FARES: 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.
FARES
Largest movements
- Receivables within one year +€215,088
up €215,088 (+534.8%), from €40,221 to €255,309
of which Other amounts receivable: +€205,184
- Receivables after one year -€201,664
down €201,664 (-100.0%), from €201,664 to €0
- Cash -€10,791
down €10,791 (-27.7%), from €39,013 to €28,221
mainly Contributions, distributions and other (-€254,618) and Receivables within one year (-€215,088)
- Deferred charges and accrued income +€9,240
up €9,240 (+462.0%), from €2,000 to €11,240
- Tangible fixed assets -€8,935
down €8,935 (-1.6%), from €575,692 to €566,756
of which Other tangible fixed assets: -€38,786
- Reserves -€257,768
down €257,768 (-59.4%), from €434,143 to €176,375
of which Distributable reserves: -€254,618
- Other debts +€256,084
up €256,084, from €0 to €256,084
- Financial income -€7,952
down €7,952 (-52.9%), from €15,025 to €7,073
- Gross operating margin -€6,507
down €6,507 (-12.8%), from €50,762 to €44,254
- Taxes -€5,179
down €5,179 (-78.5%), from €6,594 to €1,415
- Depreciation +€3,534
up €3,534 (+8.2%), from €43,274 to €46,808
- Other operating charges +€1,206
up €1,206 (+19.6%), from €6,146 to €7,352
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 | €858,589 | €861,526 | +€2,937 | +0.3% |
| Fixed assets | 21/28 | €575,692 | €566,756 | -€8,935 | -1.6% |
| Tangible fixed assets | 22/27 | €575,692 | €566,756 | -€8,935 | -1.6% |
| Plant, machinery and equipment | 23 | €1,442 | €1,075 | -€367 | -25.5% |
| Furniture and vehicles | 24 | €7,359 | €37,577 | +€30,218 | +410.6% |
| Other tangible fixed assets | 26 | €566,891 | €528,105 | -€38,786 | -6.8% |
| Current assets | 29/58 | €282,898 | €294,770 | +€11,872 | +4.2% |
| Amounts receivable after more than one year | 29 | €201,664 | €0 | -€201,664 | -100.0% |
| Other amounts receivable | 291 | €201,664 | €0 | -€201,664 | -100.0% |
| Amounts receivable within one year | 40/41 | €40,221 | €255,309 | +€215,088 | +534.8% |
| Trade receivables | 40 | €33,598 | €43,502 | +€9,904 | +29.5% |
| Other amounts receivable | 41 | €6,623 | €211,806 | +€205,184 | +3098.2% |
| Cash at bank and in hand | 54/58 | €39,013 | €28,221 | -€10,791 | -27.7% |
| Deferred charges and accrued income | 490/1 | €2,000 | €11,240 | +€9,240 | +462.0% |
| Total equity and liabilities | 10/49 | €858,589 | €861,526 | +€2,937 | +0.3% |
| Equity | 10/15 | €826,487 | €568,405 | -€258,082 | -31.2% |
| Contributions | 10/11 | €343,544 | €343,544 | = | 0.0% |
| Reserves | 13 | €434,143 | €176,375 | -€257,768 | -59.4% |
| Non-distributable reserves | 130/1 | €34,354 | €34,354 | = | 0.0% |
| Reserves not available under the articles | 1311 | €34,354 | €34,354 | = | 0.0% |
| Tax-exempt reserves | 132 | €78,088 | €74,938 | -€3,150 | -4.0% |
| Distributable reserves | 133 | €321,701 | €67,083 | -€254,618 | -79.1% |
| Profit (loss) carried forward | 14 | €48,800 | €48,486 | -€314 | -0.6% |
| Provisions and deferred taxes | 16 | €23,446 | €22,356 | -€1,090 | -4.6% |
| Deferred taxes | 168 | €23,446 | €22,356 | -€1,090 | -4.6% |
| Amounts payable | 17/49 | €8,656 | €270,765 | +€262,109 | +3028.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €5,364 | €270,765 | +€265,402 | +4948.0% |
| Trade debts | 44 | €3,124 | €9,075 | +€5,951 | +190.5% |
| Suppliers | 440/4 | €3,124 | €9,075 | +€5,951 | +190.5% |
| Taxes, remuneration and social security | 45 | €2,240 | €5,606 | +€3,366 | +150.3% |
| Taxes | 450/3 | €2,240 | €5,606 | +€3,366 | +150.3% |
| Other amounts payable | 47/48 | €0 | €256,084 | +€256,084 | |
| Accrued charges and deferred income | 492/3 | €3,292 | €0 | -€3,292 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,274 | €46,808 | +€3,534 | +8.2% |
| Other operating charges | 640/8 | €6,146 | €7,352 | +€1,206 | +19.6% |
| Gross operating margin | 9900 | €50,762 | €44,254 | -€6,507 | -12.8% |
| Operating profit (loss) | 9901 | €1,341 | -€9,906 | -€11,247 | |
| Financial income | 75/76B | €15,025 | €7,073 | -€7,952 | -52.9% |
| Recurring financial income | 75 | €15,025 | €7,073 | -€7,952 | -52.9% |
| Financial charges | 65/66B | €27 | €307 | +€280 | +1036.4% |
| Recurring financial charges | 65 | €27 | €307 | +€280 | +1036.4% |
| Profit (loss) for the period before taxes | 9903 | €16,340 | -€3,139 | -€19,479 | |
| Transfer from deferred taxes | 780 | €1,090 | €1,090 | = | 0.0% |
| Income taxes | 67/77 | €6,594 | €1,415 | -€5,179 | -78.5% |
| Profit (loss) for the period | 9904 | €10,836 | -€3,464 | -€14,300 | |
| Transfer from tax-exempt reserves | 789 | €3,150 | €3,150 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,986 | -€314 | -€14,300 |
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 1 October 2026 via checked.be.