FBM: 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.
FBM
Largest movements
- Tangible fixed assets +€169,525
up €169,525 (+24.5%), from €691,208 to €860,732
- Cash -€75,861
down €75,861 (-81.5%), from €93,099 to €17,239
mainly Investment in fixed assets (net) (-€196,875) and Net result for the year (-€22,960)
- Other debts +€117,677
up €117,677 (+32.0%), from €367,246 to €484,923
- Profit (loss) carried forward -€22,960
down €22,960 (-20.2%), from -€113,398 to -€136,357
- Gross operating margin +€7,313
up €7,313 (+22.2%), from €32,952 to €40,266
- Depreciation +€4,327
up €4,327 (+18.8%), from €23,023 to €27,350
- Write-downs -€2,063
no longer reported in 2025 (was €2,063)
- Financial charges +€1,253
up €1,253 (+4.6%), from €27,247 to €28,500
- Other operating charges +€1,251
up €1,251 (+19.1%), from €6,537 to €7,788
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 | €803,665 | €897,816 | +€94,151 | +11.7% |
| Fixed assets | 21/28 | €691,208 | €860,732 | +€169,525 | +24.5% |
| Tangible fixed assets | 22/27 | €691,208 | €860,732 | +€169,525 | +24.5% |
| Land and buildings | 22 | €691,208 | €860,732 | +€169,525 | +24.5% |
| Current assets | 29/58 | €112,458 | €37,084 | -€75,374 | -67.0% |
| Amounts receivable within one year | 40/41 | €18,325 | €18,737 | +€413 | +2.3% |
| Other amounts receivable | 41 | €18,325 | €18,737 | +€413 | +2.3% |
| Cash at bank and in hand | 54/58 | €93,099 | €17,239 | -€75,861 | -81.5% |
| Deferred charges and accrued income | 490/1 | €1,034 | €1,108 | +€74 | +7.1% |
| Total equity and liabilities | 10/49 | €803,665 | €897,816 | +€94,151 | +11.7% |
| Equity | 10/15 | €426,602 | €403,643 | -€22,960 | -5.4% |
| Contributions | 10/11 | €540,000 | €540,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€113,398 | -€136,357 | -€22,960 | -20.2% |
| Amounts payable | 17/49 | €377,063 | €494,173 | +€117,110 | +31.1% |
| Amounts payable within one year | 42/48 | €375,443 | €493,428 | +€117,985 | +31.4% |
| Trade debts | 44 | €64 | - | -€64 | |
| Suppliers | 440/4 | €64 | - | -€64 | |
| Taxes, remuneration and social security | 45 | €8,133 | €8,505 | +€372 | +4.6% |
| Taxes | 450/3 | €8,133 | €8,505 | +€372 | +4.6% |
| Other amounts payable | 47/48 | €367,246 | €484,923 | +€117,677 | +32.0% |
| Accrued charges and deferred income | 492/3 | €1,620 | €745 | -€875 | -54.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,023 | €27,350 | +€4,327 | +18.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,063 | - | -€2,063 | |
| Other operating charges | 640/8 | €6,537 | €7,788 | +€1,251 | +19.1% |
| Gross operating margin | 9900 | €32,952 | €40,266 | +€7,313 | +22.2% |
| Operating profit (loss) | 9901 | €1,330 | €5,128 | +€3,798 | +285.5% |
| Financial income | 75/76B | €413 | €413 | = | 0.0% |
| Recurring financial income | 75 | €413 | €413 | = | 0.0% |
| Financial charges | 65/66B | €27,247 | €28,500 | +€1,253 | +4.6% |
| Recurring financial charges | 65 | €27,247 | €28,500 | +€1,253 | +4.6% |
| Profit (loss) for the period before taxes | 9903 | -€25,504 | -€22,960 | +€2,545 | +10.0% |
| Profit (loss) for the period | 9904 | -€25,504 | -€22,960 | +€2,545 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,504 | -€22,960 | +€2,545 | +10.0% |
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 28 September 2026 via checked.be.