
| Operating profit (loss) | 9901 | €43,808 | €40,770 | -€3,038 | -6.9% |
| Financial income | 75/76B | €8 | €11 | +€3 | +38.9% |
| Recurring financial income | 75 | €8 | €11 | +€3 | +38.9% |
| Financial charges | 65/66B | €6,446 | €4,724 | -€1,723 | -26.7% |
| Recurring financial charges | 65 | €6,446 | €4,724 | -€1,723 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €37,370 | €36,058 | -€1,313 | -3.5% |
| Income taxes | 67/77 | €12,392 | €9,617 | -€2,775 | -22.4% |
| Profit (loss) for the period | 9904 | €24,978 | €26,441 | +€1,463 | +5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €24,978 | €26,441 | +€1,463 | +5.9% |
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 6 October 2026 via checked.be.