FAIR - WAYS: 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 - WAYS
Largest movements
- Receivables within one year -€328,626
down €328,626 (-46.6%), from €705,684 to €377,059
- Tangible fixed assets -€289,792
down €289,792 (-3.6%), from €8.1m to €7.8m
- Cash +€243,314
up €243,314 (+4542.3%), from €5,357 to €248,670
mainly Depreciation (+€373,541) and Receivables within one year (+€328,626)
- Debts after one year -€519,604
down €519,604 (-8.8%), from €5.9m to €5.4m
- Accrued charges and deferred income -€206,862
down €206,862 (-18.9%), from €1.1m to €890,185
- Trade debts +€147,346
up €147,346 (+302.0%), from €48,785 to €196,131
- Current portion of long-term debt +€117,097
up €117,097 (+34.9%), from €335,987 to €453,083
- Profit (loss) carried forward +€113,869
up €113,869 (+11.3%), from -€1.0m to -€892,749
- Gross operating margin +€275,952
up €275,952 (+25.1%), from €1.1m to €1.4m
- Financial charges +€79,615
up €79,615 (+65.5%), from €121,562 to €201,177
- Other operating charges +€70,899
up €70,899 (+253.4%), from €27,974 to €98,873
- Staff costs +€22,000
up €22,000 (+3.9%), from €565,916 to €587,915
- Depreciation -€20,898
down €20,898 (-5.3%), from €394,439 to €373,541
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 | €8,837,818 | €8,491,739 | -€346,079 | -3.9% |
| Fixed assets | 21/28 | €8,105,362 | €7,815,608 | -€289,754 | -3.6% |
| Tangible fixed assets | 22/27 | €8,104,337 | €7,814,545 | -€289,792 | -3.6% |
| Land and buildings | 22 | €6,213,854 | €6,102,189 | -€111,665 | -1.8% |
| Plant, machinery and equipment | 23 | €1,681,671 | €1,565,248 | -€116,423 | -6.9% |
| Furniture and vehicles | 24 | €157,310 | €119,411 | -€37,899 | -24.1% |
| Leasing and similar rights | 25 | €51,503 | €27,698 | -€23,804 | -46.2% |
| Financial fixed assets | 28 | €1,025 | €1,063 | +€38 | +3.7% |
| Current assets | 29/58 | €732,456 | €676,131 | -€56,325 | -7.7% |
| Stocks and contracts in progress | 3 | €20,104 | €23,499 | +€3,396 | +16.9% |
| Stocks | 30/36 | €20,104 | €23,499 | +€3,396 | +16.9% |
| Amounts receivable within one year | 40/41 | €705,684 | €377,059 | -€328,626 | -46.6% |
| Trade receivables | 40 | €705,684 | €377,059 | -€328,626 | -46.6% |
| Cash at bank and in hand | 54/58 | €5,357 | €248,670 | +€243,314 | +4542.3% |
| Deferred charges and accrued income | 490/1 | €1,311 | €26,903 | +€25,592 | +1952.2% |
| Total equity and liabilities | 10/49 | €8,837,818 | €8,491,739 | -€346,079 | -3.9% |
| Equity | 10/15 | €1,383,234 | €1,489,203 | +€105,969 | +7.7% |
| Contributions | 10/11 | €2,307,799 | €2,314,299 | +€6,500 | +0.3% |
| Capital | 10 | €2,182,799 | €2,189,299 | +€6,500 | +0.3% |
| Issued capital | 100 | €2,182,799 | €2,189,299 | +€6,500 | +0.3% |
| Contributions outside capital | 11 | €125,000 | €125,000 | = | 0.0% |
| Share premium | 1100/10 | €125,000 | €125,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,006,618 | -€892,749 | +€113,869 | +11.3% |
| Investment grants | 15 | €82,053 | €67,653 | -€14,400 | -17.5% |
| Amounts payable | 17/49 | €7,454,584 | €7,002,536 | -€452,048 | -6.1% |
| Amounts payable after more than one year | 17 | €5,905,785 | €5,386,181 | -€519,604 | -8.8% |
| Financial debts | 170/4 | €5,905,785 | €5,386,181 | -€519,604 | -8.8% |
| Amounts payable within one year | 42/48 | €451,751 | €726,169 | +€274,418 | +60.7% |
| Current portion of amounts payable after more than one year | 42 | €335,987 | €453,083 | +€117,097 | +34.9% |
| Trade debts | 44 | €48,785 | €196,131 | +€147,346 | +302.0% |
| Suppliers | 440/4 | €48,785 | €196,131 | +€147,346 | +302.0% |
| Taxes, remuneration and social security | 45 | €56,736 | €65,137 | +€8,401 | +14.8% |
| Taxes | 450/3 | €45,272 | €45,005 | -€267 | -0.6% |
| Remuneration and social security | 454/9 | €11,463 | €20,132 | +€8,669 | +75.6% |
| Other amounts payable | 47/48 | €10,244 | €11,818 | +€1,574 | +15.4% |
| Accrued charges and deferred income | 492/3 | €1,097,048 | €890,185 | -€206,862 | -18.9% |
| Remuneration, social security and pensions | 62 | €565,916 | €587,915 | +€22,000 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €394,439 | €373,541 | -€20,898 | -5.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,039 | - | +€4,039 | |
| Other operating charges | 640/8 | €27,974 | €98,873 | +€70,899 | +253.4% |
| Gross operating margin | 9900 | €1,099,863 | €1,375,815 | +€275,952 | +25.1% |
| Operating profit (loss) | 9901 | €115,574 | €315,486 | +€199,913 | +173.0% |
| Financial income | 75/76B | €9,909 | €370 | -€9,539 | -96.3% |
| Recurring financial income | 75 | €9,909 | €370 | -€9,539 | -96.3% |
| Financial charges | 65/66B | €121,562 | €201,177 | +€79,615 | +65.5% |
| Recurring financial charges | 65 | €121,562 | €201,177 | +€79,615 | +65.5% |
| Profit (loss) for the period before taxes | 9903 | €3,921 | €114,679 | +€110,759 | +2825.1% |
| Income taxes | 67/77 | €758 | €811 | +€53 | +7.0% |
| Profit (loss) for the period | 9904 | €3,163 | €113,869 | +€110,706 | +3500.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,163 | €113,869 | +€110,706 | +3500.1% |
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 9 October 2026 via checked.be.