FAPALCO: 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.
FAPALCO
Largest movements
- Tangible fixed assets -€199,090
down €199,090 (-4.3%), from €4.6m to €4.4m
of which Land and buildings: -€131,813
- Receivables within one year +€139,136
up €139,136 (+198%), from €70,398 to €209,534
of which Other amounts receivable: +€114,250
- Debts after one year -€153,975
down €153,975 (-4.0%), from €3.9m to €3.7m
of which Financial debts: -€153,975
- Other debts +€125,896
up €125,896 (+310%), from €40,600 to €166,496
- Current portion of long-term debt -€74,653
down €74,653 (-31.3%), from €238,181 to €163,528
- Profit (loss) carried forward +€61,678
no longer reported in 2025 (was -€61,678)
- Taxes +€38,484
new in 2025: €38,484
- Financial charges -€27,801
down €27,801 (-22.0%), from €126,258 to €98,456
of which Financial charges: -€27,879
- Gross operating margin +€23,843
up €23,843 (+3.3%), from €719,928 to €743,771
- Staff costs -€19,923
down €19,923 (-8.6%), from €232,207 to €212,283
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 | €4,742,715 | €4,703,221 | -€39,494 | -0.8% |
| Fixed assets | 21/28 | €4,614,006 | €4,414,915 | -€199,090 | -4.3% |
| Tangible fixed assets | 22/27 | €4,606,073 | €4,406,982 | -€199,090 | -4.3% |
| Land and buildings | 22 | €3,917,526 | €3,785,713 | -€131,813 | -3.4% |
| Plant, machinery and equipment | 23 | €677,647 | €610,615 | -€67,032 | -9.9% |
| Furniture and vehicles | 24 | €10,900 | €10,654 | -€246 | -2.3% |
| Financial fixed assets | 28 | €7,933 | €7,933 | = | 0.0% |
| Current assets | 29/58 | €128,709 | €288,306 | +€159,597 | +124% |
| Amounts receivable within one year | 40/41 | €70,398 | €209,534 | +€139,136 | +198% |
| Trade receivables | 40 | €65,297 | €90,184 | +€24,886 | +38.1% |
| Other amounts receivable | 41 | €5,101 | €119,351 | +€114,250 | +2,240% |
| Cash at bank and in hand | 54/58 | €57,124 | €75,297 | +€18,173 | +31.8% |
| Deferred charges and accrued income | 490/1 | €1,187 | €3,475 | +€2,288 | +193% |
| Total equity and liabilities | 10/49 | €4,742,715 | €4,703,221 | -€39,494 | -0.8% |
| Equity | 10/15 | €468,322 | €531,104 | +€62,782 | +13.4% |
| Contributions | 10/11 | €530,000 | €530,000 | = | 0.0% |
| Reserves | 13 | - | €1,104 | +€1,104 | |
| Distributable reserves | 133 | - | €1,104 | +€1,104 | |
| Profit (loss) carried forward | 14 | -€61,678 | - | +€61,678 | |
| Amounts payable | 17/49 | €4,274,393 | €4,172,117 | -€102,276 | -2.4% |
| Amounts payable after more than one year | 17 | €3,851,439 | €3,697,464 | -€153,975 | -4.0% |
| Financial debts | 170/4 | €3,411,439 | €3,257,464 | -€153,975 | -4.5% |
| Other amounts payable | 178/9 | €440,000 | €440,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €335,761 | €390,605 | +€54,843 | +16.3% |
| Current portion of amounts payable after more than one year | 42 | €238,181 | €163,528 | -€74,653 | -31.3% |
| Trade debts | 44 | €28,370 | €25,279 | -€3,091 | -10.9% |
| Suppliers | 440/4 | €28,370 | €25,279 | -€3,091 | -10.9% |
| Taxes, remuneration and social security | 45 | €28,611 | €35,302 | +€6,691 | +23.4% |
| Taxes | 450/3 | - | €11,924 | +€11,924 | |
| Remuneration and social security | 454/9 | €28,611 | €23,377 | -€5,234 | -18.3% |
| Other amounts payable | 47/48 | €40,600 | €166,496 | +€125,896 | +310% |
| Accrued charges and deferred income | 492/3 | €87,193 | €84,048 | -€3,144 | -3.6% |
| Remuneration, social security and pensions | 62 | €232,207 | €212,283 | -€19,923 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €212,618 | €211,954 | -€664 | -0.3% |
| Other operating charges | 640/8 | €10,429 | €9,811 | -€617 | -5.9% |
| Gross operating margin | 9900 | €719,928 | €743,771 | +€23,843 | +3.3% |
| Operating profit (loss) | 9901 | €264,674 | €309,722 | +€45,048 | +17.0% |
| Financial income | 75/76B | €6,605 | €1 | -€6,604 | -100.0% |
| Recurring financial income | 75 | €493 | €1 | -€492 | -99.9% |
| Non-recurring financial income | 76B | €6,112 | - | -€6,112 | |
| Financial charges | 65/66B | €126,258 | €98,456 | -€27,801 | -22.0% |
| Recurring financial charges | 65 | €126,258 | €98,379 | -€27,879 | -22.1% |
| Non-recurring financial charges | 66B | - | €77 | +€77 | |
| Profit (loss) for the period before taxes | 9903 | €145,022 | €211,267 | +€66,245 | +45.7% |
| Income taxes | 67/77 | - | €38,484 | +€38,484 | |
| Profit (loss) for the period | 9904 | €145,022 | €172,782 | +€27,761 | +19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €145,022 | €172,782 | +€27,761 | +19.1% |
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 24 October 2026 via checked.be.