FAT CAT: 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.
FAT CAT
Largest movements
- Receivables within one year +€32,663
up €32,663 (+104%), from €31,395 to €64,058
of which Trade receivables: +€18,872
- Tangible fixed assets -€21,474
down €21,474 (-11.2%), from €191,057 to €169,583
of which Plant, machinery and equipment: -€23,461
- Cash -€11,734
down €11,734 (-4.6%), from €253,490 to €241,756
mainly Contributions, distributions and other (-€150,000) and Investment in fixed assets (net) (-€39,954)
- Reserves -€175,510
down €175,510 (-95.5%), from €183,685 to €8,174
- Other debts +€168,070
up €168,070 (+195%), from €86,054 to €254,123
- Current portion of long-term debt -€27,625
down €27,625 (-100%), from €27,625 to €0
- Trade debts +€24,221
up €24,221 (+28.5%), from €85,068 to €109,290
- Tax, wage and social debts +€13,158
up €13,158 (+15.4%), from €85,715 to €98,873
of which Remuneration and social security: +€10,380
- Financial charges +€53,311
up €53,311 (+4,927%), from €1,082 to €54,393
- Staff costs +€27,873
up €27,873 (+7.8%), from €358,353 to €386,226
- Gross operating margin +€18,054
up €18,054 (+3.9%), from €461,772 to €479,826
- Taxes -€7,359
down €7,359 (-97.9%), from €7,520 to €161
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 | €483,147 | €485,461 | +€2,314 | +0.5% |
| Fixed assets | 21/28 | €191,189 | €170,079 | -€21,110 | -11.0% |
| Tangible fixed assets | 22/27 | €191,057 | €169,583 | -€21,474 | -11.2% |
| Plant, machinery and equipment | 23 | €58,280 | €34,818 | -€23,461 | -40.3% |
| Furniture and vehicles | 24 | €49,660 | €63,100 | +€13,440 | +27.1% |
| Other tangible fixed assets | 26 | €83,117 | €71,665 | -€11,452 | -13.8% |
| Financial fixed assets | 28 | €132 | €496 | +€364 | +275% |
| Current assets | 29/58 | €291,958 | €315,382 | +€23,425 | +8.0% |
| Amounts receivable within one year | 40/41 | €31,395 | €64,058 | +€32,663 | +104% |
| Trade receivables | 40 | €12,553 | €31,425 | +€18,872 | +150% |
| Other amounts receivable | 41 | €18,842 | €32,633 | +€13,791 | +73.2% |
| Cash at bank and in hand | 54/58 | €253,490 | €241,756 | -€11,734 | -4.6% |
| Deferred charges and accrued income | 490/1 | €7,073 | €9,568 | +€2,495 | +35.3% |
| Total equity and liabilities | 10/49 | €483,147 | €485,461 | +€2,314 | +0.5% |
| Equity | 10/15 | €198,685 | €23,174 | -€175,510 | -88.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €183,685 | €8,174 | -€175,510 | -95.5% |
| Distributable reserves | 133 | €183,685 | €8,174 | -€175,510 | -95.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €284,462 | €462,286 | +€177,824 | +62.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €284,462 | €462,286 | +€177,824 | +62.5% |
| Current portion of amounts payable after more than one year | 42 | €27,625 | €0 | -€27,625 | -100% |
| Trade debts | 44 | €85,068 | €109,290 | +€24,221 | +28.5% |
| Suppliers | 440/4 | €85,068 | €109,290 | +€24,221 | +28.5% |
| Taxes, remuneration and social security | 45 | €85,715 | €98,873 | +€13,158 | +15.4% |
| Taxes | 450/3 | €11,324 | €14,102 | +€2,779 | +24.5% |
| Remuneration and social security | 454/9 | €74,391 | €84,771 | +€10,380 | +14.0% |
| Other amounts payable | 47/48 | €86,054 | €254,123 | +€168,070 | +195% |
| Remuneration, social security and pensions | 62 | €358,353 | €386,226 | +€27,873 | +7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,987 | €61,065 | -€3,922 | -6.0% |
| Other operating charges | 640/8 | €1,616 | €3,496 | +€1,881 | +116% |
| Gross operating margin | 9900 | €461,772 | €479,826 | +€18,054 | +3.9% |
| Operating profit (loss) | 9901 | €36,816 | €29,039 | -€7,777 | -21.1% |
| Financial income | 75/76B | €240 | €5 | -€235 | -98.0% |
| Recurring financial income | 75 | €240 | €5 | -€235 | -98.0% |
| Financial charges | 65/66B | €1,082 | €54,393 | +€53,311 | +4,927% |
| Recurring financial charges | 65 | €1,082 | €54,393 | +€53,311 | +4,927% |
| Profit (loss) for the period before taxes | 9903 | €35,974 | -€25,349 | -€61,324 | |
| Income taxes | 67/77 | €7,520 | €161 | -€7,359 | -97.9% |
| Profit (loss) for the period | 9904 | €28,454 | -€25,510 | -€53,965 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,454 | -€25,510 | -€53,965 |
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 13 October 2026 via checked.be.