FARES: 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.
FARES
Largest movements
- Receivables within one year +€37,063
up €37,063 (+16.7%), from €222,576 to €259,639
of which Other amounts receivable: +€28,093
- Cash -€21,121
down €21,121 (-52.2%), from €40,464 to €19,343
mainly Other debts (-€100,000) and Receivables within one year (-€37,063)
- Tangible fixed assets -€4,134
down €4,134 (-17.6%), from €23,516 to €19,382
of which Other tangible fixed assets: -€2,103
- Other debts -€100,000
down €100,000 (-87.0%), from €115,000 to €15,000
- Profit (loss) carried forward +€97,089
up €97,089 (+166%), from €58,400 to €155,489
- Short-term financial debts +€21,253
up €21,253 (+182%), from €11,702 to €32,955
- Tax, wage and social debts -€20,321
down €20,321 (-43.8%), from €46,424 to €26,103
- Current portion of long-term debt +€14,786
up €14,786 (+141%), from €10,468 to €25,254
- Gross operating margin -€12,128
down €12,128 (-4.9%), from €247,693 to €235,565
- Taxes -€5,897
down €5,897 (-18.1%), from €32,619 to €26,722
- Financial income -€3,622
down €3,622 (-26.8%), from €13,509 to €9,887
- Financial charges +€2,999
up €2,999 (+37.6%), from €7,965 to €10,964
- Depreciation +€2,564
up €2,564 (+40.1%), from €6,399 to €8,963
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 | €292,033 | €304,605 | +€12,572 | +4.3% |
| Fixed assets | 21/28 | €23,516 | €19,382 | -€4,134 | -17.6% |
| Tangible fixed assets | 22/27 | €23,516 | €19,382 | -€4,134 | -17.6% |
| Plant, machinery and equipment | 23 | €18,355 | €16,324 | -€2,031 | -11.1% |
| Other tangible fixed assets | 26 | €5,161 | €3,058 | -€2,103 | -40.7% |
| Current assets | 29/58 | €268,517 | €285,222 | +€16,705 | +6.2% |
| Stocks and contracts in progress | 3 | €5,477 | €5,477 | = | 0.0% |
| Stocks | 30/36 | €5,477 | €5,477 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €222,576 | €259,639 | +€37,063 | +16.7% |
| Trade receivables | 40 | €490 | €9,460 | +€8,970 | +1,831% |
| Other amounts receivable | 41 | €222,086 | €250,179 | +€28,093 | +12.6% |
| Cash at bank and in hand | 54/58 | €40,464 | €19,343 | -€21,121 | -52.2% |
| Deferred charges and accrued income | 490/1 | - | €764 | +€764 | |
| Total equity and liabilities | 10/49 | €292,033 | €304,605 | +€12,572 | +4.3% |
| Equity | 10/15 | €64,400 | €161,489 | +€97,089 | +151% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,400 | €155,489 | +€97,089 | +166% |
| Amounts payable | 17/49 | €227,634 | €143,116 | -€84,517 | -37.1% |
| Amounts payable after more than one year | 17 | €4,454 | - | -€4,454 | |
| Financial debts | 170/4 | €4,454 | - | -€4,454 | |
| Amounts payable within one year | 42/48 | €217,342 | €131,996 | -€85,347 | -39.3% |
| Current portion of amounts payable after more than one year | 42 | €10,468 | €25,254 | +€14,786 | +141% |
| Financial debts | 43 | €11,702 | €32,955 | +€21,253 | +182% |
| Credit institutions | 430/8 | €11,702 | €32,955 | +€21,253 | +182% |
| Trade debts | 44 | €33,748 | €32,684 | -€1,064 | -3.2% |
| Suppliers | 440/4 | €33,748 | €32,684 | -€1,064 | -3.2% |
| Taxes, remuneration and social security | 45 | €46,424 | €26,103 | -€20,321 | -43.8% |
| Taxes | 450/3 | €46,424 | €26,103 | -€20,321 | -43.8% |
| Other amounts payable | 47/48 | €115,000 | €15,000 | -€100,000 | -87.0% |
| Accrued charges and deferred income | 492/3 | €5,837 | €11,121 | +€5,283 | +90.5% |
| Remuneration, social security and pensions | 62 | €101,818 | €100,141 | -€1,677 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,399 | €8,963 | +€2,564 | +40.1% |
| Other operating charges | 640/8 | €2,691 | €1,573 | -€1,118 | -41.5% |
| Gross operating margin | 9900 | €247,693 | €235,565 | -€12,128 | -4.9% |
| Operating profit (loss) | 9901 | €136,785 | €124,888 | -€11,897 | -8.7% |
| Financial income | 75/76B | €13,509 | €9,887 | -€3,622 | -26.8% |
| Recurring financial income | 75 | €13,509 | €9,887 | -€3,622 | -26.8% |
| Financial charges | 65/66B | €7,965 | €10,964 | +€2,999 | +37.6% |
| Recurring financial charges | 65 | €7,965 | €10,964 | +€2,999 | +37.6% |
| Profit (loss) for the period before taxes | 9903 | €142,329 | €123,811 | -€18,518 | -13.0% |
| Income taxes | 67/77 | €32,619 | €26,722 | -€5,897 | -18.1% |
| Profit (loss) for the period | 9904 | €109,710 | €97,089 | -€12,621 | -11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €109,710 | €97,089 | -€12,621 | -11.5% |
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 30 October 2026 via checked.be.