FATES: 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.
What changed
FATES
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€37,221
2024 · €262,274-€225,053
Equity
€9.6m
2024 · €9.6m+€37,221
Cash
€858,259
2024 · €609,007+€249,252
Balance sheet total
€16.3m
2024 · €16.4m-€131,014
Largest movements
Assets
- Receivables within one year -€255,770
down €255,770 (-23.3%), from €1.1m to €841,946
of which Other amounts receivable: -€255,073
- Cash +€249,252
up €249,252 (+40.9%), from €609,007 to €858,259
mainly Receivables within one year (+€255,770) and Depreciation (+€139,236)
Equity and liabilities
- Debts after one year -€184,182
down €184,182 (-3.3%), from €5.5m to €5.3m
of which Financial debts: -€184,182
Income statement
- Gross operating margin -€324,395
down €324,395 (-65.0%), from €498,956 to €174,561
- Provisions -€51,113
new in 2025: -€51,113
- Financial charges +€26,361
up €26,361 (+15.5%), from €169,711 to €196,073
- Taxes +€24,717
up €24,717 (+359.2%), from €6,880 to €31,597
- Depreciation -€7,286
down €7,286 (-5.0%), from €146,522 to €139,236
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.
Result 2024
€262,274
Gross operating margin
-€324,395
Depreciation
+€7,286
Provisions
+€51,113
Other operating charges
+€2,727
Financial income
+€4,574
Financial charges
-€26,361
Taxes
-€24,717
Deferred taxes and other
+€84,720
Result 2025
€37,221
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.
From operations
+€444,194
Investment
-€12,811
Financing
-€182,131
Cash 2024
€609,007
From operations (derived)
+€444,194
Net result for the year
+€37,221
Depreciation
+€139,236
Receivables within one year
+€255,770
Deferred charges and accrued income
-€1,929
Provisions
-€69,830
Trade debts
+€2,250
Tax, wage and social debts
+€22,620
Other debts
+€33,479
Accrued charges and deferred income
+€25,377
Investment (derived)
-€12,811
Investment in fixed assets (net)
-€12,811
Financing
-€182,131
Debts after one year
-€184,182
Current portion of long-term debt
+€2,051
Cash 2025
€858,259
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,388,187 | €16,257,172 | -€131,014 | -0.8% |
| Fixed assets | 21/28 | €13,836,811 | €13,710,386 | -€126,425 | -0.9% |
| Tangible fixed assets | 22/27 | €3,552,935 | €3,418,460 | -€134,475 | -3.8% |
| Land and buildings | 22 | €3,281,258 | €3,182,512 | -€98,746 | -3.0% |
| Plant, machinery and equipment | 23 | €268,987 | €234,694 | -€34,293 | -12.7% |
| Furniture and vehicles | 24 | €2,690 | €1,254 | -€1,436 | -53.4% |
| Financial fixed assets | 28 | €10,283,876 | €10,291,926 | +€8,050 | +0.1% |
| Current assets | 29/58 | €2,551,376 | €2,546,786 | -€4,589 | -0.2% |
| Amounts receivable after more than one year | 29 | €420,000 | €420,000 | = | 0.0% |
| Other amounts receivable | 291 | €420,000 | €420,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,097,716 | €841,946 | -€255,770 | -23.3% |
| Trade receivables | 40 | €1,730 | €1,033 | -€697 | -40.3% |
| Other amounts receivable | 41 | €1,095,986 | €840,913 | -€255,073 | -23.3% |
| Current investments | 50/53 | €406,127 | €406,127 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €609,007 | €858,259 | +€249,252 | +40.9% |
| Deferred charges and accrued income | 490/1 | €18,525 | €20,455 | +€1,929 | +10.4% |
| Total equity and liabilities | 10/49 | €16,388,187 | €16,257,172 | -€131,014 | -0.8% |
