F.S.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.S.V.
Largest movements
- Receivables within one year -€21,352
down €21,352 (-17.8%), from €120,192 to €98,840
of which Trade receivables: -€19,853
- Tangible fixed assets -€17,635
down €17,635 (-4.9%), from €362,171 to €344,536
of which Land and buildings: -€17,953
- Deferred charges and accrued income -€9,972
down €9,972 (-87.1%), from €11,452 to €1,481
- Debts after one year -€33,628
down €33,628 (-100.0%), from €33,628 to €0
- Other debts -€28,544
down €28,544 (-99.9%), from €28,571 to €28
- Reserves +€25,767
up €25,767 (+17.9%), from €143,983 to €169,751
of which Distributable reserves: +€25,767
- Tax, wage and social debts -€5,791
down €5,791 (-36.7%), from €15,790 to €9,999
- Gross operating margin -€22,058
down €22,058 (-26.1%), from €84,607 to €62,550
- Taxes -€3,200
down €3,200 (-20.2%), from €15,848 to €12,648
- Financial charges -€1,612
down €1,612 (-78.7%), from €2,047 to €435
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 | €497,853 | €449,931 | -€47,921 | -9.6% |
| Fixed assets | 21/28 | €362,171 | €344,536 | -€17,635 | -4.9% |
| Tangible fixed assets | 22/27 | €362,171 | €344,536 | -€17,635 | -4.9% |
| Land and buildings | 22 | €353,147 | €335,193 | -€17,953 | -5.1% |
| Furniture and vehicles | 24 | €9,025 | €9,343 | +€318 | +3.5% |
| Current assets | 29/58 | €135,681 | €105,395 | -€30,286 | -22.3% |
| Amounts receivable within one year | 40/41 | €120,192 | €98,840 | -€21,352 | -17.8% |
| Trade receivables | 40 | €118,341 | €98,488 | -€19,853 | -16.8% |
| Other amounts receivable | 41 | €1,851 | €352 | -€1,498 | -81.0% |
| Cash at bank and in hand | 54/58 | €4,037 | €5,074 | +€1,037 | +25.7% |
| Deferred charges and accrued income | 490/1 | €11,452 | €1,481 | -€9,972 | -87.1% |
| Total equity and liabilities | 10/49 | €497,853 | €449,931 | -€47,921 | -9.6% |
| Equity | 10/15 | €414,138 | €439,905 | +€25,767 | +6.2% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Revaluation surpluses | 12 | €150,155 | €150,155 | = | 0.0% |
| Reserves | 13 | €143,983 | €169,751 | +€25,767 | +17.9% |
| Tax-exempt reserves | 132 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €140,983 | €166,751 | +€25,767 | +18.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €83,715 | €10,026 | -€73,689 | -88.0% |
| Amounts payable after more than one year | 17 | €33,628 | €0 | -€33,628 | -100.0% |
| Financial debts | 170/4 | €33,628 | €0 | -€33,628 | -100.0% |
| Amounts payable within one year | 42/48 | €47,614 | €10,026 | -€37,588 | -78.9% |
| Trade debts | 44 | €3,252 | €0 | -€3,252 | -100.0% |
| Suppliers | 440/4 | €3,252 | €0 | -€3,252 | -100.0% |
| Taxes, remuneration and social security | 45 | €15,790 | €9,999 | -€5,791 | -36.7% |
| Taxes | 450/3 | €15,790 | €9,999 | -€5,791 | -36.7% |
| Other amounts payable | 47/48 | €28,571 | €28 | -€28,544 | -99.9% |
| Accrued charges and deferred income | 492/3 | €2,473 | €0 | -€2,473 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,627 | €19,267 | +€640 | +3.4% |
| Other operating charges | 640/8 | €4,722 | €4,433 | -€289 | -6.1% |
| Gross operating margin | 9900 | €84,607 | €62,550 | -€22,058 | -26.1% |
| Operating profit (loss) | 9901 | €61,259 | €38,850 | -€22,409 | -36.6% |
| Financial income | 75/76B | €26 | €0 | -€25 | -98.8% |
| Recurring financial income | 75 | €26 | €0 | -€25 | -98.8% |
| Financial charges | 65/66B | €2,047 | €435 | -€1,612 | -78.7% |
| Recurring financial charges | 65 | €2,047 | €435 | -€1,612 | -78.7% |
| Profit (loss) for the period before taxes | 9903 | €59,237 | €38,415 | -€20,822 | -35.2% |
| Income taxes | 67/77 | €15,848 | €12,648 | -€3,200 | -20.2% |
| Profit (loss) for the period | 9904 | €43,389 | €25,767 | -€17,622 | -40.6% |
| Profit (loss) for the period to be appropriated | 9905 | €43,389 | €25,767 | -€17,622 | -40.6% |
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.