FANALES: what changed
FANALES
Largest movements
- Stocks and contracts -€207,217
down €207,217 (-45.8%), from €452,487 to €245,270
of which Contracts in progress: -€205,717
- Cash +€113,375
up €113,375 (+58.3%), from €194,570 to €307,945
mainly Stocks and contracts (+€207,217) and Trade debts (+€21,431)
- Receivables within one year +€16,765
up €16,765 (+6.4%), from €260,212 to €276,977
of which Other amounts receivable: +€19,477
- Accrued charges and deferred income -€31,226
down €31,226 (-30.1%), from €103,795 to €72,569
- Other debts -€30,893
down €30,893 (-7.9%), from €392,781 to €361,887
- Trade debts +€21,431
up €21,431 (+45.7%), from €46,925 to €68,355
- Current portion of long-term debt -€14,801
down €14,801 (-100%), from €14,801 to €0
- Tax, wage and social debts -€10,569
down €10,569 (-58.2%), from €18,151 to €7,583
of which Taxes: -€10,569
- Gross operating margin -€109,788
down €109,788 (-44.2%), from €248,351 to €138,563
- Taxes -€21,393
down €21,393 (-99.7%), from €21,463 to €70
- Staff costs +€18,268
up €18,268 (+22.0%), from €82,983 to €101,251
- Other operating charges +€4,905
up €4,905 (+93.1%), from €5,269 to €10,174
- Financial charges -€4,829
down €4,829 (-14.4%), from €33,429 to €28,600
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €947,004 | €866,747 | -€80,257 | -8.5% |
| Fixed assets | 21/28 | €33,976 | €30,596 | -€3,379 | -9.9% |
| Tangible fixed assets | 22/27 | €33,976 | €30,596 | -€3,379 | -9.9% |
| Plant, machinery and equipment | 23 | €23,846 | €17,495 | -€6,352 | -26.6% |
| Furniture and vehicles | 24 | €10,129 | €13,102 | +€2,973 | +29.3% |
| Current assets | 29/58 | €913,029 | €836,151 | -€76,878 | -8.4% |
| Stocks and contracts in progress | 3 | €452,487 | €245,270 | -€207,217 | -45.8% |
| Stocks | 30/36 | €30,600 | €29,100 | -€1,500 | -4.9% |
| Contracts in progress | 37 | €421,887 | €216,170 | -€205,717 | -48.8% |
| Amounts receivable within one year | 40/41 | €260,212 | €276,977 | +€16,765 | +6.4% |
| Trade receivables | 40 | €35,871 | €33,160 | -€2,711 | -7.6% |
| Other amounts receivable | 41 | €224,341 | €243,818 | +€19,477 | +8.7% |
| Cash at bank and in hand | 54/58 | €194,570 | €307,945 | +€113,375 | +58.3% |
| Deferred charges and accrued income | 490/1 | €5,760 | €5,958 | +€198 | +3.4% |
| Total equity and liabilities | 10/49 | €947,004 | €866,747 | -€80,257 | -8.5% |
| Equity | 10/15 | €363,791 | €356,353 | -€7,438 | -2.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €345,191 | €337,753 | -€7,438 | -2.2% |
| Distributable reserves | 133 | €345,191 | €337,753 | -€7,438 | -2.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €583,213 | €510,394 | -€72,819 | -12.5% |
| Amounts payable within one year | 42/48 | €479,418 | €437,825 | -€41,593 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €14,801 | €0 | -€14,801 | -100% |
| Financial debts | 43 | €6,761 | €0 | -€6,761 | -100% |
| Credit institutions | 430/8 | €6,761 | €0 | -€6,761 | -100% |
| Trade debts | 44 | €46,925 | €68,355 | +€21,431 | +45.7% |
| Suppliers | 440/4 | €46,925 | €68,355 | +€21,431 | +45.7% |
| Taxes, remuneration and social security | 45 | €18,151 | €7,583 | -€10,569 | -58.2% |
| Taxes | 450/3 | €18,151 | €7,583 | -€10,569 | -58.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €392,781 | €361,887 | -€30,893 | -7.9% |
| Accrued charges and deferred income | 492/3 | €103,795 | €72,569 | -€31,226 | -30.1% |
| Non-recurring operating income | 76A | - | €207 | +€207 | |
| Remuneration, social security and pensions | 62 | €82,983 | €101,251 | +€18,268 | +22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,254 | €12,061 | +€807 | +7.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,054 | €394 | +€1,448 | |
| Other operating charges | 640/8 | €5,269 | €10,174 | +€4,905 | +93.1% |
| Gross operating margin | 9900 | €248,351 | €138,563 | -€109,788 | -44.2% |
| Operating profit (loss) | 9901 | €149,898 | €14,682 | -€135,216 | -90.2% |
| Financial income | 75/76B | €7,596 | €6,550 | -€1,046 | -13.8% |
| Recurring financial income | 75 | €7,596 | €6,550 | -€1,046 | -13.8% |
| Financial charges | 65/66B | €33,429 | €28,600 | -€4,829 | -14.4% |
| Recurring financial charges | 65 | €33,429 | €28,600 | -€4,829 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €124,065 | -€7,368 | -€131,433 | |
| Income taxes | 67/77 | €21,463 | €70 | -€21,393 | -99.7% |
| Profit (loss) for the period | 9904 | €102,602 | -€7,438 | -€110,040 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €102,602 | -€7,438 | -€110,040 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.