F9 Engineering: 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.
F9 Engineering
Largest movements
- Receivables after one year +€150,000
new in 2025: €150,000
- Cash -€93,535
down €93,535 (-71.6%), from €130,657 to €37,122
mainly Receivables after one year (-€150,000) and Contributions, distributions and other (-€105,000)
- Current investments -€72,413
no longer reported in 2025 (was €72,413)
- Receivables within one year -€65,149
down €65,149 (-79.0%), from €82,428 to €17,279
of which Trade receivables: -€58,450
- Tangible fixed assets -€10,280
down €10,280 (-36.1%), from €28,473 to €18,193
of which Furniture and vehicles: -€9,092
- Other debts -€79,922
down €79,922 (-47.4%), from €168,515 to €88,593
- Reserves -€20,000
down €20,000 (-17.0%), from €117,433 to €97,433
- Tax, wage and social debts +€7,028
up €7,028 (+30.4%), from €23,114 to €30,142
- Gross operating margin -€66,025
down €66,025 (-52.8%), from €125,019 to €58,993
- Financial income +€41,262
up €41,262 (+1517.4%), from €2,719 to €43,982
- Taxes -€19,929
down €19,929 (-72.4%), from €27,517 to €7,588
- Financial charges -€8,389
down €8,389, from €6,143 to -€2,246
- Depreciation +€4,564
up €4,564 (+79.8%), from €5,716 to €10,280
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 | €314,125 | €222,654 | -€91,471 | -29.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €28,473 | €18,193 | -€10,280 | -36.1% |
| Tangible fixed assets | 22/27 | €28,473 | €18,193 | -€10,280 | -36.1% |
| Furniture and vehicles | 24 | €24,732 | €15,640 | -€9,092 | -36.8% |
| Other tangible fixed assets | 26 | €3,741 | €2,553 | -€1,188 | -31.8% |
| Current assets | 29/58 | €285,652 | €204,461 | -€81,191 | -28.4% |
| Amounts receivable after more than one year | 29 | - | €150,000 | +€150,000 | |
| Other amounts receivable | 291 | - | €150,000 | +€150,000 | |
| Amounts receivable within one year | 40/41 | €82,428 | €17,279 | -€65,149 | -79.0% |
| Trade receivables | 40 | €75,729 | €17,279 | -€58,450 | -77.2% |
| Other amounts receivable | 41 | €6,698 | - | -€6,698 | |
| Current investments | 50/53 | €72,413 | - | -€72,413 | |
| Cash at bank and in hand | 54/58 | €130,657 | €37,122 | -€93,535 | -71.6% |
| Deferred charges and accrued income | 490/1 | €154 | €60 | -€94 | -61.1% |
| Total equity and liabilities | 10/49 | €314,125 | €222,654 | -€91,471 | -29.1% |
| Equity | 10/15 | €121,304 | €103,100 | -€18,205 | -15.0% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €117,433 | €97,433 | -€20,000 | -17.0% |
| Distributable reserves | 133 | €117,433 | €97,433 | -€20,000 | -17.0% |
| Profit (loss) carried forward | 14 | €3,870 | €5,666 | +€1,795 | +46.4% |
| Amounts payable | 17/49 | €192,821 | €119,554 | -€73,267 | -38.0% |
| Amounts payable within one year | 42/48 | €192,805 | €119,554 | -€73,251 | -38.0% |
| Trade debts | 44 | €1,176 | €819 | -€357 | -30.4% |
| Suppliers | 440/4 | €1,176 | €819 | -€357 | -30.4% |
| Taxes, remuneration and social security | 45 | €23,114 | €30,142 | +€7,028 | +30.4% |
| Taxes | 450/3 | €23,114 | €30,142 | +€7,028 | +30.4% |
| Other amounts payable | 47/48 | €168,515 | €88,593 | -€79,922 | -47.4% |
| Accrued charges and deferred income | 492/3 | €16 | - | -€16 | |
| Non-recurring operating income | 76A | €0 | - | -€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,716 | €10,280 | +€4,564 | +79.8% |
| Other operating charges | 640/8 | €460 | €557 | +€97 | +21.0% |
| Gross operating margin | 9900 | €125,019 | €58,993 | -€66,025 | -52.8% |
| Operating profit (loss) | 9901 | €118,842 | €48,156 | -€70,685 | -59.5% |
| Financial income | 75/76B | €2,719 | €43,982 | +€41,262 | +1517.4% |
| Recurring financial income | 75 | €2,719 | €43,982 | +€41,262 | +1517.4% |
| Financial charges | 65/66B | €6,143 | -€2,246 | -€8,389 | |
| Recurring financial charges | 65 | €6,143 | -€2,246 | -€8,389 | |
| Profit (loss) for the period before taxes | 9903 | €115,418 | €94,384 | -€21,034 | -18.2% |
| Income taxes | 67/77 | €27,517 | €7,588 | -€19,929 | -72.4% |
| Profit (loss) for the period | 9904 | €87,900 | €86,795 | -€1,105 | -1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €87,900 | €86,795 | -€1,105 | -1.3% |
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.