FAVAL: 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
FAVAL
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€13,125
2024 · €552+€12,574
Equity
€36.1m
2024 · €36.1m+€13,125
Cash
€49,951
2024 · €40,425+€9,526
Balance sheet total
€43.1m
2024 · €38.6m+€4.5m
Largest movements
Assets
- Receivables within one year +€4.5m
up €4.5m (+347.1%), from €1.3m to €5.8m
of which Other amounts receivable: +€4.5m
Equity and liabilities
- Other debts +€4.4m
up €4.4m (+476.1%), from €920,000 to €5.3m
Income statement
No income-statement line moved by more than 1% of the activity.
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
€552
Other operating charges
-€455
Other operating items
+€13,651
Financial income
+€49,002
Financial charges
-€49,478
Taxes
-€147
Result 2025
€13,125
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
-€491
Investment
€0
Financing
+€10,017
Cash 2024
€40,425
From operations (derived)
-€491
Net result for the year
+€13,125
Depreciation
+€19,583
Receivables within one year
-€4.5m
Deferred charges and accrued income
-€13,010
Trade debts
+€11,169
Other debts
+€4.4m
Accrued charges and deferred income
+€92,157
Financing
+€10,017
Debts after one year
+€10,017
Cash 2025
€49,951
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €38,610,024 | €43,116,493 | +€4.5m | +11.7% |
| Fixed assets | 21/28 | €37,147,474 | €37,127,892 | -€19,583 | -0.1% |
| Tangible fixed assets | 22/27 | €1,450,374 | €1,430,792 | -€19,583 | -1.4% |
| Land and buildings | 22 | €1,440,316 | €1,423,794 | -€16,523 | -1.1% |
| Furniture and vehicles | 24 | €10,058 | €6,998 | -€3,060 | -30.4% |
| Financial fixed assets | 28 | €35,697,100 | €35,697,100 | = | 0.0% |
| Affiliated companies | 280/1 | €35,697,100 | €35,697,100 | = | 0.0% |
| Participating interests | 280 | €35,697,100 | €35,697,100 | = | 0.0% |
| Current assets | 29/58 | €1,462,550 | €5,988,601 | +€4.5m | +309.5% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,297,636 | €5,801,151 | +€4.5m | +347.1% |
| Trade receivables | 40 | €41,136 | €48,151 | +€7,015 | +17.1% |
| Other amounts receivable | 41 | €1,256,500 | €5,753,000 | +€4.5m | +357.9% |
| Cash at bank and in hand | 54/58 | €40,425 | €49,951 | +€9,526 | +23.6% |
| Deferred charges and accrued income | 490/1 | €124,488 | €137,499 | +€13,010 | +10.5% |
| Total equity and liabilities | 10/49 | €38,610,024 | €43,116,493 | +€4.5m | +11.7% |
| Equity | 10/15 | €36,111,044 | €36,124,169 | +€13,125 | 0.0% |
| Contributions | 10/11 | €29,447,100 | €29,447,100 | = | 0.0% |
| Reserves | 13 | €6,663,944 | €6,677,069 | +€13,125 | +0.2% |
| Non-distributable reserves | 130/1 | €332,840 | €332,840 | = | 0.0% |
| Reserves not available under the articles | 1311 | €332,840 | €332,840 | = | 0.0% |
| Distributable reserves | 133 | €6,331,104 | €6,344,229 | +€13,125 | +0.2% |
| Amounts payable | 17/49 | €2,498,980 | €6,992,323 | +€4.5m | +179.8% |
| Amounts payable after more than one year | 17 | €1,469,998 | €1,480,015 | +€10,017 | +0.7% |
| Financial debts | 170/4 | €1,469,998 | €1,480,015 | +€10,017 | +0.7% |
| Other loans | 174 | €1,469,998 | €1,480,015 | +€10,017 | +0.7% |
| Amounts payable within one year | 42/48 | €930,330 | €5,321,500 | +€4.4m | +472.0% |
| Trade debts | 44 | €10,330 | €21,500 | +€11,169 | +108.1% |
| Suppliers | 440/4 | €10,330 | €21,500 | +€11,169 | +108.1% |
| Other amounts payable | 47/48 | €920,000 | €5,300,000 | +€4.4m | +476.1% |
| Accrued charges and deferred income | 492/3 | €98,652 | €190,809 | +€92,157 | +93.4% |
| Operating income | 70/76A | €47,412 | €52,421 | +€5,009 | +10.6% |
| Other operating income | 74 | €47,412 | €52,421 | +€5,009 | +10.6% |
| Operating charges | 60/66A | €51,490 | €43,303 | -€8,187 | -15.9% |
| Services and other goods | 61 | €14,579 | €13,271 | -€1,308 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,583 | €19,583 | = | 0.0% |
| Other operating charges | 640/8 | €9,994 | €10,449 | +€455 | +4.6% |
| Non-recurring operating charges | 66A | €7,335 | €0 | -€7,335 | -100.0% |
| Operating profit (loss) | 9901 | -€4,078 | €9,118 | +€13,196 | |
| Financial income | 75/76B | €57,359 | €106,361 | +€49,002 | +85.4% |
| Recurring financial income | 75 | €57,359 | €106,361 | +€49,002 | +85.4% |
| Income from current assets | 751 | €57,359 | €106,361 | +€49,002 | +85.4% |
| Other financial income | 752/9 | - | €0 | +€0 | |
| Financial charges | 65/66B | €52,876 | €102,354 | +€49,478 | +93.6% |
| Recurring financial charges | 65 | €52,876 | €102,354 | +€49,478 | +93.6% |
| Debt charges | 650 | €52,726 | €102,174 | +€49,448 | +93.8% |
| Other financial charges | 652/9 | €150 | €180 | +€30 | +20.0% |
| Profit (loss) for the period before taxes | 9903 | €405 | €13,125 | +€12,721 | +3144.7% |
| Income taxes | 67/77 | -€147 | €0 | +€147 | |
| Taxes | 670/3 | €0 | - | = | |
| Tax adjustments and reversals of tax provisions | 77 | €147 | €0 | -€147 | -100.0% |
| Profit (loss) for the period | 9904 | €552 | €13,125 | +€12,574 | +2279.9% |
| Profit (loss) for the period to be appropriated | 9905 | €552 | €13,125 | +€12,574 | +2279.9% |
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 6 October 2026 via checked.be.