FCO: 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.
FCO
Largest movements
- Receivables within one year +€28,793
up €28,793 (+85.2%), from €33,811 to €62,604
of which Trade receivables: +€49,454
- Tangible fixed assets -€22,805
down €22,805 (-9.7%), from €236,297 to €213,492
of which Furniture and vehicles: -€15,986
- Financial fixed assets +€15,856
up €15,856 (+224.1%), from €7,076 to €22,932
- Deferred charges and accrued income +€15,277
new in 2025: €15,277
- Short-term financial debts +€29,000
new in 2025: €29,000
- Debts after one year -€17,178
down €17,178 (-10.9%), from €157,283 to €140,106
- Tax, wage and social debts +€8,099
up €8,099 (+84.8%), from €9,546 to €17,645
of which Remuneration and social security: +€8,451
- Reserves +€7,000
up €7,000 (+20.7%), from €33,860 to €40,860
of which Distributable reserves: +€8,860
- Current portion of long-term debt +€5,794
up €5,794 (+22.0%), from €26,278 to €32,071
- Gross operating margin -€7,237
down €7,237 (-12.2%), from €59,176 to €51,939
- Taxes +€2,753
up €2,753 (+79.1%), from €3,479 to €6,231
- Financial income -€2,276
down €2,276 (-100.0%), from €2,276 to €0
- Depreciation +€1,588
up €1,588 (+7.5%), from €21,217 to €22,805
- Other operating charges +€1,295
up €1,295 (+54.3%), from €2,385 to €3,679
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 | €279,826 | €318,032 | +€38,205 | +13.7% |
| Fixed assets | 21/28 | €243,373 | €236,424 | -€6,949 | -2.9% |
| Tangible fixed assets | 22/27 | €236,297 | €213,492 | -€22,805 | -9.7% |
| Land and buildings | 22 | €170,221 | €166,115 | -€4,105 | -2.4% |
| Plant, machinery and equipment | 23 | €3,753 | €1,040 | -€2,713 | -72.3% |
| Furniture and vehicles | 24 | €62,323 | €46,337 | -€15,986 | -25.7% |
| Financial fixed assets | 28 | €7,076 | €22,932 | +€15,856 | +224.1% |
| Current assets | 29/58 | €36,453 | €81,607 | +€45,154 | +123.9% |
| Amounts receivable after more than one year | 29 | €2,500 | €2,500 | = | 0.0% |
| Trade receivables | 290 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €33,811 | €62,604 | +€28,793 | +85.2% |
| Trade receivables | 40 | €5,238 | €54,691 | +€49,454 | +944.2% |
| Other amounts receivable | 41 | €28,573 | €7,912 | -€20,661 | -72.3% |
| Cash at bank and in hand | 54/58 | €142 | €1,227 | +€1,085 | +762.5% |
| Deferred charges and accrued income | 490/1 | - | €15,277 | +€15,277 | |
| Total equity and liabilities | 10/49 | €279,826 | €318,032 | +€38,205 | +13.7% |
| Equity | 10/15 | €64,256 | €71,428 | +€7,172 | +11.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €33,860 | €40,860 | +€7,000 | +20.7% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €32,000 | €40,860 | +€8,860 | +27.7% |
| Profit (loss) carried forward | 14 | €11,796 | €11,968 | +€172 | +1.5% |
| Amounts payable | 17/49 | €215,570 | €246,604 | +€31,034 | +14.4% |
| Amounts payable after more than one year | 17 | €157,283 | €140,106 | -€17,178 | -10.9% |
| Financial debts | 170/4 | €157,283 | €140,106 | -€17,178 | -10.9% |
| Amounts payable within one year | 42/48 | €58,287 | €106,498 | +€48,211 | +82.7% |
| Current portion of amounts payable after more than one year | 42 | €26,278 | €32,071 | +€5,794 | +22.0% |
| Financial debts | 43 | - | €29,000 | +€29,000 | |
| Credit institutions | 430/8 | - | €29,000 | +€29,000 | |
| Trade debts | 44 | €22,463 | €27,782 | +€5,319 | +23.7% |
| Suppliers | 440/4 | €22,463 | €27,782 | +€5,319 | +23.7% |
| Taxes, remuneration and social security | 45 | €9,546 | €17,645 | +€8,099 | +84.8% |
| Taxes | 450/3 | €9,546 | €9,194 | -€353 | -3.7% |
| Remuneration and social security | 454/9 | - | €8,451 | +€8,451 | |
| Non-recurring operating income | 76A | €7,000 | - | -€7,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,217 | €22,805 | +€1,588 | +7.5% |
| Other operating charges | 640/8 | €2,385 | €3,679 | +€1,295 | +54.3% |
| Non-recurring operating charges | 66A | €18,762 | - | -€18,762 | |
| Gross operating margin | 9900 | €59,176 | €51,939 | -€7,237 | -12.2% |
| Operating profit (loss) | 9901 | €16,813 | €25,455 | +€8,642 | +51.4% |
| Financial income | 75/76B | €2,276 | €0 | -€2,276 | -100.0% |
| Recurring financial income | 75 | €2,276 | €0 | -€2,276 | -100.0% |
| Financial charges | 65/66B | €13,321 | €12,052 | -€1,270 | -9.5% |
| Recurring financial charges | 65 | €13,321 | €12,052 | -€1,270 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €5,768 | €13,403 | +€7,635 | +132.4% |
| Income taxes | 67/77 | €3,479 | €6,231 | +€2,753 | +79.1% |
| Profit (loss) for the period | 9904 | €2,289 | €7,172 | +€4,883 | +213.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,289 | €7,172 | +€4,883 | +213.3% |
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 10 October 2026 via checked.be.