FAH: 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.
FAH
Largest movements
- Receivables after one year +€151,041
up €151,041 (+27.9%), from €541,187 to €692,227
- Cash +€25,323
up €25,323 (+118.2%), from €21,416 to €46,739
mainly Net result for the year (+€185,071) and Depreciation (+€36,828)
- Tangible fixed assets -€21,807
down €21,807 (-10.9%), from €200,366 to €178,559
of which Other tangible fixed assets: -€32,092
- Reserves +€185,071
up €185,071 (+39.8%), from €465,218 to €650,289
- Debts after one year -€20,274
down €20,274 (-12.8%), from €158,289 to €138,015
- Current portion of long-term debt +€18,551
up €18,551 (+27.4%), from €67,731 to €86,282
- Tax, wage and social debts -€15,619
down €15,619 (-16.6%), from €94,209 to €78,590
of which Taxes: -€11,715
- Gross operating margin +€116,239
up €116,239 (+31.9%), from €364,542 to €480,781
- Taxes +€36,572
up €36,572 (+84.3%), from €43,400 to €79,972
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 | €817,738 | €979,100 | +€161,362 | +19.7% |
| Fixed assets | 21/28 | €200,516 | €178,709 | -€21,807 | -10.9% |
| Tangible fixed assets | 22/27 | €200,366 | €178,559 | -€21,807 | -10.9% |
| Plant, machinery and equipment | 23 | €10,690 | €20,976 | +€10,285 | +96.2% |
| Other tangible fixed assets | 26 | €189,675 | €157,583 | -€32,092 | -16.9% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €617,222 | €800,391 | +€183,169 | +29.7% |
| Amounts receivable after more than one year | 29 | €541,187 | €692,227 | +€151,041 | +27.9% |
| Other amounts receivable | 291 | €541,187 | €692,227 | +€151,041 | +27.9% |
| Stocks and contracts in progress | 3 | €54,083 | €54,083 | = | 0.0% |
| Stocks | 30/36 | €54,083 | €54,083 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €537 | €7,342 | +€6,805 | +1268.1% |
| Trade receivables | 40 | - | €6,665 | +€6,665 | |
| Other amounts receivable | 41 | €537 | €677 | +€141 | +26.2% |
| Cash at bank and in hand | 54/58 | €21,416 | €46,739 | +€25,323 | +118.2% |
| Total equity and liabilities | 10/49 | €817,738 | €979,100 | +€161,362 | +19.7% |
| Equity | 10/15 | €477,618 | €662,689 | +€185,071 | +38.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €465,218 | €650,289 | +€185,071 | +39.8% |
| Distributable reserves | 133 | €465,218 | €650,289 | +€185,071 | +39.8% |
| Amounts payable | 17/49 | €340,120 | €316,411 | -€23,709 | -7.0% |
| Amounts payable after more than one year | 17 | €158,289 | €138,015 | -€20,274 | -12.8% |
| Financial debts | 170/4 | €158,289 | €138,015 | -€20,274 | -12.8% |
| Amounts payable within one year | 42/48 | €181,830 | €178,396 | -€3,435 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €67,731 | €86,282 | +€18,551 | +27.4% |
| Trade debts | 44 | €19,890 | €13,524 | -€6,366 | -32.0% |
| Suppliers | 440/4 | €19,890 | €13,524 | -€6,366 | -32.0% |
| Taxes, remuneration and social security | 45 | €94,209 | €78,590 | -€15,619 | -16.6% |
| Taxes | 450/3 | €65,401 | €53,685 | -€11,715 | -17.9% |
| Remuneration and social security | 454/9 | €28,808 | €24,904 | -€3,904 | -13.6% |
| Non-recurring operating income | 76A | €1,207 | - | -€1,207 | |
| Remuneration, social security and pensions | 62 | €188,813 | €184,387 | -€4,426 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,419 | €36,828 | +€409 | +1.1% |
| Other operating charges | 640/8 | €3,597 | €4,549 | +€952 | +26.5% |
| Non-recurring operating charges | 66A | €1,689 | - | -€1,689 | |
| Gross operating margin | 9900 | €364,542 | €480,781 | +€116,239 | +31.9% |
| Operating profit (loss) | 9901 | €134,023 | €255,017 | +€120,994 | +90.3% |
| Financial income | 75/76B | €15,567 | €18,736 | +€3,169 | +20.4% |
| Recurring financial income | 75 | €15,567 | €18,736 | +€3,169 | +20.4% |
| Financial charges | 65/66B | €7,611 | €8,710 | +€1,099 | +14.4% |
| Recurring financial charges | 65 | €7,611 | €8,710 | +€1,099 | +14.4% |
| Profit (loss) for the period before taxes | 9903 | €141,979 | €265,043 | +€123,064 | +86.7% |
| Income taxes | 67/77 | €43,400 | €79,972 | +€36,572 | +84.3% |
| Profit (loss) for the period | 9904 | €98,579 | €185,071 | +€86,492 | +87.7% |
| Profit (loss) for the period to be appropriated | 9905 | €98,579 | €185,071 | +€86,492 | +87.7% |
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 11 October 2026 via checked.be.