FABELSA: 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.
FABELSA
Largest movements
- Tangible fixed assets -€13,403
down €13,403 (-2.8%), from €479,982 to €466,579
of which Land and buildings: -€13,687
- Other debts -€27,587
down €27,587 (-37.3%), from €73,896 to €46,309
- Profit (loss) carried forward +€15,293
up €15,293 (+41.9%), from €36,505 to €51,797
- Current portion of long-term debt +€9,152
up €9,152 (+47.7%), from €19,200 to €28,351
- Debts after one year -€8,980
down €8,980 (-3.0%), from €300,072 to €291,092
- Write-downs -€19,040
no longer reported in 2025 (was €19,040)
- Gross operating margin -€9,772
down €9,772 (-10.7%), from €91,398 to €81,626
- Depreciation +€6,419
up €6,419 (+16.7%), from €38,465 to €44,883
- Financial income +€5,056
new in 2025: €5,056
- Taxes +€4,240
up €4,240 (+110.8%), from €3,827 to €8,067
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 | €575,583 | €563,567 | -€12,016 | -2.1% |
| Fixed assets | 21/28 | €479,982 | €466,579 | -€13,403 | -2.8% |
| Tangible fixed assets | 22/27 | €479,982 | €466,579 | -€13,403 | -2.8% |
| Land and buildings | 22 | €416,216 | €402,530 | -€13,687 | -3.3% |
| Plant, machinery and equipment | 23 | €49,959 | €41,569 | -€8,390 | -16.8% |
| Furniture and vehicles | 24 | €13,807 | €22,481 | +€8,674 | +62.8% |
| Current assets | 29/58 | €95,601 | €96,988 | +€1,387 | +1.5% |
| Amounts receivable within one year | 40/41 | €94,944 | €92,236 | -€2,708 | -2.9% |
| Trade receivables | 40 | €75,575 | €82,388 | +€6,813 | +9.0% |
| Other amounts receivable | 41 | €19,370 | €9,849 | -€9,521 | -49.2% |
| Cash at bank and in hand | 54/58 | €656 | €4,751 | +€4,095 | +623.9% |
| Total equity and liabilities | 10/49 | €575,583 | €563,567 | -€12,016 | -2.1% |
| Equity | 10/15 | €112,005 | €127,297 | +€15,293 | +13.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €70,500 | €70,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €500 | €500 | = | 0.0% |
| Distributable reserves | 133 | €70,000 | €70,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,505 | €51,797 | +€15,293 | +41.9% |
| Amounts payable | 17/49 | €463,578 | €436,269 | -€27,309 | -5.9% |
| Amounts payable after more than one year | 17 | €300,072 | €291,092 | -€8,980 | -3.0% |
| Financial debts | 170/4 | €300,072 | €291,092 | -€8,980 | -3.0% |
| Amounts payable within one year | 42/48 | €163,506 | €145,178 | -€18,329 | -11.2% |
| Current portion of amounts payable after more than one year | 42 | €19,200 | €28,351 | +€9,152 | +47.7% |
| Trade debts | 44 | €70,411 | €70,517 | +€106 | +0.2% |
| Suppliers | 440/4 | €70,411 | €70,517 | +€106 | +0.2% |
| Other amounts payable | 47/48 | €73,896 | €46,309 | -€27,587 | -37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,465 | €44,883 | +€6,419 | +16.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €19,040 | - | -€19,040 | |
| Other operating charges | 640/8 | €3,193 | €3,516 | +€323 | +10.1% |
| Gross operating margin | 9900 | €91,398 | €81,626 | -€9,772 | -10.7% |
| Operating profit (loss) | 9901 | €30,701 | €33,227 | +€2,526 | +8.2% |
| Financial income | 75/76B | - | €5,056 | +€5,056 | |
| Recurring financial income | 75 | - | €5,056 | +€5,056 | |
| Financial charges | 65/66B | €17,166 | €14,923 | -€2,244 | -13.1% |
| Recurring financial charges | 65 | €17,166 | €14,923 | -€2,244 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €13,535 | €23,360 | +€9,825 | +72.6% |
| Income taxes | 67/77 | €3,827 | €8,067 | +€4,240 | +110.8% |
| Profit (loss) for the period | 9904 | €9,708 | €15,293 | +€5,585 | +57.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,708 | €15,293 | +€5,585 | +57.5% |
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 30 September 2026 via checked.be.