FBM INVESTMENT: what changed
What changed
FBM INVESTMENT
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€219,673
2024 · €1.0m-€787,433
Equity
€3.2m
2024 · €3.0m+€219,673
Cash
€63,995
2024 · €165,721-€101,726
Balance sheet total
€5.6m
2024 · €6.7m-€1.0m
Largest movements
Assets
- Receivables within one year -€381,558
down €381,558 (-29.5%), from €1.3m to €909,929
of which Other amounts receivable: -€400,811
- Tangible fixed assets -€347,818
down €347,818 (-7.0%), from €5.0m to €4.6m
of which Land and buildings: -€332,120
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Cash -€101,726
down €101,726 (-61.4%), from €165,721 to €63,995
mainly Debts after one year (-€897,381) and Current portion of long-term debt (-€341,396)
Equity and liabilities
- Debts after one year -€897,381
down €897,381 (-32.9%), from €2.7m to €1.8m
- Current portion of long-term debt -€341,396
down €341,396 (-48.7%), from €700,820 to €359,424
- Reserves +€219,673
up €219,673 (+8.9%), from €2.5m to €2.7m
of which Distributable reserves: +€234,912
Income statement
- Financial income -€1.0m
down €1.0m (-99.8%), from €1.0m to €2,405
- Gross operating margin +€164,394
up €164,394 (+37.2%), from €442,163 to €606,556
- Taxes -€34,927
down €34,927 (-22.7%), from €153,664 to €118,736
- Financial charges -€18,845
down €18,845 (-20.2%), from €93,292 to €74,448
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€1.0m
Gross operating margin
+€164,394
Depreciation
-€1,291
Other operating charges
+€4,566
Financial income
-€1.0m
Financial charges
+€18,845
Taxes
+€34,927
Result 2025
€219,673
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€780,759
Investment
+€356,292
Financing
-€1.2m
Cash 2024
€165,721
From operations (derived)
+€780,759
Net result for the year
+€219,673
Depreciation
+€191,526
Receivables within one year
+€381,558
Deferred charges and accrued income
-€1,433
Provisions
-€5,080
Trade debts
-€14,576
Tax, wage and social debts
+€30,248
Other debts
-€21,155
Investment (derived)
+€356,292
Investment in fixed assets (net)
+€156,292
Current investments
+€200,000
Financing
-€1.2m
Debts after one year
-€897,381
Current portion of long-term debt
-€341,396
Cash 2025
€63,995
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,655,683 | €5,626,014 | -€1.0m | -15.5% |
| Fixed assets | 21/28 | €4,987,038 | €4,639,220 | -€347,818 | -7.0% |
| Tangible fixed assets | 22/27 | €4,987,038 | €4,639,220 | -€347,818 | -7.0% |
| Land and buildings | 22 | €4,943,476 | €4,611,355 | -€332,120 | -6.7% |
| Plant, machinery and equipment | 23 | €26,937 | €20,909 | -€6,028 | -22.4% |
| Furniture and vehicles | 24 | €16,625 | €6,956 | -€9,670 | -58.2% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,668,645 | €986,794 | -€681,851 | -40.9% |
| Amounts receivable within one year | 40/41 | €1,291,487 | €909,929 | -€381,558 | -29.5% |
| Trade receivables | 40 | €35,245 | €54,498 | +€19,253 | +54.6% |
| Other amounts receivable | 41 | €1,256,242 | €855,431 | -€400,811 | -31.9% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €165,721 | €63,995 | -€101,726 | -61.4% |
| Deferred charges and accrued income | 490/1 | €11,437 | €12,870 | +€1,433 | +12.5% |
| Total equity and liabilities | 10/49 | €6,655,683 | €5,626,014 | -€1.0m | -15.5% |
| Equity | 10/15 | €3,029,652 | €3,249,324 | +€219,673 | +7.3% |
| Contributions | 10/11 | €563,305 | €563,305 | = | 0.0% |
| Reserves | 13 | €2,466,347 | €2,686,020 | +€219,673 | +8.9% |
| Non-distributable reserves | 130/1 | €56,330 | €56,330 | = | 0.0% |
| Reserves not available under the articles | 1311 | €56,330 | €56,330 | = | 0.0% |
| Tax-exempt reserves | 132 | €218,217 | €202,978 | -€15,240 | -7.0% |
| Distributable reserves | 133 | €2,191,799 | €2,426,712 | +€234,912 | +10.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €66,529 | €61,449 | -€5,080 | -7.6% |
| Deferred taxes | 168 | €66,529 | €61,449 | -€5,080 | -7.6% |
| Amounts payable | 17/49 | €3,559,502 | €2,315,240 | -€1.2m | -35.0% |
| Amounts payable after more than one year | 17 | €2,728,537 | €1,831,156 | -€897,381 | -32.9% |
| Financial debts | 170/4 | €2,728,537 | €1,831,156 | -€897,381 | -32.9% |
| Amounts payable within one year | 42/48 | €830,965 | €484,084 | -€346,880 | -41.7% |
| Current portion of amounts payable after more than one year | 42 | €700,820 | €359,424 | -€341,396 | -48.7% |
| Trade debts | 44 | €29,991 | €15,415 | -€14,576 | -48.6% |
| Suppliers | 440/4 | €29,991 | €15,415 | -€14,576 | -48.6% |
| Taxes, remuneration and social security | 45 | €78,927 | €109,175 | +€30,248 | +38.3% |
| Taxes | 450/3 | €76,127 | €104,975 | +€28,848 | +37.9% |
| Remuneration and social security | 454/9 | €2,800 | €4,200 | +€1,400 | +50.0% |
| Other amounts payable | 47/48 | €21,227 | €71 | -€21,155 | -99.7% |
| Non-recurring operating income | 76A | - | €775 | +€775 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €190,235 | €191,526 | +€1,291 | +0.7% |
| Other operating charges | 640/8 | €14,225 | €9,659 | -€4,566 | -32.1% |
| Gross operating margin | 9900 | €442,163 | €606,556 | +€164,394 | +37.2% |
| Operating profit (loss) | 9901 | €237,703 | €405,372 | +€167,668 | +70.5% |
| Financial income | 75/76B | €1,011,278 | €2,405 | -€1.0m | -99.8% |
| Recurring financial income | 75 | €1,011,278 | €2,405 | -€1.0m | -99.8% |
| Financial charges | 65/66B | €93,292 | €74,448 | -€18,845 | -20.2% |
| Recurring financial charges | 65 | €93,292 | €74,448 | -€18,845 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €1,155,689 | €333,329 | -€822,360 | -71.2% |
| Transfer from deferred taxes | 780 | €5,080 | €5,080 | = | 0.0% |
| Income taxes | 67/77 | €153,664 | €118,736 | -€34,927 | -22.7% |
| Profit (loss) for the period | 9904 | €1,007,106 | €219,673 | -€787,433 | -78.2% |
| Transfer from tax-exempt reserves | 789 | €15,240 | €15,240 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,022,345 | €234,912 | -€787,433 | -77.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.