FAROW: 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.
FAROW
Largest movements
- Current investments +€751,234
new in 2025: €751,234
- Cash -€104,345
down €104,345 (-83.4%), from €125,060 to €20,715
mainly Current investments (-€751,234) and Debts after one year (-€467,743)
- Intangible fixed assets +€90,618
up €90,618 (+81.2%), from €111,619 to €202,238
- Receivables within one year +€57,818
up €57,818 (+357.9%), from €16,156 to €73,974
of which Trade receivables: +€31,684
- Deferred charges and accrued income -€12,511
down €12,511 (-82.0%), from €15,257 to €2,746
- Contributions +€1.6m
up €1.6m (+417.7%), from €389,633 to €2.0m
of which Contributions outside capital: +€1.5m
- Debts after one year -€467,743
down €467,743 (-84.7%), from €551,998 to €84,255
- Profit (loss) carried forward -€283,274
down €283,274 (-31.7%), from -€893,806 to -€1.2m
- Short-term financial debts -€123,221
down €123,221 (-95.6%), from €128,939 to €5,719
- Trade debts +€27,012
up €27,012 (+73.9%), from €36,571 to €63,583
- Gross operating margin -€143,931
down €143,931 (-194.5%), from -€74,005 to -€217,936
- Depreciation +€21,502
up €21,502 (+311.7%), from €6,899 to €28,401
- Staff costs +€17,310
new in 2025: €17,310
- Financial income +€2,491
up €2,491 (+34498.9%), from €7 to €2,498
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 | €268,093 | €1,050,907 | +€782,814 | +292.0% |
| Fixed assets | 21/28 | €111,619 | €202,238 | +€90,618 | +81.2% |
| Intangible fixed assets | 21 | €111,619 | €202,238 | +€90,618 | +81.2% |
| Current assets | 29/58 | €156,474 | €848,669 | +€692,196 | +442.4% |
| Amounts receivable within one year | 40/41 | €16,156 | €73,974 | +€57,818 | +357.9% |
| Trade receivables | 40 | €8,058 | €39,743 | +€31,684 | +393.2% |
| Other amounts receivable | 41 | €8,098 | €34,231 | +€26,133 | +322.7% |
| Current investments | 50/53 | - | €751,234 | +€751,234 | |
| Cash at bank and in hand | 54/58 | €125,060 | €20,715 | -€104,345 | -83.4% |
| Deferred charges and accrued income | 490/1 | €15,257 | €2,746 | -€12,511 | -82.0% |
| Total equity and liabilities | 10/49 | €268,093 | €1,050,907 | +€782,814 | +292.0% |
| Equity | 10/15 | -€504,173 | €839,998 | +€1.3m | |
| Contributions | 10/11 | €389,633 | €2,017,079 | +€1.6m | +417.7% |
| Capital | 10 | €142,130 | €243,749 | +€101,619 | +71.5% |
| Issued capital | 100 | €142,130 | €243,749 | +€101,619 | +71.5% |
| Contributions outside capital | 11 | €247,503 | €1,773,330 | +€1.5m | +616.5% |
| Share premium | 1100/10 | €247,503 | €1,773,330 | +€1.5m | +616.5% |
| Profit (loss) carried forward | 14 | -€893,806 | -€1,177,080 | -€283,274 | -31.7% |
| Amounts payable | 17/49 | €772,266 | €210,909 | -€561,358 | -72.7% |
| Amounts payable after more than one year | 17 | €551,998 | €84,255 | -€467,743 | -84.7% |
| Financial debts | 170/4 | €551,998 | €84,255 | -€467,743 | -84.7% |
| Amounts payable within one year | 42/48 | €214,877 | €125,153 | -€89,723 | -41.8% |
| Current portion of amounts payable after more than one year | 42 | €49,297 | €53,323 | +€4,026 | +8.2% |
| Financial debts | 43 | €128,939 | €5,719 | -€123,221 | -95.6% |
| Credit institutions | 430/8 | €128,939 | €5,719 | -€123,221 | -95.6% |
| Trade debts | 44 | €36,571 | €63,583 | +€27,012 | +73.9% |
| Suppliers | 440/4 | €36,571 | €63,583 | +€27,012 | +73.9% |
| Taxes, remuneration and social security | 45 | €62 | €2,528 | +€2,466 | +3964.5% |
| Taxes | 450/3 | €62 | €115 | +€52 | +84.3% |
| Remuneration and social security | 454/9 | - | €2,413 | +€2,413 | |
| Other amounts payable | 47/48 | €7 | €0 | -€7 | -100.0% |
| Accrued charges and deferred income | 492/3 | €5,391 | €1,500 | -€3,891 | -72.2% |
| Remuneration, social security and pensions | 62 | - | €17,310 | +€17,310 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,899 | €28,401 | +€21,502 | +311.7% |
| Other operating charges | 640/8 | €449 | €612 | +€162 | +36.1% |
| Gross operating margin | 9900 | -€74,005 | -€217,936 | -€143,931 | -194.5% |
| Operating profit (loss) | 9901 | -€81,353 | -€264,259 | -€182,906 | -224.8% |
| Financial income | 75/76B | €7 | €2,498 | +€2,491 | +34498.9% |
| Recurring financial income | 75 | €7 | €2,498 | +€2,491 | +34498.9% |
| Financial charges | 65/66B | €18,826 | €20,984 | +€2,159 | +11.5% |
| Recurring financial charges | 65 | €18,826 | €20,984 | +€2,159 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | -€100,172 | -€282,745 | -€182,573 | -182.3% |
| Income taxes | 67/77 | - | €529 | +€529 | |
| Profit (loss) for the period | 9904 | -€100,172 | -€283,274 | -€183,102 | -182.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€100,172 | -€283,274 | -€183,102 | -182.8% |
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 12 October 2026 via checked.be.