FADO: 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.
FADO
Largest movements
- Cash +€65,260
up €65,260 (+29.6%), from €220,230 to €285,491
mainly Net result for the year (+€100,618) and Depreciation (+€91,779)
- Tangible fixed assets -€42,414
down €42,414 (-4.1%), from €1.0m to €1.0m
of which Land and buildings: -€27,966
- Reserves +€56,037
up €56,037 (+12.5%), from €447,716 to €503,753
- Debts after one year -€30,475
down €30,475 (-4.7%), from €648,284 to €617,809
- Current portion of long-term debt -€24,006
down €24,006 (-42.3%), from €56,701 to €32,696
- Gross operating margin -€56,435
down €56,435 (-18.4%), from €307,014 to €250,579
- Depreciation -€14,947
down €14,947 (-14.0%), from €106,726 to €91,779
- Taxes -€14,459
down €14,459 (-26.1%), from €55,316 to €40,858
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 | €1,626,747 | €1,645,661 | +€18,914 | +1.2% |
| Fixed assets | 21/28 | €1,101,254 | €1,058,839 | -€42,414 | -3.9% |
| Tangible fixed assets | 22/27 | €1,046,254 | €1,003,839 | -€42,414 | -4.1% |
| Land and buildings | 22 | €1,026,584 | €998,618 | -€27,966 | -2.7% |
| Plant, machinery and equipment | 23 | €10,381 | €3,645 | -€6,736 | -64.9% |
| Furniture and vehicles | 24 | €9,289 | €1,577 | -€7,712 | -83.0% |
| Financial fixed assets | 28 | €55,000 | €55,000 | = | 0.0% |
| Current assets | 29/58 | €525,493 | €586,821 | +€61,328 | +11.7% |
| Amounts receivable within one year | 40/41 | €304,850 | €298,877 | -€5,973 | -2.0% |
| Trade receivables | 40 | €1,016 | €0 | -€1,016 | -100% |
| Other amounts receivable | 41 | €303,834 | €298,877 | -€4,957 | -1.6% |
| Cash at bank and in hand | 54/58 | €220,230 | €285,491 | +€65,260 | +29.6% |
| Deferred charges and accrued income | 490/1 | €413 | €2,454 | +€2,041 | +494% |
| Total equity and liabilities | 10/49 | €1,626,747 | €1,645,661 | +€18,914 | +1.2% |
| Equity | 10/15 | €878,879 | €934,916 | +€56,037 | +6.4% |
| Contributions | 10/11 | €17,690 | €17,690 | = | 0.0% |
| Reserves | 13 | €447,716 | €503,753 | +€56,037 | +12.5% |
| Distributable reserves | 133 | €447,716 | €503,753 | +€56,037 | +12.5% |
| Profit (loss) carried forward | 14 | €413,474 | €413,474 | = | 0.0% |
| Amounts payable | 17/49 | €747,868 | €710,744 | -€37,124 | -5.0% |
| Amounts payable after more than one year | 17 | €648,284 | €617,809 | -€30,475 | -4.7% |
| Financial debts | 170/4 | €648,284 | €617,809 | -€30,475 | -4.7% |
| Amounts payable within one year | 42/48 | €99,025 | €92,329 | -€6,696 | -6.8% |
| Current portion of amounts payable after more than one year | 42 | €56,701 | €32,696 | -€24,006 | -42.3% |
| Financial debts | 43 | €20,288 | €20,187 | -€101 | -0.5% |
| Credit institutions | 430/8 | €20,288 | €20,187 | -€101 | -0.5% |
| Trade debts | 44 | €503 | €1,548 | +€1,045 | +208% |
| Suppliers | 440/4 | €503 | €1,548 | +€1,045 | +208% |
| Taxes, remuneration and social security | 45 | €10,115 | €24,504 | +€14,389 | +142% |
| Taxes | 450/3 | €9,615 | €24,004 | +€14,389 | +150% |
| Remuneration and social security | 454/9 | €500 | €500 | = | 0.0% |
| Other amounts payable | 47/48 | €11,417 | €13,393 | +€1,976 | +17.3% |
| Accrued charges and deferred income | 492/3 | €559 | €606 | +€47 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,726 | €91,779 | -€14,947 | -14.0% |
| Other operating charges | 640/8 | €2,355 | €2,428 | +€72 | +3.1% |
| Gross operating margin | 9900 | €307,014 | €250,579 | -€56,435 | -18.4% |
| Operating profit (loss) | 9901 | €197,933 | €156,373 | -€41,560 | -21.0% |
| Financial income | 75/76B | €7,683 | €5,001 | -€2,682 | -34.9% |
| Recurring financial income | 75 | €7,683 | €5,001 | -€2,682 | -34.9% |
| Financial charges | 65/66B | €19,445 | €19,898 | +€453 | +2.3% |
| Recurring financial charges | 65 | €19,445 | €19,898 | +€453 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €186,172 | €141,476 | -€44,696 | -24.0% |
| Income taxes | 67/77 | €55,316 | €40,858 | -€14,459 | -26.1% |
| Profit (loss) for the period | 9904 | €130,856 | €100,618 | -€30,237 | -23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €130,856 | €100,618 | -€30,237 | -23.1% |
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 25 October 2026 via checked.be.