FBO: 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.
FBO
Largest movements
- Intangible fixed assets -€1.9m
down €1.9m (-33.9%), from €5.5m to €3.6m
- Receivables within one year +€251,144
up €251,144 (+48.2%), from €521,221 to €772,365
of which Other amounts receivable: +€220,391
- Cash +€93,130
up €93,130 (+9.0%), from €1.0m to €1.1m
mainly Depreciation (+€5.5m) and Tax, wage and social debts (+€48,113)
- Deferred charges and accrued income +€75,184
up €75,184 (+8533.9%), from €881 to €76,065
- Investment grants -€864,838
down €864,838 (-39.5%), from €2.2m to €1.3m
- Provisions -€288,279
down €288,279 (-39.5%), from €728,904 to €440,625
- Trade debts -€224,738
down €224,738 (-19.3%), from €1.2m to €939,993
- Accrued charges and deferred income -€89,896
down €89,896 (-3.7%), from €2.4m to €2.3m
- Depreciation +€2.0m
up €2.0m (+56.2%), from €3.5m to €5.5m
- Gross operating margin +€991,747
up €991,747 (+34.0%), from €2.9m to €3.9m
- Financial income +€564,934
up €564,934 (+54.3%), from €1.0m to €1.6m
- Staff costs -€218,240
down €218,240 (-31.5%), from €692,201 to €473,961
- Financial charges -€41,946
down €41,946 (-33.5%), from €125,258 to €83,311
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 | €7,075,940 | €5,636,557 | -€1.4m | -20.3% |
| Fixed assets | 21/28 | €5,516,667 | €3,657,826 | -€1.9m | -33.7% |
| Intangible fixed assets | 21 | €5,498,060 | €3,635,670 | -€1.9m | -33.9% |
| Tangible fixed assets | 22/27 | €18,607 | €14,476 | -€4,131 | -22.2% |
| Furniture and vehicles | 24 | €5,484 | €3,867 | -€1,618 | -29.5% |
| Other tangible fixed assets | 26 | €13,123 | €10,610 | -€2,513 | -19.2% |
| Financial fixed assets | 28 | - | €7,680 | +€7,680 | |
| Current assets | 29/58 | €1,559,273 | €1,978,731 | +€419,458 | +26.9% |
| Amounts receivable within one year | 40/41 | €521,221 | €772,365 | +€251,144 | +48.2% |
| Trade receivables | 40 | €34,585 | €65,337 | +€30,752 | +88.9% |
| Other amounts receivable | 41 | €486,636 | €707,027 | +€220,391 | +45.3% |
| Cash at bank and in hand | 54/58 | €1,037,171 | €1,130,301 | +€93,130 | +9.0% |
| Deferred charges and accrued income | 490/1 | €881 | €76,065 | +€75,184 | +8533.9% |
| Total equity and liabilities | 10/49 | €7,075,940 | €5,636,557 | -€1.4m | -20.3% |
| Equity | 10/15 | €2,721,220 | €1,836,636 | -€884,583 | -32.5% |
| Contributions | 10/11 | €6,231 | €6,231 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €526,416 | €506,670 | -€19,745 | -3.8% |
| Investment grants | 15 | €2,186,713 | €1,321,875 | -€864,838 | -39.5% |
| Provisions and deferred taxes | 16 | €728,904 | €440,625 | -€288,279 | -39.5% |
| Deferred taxes | 168 | €728,904 | €440,625 | -€288,279 | -39.5% |
| Amounts payable | 17/49 | €3,625,816 | €3,359,296 | -€266,520 | -7.4% |
| Amounts payable within one year | 42/48 | €1,202,023 | €1,025,398 | -€176,625 | -14.7% |
| Trade debts | 44 | €1,164,730 | €939,993 | -€224,738 | -19.3% |
| Suppliers | 440/4 | €1,164,730 | €939,993 | -€224,738 | -19.3% |
| Taxes, remuneration and social security | 45 | €37,292 | €85,406 | +€48,113 | +129.0% |
| Taxes | 450/3 | €1,974 | €15,047 | +€13,074 | +662.5% |
| Remuneration and social security | 454/9 | €35,319 | €70,359 | +€35,040 | +99.2% |
| Accrued charges and deferred income | 492/3 | €2,423,793 | €2,333,897 | -€89,896 | -3.7% |
| Non-recurring operating income | 76A | - | €122,358 | +€122,358 | |
| Remuneration, social security and pensions | 62 | €692,201 | €473,961 | -€218,240 | -31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,527,342 | €5,507,973 | +€2.0m | +56.2% |
| Other operating charges | 640/8 | €2,311 | €171 | -€2,140 | -92.6% |
| Gross operating margin | 9900 | €2,913,306 | €3,905,053 | +€991,747 | +34.0% |
| Operating profit (loss) | 9901 | -€1,308,548 | -€2,077,052 | -€768,504 | -58.7% |
| Financial income | 75/76B | €1,040,530 | €1,605,464 | +€564,934 | +54.3% |
| Recurring financial income | 75 | €1,040,530 | €1,605,464 | +€564,934 | +54.3% |
| Financial charges | 65/66B | €125,258 | €83,311 | -€41,946 | -33.5% |
| Recurring financial charges | 65 | €125,258 | €83,311 | -€41,946 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | -€393,276 | -€554,900 | -€161,624 | -41.1% |
| Transfer from deferred taxes | 780 | €346,750 | €535,154 | +€188,404 | +54.3% |
| Income taxes | 67/77 | -€356 | - | +€356 | |
| Profit (loss) for the period | 9904 | -€46,170 | -€19,745 | +€26,425 | +57.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,170 | -€19,745 | +€26,425 | +57.2% |
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 7 October 2026 via checked.be.