F.S.M. construct: 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.S.M. construct
Largest movements
- Receivables within one year -€42,323
down €42,323 (-40.3%), from €104,915 to €62,593
of which Other amounts receivable: -€24,647
- Cash -€31,676
down €31,676 (-69.7%), from €45,446 to €13,771
mainly Contributions, distributions and other (-€30,000) and Net result for the year (-€24,063)
- Deferred charges and accrued income +€9,076
up €9,076 (+958.4%), from €947 to €10,023
- Tangible fixed assets -€7,507
down €7,507 (-49.0%), from €15,331 to €7,824
of which Plant, machinery and equipment: -€8,813
- Reserves -€30,000
down €30,000 (-96.2%), from €31,177 to €1,177
- Profit (loss) carried forward -€24,063
down €24,063 (-83.5%), from €28,830 to €4,767
- Trade debts -€7,963
down €7,963 (-9.3%), from €85,262 to €77,299
- Other debts -€5,345
down €5,345 (-48.2%), from €11,100 to €5,755
- Tax, wage and social debts -€5,257
down €5,257 (-96.1%), from €5,470 to €213
- Write-downs -€181,404
down €181,404, from €72,182 to -€109,222
- Other operating charges +€96,351
up €96,351 (+828.2%), from €11,633 to €107,985
- Gross operating margin -€89,570
down €89,570 (-83.7%), from €107,027 to €17,456
- Depreciation -€8,686
down €8,686 (-78.1%), from €11,122 to €2,436
- Taxes -€4,882
down €4,882 (-95.8%), from €5,095 to €213
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 | €166,840 | €94,211 | -€72,629 | -43.5% |
| Fixed assets | 21/28 | €15,531 | €7,824 | -€7,707 | -49.6% |
| Tangible fixed assets | 22/27 | €15,331 | €7,824 | -€7,507 | -49.0% |
| Plant, machinery and equipment | 23 | €10,378 | €1,565 | -€8,813 | -84.9% |
| Furniture and vehicles | 24 | €4,953 | €6,259 | +€1,306 | +26.4% |
| Financial fixed assets | 28 | €200 | - | -€200 | |
| Current assets | 29/58 | €151,309 | €86,387 | -€64,922 | -42.9% |
| Amounts receivable within one year | 40/41 | €104,915 | €62,593 | -€42,323 | -40.3% |
| Trade receivables | 40 | €55,550 | €37,874 | -€17,676 | -31.8% |
| Other amounts receivable | 41 | €49,365 | €24,719 | -€24,647 | -49.9% |
| Cash at bank and in hand | 54/58 | €45,446 | €13,771 | -€31,676 | -69.7% |
| Deferred charges and accrued income | 490/1 | €947 | €10,023 | +€9,076 | +958.4% |
| Total equity and liabilities | 10/49 | €166,840 | €94,211 | -€72,629 | -43.5% |
| Equity | 10/15 | €65,007 | €10,944 | -€54,063 | -83.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €31,177 | €1,177 | -€30,000 | -96.2% |
| Distributable reserves | 133 | €31,177 | €1,177 | -€30,000 | -96.2% |
| Profit (loss) carried forward | 14 | €28,830 | €4,767 | -€24,063 | -83.5% |
| Amounts payable | 17/49 | €101,832 | €83,267 | -€18,566 | -18.2% |
| Amounts payable within one year | 42/48 | €101,832 | €83,267 | -€18,566 | -18.2% |
| Trade debts | 44 | €85,262 | €77,299 | -€7,963 | -9.3% |
| Suppliers | 440/4 | €85,262 | €77,299 | -€7,963 | -9.3% |
| Taxes, remuneration and social security | 45 | €5,470 | €213 | -€5,257 | -96.1% |
| Taxes | 450/3 | €5,470 | €213 | -€5,257 | -96.1% |
| Other amounts payable | 47/48 | €11,100 | €5,755 | -€5,345 | -48.2% |
| Non-recurring operating income | 76A | €402 | €7,118 | +€6,717 | +1672.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,122 | €2,436 | -€8,686 | -78.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €72,182 | -€109,222 | -€181,404 | |
| Other operating charges | 640/8 | €11,633 | €107,985 | +€96,351 | +828.2% |
| Non-recurring operating charges | 66A | €2,955 | €38,025 | +€35,070 | +1186.7% |
| Gross operating margin | 9900 | €107,027 | €17,456 | -€89,570 | -83.7% |
| Operating profit (loss) | 9901 | €9,134 | -€21,767 | -€30,901 | |
| Financial income | 75/76B | €4,504 | €2,863 | -€1,641 | -36.4% |
| Recurring financial income | 75 | €4,504 | €2,863 | -€1,641 | -36.4% |
| Financial charges | 65/66B | €4,578 | €4,947 | +€368 | +8.0% |
| Recurring financial charges | 65 | €4,578 | €4,947 | +€368 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €9,059 | -€23,851 | -€32,910 | |
| Income taxes | 67/77 | €5,095 | €213 | -€4,882 | -95.8% |
| Profit (loss) for the period | 9904 | €3,965 | -€24,063 | -€28,028 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,965 | -€24,063 | -€28,028 |
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 4 October 2026 via checked.be.