F.W.: 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.W.
Largest movements
- Current investments -€120,000
down €120,000 (-48.0%), from €250,000 to €130,000
- Cash -€25,767
down €25,767 (-45.9%), from €56,123 to €30,357
mainly Other debts (-€178,160)
- Other debts -€178,160
down €178,160 (-93.0%), from €191,599 to €13,439
- Reserves +€29,285
up €29,285 (+318.3%), from €9,200 to €38,485
of which Distributable reserves: +€29,285
- Tax, wage and social debts +€3,109
new in 2025: €3,109
- Taxes +€10,680
up €10,680 (+526.0%), from €2,030 to €12,710
- Gross operating margin +€2,267
up €2,267 (+6.7%), from €33,786 to €36,054
- Financial income -€707
down €707 (-10.5%), from €6,768 to €6,061
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 | €306,123 | €160,357 | -€145,767 | -47.6% |
| Current assets | 29/58 | €306,123 | €160,357 | -€145,767 | -47.6% |
| Current investments | 50/53 | €250,000 | €130,000 | -€120,000 | -48.0% |
| Cash at bank and in hand | 54/58 | €56,123 | €30,357 | -€25,767 | -45.9% |
| Total equity and liabilities | 10/49 | €306,123 | €160,357 | -€145,767 | -47.6% |
| Equity | 10/15 | €114,524 | €143,809 | +€29,285 | +25.6% |
| Contributions | 10/11 | €92,000 | €92,000 | = | 0.0% |
| Capital | 10 | €92,000 | €92,000 | = | 0.0% |
| Issued capital | 100 | €92,000 | €92,000 | = | 0.0% |
| Reserves | 13 | €9,200 | €38,485 | +€29,285 | +318.3% |
| Non-distributable reserves | 130/1 | €9,200 | €9,200 | = | 0.0% |
| Legal reserve | 130 | €9,200 | €9,200 | = | 0.0% |
| Distributable reserves | 133 | - | €29,285 | +€29,285 | |
| Profit (loss) carried forward | 14 | €13,324 | €13,324 | = | 0.0% |
| Amounts payable | 17/49 | €191,599 | €16,548 | -€175,051 | -91.4% |
| Amounts payable within one year | 42/48 | €191,599 | €16,548 | -€175,051 | -91.4% |
| Taxes, remuneration and social security | 45 | - | €3,109 | +€3,109 | |
| Taxes | 450/3 | - | €3,109 | +€3,109 | |
| Other amounts payable | 47/48 | €191,599 | €13,439 | -€178,160 | -93.0% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €33,786 | €36,054 | +€2,267 | +6.7% |
| Operating profit (loss) | 9901 | €33,668 | €35,934 | +€2,265 | +6.7% |
| Financial income | 75/76B | €6,768 | €6,061 | -€707 | -10.5% |
| Recurring financial income | 75 | €6,768 | €6,061 | -€707 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €40,437 | €41,995 | +€1,558 | +3.9% |
| Income taxes | 67/77 | €2,030 | €12,710 | +€10,680 | +526.0% |
| Profit (loss) for the period | 9904 | €38,406 | €29,285 | -€9,122 | -23.8% |
| Profit (loss) for the period to be appropriated | 9905 | €38,406 | €29,285 | -€9,122 | -23.8% |
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 1 October 2026 via checked.be.