F.S.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.S.T.
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€349,778
2024 · -€445,675+€95,897
Equity
-€280,581
2024 · €69,197-€349,778
Cash
€71,581
2024 · €37,467+€34,115
Balance sheet total
€11.1m
2024 · €10.4m+€683,874
Largest movements
Assets
- Receivables within one year +€697,774
up €697,774 (+42.2%), from €1.7m to €2.4m
of which Other amounts receivable: +€738,966
Equity and liabilities
- Other debts +€1.1m
up €1.1m (+11.0%), from €10.1m to €11.2m
- Profit (loss) carried forward -€349,778
down €349,778 (-32.1%), from -€1.1m to -€1.4m
Income statement
- Gross operating margin +€161,117
up €161,117 (+57.4%), from -€280,452 to -€119,335
- Depreciation +€47,495
up €47,495 (+26.8%), from €177,041 to €224,536
- Financial charges +€15,333
up €15,333 (+290%), from €5,294 to €20,627
- Other operating charges +€3,056
up €3,056 (+23.3%), from €13,092 to €16,148
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
-€445,675
Gross operating margin
+€161,117
Staff costs
+€338
Depreciation
-€47,495
Other operating charges
-€3,056
Financial income
-€0
Financial charges
-€15,333
Taxes
+€325
Result 2025
-€349,778
raises the resultlowers the result
Derived cash bridge
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
+€266,750
Investment
-€197,311
Financing
-€35,325
Cash 2024
€37,467
From operations (derived)
+€266,750
Net result for the year
-€349,778
Depreciation
+€224,536
Receivables within one year
-€697,774
Deferred charges and accrued income
+€20,790
Trade debts
-€55,231
Tax, wage and social debts
+€9,747
Other debts
+€1.1m
Investment (derived)
-€197,311
Investment in fixed assets (net)
-€197,311
Financing
-€35,325
Debts after one year
-€14,377
Current portion of long-term debt
-€20,948
Cash 2025
€71,581
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,369,076 | €11,052,950 | +€683,874 | +6.6% |
| Fixed assets | 21/28 | €8,630,208 | €8,602,984 | -€27,225 | -0.3% |
| Intangible fixed assets | 21 | €31,895 | €48,565 | +€16,670 | +52.3% |
| Tangible fixed assets | 22/27 | €2,498,312 | €2,450,552 | -€47,760 | -1.9% |
| Land and buildings | 22 | €2,235,129 | €2,224,083 | -€11,046 | -0.5% |
| Plant, machinery and equipment | 23 | €179,475 | €160,115 | -€19,360 | -10.8% |
| Furniture and vehicles | 24 | €83,708 | €66,354 | -€17,354 | -20.7% |
| Financial fixed assets | 28 | €6,100,001 | €6,103,866 | +€3,865 | +0.1% |
| Current assets | 29/58 | €1,738,868 | €2,449,967 | +€711,098 | +40.9% |
| Amounts receivable within one year | 40/41 | €1,654,928 | €2,352,702 | +€697,774 | +42.2% |
| Trade receivables | 40 | €228,345 | €187,153 | -€41,192 | -18.0% |
| Other amounts receivable | 41 | €1,426,583 | €2,165,549 | +€738,966 | +51.8% |
| Cash at bank and in hand | 54/58 | €37,467 | €71,581 | +€34,115 | +91.1% |
| Deferred charges and accrued income | 490/1 | €46,474 | €25,683 | -€20,790 | -44.7% |
| Total equity and liabilities | 10/49 | €10,369,076 | €11,052,950 | +€683,874 | +6.6% |
| Equity | 10/15 | €69,197 | -€280,581 | -€349,778 | |
| Contributions | 10/11 | €1,137,400 | €1,137,400 | = | 0.0% |
| Reserves | 13 | €20,154 | €20,154 | = | 0.0% |
| Distributable reserves | 133 | €20,154 | €20,154 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,088,357 | -€1,438,135 | -€349,778 | -32.1% |
| Amounts payable | 17/49 | €10,299,879 | €11,333,531 | +€1.0m | +10.0% |
| Amounts payable after more than one year | 17 | €51,269 | €36,893 | -€14,377 | -28.0% |
| Financial debts | 170/4 | €51,269 | €24,729 | -€26,541 | -51.8% |
| Other amounts payable | 178/9 | - | €12,164 | +€12,164 | |
| Amounts payable within one year | 42/48 | €10,248,610 | €11,296,638 | +€1.0m | +10.2% |
| Current portion of amounts payable after more than one year | 42 | €47,489 | €26,541 | -€20,948 | -44.1% |
| Trade debts | 44 | €84,650 | €29,419 | -€55,231 | -65.2% |
| Suppliers | 440/4 | €84,650 | €29,419 | -€55,231 | -65.2% |
| Taxes, remuneration and social security | 45 | €2,260 | €12,007 | +€9,747 | +431% |
| Taxes | 450/3 | €2,260 | €12,007 | +€9,747 | +431% |
| Other amounts payable | 47/48 | €10,114,211 | €11,228,671 | +€1.1m | +11.0% |
| Remuneration, social security and pensions | 62 | €338 | - | -€338 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €177,041 | €224,536 | +€47,495 | +26.8% |
| Other operating charges | 640/8 | €13,092 | €16,148 | +€3,056 | +23.3% |
| Gross operating margin | 9900 | -€280,452 | -€119,335 | +€161,117 | +57.4% |
| Operating profit (loss) | 9901 | -€470,923 | -€360,019 | +€110,905 | +23.6% |
| Financial income | 75/76B | €30,868 | €30,868 | -€0 | 0.0% |
| Recurring financial income | 75 | €30,868 | €30,868 | -€0 | 0.0% |
| Financial charges | 65/66B | €5,294 | €20,627 | +€15,333 | +290% |
| Recurring financial charges | 65 | €5,294 | €20,627 | +€15,333 | +290% |
| Profit (loss) for the period before taxes | 9903 | -€445,349 | -€349,778 | +€95,571 | +21.5% |
| Income taxes | 67/77 | €325 | - | -€325 | |
| Profit (loss) for the period | 9904 | -€445,675 | -€349,778 | +€95,897 | +21.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€445,675 | -€349,778 | +€95,897 | +21.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.