FAFA: 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.
FAFA
Largest movements
- Cash -€439,508
down €439,508 (-83.5%), from €526,410 to €86,902
mainly Contributions, distributions and other (-€500,000) and Investment in fixed assets (net) (-€16,623)
- Tangible fixed assets -€39,548
down €39,548 (-17.7%), from €223,212 to €183,664
of which Land and buildings: -€34,374
- Reserves -€459,121
down €459,121 (-39.2%), from €1.2m to €712,381
- Write-downs -€12,808
down €12,808, from €6,022 to -€6,786
- Gross operating margin +€10,341
up €10,341 (+12.6%), from €82,187 to €92,529
- Taxes +€4,519
up €4,519 (+46.4%), from €9,738 to €14,257
- Financial income -€2,890
down €2,890 (-12.3%), from €23,525 to €20,635
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 | €1,353,338 | €884,189 | -€469,149 | -34.7% |
| Fixed assets | 21/28 | €223,327 | €183,779 | -€39,548 | -17.7% |
| Tangible fixed assets | 22/27 | €223,212 | €183,664 | -€39,548 | -17.7% |
| Land and buildings | 22 | €206,044 | €171,671 | -€34,374 | -16.7% |
| Plant, machinery and equipment | 23 | €13,019 | €8,385 | -€4,633 | -35.6% |
| Furniture and vehicles | 24 | €294 | €0 | -€294 | -100.0% |
| Other tangible fixed assets | 26 | €3,854 | €3,608 | -€246 | -6.4% |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €1,130,011 | €700,410 | -€429,601 | -38.0% |
| Stocks and contracts in progress | 3 | €591,221 | €600,668 | +€9,446 | +1.6% |
| Stocks | 30/36 | €591,221 | €600,668 | +€9,446 | +1.6% |
| Amounts receivable within one year | 40/41 | €5,078 | €6,485 | +€1,407 | +27.7% |
| Trade receivables | 40 | €0 | €787 | +€787 | |
| Other amounts receivable | 41 | €5,078 | €5,698 | +€620 | +12.2% |
| Cash at bank and in hand | 54/58 | €526,410 | €86,902 | -€439,508 | -83.5% |
| Deferred charges and accrued income | 490/1 | €7,301 | €6,355 | -€946 | -13.0% |
| Total equity and liabilities | 10/49 | €1,353,338 | €884,189 | -€469,149 | -34.7% |
| Equity | 10/15 | €1,320,690 | €861,568 | -€459,121 | -34.8% |
| Contributions | 10/11 | €149,188 | €149,188 | = | 0.0% |
| Reserves | 13 | €1,171,502 | €712,381 | -€459,121 | -39.2% |
| Distributable reserves | 133 | €1,171,502 | €712,381 | -€459,121 | -39.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €32,648 | €22,621 | -€10,027 | -30.7% |
| Amounts payable within one year | 42/48 | €32,648 | €22,621 | -€10,027 | -30.7% |
| Financial debts | 43 | €203 | €426 | +€224 | +110.5% |
| Credit institutions | 430/8 | €203 | €426 | +€224 | +110.5% |
| Trade debts | 44 | €17,469 | €11,985 | -€5,483 | -31.4% |
| Suppliers | 440/4 | €17,469 | €11,985 | -€5,483 | -31.4% |
| Taxes, remuneration and social security | 45 | €9,166 | €10,209 | +€1,043 | +11.4% |
| Taxes | 450/3 | €9,166 | €10,209 | +€1,043 | +11.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €5,810 | €0 | -€5,810 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | -€458 | €0 | +€458 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,355 | €56,171 | -€184 | -0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,022 | -€6,786 | -€12,808 | |
| Other operating charges | 640/8 | €8,202 | €7,952 | -€250 | -3.0% |
| Gross operating margin | 9900 | €82,187 | €92,529 | +€10,341 | +12.6% |
| Operating profit (loss) | 9901 | €12,066 | €35,192 | +€23,125 | +191.7% |
| Financial income | 75/76B | €23,525 | €20,635 | -€2,890 | -12.3% |
| Recurring financial income | 75 | €23,525 | €20,635 | -€2,890 | -12.3% |
| Financial charges | 65/66B | €793 | €691 | -€102 | -12.9% |
| Recurring financial charges | 65 | €793 | €691 | -€102 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €34,799 | €55,136 | +€20,337 | +58.4% |
| Income taxes | 67/77 | €9,738 | €14,257 | +€4,519 | +46.4% |
| Profit (loss) for the period | 9904 | €25,060 | €40,879 | +€15,818 | +63.1% |
| Profit (loss) for the period to be appropriated | 9905 | €25,060 | €40,879 | +€15,818 | +63.1% |
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.