| Equity | 10/15 | €9,571,033 | €9,608,254 | +€37,221 | +0.4% |
| Contributions | 10/11 | €4,611,379 | €4,611,379 | = | 0.0% |
| Reserves | 13 | €3,095,050 | €3,132,271 | +€37,221 | +1.2% |
| Non-distributable reserves | 130/1 | €461,121 | €461,121 | = | 0.0% |
| Reserves not available under the articles | 1311 | €461,121 | €461,121 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,489,351 | €1,433,199 | -€56,152 | -3.8% |
| Distributable reserves | 133 | €1,144,578 | €1,237,951 | +€93,373 | +8.2% |
| Profit (loss) carried forward | 14 | €1,864,604 | €1,864,604 | = | 0.0% |
| Provisions and deferred taxes | 16 | €565,063 | €495,233 | -€69,830 | -12.4% |
| Provisions for liabilities and charges | 160/5 | €68,613 | €17,500 | -€51,113 | -74.5% |
| Pensions and similar obligations | 160 | €51,113 | €0 | -€51,113 | -100.0% |
| Major repairs and maintenance | 162 | €17,500 | €17,500 | = | 0.0% |
| Deferred taxes | 168 | €496,450 | €477,733 | -€18,717 | -3.8% |
| Amounts payable | 17/49 | €6,252,090 | €6,153,685 | -€98,405 | -1.6% |
| Amounts payable after more than one year | 17 | €5,527,396 | €5,343,214 | -€184,182 | -3.3% |
| Financial debts | 170/4 | €2,227,396 | €2,043,214 | -€184,182 | -8.3% |
| Other amounts payable | 178/9 | €3,300,000 | €3,300,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €582,677 | €643,077 | +€60,400 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €182,131 | €184,182 | +€2,051 | +1.1% |
| Trade debts | 44 | €0 | €2,250 | +€2,250 | |
| Suppliers | 440/4 | €0 | €2,250 | +€2,250 | |
| Taxes, remuneration and social security | 45 | €6,561 | €29,181 | +€22,620 | +344.8% |
| Taxes | 450/3 | €5,561 | €28,181 | +€22,620 | +406.8% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €393,985 | €427,464 | +€33,479 | +8.5% |
| Accrued charges and deferred income | 492/3 | €142,017 | €167,394 | +€25,377 | +17.9% |
| Non-recurring operating income | 76A | €338,879 | €0 | -€338,879 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,522 | €139,236 | -€7,286 | -5.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€51,113 | -€51,113 | |
| Other operating charges | 640/8 | €21,015 | €18,288 | -€2,727 | -13.0% |
| Gross operating margin | 9900 | €498,956 | €174,561 | -€324,395 | -65.0% |
| Operating profit (loss) | 9901 | €331,419 | €68,150 | -€263,269 | -79.4% |
| Financial income | 75/76B | €173,449 | €178,024 | +€4,574 | +2.6% |
| Recurring financial income | 75 | €173,449 | €178,024 | +€4,574 | +2.6% |
| Financial charges | 65/66B | €169,711 | €196,073 | +€26,361 | +15.5% |
| Recurring financial charges | 65 | €169,711 | €196,073 | +€26,361 | +15.5% |
| Profit (loss) for the period before taxes | 9903 | €335,157 | €50,101 | -€285,056 | -85.1% |
| Transfer from deferred taxes | 780 | €18,717 | €18,717 | = | 0.0% |
| Transfer to deferred taxes | 680 | €84,720 | €0 | -€84,720 | -100.0% |
| Income taxes | 67/77 | €6,880 | €31,597 | +€24,717 | +359.2% |
| Profit (loss) for the period | 9904 | €262,274 | €37,221 | -€225,053 | -85.8% |
| Transfer from tax-exempt reserves | 789 | €56,152 | €56,152 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €254,159 | €0 | -€254,159 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €64,267 | €93,373 | +€29,106 | +45.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.