FAIR WAY: 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.
FAIR WAY
Largest movements
- Cash -€683,018
down €683,018 (-68.8%), from €992,202 to €309,185
mainly Current investments (-€504,686) and Investment in fixed assets (net) (-€371,300)
- Current investments +€504,686
new in 2025: €504,686
- Tangible fixed assets +€205,076
up €205,076 (+54.5%), from €376,242 to €581,318
of which Land and buildings: +€205,473
- Financial fixed assets +€146,563
up €146,563 (+1322.8%), from €11,080 to €157,643
- Debts after one year +€74,190
up €74,190 (+794.0%), from €9,343 to €83,533
- Trade debts +€66,073
up €66,073 (+2899.2%), from €2,279 to €68,352
- Other debts +€65,076
up €65,076 (+21.3%), from €306,209 to €371,285
- Financial income -€694,886
down €694,886 (-96.9%), from €717,434 to €22,547
of which Non-recurring financial income: -€716,039
- Taxes -€63,622
down €63,622 (-76.3%), from €83,343 to €19,721
- Financial charges -€13,645
down €13,645 (-27.4%), from €49,763 to €36,118
of which Financial charges: -€11,145
- Gross operating margin -€9,589
down €9,589 (-8.6%), from €111,132 to €101,542
- Depreciation +€7,032
up €7,032 (+55.7%), from €12,629 to €19,661
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 | €1,484,664 | €1,682,194 | +€197,531 | +13.3% |
| Fixed assets | 21/28 | €387,322 | €738,961 | +€351,639 | +90.8% |
| Tangible fixed assets | 22/27 | €376,242 | €581,318 | +€205,076 | +54.5% |
| Land and buildings | 22 | €372,952 | €578,425 | +€205,473 | +55.1% |
| Other tangible fixed assets | 26 | €3,290 | €2,893 | -€396 | -12.1% |
| Financial fixed assets | 28 | €11,080 | €157,643 | +€146,563 | +1322.8% |
| Current assets | 29/58 | €1,097,342 | €943,233 | -€154,109 | -14.0% |
| Amounts receivable within one year | 40/41 | €77,686 | €93,193 | +€15,508 | +20.0% |
| Trade receivables | 40 | €20,686 | €28,955 | +€8,269 | +40.0% |
| Other amounts receivable | 41 | €57,000 | €64,238 | +€7,238 | +12.7% |
| Current investments | 50/53 | - | €504,686 | +€504,686 | |
| Cash at bank and in hand | 54/58 | €992,202 | €309,185 | -€683,018 | -68.8% |
| Deferred charges and accrued income | 490/1 | €27,453 | €36,169 | +€8,716 | +31.7% |
| Total equity and liabilities | 10/49 | €1,484,664 | €1,682,194 | +€197,531 | +13.3% |
| Equity | 10/15 | €1,058,100 | €1,049,783 | -€8,318 | -0.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,045,700 | €1,037,383 | -€8,318 | -0.8% |
| Distributable reserves | 133 | €1,045,700 | €1,037,383 | -€8,318 | -0.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €426,563 | €632,411 | +€205,848 | +48.3% |
| Amounts payable after more than one year | 17 | €9,343 | €83,533 | +€74,190 | +794.0% |
| Financial debts | 170/4 | €9,343 | €83,533 | +€74,190 | +794.0% |
| Amounts payable within one year | 42/48 | €401,037 | €528,688 | +€127,652 | +31.8% |
| Current portion of amounts payable after more than one year | 42 | €3,867 | €14,210 | +€10,343 | +267.5% |
| Financial debts | 43 | €6,356 | €6,750 | +€394 | +6.2% |
| Credit institutions | 430/8 | €6,356 | €6,750 | +€394 | +6.2% |
| Trade debts | 44 | €2,279 | €68,352 | +€66,073 | +2899.2% |
| Suppliers | 440/4 | €2,279 | €68,352 | +€66,073 | +2899.2% |
| Taxes, remuneration and social security | 45 | €82,326 | €68,091 | -€14,235 | -17.3% |
| Taxes | 450/3 | €82,326 | €68,091 | -€14,235 | -17.3% |
| Other amounts payable | 47/48 | €306,209 | €371,285 | +€65,076 | +21.3% |
| Accrued charges and deferred income | 492/3 | €16,183 | €20,190 | +€4,007 | +24.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,629 | €19,661 | +€7,032 | +55.7% |
| Other operating charges | 640/8 | €5,920 | €2,673 | -€3,247 | -54.8% |
| Non-recurring operating charges | 66A | €3,877 | €0 | -€3,877 | -100.0% |
| Gross operating margin | 9900 | €111,132 | €101,542 | -€9,589 | -8.6% |
| Operating profit (loss) | 9901 | €88,705 | €79,208 | -€9,497 | -10.7% |
| Financial income | 75/76B | €717,434 | €22,547 | -€694,886 | -96.9% |
| Recurring financial income | 75 | €1,395 | €22,547 | +€21,153 | +1516.7% |
| Non-recurring financial income | 76B | €716,039 | €0 | -€716,039 | -100.0% |
| Financial charges | 65/66B | €49,763 | €36,118 | -€13,645 | -27.4% |
| Recurring financial charges | 65 | €47,263 | €36,118 | -€11,145 | -23.6% |
| Non-recurring financial charges | 66B | €2,500 | €0 | -€2,500 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €756,375 | €65,637 | -€690,738 | -91.3% |
| Income taxes | 67/77 | €83,343 | €19,721 | -€63,622 | -76.3% |
| Profit (loss) for the period | 9904 | €673,033 | €45,916 | -€627,116 | -93.2% |
| Profit (loss) for the period to be appropriated | 9905 | €673,033 | €45,916 | -€627,116 | -93.2% |
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 5 October 2026 via checked.be.