FAAR: 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.
FAAR
Largest movements
- Current investments -€60,000
down €60,000 (-100.0%), from €60,000 to €0
- Intangible fixed assets -€20,827
down €20,827 (-17.1%), from €121,547 to €100,720
- Tangible fixed assets +€16,226
up €16,226 (+4.4%), from €369,408 to €385,635
of which Land and buildings: +€11,370
- Cash +€11,707
up €11,707 (+47.0%), from €24,931 to €36,639
mainly Current investments (+€60,000) and Depreciation (+€56,143)
- Stocks and contracts -€7,881
down €7,881 (-42.4%), from €18,590 to €10,709
- Debts after one year -€71,719
down €71,719 (-21.8%), from €328,657 to €256,939
- Short-term financial debts -€68,401
down €68,401 (-99.1%), from €69,003 to €602
- Other debts +€40,102
up €40,102 (+758.3%), from €5,289 to €45,391
- Reserves -€26,550
down €26,550 (-13.2%), from €201,305 to €174,755
- Trade debts +€24,612
up €24,612 (+374.9%), from €6,565 to €31,176
- Gross operating margin -€22,531
down €22,531 (-15.1%), from €149,692 to €127,161
- Depreciation -€13,418
down €13,418 (-19.3%), from €69,561 to €56,143
- Financial charges +€3,784
up €3,784 (+49.1%), from €7,710 to €11,494
- Staff costs +€1,900
up €1,900 (+4.7%), from €40,458 to €42,357
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 | €654,448 | €580,013 | -€74,435 | -11.4% |
| Fixed assets | 21/28 | €495,740 | €486,855 | -€8,885 | -1.8% |
| Intangible fixed assets | 21 | €121,547 | €100,720 | -€20,827 | -17.1% |
| Tangible fixed assets | 22/27 | €369,408 | €385,635 | +€16,226 | +4.4% |
| Land and buildings | 22 | €319,005 | €330,374 | +€11,370 | +3.6% |
| Plant, machinery and equipment | 23 | €34,691 | €38,953 | +€4,263 | +12.3% |
| Furniture and vehicles | 24 | €15,713 | €16,307 | +€594 | +3.8% |
| Financial fixed assets | 28 | €4,785 | €500 | -€4,285 | -89.6% |
| Current assets | 29/58 | €158,708 | €93,158 | -€65,550 | -41.3% |
| Stocks and contracts in progress | 3 | €18,590 | €10,709 | -€7,881 | -42.4% |
| Stocks | 30/36 | €18,590 | €10,709 | -€7,881 | -42.4% |
| Amounts receivable within one year | 40/41 | €46,626 | €40,678 | -€5,948 | -12.8% |
| Trade receivables | 40 | €32,609 | €36,175 | +€3,566 | +10.9% |
| Other amounts receivable | 41 | €14,016 | €4,503 | -€9,513 | -67.9% |
| Current investments | 50/53 | €60,000 | €0 | -€60,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €24,931 | €36,639 | +€11,707 | +47.0% |
| Deferred charges and accrued income | 490/1 | €8,561 | €5,133 | -€3,429 | -40.0% |
| Total equity and liabilities | 10/49 | €654,448 | €580,013 | -€74,435 | -11.4% |
| Equity | 10/15 | €204,305 | €177,755 | -€26,550 | -13.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €201,305 | €174,755 | -€26,550 | -13.2% |
| Distributable reserves | 133 | €201,305 | €174,755 | -€26,550 | -13.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €450,143 | €402,258 | -€47,885 | -10.6% |
| Amounts payable after more than one year | 17 | €328,657 | €256,939 | -€71,719 | -21.8% |
| Financial debts | 170/4 | €328,657 | €256,939 | -€71,719 | -21.8% |
| Amounts payable within one year | 42/48 | €121,228 | €144,836 | +€23,607 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | €26,710 | €49,772 | +€23,062 | +86.3% |
| Financial debts | 43 | €69,003 | €602 | -€68,401 | -99.1% |
| Credit institutions | 430/8 | €69,003 | €602 | -€68,401 | -99.1% |
| Trade debts | 44 | €6,565 | €31,176 | +€24,612 | +374.9% |
| Suppliers | 440/4 | €6,565 | €31,176 | +€24,612 | +374.9% |
| Taxes, remuneration and social security | 45 | €13,662 | €17,894 | +€4,232 | +31.0% |
| Taxes | 450/3 | €3,758 | €7,711 | +€3,952 | +105.2% |
| Remuneration and social security | 454/9 | €9,904 | €10,184 | +€280 | +2.8% |
| Other amounts payable | 47/48 | €5,289 | €45,391 | +€40,102 | +758.3% |
| Accrued charges and deferred income | 492/3 | €258 | €484 | +€226 | +87.7% |
| Remuneration, social security and pensions | 62 | €40,458 | €42,357 | +€1,900 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,561 | €56,143 | -€13,418 | -19.3% |
| Other operating charges | 640/8 | €1,123 | €1,227 | +€105 | +9.3% |
| Gross operating margin | 9900 | €149,692 | €127,161 | -€22,531 | -15.1% |
| Operating profit (loss) | 9901 | €38,551 | €27,434 | -€11,117 | -28.8% |
| Financial income | 75/76B | €2 | €646 | +€644 | +41564.5% |
| Recurring financial income | 75 | €2 | €646 | +€644 | +41564.5% |
| Financial charges | 65/66B | €7,710 | €11,494 | +€3,784 | +49.1% |
| Recurring financial charges | 65 | €7,710 | €11,494 | +€3,784 | +49.1% |
| Profit (loss) for the period before taxes | 9903 | €30,842 | €16,585 | -€14,256 | -46.2% |
| Income taxes | 67/77 | €3,758 | €3,136 | -€623 | -16.6% |
| Profit (loss) for the period | 9904 | €27,083 | €13,450 | -€13,634 | -50.3% |
| Profit (loss) for the period to be appropriated | 9905 | €27,083 | €13,450 | -€13,634 | -50.3% |
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 4 October 2026 via checked.be.