FAMDES: 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.
FAMDES
Largest movements
- Receivables after one year +€8.4m
up €8.4m (+518%), from €1.6m to €10.1m
- Receivables within one year -€1.8m
down €1.8m (-34.1%), from €5.3m to €3.5m
of which Other amounts receivable: -€1.9m
- Current investments +€1.2m
new in 2025: €1.2m
- Stocks and contracts -€545,861
down €545,861 (-58.1%), from €939,715 to €393,854
- Cash +€340,959
up €340,959 (+557%), from €61,197 to €402,157
mainly Other debts (+€9.1m) and Receivables within one year (+€1.8m)
- Other debts +€9.1m
up €9.1m (+72.5%), from €12.5m to €21.5m
- Short-term financial debts -€550,000
no longer reported in 2025 (was €550,000)
- Reserves -€475,884
down €475,884 (-17.7%), from €2.7m to €2.2m
of which Distributable reserves: -€475,884
- Financial income -€1.0m
down €1.0m (-57.6%), from €1.8m to €772,706
- Gross operating margin -€652,857
down €652,857 (-155%), from -€420,458 to -€1.1m
- Depreciation -€15,188
down €15,188 (-35.9%), from €42,255 to €27,067
- Staff costs -€12,713
down €12,713 (-15.8%), from €80,443 to €67,730
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 | €16,158,109 | €24,152,425 | +€8.0m | +49.5% |
| Fixed assets | 21/28 | €8,137,064 | €8,471,414 | +€334,350 | +4.1% |
| Tangible fixed assets | 22/27 | €391,568 | €452,990 | +€61,422 | +15.7% |
| Land and buildings | 22 | €283,530 | €291,509 | +€7,979 | +2.8% |
| Plant, machinery and equipment | 23 | €1,550 | €1,253 | -€298 | -19.2% |
| Furniture and vehicles | 24 | €47,094 | €109,165 | +€62,071 | +132% |
| Other tangible fixed assets | 26 | €59,394 | €51,063 | -€8,331 | -14.0% |
| Financial fixed assets | 28 | €7,745,497 | €8,018,425 | +€272,928 | +3.5% |
| Current assets | 29/58 | €8,021,044 | €15,681,011 | +€7.7m | +95.5% |
| Amounts receivable after more than one year | 29 | €1,631,245 | €10,081,114 | +€8.4m | +518% |
| Other amounts receivable | 291 | €1,631,245 | €10,081,114 | +€8.4m | +518% |
| Stocks and contracts in progress | 3 | €939,715 | €393,854 | -€545,861 | -58.1% |
| Contracts in progress | 37 | €939,715 | €393,854 | -€545,861 | -58.1% |
| Amounts receivable within one year | 40/41 | €5,254,253 | €3,460,377 | -€1.8m | -34.1% |
| Trade receivables | 40 | €452,526 | €586,883 | +€134,357 | +29.7% |
| Other amounts receivable | 41 | €4,801,727 | €2,873,494 | -€1.9m | -40.2% |
| Current investments | 50/53 | - | €1,205,379 | +€1.2m | |
| Cash at bank and in hand | 54/58 | €61,197 | €402,157 | +€340,959 | +557% |
| Deferred charges and accrued income | 490/1 | €134,634 | €138,131 | +€3,496 | +2.6% |
| Total equity and liabilities | 10/49 | €16,158,109 | €24,152,425 | +€8.0m | +49.5% |
| Equity | 10/15 | €2,933,859 | €2,457,974 | -€475,884 | -16.2% |
| Contributions | 10/11 | €248,119 | €248,119 | = | 0.0% |
| Capital | 10 | €248,000 | €248,000 | = | 0.0% |
| Issued capital | 100 | €248,000 | €248,000 | = | 0.0% |
| Contributions outside capital | 11 | €119 | €119 | = | 0.0% |
| Share premium | 1100/10 | €119 | €119 | = | 0.0% |
| Reserves | 13 | €2,685,739 | €2,209,855 | -€475,884 | -17.7% |
| Non-distributable reserves | 130/1 | €24,800 | €24,800 | = | 0.0% |
| Legal reserve | 130 | €24,800 | €24,800 | = | 0.0% |
| Distributable reserves | 133 | €2,660,939 | €2,185,055 | -€475,884 | -17.9% |
| Amounts payable | 17/49 | €13,224,250 | €21,694,451 | +€8.5m | +64.1% |
| Amounts payable within one year | 42/48 | €13,219,162 | €21,681,792 | +€8.5m | +64.0% |
| Financial debts | 43 | €550,000 | - | -€550,000 | |
| Credit institutions | 430/8 | €550,000 | - | -€550,000 | |
| Trade debts | 44 | €164,755 | €138,787 | -€25,968 | -15.8% |
| Suppliers | 440/4 | €164,755 | €138,787 | -€25,968 | -15.8% |
| Taxes, remuneration and social security | 45 | €22,974 | €7,414 | -€15,560 | -67.7% |
| Taxes | 450/3 | €17,990 | €2,144 | -€15,846 | -88.1% |
| Remuneration and social security | 454/9 | €4,984 | €5,270 | +€286 | +5.7% |
| Other amounts payable | 47/48 | €12,481,434 | €21,535,592 | +€9.1m | +72.5% |
| Accrued charges and deferred income | 492/3 | €5,088 | €12,659 | +€7,571 | +149% |
| Remuneration, social security and pensions | 62 | €80,443 | €67,730 | -€12,713 | -15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,255 | €27,067 | -€15,188 | -35.9% |
| Other operating charges | 640/8 | €13,000 | €18,675 | +€5,675 | +43.7% |
| Gross operating margin | 9900 | -€420,458 | -€1,073,316 | -€652,857 | -155% |
| Operating profit (loss) | 9901 | -€556,156 | -€1,186,788 | -€630,632 | -113% |
| Financial income | 75/76B | €1,821,895 | €772,706 | -€1.0m | -57.6% |
| Recurring financial income | 75 | €1,821,895 | €772,706 | -€1.0m | -57.6% |
| Financial charges | 65/66B | €66,796 | €61,637 | -€5,158 | -7.7% |
| Recurring financial charges | 65 | €66,796 | €61,637 | -€5,158 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €1,198,943 | -€475,720 | -€1.7m | |
| Income taxes | 67/77 | -€0 | €165 | +€165 | |
| Profit (loss) for the period | 9904 | €1,198,943 | -€475,884 | -€1.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,198,943 | -€475,884 | -€1.7m |
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 20 October 2026 via checked.be.