F-Trading: 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-Trading
Largest movements
- Receivables within one year -€39,961
down €39,961 (-97.7%), from €40,913 to €952
of which Trade receivables: -€40,909
- Tangible fixed assets -€8,134
down €8,134 (-13.6%), from €59,647 to €51,513
of which Plant, machinery and equipment: -€6,440
- Intangible fixed assets -€2,500
down €2,500 (-11.4%), from €21,933 to €19,433
- Cash -€2,077
down €2,077 (-12.1%), from €17,207 to €15,130
mainly Trade debts (-€54,524) and Other debts (-€16,118)
- Stocks and contracts -€1,936
down €1,936 (-24.0%), from €8,066 to €6,130
- Trade debts -€54,524
down €54,524 (-98.5%), from €55,336 to €813
- Other debts -€16,118
down €16,118 (-18.3%), from €88,221 to €72,103
- Profit (loss) carried forward +€10,796
up €10,796 (+447.1%), from €2,415 to €13,210
- Tax, wage and social debts +€5,324
up €5,324 (+123.0%), from €4,327 to €9,650
of which Remuneration and social security: +€4,702
- Gross operating margin +€30,507
up €30,507 (+144.8%), from €21,073 to €51,580
- Staff costs +€22,254
up €22,254 (+1000.3%), from €2,225 to €24,479
- Taxes +€1,932
up €1,932 (+252.1%), from €766 to €2,699
- Depreciation -€989
down €989 (-8.1%), from €12,226 to €11,238
- Financial charges -€589
down €589 (-20.9%), from €2,812 to €2,223
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 | €156,299 | €101,777 | -€54,522 | -34.9% |
| Formation expenses | 20 | €2,382 | €1,778 | -€604 | -25.3% |
| Fixed assets | 21/28 | €87,580 | €76,946 | -€10,634 | -12.1% |
| Intangible fixed assets | 21 | €21,933 | €19,433 | -€2,500 | -11.4% |
| Tangible fixed assets | 22/27 | €59,647 | €51,513 | -€8,134 | -13.6% |
| Plant, machinery and equipment | 23 | €52,806 | €46,366 | -€6,440 | -12.2% |
| Furniture and vehicles | 24 | €6,841 | €5,147 | -€1,694 | -24.8% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €66,337 | €23,053 | -€43,285 | -65.2% |
| Stocks and contracts in progress | 3 | €8,066 | €6,130 | -€1,936 | -24.0% |
| Stocks | 30/36 | €8,066 | €6,130 | -€1,936 | -24.0% |
| Amounts receivable within one year | 40/41 | €40,913 | €952 | -€39,961 | -97.7% |
| Trade receivables | 40 | €40,909 | - | -€40,909 | |
| Other amounts receivable | 41 | €4 | €952 | +€948 | +24571.5% |
| Cash at bank and in hand | 54/58 | €17,207 | €15,130 | -€2,077 | -12.1% |
| Deferred charges and accrued income | 490/1 | €152 | €841 | +€689 | +454.8% |
| Total equity and liabilities | 10/49 | €156,299 | €101,777 | -€54,522 | -34.9% |
| Equity | 10/15 | €8,415 | €19,210 | +€10,796 | +128.3% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,415 | €13,210 | +€10,796 | +447.1% |
| Amounts payable | 17/49 | €147,885 | €82,567 | -€65,318 | -44.2% |
| Amounts payable within one year | 42/48 | €147,885 | €82,567 | -€65,318 | -44.2% |
| Trade debts | 44 | €55,336 | €813 | -€54,524 | -98.5% |
| Suppliers | 440/4 | €55,336 | €813 | -€54,524 | -98.5% |
| Taxes, remuneration and social security | 45 | €4,327 | €9,650 | +€5,324 | +123.0% |
| Taxes | 450/3 | €2,844 | €3,465 | +€621 | +21.9% |
| Remuneration and social security | 454/9 | €1,483 | €6,185 | +€4,702 | +317.1% |
| Other amounts payable | 47/48 | €88,221 | €72,103 | -€16,118 | -18.3% |
| Non-recurring operating income | 76A | €0 | €35 | +€34 | +9828.6% |
| Remuneration, social security and pensions | 62 | €2,225 | €24,479 | +€22,254 | +1000.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,226 | €11,238 | -€989 | -8.1% |
| Other operating charges | 640/8 | €630 | €180 | -€450 | -71.4% |
| Gross operating margin | 9900 | €21,073 | €51,580 | +€30,507 | +144.8% |
| Operating profit (loss) | 9901 | €5,992 | €15,684 | +€9,692 | +161.8% |
| Financial income | 75/76B | €1 | €34 | +€33 | +3409.4% |
| Recurring financial income | 75 | €1 | €34 | +€33 | +3409.4% |
| Financial charges | 65/66B | €2,812 | €2,223 | -€589 | -20.9% |
| Recurring financial charges | 65 | €2,812 | €2,223 | -€589 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €3,181 | €13,495 | +€10,313 | +324.2% |
| Income taxes | 67/77 | €766 | €2,699 | +€1,932 | +252.1% |
| Profit (loss) for the period | 9904 | €2,415 | €10,796 | +€8,381 | +347.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,415 | €10,796 | +€8,381 | +347.1% |
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.