FD Management: 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.
FD Management
Largest movements
- Receivables within one year +€44,254
up €44,254 (+64.1%), from €69,054 to €113,308
of which Trade receivables: +€48,023
- Cash -€24,326
down €24,326 (-57.7%), from €42,191 to €17,866
mainly Debts after one year (-€57,609) and Receivables within one year (-€44,254)
- Reserves +€98,962
up €98,962 (+40.7%), from €243,336 to €342,298
of which Distributable reserves: +€98,962
- Debts after one year -€57,609
down €57,609 (-4.6%), from €1.2m to €1.2m
of which Financial debts: -€44,177
- Trade debts -€33,702
down €33,702 (-94.5%), from €35,659 to €1,957
- Other debts -€16,612
down €16,612 (-100.0%), from €16,612 to €0
- Gross operating margin +€65,307
up €65,307 (+55.0%), from €118,778 to €184,085
- Taxes +€21,586
up €21,586 (+120.4%), from €17,930 to €39,516
- Financial charges -€8,309
down €8,309 (-19.5%), from €42,552 to €34,243
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 | €1,651,576 | €1,643,064 | -€8,512 | -0.5% |
| Fixed assets | 21/28 | €1,439,812 | €1,431,852 | -€7,960 | -0.6% |
| Tangible fixed assets | 22/27 | €9,242 | €1,282 | -€7,960 | -86.1% |
| Furniture and vehicles | 24 | €9,242 | €1,282 | -€7,960 | -86.1% |
| Financial fixed assets | 28 | €1,430,569 | €1,430,569 | = | 0.0% |
| Current assets | 29/58 | €211,765 | €211,213 | -€552 | -0.3% |
| Stocks and contracts in progress | 3 | €83,520 | €78,500 | -€5,020 | -6.0% |
| Stocks | 30/36 | €83,520 | €78,500 | -€5,020 | -6.0% |
| Amounts receivable within one year | 40/41 | €69,054 | €113,308 | +€44,254 | +64.1% |
| Trade receivables | 40 | €48,777 | €96,800 | +€48,023 | +98.5% |
| Other amounts receivable | 41 | €20,277 | €16,508 | -€3,769 | -18.6% |
| Cash at bank and in hand | 54/58 | €42,191 | €17,866 | -€24,326 | -57.7% |
| Deferred charges and accrued income | 490/1 | €16,999 | €1,539 | -€15,460 | -90.9% |
| Total equity and liabilities | 10/49 | €1,651,576 | €1,643,064 | -€8,512 | -0.5% |
| Equity | 10/15 | €261,936 | €360,898 | +€98,962 | +37.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €243,336 | €342,298 | +€98,962 | +40.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €241,476 | €340,438 | +€98,962 | +41.0% |
| Amounts payable | 17/49 | €1,389,641 | €1,282,166 | -€107,474 | -7.7% |
| Amounts payable after more than one year | 17 | €1,245,164 | €1,187,555 | -€57,609 | -4.6% |
| Financial debts | 170/4 | €70,207 | €26,029 | -€44,177 | -62.9% |
| Other amounts payable | 178/9 | €1,174,957 | €1,161,525 | -€13,432 | -1.1% |
| Amounts payable within one year | 42/48 | €103,795 | €61,692 | -€42,103 | -40.6% |
| Current portion of amounts payable after more than one year | 42 | €43,621 | €44,177 | +€556 | +1.3% |
| Trade debts | 44 | €35,659 | €1,957 | -€33,702 | -94.5% |
| Suppliers | 440/4 | €35,659 | €1,957 | -€33,702 | -94.5% |
| Taxes, remuneration and social security | 45 | €7,903 | €15,558 | +€7,654 | +96.9% |
| Taxes | 450/3 | €2,321 | €15,558 | +€13,236 | +570.2% |
| Remuneration and social security | 454/9 | €5,582 | €0 | -€5,582 | -100.0% |
| Other amounts payable | 47/48 | €16,612 | €0 | -€16,612 | -100.0% |
| Accrued charges and deferred income | 492/3 | €40,682 | €32,920 | -€7,762 | -19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,297 | €7,960 | +€663 | +9.1% |
| Other operating charges | 640/8 | €3,592 | €3,813 | +€220 | +6.1% |
| Gross operating margin | 9900 | €118,778 | €184,085 | +€65,307 | +55.0% |
| Operating profit (loss) | 9901 | €107,889 | €172,312 | +€64,423 | +59.7% |
| Financial income | 75/76B | €406 | €409 | +€3 | +0.7% |
| Recurring financial income | 75 | €406 | €409 | +€3 | +0.7% |
| Financial charges | 65/66B | €42,552 | €34,243 | -€8,309 | -19.5% |
| Recurring financial charges | 65 | €42,552 | €34,243 | -€8,309 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €65,743 | €138,478 | +€72,735 | +110.6% |
| Income taxes | 67/77 | €17,930 | €39,516 | +€21,586 | +120.4% |
| Profit (loss) for the period | 9904 | €47,813 | €98,962 | +€51,149 | +107.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,813 | €98,962 | +€51,149 | +107.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.