FARAM: 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.
FARAM
Largest movements
- Tangible fixed assets -€110,260
down €110,260 (-11.4%), from €965,547 to €855,286
of which Land and buildings: -€85,415
- Cash -€83,223
down €83,223 (-32.5%), from €256,441 to €173,218
mainly Debts after one year (-€246,044) and Short-term financial debts (-€135,000)
- Receivables within one year -€75,318
down €75,318 (-17.5%), from €429,976 to €354,658
of which Trade receivables: -€77,215
- Stocks and contracts -€70,173
down €70,173 (-4.2%), from €1.7m to €1.6m
- Debts after one year -€246,044
down €246,044 (-28.9%), from €852,822 to €606,777
- Other debts +€200,000
up €200,000 (+40.0%), from €500,000 to €700,000
- Reserves -€158,893
down €158,893 (-61.4%), from €258,676 to €99,783
of which Distributable reserves: -€158,893
- Short-term financial debts -€135,000
down €135,000 (-57.4%), from €235,000 to €100,000
- Financial charges -€42,220
down €42,220 (-26.5%), from €159,031 to €116,811
- Financial income +€27,949
up €27,949 (+106%), from €26,418 to €54,367
- Gross operating margin -€19,145
down €19,145 (-4.5%), from €423,198 to €404,053
- Staff costs +€5,746
up €5,746 (+1.8%), from €314,011 to €319,757
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,351,975 | €3,024,964 | -€327,011 | -9.8% |
| Fixed assets | 21/28 | €966,173 | €855,710 | -€110,463 | -11.4% |
| Intangible fixed assets | 21 | €203 | €0 | -€203 | -100% |
| Tangible fixed assets | 22/27 | €965,547 | €855,286 | -€110,260 | -11.4% |
| Land and buildings | 22 | €914,799 | €829,384 | -€85,415 | -9.3% |
| Plant, machinery and equipment | 23 | €6,607 | €781 | -€5,825 | -88.2% |
| Furniture and vehicles | 24 | €1,334 | €664 | -€670 | -50.2% |
| Leasing and similar rights | 25 | €42,807 | €24,457 | -€18,349 | -42.9% |
| Financial fixed assets | 28 | €424 | €424 | = | 0.0% |
| Current assets | 29/58 | €2,385,802 | €2,169,253 | -€216,549 | -9.1% |
| Stocks and contracts in progress | 3 | €1,689,197 | €1,619,025 | -€70,173 | -4.2% |
| Stocks | 30/36 | €1,689,197 | €1,619,025 | -€70,173 | -4.2% |
| Amounts receivable within one year | 40/41 | €429,976 | €354,658 | -€75,318 | -17.5% |
| Trade receivables | 40 | €373,767 | €296,552 | -€77,215 | -20.7% |
| Other amounts receivable | 41 | €56,209 | €58,106 | +€1,897 | +3.4% |
| Cash at bank and in hand | 54/58 | €256,441 | €173,218 | -€83,223 | -32.5% |
| Deferred charges and accrued income | 490/1 | €10,188 | €22,353 | +€12,165 | +119% |
| Total equity and liabilities | 10/49 | €3,351,975 | €3,024,964 | -€327,011 | -9.8% |
| Equity | 10/15 | €478,676 | €319,783 | -€158,893 | -33.2% |
| Contributions | 10/11 | €220,000 | €220,000 | = | 0.0% |
| Reserves | 13 | €258,676 | €99,783 | -€158,893 | -61.4% |
| Tax-exempt reserves | 132 | €15,782 | €15,782 | = | 0.0% |
| Distributable reserves | 133 | €242,895 | €84,002 | -€158,893 | -65.4% |
| Amounts payable | 17/49 | €2,873,299 | €2,705,180 | -€168,118 | -5.9% |
| Amounts payable after more than one year | 17 | €852,822 | €606,777 | -€246,044 | -28.9% |
| Financial debts | 170/4 | €852,822 | €606,777 | -€246,044 | -28.9% |
| Amounts payable within one year | 42/48 | €2,020,477 | €2,098,403 | +€77,926 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €1,236,844 | €1,246,044 | +€9,200 | +0.7% |
| Financial debts | 43 | €235,000 | €100,000 | -€135,000 | -57.4% |
| Credit institutions | 430/8 | €235,000 | €100,000 | -€135,000 | -57.4% |
| Trade debts | 44 | €35,785 | €37,107 | +€1,321 | +3.7% |
| Suppliers | 440/4 | €35,785 | €37,107 | +€1,321 | +3.7% |
| Taxes, remuneration and social security | 45 | €12,848 | €15,252 | +€2,404 | +18.7% |
| Taxes | 450/3 | €2,882 | €2,997 | +€115 | +4.0% |
| Remuneration and social security | 454/9 | €9,966 | €12,254 | +€2,289 | +23.0% |
| Other amounts payable | 47/48 | €500,000 | €700,000 | +€200,000 | +40.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €314,011 | €319,757 | +€5,746 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,808 | €110,463 | -€2,345 | -2.1% |
| Other operating charges | 640/8 | €29,946 | €31,301 | +€1,355 | +4.5% |
| Non-recurring operating charges | 66A | €179 | €235 | +€56 | +31.1% |
| Gross operating margin | 9900 | €423,198 | €404,053 | -€19,145 | -4.5% |
| Operating profit (loss) | 9901 | -€33,746 | -€57,702 | -€23,957 | -71.0% |
| Financial income | 75/76B | €26,418 | €54,367 | +€27,949 | +106% |
| Recurring financial income | 75 | €26,418 | €54,367 | +€27,949 | +106% |
| Financial charges | 65/66B | €159,031 | €116,811 | -€42,220 | -26.5% |
| Recurring financial charges | 65 | €159,031 | €116,811 | -€42,220 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | -€166,358 | -€120,146 | +€46,212 | +27.8% |
| Profit (loss) for the period | 9904 | -€166,358 | -€120,146 | +€46,212 | +27.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€166,358 | -€120,146 | +€46,212 | +27.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.