FAYS: 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.
FAYS
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+98.8%), from €1.1m to €2.2m
of which Assets under construction and advance payments: +€1.1m
- Receivables within one year +€79,300
up €79,300 (+17.2%), from €461,738 to €541,038
of which Trade receivables: +€133,162
- Debts after one year +€601,194
up €601,194 (+72.3%), from €831,105 to €1.4m
of which Financial debts: +€595,194
- Current portion of long-term debt +€220,614
up €220,614 (+392%), from €56,341 to €276,955
- Trade debts +€175,353
up €175,353 (+84.0%), from €208,803 to €384,156
- Profit (loss) carried forward +€90,718
up €90,718 (+64.0%), from €141,806 to €232,524
- Tax, wage and social debts +€83,577
up €83,577 (+139%), from €60,074 to €143,651
of which Taxes: +€81,613
- Financial charges +€34,553
up €34,553 (+132%), from €26,275 to €60,828
- Depreciation -€20,568
down €20,568 (-46.8%), from €43,944 to €23,377
- Staff costs -€20,135
down €20,135 (-30.7%), from €65,503 to €45,368
- Other operating charges -€17,581
down €17,581 (-55.4%), from €31,716 to €14,135
- Gross operating margin +€17,049
up €17,049 (+6.6%), from €256,559 to €273,608
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 | €1,646,854 | €2,832,549 | +€1.2m | +72.0% |
| Fixed assets | 21/28 | €1,105,851 | €2,192,541 | +€1.1m | +98.3% |
| Intangible fixed assets | 21 | €1,160 | €155 | -€1,005 | -86.7% |
| Tangible fixed assets | 22/27 | €1,101,441 | €2,189,137 | +€1.1m | +98.8% |
| Land and buildings | 22 | €163,281 | €140,338 | -€22,943 | -14.1% |
| Plant, machinery and equipment | 23 | €2,622 | €557 | -€2,065 | -78.8% |
| Furniture and vehicles | 24 | €23,165 | €6,115 | -€17,050 | -73.6% |
| Assets under construction and advance payments | 27 | €912,373 | €2,042,127 | +€1.1m | +124% |
| Financial fixed assets | 28 | €3,250 | €3,250 | = | 0.0% |
| Current assets | 29/58 | €541,004 | €640,008 | +€99,004 | +18.3% |
| Stocks and contracts in progress | 3 | €21,408 | €34,507 | +€13,098 | +61.2% |
| Stocks | 30/36 | €21,408 | €34,507 | +€13,098 | +61.2% |
| Amounts receivable within one year | 40/41 | €461,738 | €541,038 | +€79,300 | +17.2% |
| Trade receivables | 40 | €352,624 | €485,786 | +€133,162 | +37.8% |
| Other amounts receivable | 41 | €109,113 | €55,251 | -€53,862 | -49.4% |
| Cash at bank and in hand | 54/58 | €54,498 | €62,107 | +€7,609 | +14.0% |
| Deferred charges and accrued income | 490/1 | €3,360 | €2,357 | -€1,003 | -29.9% |
| Total equity and liabilities | 10/49 | €1,646,854 | €2,832,549 | +€1.2m | +72.0% |
| Equity | 10/15 | €487,306 | €578,024 | +€90,718 | +18.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €320,500 | €320,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €318,000 | €318,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €141,806 | €232,524 | +€90,718 | +64.0% |
| Amounts payable | 17/49 | €1,159,549 | €2,254,525 | +€1.1m | +94.4% |
| Amounts payable after more than one year | 17 | €831,105 | €1,432,299 | +€601,194 | +72.3% |
| Financial debts | 170/4 | €831,105 | €1,426,299 | +€595,194 | +71.6% |
| Other amounts payable | 178/9 | - | €6,000 | +€6,000 | |
| Amounts payable within one year | 42/48 | €328,443 | €821,047 | +€492,604 | +150% |
| Current portion of amounts payable after more than one year | 42 | €56,341 | €276,955 | +€220,614 | +392% |
| Trade debts | 44 | €208,803 | €384,156 | +€175,353 | +84.0% |
| Suppliers | 440/4 | €208,803 | €384,156 | +€175,353 | +84.0% |
| Advances received on contracts in progress | 46 | €3,225 | €3,225 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €60,074 | €143,651 | +€83,577 | +139% |
| Taxes | 450/3 | €58,298 | €139,911 | +€81,613 | +140% |
| Remuneration and social security | 454/9 | €1,776 | €3,740 | +€1,964 | +111% |
| Other amounts payable | 47/48 | - | €13,060 | +€13,060 | |
| Accrued charges and deferred income | 492/3 | - | €1,178 | +€1,178 | |
| Non-recurring operating income | 76A | - | €203 | +€203 | |
| Remuneration, social security and pensions | 62 | €65,503 | €45,368 | -€20,135 | -30.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,944 | €23,377 | -€20,568 | -46.8% |
| Other operating charges | 640/8 | €31,716 | €14,135 | -€17,581 | -55.4% |
| Non-recurring operating charges | 66A | €474 | €3,245 | +€2,771 | +585% |
| Gross operating margin | 9900 | €256,559 | €273,608 | +€17,049 | +6.6% |
| Operating profit (loss) | 9901 | €114,921 | €187,483 | +€72,562 | +63.1% |
| Financial income | 75/76B | €207 | €20 | -€187 | -90.4% |
| Recurring financial income | 75 | €207 | €20 | -€187 | -90.4% |
| Financial charges | 65/66B | €26,275 | €60,828 | +€34,553 | +132% |
| Recurring financial charges | 65 | €26,275 | €60,828 | +€34,553 | +132% |
| Profit (loss) for the period before taxes | 9903 | €88,853 | €126,675 | +€37,822 | +42.6% |
| Income taxes | 67/77 | €20,235 | €35,957 | +€15,722 | +77.7% |
| Profit (loss) for the period | 9904 | €68,618 | €90,718 | +€22,100 | +32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €68,618 | €90,718 | +€22,100 | +32.2% |
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 29 October 2026 via checked.be.