FA2M: 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.
FA2M
Largest movements
- Financial fixed assets -€8.0m
down €8.0m (-66.6%), from €12.1m to €4.0m
- Cash +€2.0m
up €2.0m (+39,926%), from €5,002 to €2.0m
mainly Investment in fixed assets (net) (+€8.0m) and Other debts (+€208,854)
- Profit (loss) carried forward -€6.2m
down €6.2m (-8,664%), from -€71,100 to -€6.2m
- Other debts +€208,854
up €208,854 (+163%), from €127,929 to €336,783
- Gross operating margin -€52,313
down €52,313 (-118%), from -€44,277 to -€96,590
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 | €12,159,494 | €6,175,506 | -€6.0m | -49.2% |
| Fixed assets | 21/28 | €12,121,242 | €4,141,617 | -€8.0m | -65.8% |
| Intangible fixed assets | 21 | €47,102 | €103,415 | +€56,313 | +120% |
| Tangible fixed assets | 22/27 | €21,049 | €13,201 | -€7,848 | -37.3% |
| Land and buildings | 22 | €1,251 | €1,119 | -€132 | -10.5% |
| Plant, machinery and equipment | 23 | €716 | €320 | -€395 | -55.2% |
| Furniture and vehicles | 24 | €19,082 | €11,761 | -€7,321 | -38.4% |
| Financial fixed assets | 28 | €12,053,090 | €4,025,000 | -€8.0m | -66.6% |
| Current assets | 29/58 | €38,252 | €2,033,889 | +€2.0m | +5,217% |
| Amounts receivable within one year | 40/41 | €33,040 | €28,367 | -€4,672 | -14.1% |
| Trade receivables | 40 | €28,658 | €22,000 | -€6,658 | -23.2% |
| Other amounts receivable | 41 | €4,382 | €6,367 | +€1,985 | +45.3% |
| Cash at bank and in hand | 54/58 | €5,002 | €2,002,059 | +€2.0m | +39,926% |
| Deferred charges and accrued income | 490/1 | €211 | €3,463 | +€3,252 | +1,543% |
| Total equity and liabilities | 10/49 | €12,159,494 | €6,175,506 | -€6.0m | -49.2% |
| Equity | 10/15 | €11,981,991 | €5,821,798 | -€6.2m | -51.4% |
| Contributions | 10/11 | €12,053,090 | €12,053,090 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€71,100 | -€6,231,292 | -€6.2m | -8,664% |
| Amounts payable | 17/49 | €177,503 | €353,708 | +€176,204 | +99.3% |
| Amounts payable within one year | 42/48 | €177,503 | €353,708 | +€176,204 | +99.3% |
| Financial debts | 43 | €721 | €204 | -€517 | -71.7% |
| Credit institutions | 430/8 | €721 | €204 | -€517 | -71.7% |
| Trade debts | 44 | €48,853 | €16,721 | -€32,133 | -65.8% |
| Suppliers | 440/4 | €48,853 | €16,721 | -€32,133 | -65.8% |
| Other amounts payable | 47/48 | €127,929 | €336,783 | +€208,854 | +163% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,454 | €9,187 | +€733 | +8.7% |
| Other operating charges | 640/8 | €465 | €1,174 | +€708 | +152% |
| Non-recurring operating charges | 66A | - | €6,053,090 | +€6.1m | |
| Gross operating margin | 9900 | -€44,277 | -€96,590 | -€52,313 | -118% |
| Operating profit (loss) | 9901 | -€53,196 | -€6,160,041 | -€6.1m | -11,480% |
| Financial charges | 65/66B | €161 | €151 | -€10 | -5.9% |
| Recurring financial charges | 65 | €161 | €151 | -€10 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | -€53,357 | -€6,160,192 | -€6.1m | -11,445% |
| Profit (loss) for the period | 9904 | -€53,357 | -€6,160,192 | -€6.1m | -11,445% |
| Profit (loss) for the period to be appropriated | 9905 | -€53,357 | -€6,160,192 | -€6.1m | -11,445% |
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 15 October 2026 via checked.be.