FAG: 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.
FAG
Largest movements
- Cash -€190,766
down €190,766 (-66.8%), from €285,585 to €94,819
mainly Other debts (-€120,416) and Contributions, distributions and other (-€60,000)
- Tangible fixed assets -€26,575
down €26,575 (-56.4%), from €47,107 to €20,532
of which Plant, machinery and equipment: -€41,992
- Receivables within one year +€5,996
new in 2025: €5,996
of which Trade receivables: +€4,246
- Other debts -€120,416
down €120,416 (-99.6%), from €120,929 to €513
- Trade debts +€59,510
up €59,510 (+331.1%), from €17,974 to €77,484
- Tax, wage and social debts -€53,341
down €53,341 (-54.2%), from €98,417 to €45,076
of which Taxes: -€62,044
- Debts after one year -€53,000
down €53,000 (-100.0%), from €53,000 to €0
of which Trade debts: -€53,000
- Profit (loss) carried forward -€38,253
down €38,253 (-91.4%), from €41,842 to €3,589
- Staff costs +€43,844
up €43,844 (+27.6%), from €159,103 to €202,947
- Gross operating margin -€31,354
down €31,354 (-10.4%), from €301,080 to €269,726
- Taxes -€15,588
down €15,588 (-65.3%), from €23,854 to €8,266
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 | €341,872 | €134,822 | -€207,050 | -60.6% |
| Fixed assets | 21/28 | €47,107 | €20,532 | -€26,575 | -56.4% |
| Tangible fixed assets | 22/27 | €47,107 | €20,532 | -€26,575 | -56.4% |
| Plant, machinery and equipment | 23 | €41,992 | €0 | -€41,992 | -100.0% |
| Furniture and vehicles | 24 | €5,115 | €0 | -€5,115 | -100.0% |
| Other tangible fixed assets | 26 | - | €20,532 | +€20,532 | |
| Current assets | 29/58 | €294,765 | €114,291 | -€180,474 | -61.2% |
| Stocks and contracts in progress | 3 | €8,730 | €11,191 | +€2,461 | +28.2% |
| Stocks | 30/36 | €8,730 | €11,191 | +€2,461 | +28.2% |
| Amounts receivable within one year | 40/41 | - | €5,996 | +€5,996 | |
| Trade receivables | 40 | - | €4,246 | +€4,246 | |
| Other amounts receivable | 41 | - | €1,750 | +€1,750 | |
| Cash at bank and in hand | 54/58 | €285,585 | €94,819 | -€190,766 | -66.8% |
| Deferred charges and accrued income | 490/1 | €450 | €2,286 | +€1,836 | +407.9% |
| Total equity and liabilities | 10/49 | €341,872 | €134,822 | -€207,050 | -60.6% |
| Equity | 10/15 | €50,002 | €11,749 | -€38,253 | -76.5% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,842 | €3,589 | -€38,253 | -91.4% |
| Amounts payable | 17/49 | €291,870 | €123,073 | -€168,797 | -57.8% |
| Amounts payable after more than one year | 17 | €53,000 | €0 | -€53,000 | -100.0% |
| Trade debts | 175 | €53,000 | - | -€53,000 | |
| Other amounts payable | 178/9 | - | €0 | = | |
| Amounts payable within one year | 42/48 | €237,320 | €123,073 | -€114,247 | -48.1% |
| Trade debts | 44 | €17,974 | €77,484 | +€59,510 | +331.1% |
| Suppliers | 440/4 | €17,974 | €77,484 | +€59,510 | +331.1% |
| Taxes, remuneration and social security | 45 | €98,417 | €45,076 | -€53,341 | -54.2% |
| Taxes | 450/3 | €76,833 | €14,789 | -€62,044 | -80.8% |
| Remuneration and social security | 454/9 | €21,584 | €30,287 | +€8,703 | +40.3% |
| Other amounts payable | 47/48 | €120,929 | €513 | -€120,416 | -99.6% |
| Accrued charges and deferred income | 492/3 | €1,550 | €0 | -€1,550 | -100.0% |
| Non-recurring operating income | 76A | €7,262 | €5,153 | -€2,109 | -29.0% |
| Remuneration, social security and pensions | 62 | €159,103 | €202,947 | +€43,844 | +27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,279 | €29,836 | -€1,443 | -4.6% |
| Other operating charges | 640/8 | €4,163 | €3,374 | -€789 | -18.9% |
| Non-recurring operating charges | 66A | €41 | €0 | -€41 | -100.0% |
| Gross operating margin | 9900 | €301,080 | €269,726 | -€31,354 | -10.4% |
| Operating profit (loss) | 9901 | €106,494 | €33,569 | -€72,925 | -68.5% |
| Financial income | 75/76B | €819 | €451 | -€368 | -44.9% |
| Recurring financial income | 75 | €819 | €451 | -€368 | -44.9% |
| Financial charges | 65/66B | €3,035 | €4,007 | +€972 | +32.0% |
| Recurring financial charges | 65 | €3,035 | €4,007 | +€972 | +32.0% |
| Profit (loss) for the period before taxes | 9903 | €104,278 | €30,013 | -€74,265 | -71.2% |
| Income taxes | 67/77 | €23,854 | €8,266 | -€15,588 | -65.3% |
| Profit (loss) for the period | 9904 | €80,424 | €21,747 | -€58,677 | -73.0% |
| Profit (loss) for the period to be appropriated | 9905 | €80,424 | €21,747 | -€58,677 | -73.0% |
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 29 September 2026 via checked.be.