FAMA: 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.
FAMA
Largest movements
- Receivables after one year -€979,892
down €979,892 (-97.3%), from €1.0m to €27,546
- Cash -€69,628
down €69,628 (-49.9%), from €139,659 to €70,031
mainly Other debts (-€1.1m) and Debts after one year (-€15,298)
- Tangible fixed assets -€40,241
down €40,241 (-19.1%), from €211,035 to €170,794
of which Land and buildings: -€20,208
- Other debts -€1.1m
down €1.1m (-100.0%), from €1.1m to €0
- Gross operating margin +€29,738
up €29,738 (+102.4%), from €29,047 to €58,785
- Financial income -€10,545
down €10,545 (-57.3%), from €18,416 to €7,870
- Depreciation +€6,664
up €6,664 (+14.2%), from €46,973 to €53,636
- Taxes +€1,775
up €1,775 (+132.5%), from €1,340 to €3,115
- Other operating charges +€1,429
up €1,429 (+81.6%), from €1,751 to €3,180
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 | €1,672,621 | €597,586 | -€1.1m | -64.3% |
| Fixed assets | 21/28 | €259,342 | €209,435 | -€49,908 | -19.2% |
| Intangible fixed assets | 21 | €48,307 | €38,640 | -€9,667 | -20.0% |
| Tangible fixed assets | 22/27 | €211,035 | €170,794 | -€40,241 | -19.1% |
| Land and buildings | 22 | €146,534 | €126,326 | -€20,208 | -13.8% |
| Plant, machinery and equipment | 23 | €10,474 | €6,381 | -€4,093 | -39.1% |
| Furniture and vehicles | 24 | €49,828 | €34,938 | -€14,890 | -29.9% |
| Other tangible fixed assets | 26 | €4,199 | €3,149 | -€1,050 | -25.0% |
| Current assets | 29/58 | €1,413,279 | €388,152 | -€1.0m | -72.5% |
| Amounts receivable after more than one year | 29 | €1,007,438 | €27,546 | -€979,892 | -97.3% |
| Other amounts receivable | 291 | €1,007,438 | €27,546 | -€979,892 | -97.3% |
| Amounts receivable within one year | 40/41 | €60,878 | €71,348 | +€10,470 | +17.2% |
| Trade receivables | 40 | €52,056 | €69,653 | +€17,597 | +33.8% |
| Other amounts receivable | 41 | €8,823 | €1,695 | -€7,128 | -80.8% |
| Current investments | 50/53 | €203,918 | €215,690 | +€11,772 | +5.8% |
| Cash at bank and in hand | 54/58 | €139,659 | €70,031 | -€69,628 | -49.9% |
| Deferred charges and accrued income | 490/1 | €1,386 | €3,537 | +€2,152 | +155.3% |
| Total equity and liabilities | 10/49 | €1,672,621 | €597,586 | -€1.1m | -64.3% |
| Equity | 10/15 | €36,100 | €41,308 | +€5,208 | +14.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €17,508 | €22,716 | +€5,208 | +29.7% |
| Distributable reserves | 133 | €17,508 | €22,716 | +€5,208 | +29.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,636,521 | €556,279 | -€1.1m | -66.0% |
| Amounts payable after more than one year | 17 | €553,415 | €538,118 | -€15,298 | -2.8% |
| Other amounts payable | 178/9 | €553,415 | €538,118 | -€15,298 | -2.8% |
| Amounts payable within one year | 42/48 | €1,082,333 | €18,080 | -€1.1m | -98.3% |
| Trade debts | 44 | €5,506 | €5,076 | -€431 | -7.8% |
| Suppliers | 440/4 | €5,506 | €5,076 | -€431 | -7.8% |
| Taxes, remuneration and social security | 45 | €10,827 | €13,004 | +€2,177 | +20.1% |
| Taxes | 450/3 | €10,827 | €13,004 | +€2,177 | +20.1% |
| Other amounts payable | 47/48 | €1,066,000 | €0 | -€1.1m | -100.0% |
| Accrued charges and deferred income | 492/3 | €773 | €81 | -€692 | -89.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,973 | €53,636 | +€6,664 | +14.2% |
| Other operating charges | 640/8 | €1,751 | €3,180 | +€1,429 | +81.6% |
| Gross operating margin | 9900 | €29,047 | €58,785 | +€29,738 | +102.4% |
| Operating profit (loss) | 9901 | -€19,676 | €1,969 | +€21,645 | |
| Financial income | 75/76B | €18,416 | €7,870 | -€10,545 | -57.3% |
| Recurring financial income | 75 | €18,416 | €7,870 | -€10,545 | -57.3% |
| Financial charges | 65/66B | €1,807 | €1,516 | -€291 | -16.1% |
| Recurring financial charges | 65 | €1,807 | €1,516 | -€291 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | -€3,068 | €8,323 | +€11,391 | |
| Income taxes | 67/77 | €1,340 | €3,115 | +€1,775 | +132.5% |
| Profit (loss) for the period | 9904 | -€4,408 | €5,208 | +€9,616 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,408 | €5,208 | +€9,616 |
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 28 September 2026 via checked.be.