F.T.L.V.: 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.
F.T.L.V.
Largest movements
- Tangible fixed assets +€120,221
up €120,221 (+42.3%), from €284,284 to €404,505
of which Plant, machinery and equipment: +€98,333
- Cash -€16,366
down €16,366 (-40.3%), from €40,644 to €24,278
mainly Investment in fixed assets (net) (-€148,201) and Receivables within one year (-€13,180)
- Receivables within one year +€13,180
up €13,180 (+81.6%), from €16,146 to €29,326
of which Other amounts receivable: +€22,133
- Other debts +€63,600
up €63,600 (+279%), from €22,791 to €86,391
- Profit (loss) carried forward +€27,780
up €27,780 (+9.7%), from €287,189 to €314,969
- Trade debts +€25,453
up €25,453 (+983%), from €2,588 to €28,041
- Gross operating margin +€10,979
up €10,979 (+17.7%), from €61,937 to €72,916
- Depreciation +€3,288
up €3,288 (+13.3%), from €24,692 to €27,980
- Other operating charges +€2,697
up €2,697 (+55.2%), from €4,887 to €7,585
- Taxes +€1,321
up €1,321 (+16.5%), from €8,001 to €9,322
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €341,168 | €458,667 | +€117,499 | +34.4% |
| Fixed assets | 21/28 | €284,284 | €404,505 | +€120,221 | +42.3% |
| Tangible fixed assets | 22/27 | €284,284 | €404,505 | +€120,221 | +42.3% |
| Land and buildings | 22 | €284,284 | €306,171 | +€21,888 | +7.7% |
| Plant, machinery and equipment | 23 | - | €98,333 | +€98,333 | |
| Current assets | 29/58 | €56,884 | €54,162 | -€2,722 | -4.8% |
| Amounts receivable within one year | 40/41 | €16,146 | €29,326 | +€13,180 | +81.6% |
| Trade receivables | 40 | €10,497 | €1,544 | -€8,953 | -85.3% |
| Other amounts receivable | 41 | €5,649 | €27,781 | +€22,133 | +392% |
| Cash at bank and in hand | 54/58 | €40,644 | €24,278 | -€16,366 | -40.3% |
| Deferred charges and accrued income | 490/1 | €94 | €558 | +€464 | +492% |
| Total equity and liabilities | 10/49 | €341,168 | €458,667 | +€117,499 | +34.4% |
| Equity | 10/15 | €312,049 | €339,829 | +€27,780 | +8.9% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €4,400 | €4,400 | = | 0.0% |
| Distributable reserves | 133 | €4,400 | €4,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €287,189 | €314,969 | +€27,780 | +9.7% |
| Provisions and deferred taxes | 16 | €1,300 | €1,450 | +€150 | +11.5% |
| Provisions for liabilities and charges | 160/5 | €1,300 | €1,450 | +€150 | +11.5% |
| Other liabilities and charges | 164/5 | €1,300 | €1,450 | +€150 | +11.5% |
| Amounts payable | 17/49 | €27,819 | €117,388 | +€89,569 | +322% |
| Amounts payable within one year | 42/48 | €26,308 | €115,753 | +€89,445 | +340% |
| Trade debts | 44 | €2,588 | €28,041 | +€25,453 | +983% |
| Suppliers | 440/4 | €2,588 | €28,041 | +€25,453 | +983% |
| Taxes, remuneration and social security | 45 | €930 | €1,322 | +€392 | +42.2% |
| Taxes | 450/3 | €930 | €1,322 | +€392 | +42.2% |
| Other amounts payable | 47/48 | €22,791 | €86,391 | +€63,600 | +279% |
| Accrued charges and deferred income | 492/3 | €1,511 | €1,635 | +€124 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,692 | €27,980 | +€3,288 | +13.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €100 | €150 | +€50 | +50.0% |
| Other operating charges | 640/8 | €4,887 | €7,585 | +€2,697 | +55.2% |
| Gross operating margin | 9900 | €61,937 | €72,916 | +€10,979 | +17.7% |
| Operating profit (loss) | 9901 | €32,257 | €37,201 | +€4,943 | +15.3% |
| Financial income | 75/76B | - | €25 | +€25 | |
| Recurring financial income | 75 | - | €25 | +€25 | |
| Financial charges | 65/66B | €252 | €123 | -€129 | -51.0% |
| Recurring financial charges | 65 | €252 | €123 | -€129 | -51.0% |
| Profit (loss) for the period before taxes | 9903 | €32,006 | €37,102 | +€5,097 | +15.9% |
| Income taxes | 67/77 | €8,001 | €9,322 | +€1,321 | +16.5% |
| Profit (loss) for the period | 9904 | €24,004 | €27,780 | +€3,776 | +15.7% |
| Profit (loss) for the period to be appropriated | 9905 | €24,004 | €27,780 | +€3,776 | +15.7% |
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 31 October 2026 via checked.be.