FAIR-WAY MGMT: 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.
FAIR-WAY MGMT
Largest movements
- Receivables within one year -€244,366
down €244,366 (-71.9%), from €340,001 to €95,636
of which Trade receivables: -€148,254
- Tangible fixed assets +€221,254
up €221,254 (+33.1%), from €667,874 to €889,128
of which Assets under construction and advance payments: +€219,844
- Cash +€83,301
up €83,301 (+366%), from €22,774 to €106,074
mainly Receivables within one year (+€244,366) and Debts after one year (+€48,838)
- Debts after one year +€48,838
up €48,838 (+7.2%), from €680,000 to €728,838
- Trade debts -€32,895
down €32,895 (-31.9%), from €103,087 to €70,192
- Profit (loss) carried forward +€18,478
up €18,478 (+7.6%), from €242,987 to €261,466
- Current portion of long-term debt +€17,610
new in 2025: €17,610
- Depreciation -€33,484
down €33,484 (-73.4%), from €45,606 to €12,122
- Gross operating margin +€30,188
up €30,188 (+78.3%), from €38,531 to €68,718
- Financial charges +€10,557
up €10,557 (+48.1%), from €21,943 to €32,501
- Taxes +€5,000
new in 2025: €5,000
- Other operating charges +€1,447
up €1,447 (+32.2%), from €4,487 to €5,934
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 | €1,031,482 | €1,092,808 | +€61,327 | +5.9% |
| Fixed assets | 21/28 | €667,874 | €890,817 | +€222,943 | +33.4% |
| Tangible fixed assets | 22/27 | €667,874 | €889,128 | +€221,254 | +33.1% |
| Furniture and vehicles | 24 | €30,492 | €31,902 | +€1,411 | +4.6% |
| Assets under construction and advance payments | 27 | €637,382 | €857,226 | +€219,844 | +34.5% |
| Financial fixed assets | 28 | - | €1,689 | +€1,689 | |
| Current assets | 29/58 | €363,608 | €201,991 | -€161,617 | -44.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €340,001 | €95,636 | -€244,366 | -71.9% |
| Trade receivables | 40 | €203,283 | €55,029 | -€148,254 | -72.9% |
| Other amounts receivable | 41 | €136,718 | €40,606 | -€96,112 | -70.3% |
| Cash at bank and in hand | 54/58 | €22,774 | €106,074 | +€83,301 | +366% |
| Deferred charges and accrued income | 490/1 | €833 | €281 | -€552 | -66.2% |
| Total equity and liabilities | 10/49 | €1,031,482 | €1,092,808 | +€61,327 | +5.9% |
| Equity | 10/15 | €247,987 | €266,466 | +€18,478 | +7.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €242,987 | €261,466 | +€18,478 | +7.6% |
| Amounts payable | 17/49 | €783,494 | €826,343 | +€42,848 | +5.5% |
| Amounts payable after more than one year | 17 | €680,000 | €728,838 | +€48,838 | +7.2% |
| Financial debts | 170/4 | €680,000 | €728,838 | +€48,838 | +7.2% |
| Amounts payable within one year | 42/48 | €103,494 | €97,505 | -€5,990 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | - | €17,610 | +€17,610 | |
| Financial debts | 43 | - | €1,371 | +€1,371 | |
| Credit institutions | 430/8 | - | €1,371 | +€1,371 | |
| Trade debts | 44 | €103,087 | €70,192 | -€32,895 | -31.9% |
| Suppliers | 440/4 | €103,087 | €70,192 | -€32,895 | -31.9% |
| Taxes, remuneration and social security | 45 | €0 | €7,908 | +€7,908 | |
| Taxes | 450/3 | €0 | €7,908 | +€7,908 | |
| Other amounts payable | 47/48 | €408 | €424 | +€16 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,606 | €12,122 | -€33,484 | -73.4% |
| Other operating charges | 640/8 | €4,487 | €5,934 | +€1,447 | +32.2% |
| Gross operating margin | 9900 | €38,531 | €68,718 | +€30,188 | +78.3% |
| Operating profit (loss) | 9901 | -€11,563 | €50,662 | +€62,225 | |
| Financial income | 75/76B | €4,884 | €5,317 | +€433 | +8.9% |
| Recurring financial income | 75 | €4,884 | €5,317 | +€433 | +8.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €21,943 | €32,501 | +€10,557 | +48.1% |
| Recurring financial charges | 65 | €21,943 | €32,501 | +€10,557 | +48.1% |
| Profit (loss) for the period before taxes | 9903 | -€28,622 | €23,478 | +€52,101 | |
| Income taxes | 67/77 | - | €5,000 | +€5,000 | |
| Profit (loss) for the period | 9904 | -€28,622 | €18,478 | +€47,101 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,622 | €18,478 | +€47,101 |
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.