FDB-INVEST: 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.
What changed
FDB-INVEST
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€59,656
2024 · €37,470+€22,185
Equity
€2.1m
2024 · €2.1m+€57,627
Cash
€8,052
2024 · €10,640-€2,589
Balance sheet total
€4.0m
2024 · €4.1m-€139,734
Largest movements
Assets
- Receivables after one year +€151,333
up €151,333 (+587%), from €25,786 to €177,120
- Receivables within one year -€145,521
down €145,521 (-50.3%), from €289,128 to €143,608
of which Trade receivables: -€145,000
- Tangible fixed assets -€143,400
down €143,400 (-3.8%), from €3.7m to €3.6m
Equity and liabilities
- Debts after one year -€191,583
down €191,583 (-11.5%), from €1.7m to €1.5m
of which Financial debts: -€191,583
Income statement
- Turnover -€501,600
no longer reported in 2025 (was €501,600)
- Gross operating margin +€320,937
new in 2025: €320,937
- Services and other goods -€210,089
no longer reported in 2025 (was €210,089)
- Other operating income -€17,740
no longer reported in 2025 (was €17,740)
- Financial charges -€11,343
down €11,343 (-14.2%), from €79,746 to €68,403
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.
Result 2024
€37,470
Turnover
-€501,600
Other operating income
-€17,740
Services and other goods
+€210,089
Other operating charges
+€1,412
Other operating items
+€320,937
Financial income
-€1,173
Financial charges
+€11,343
Taxes
-€1,082
Result 2025
€59,656
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€191,024
Investment
€0
Financing
-€193,613
Cash 2024
€10,640
From operations (derived)
+€191,024
Net result for the year
+€59,656
Depreciation
+€143,400
Receivables after one year
-€151,333
Receivables within one year
+€145,521
Smaller working-capital items
-€487
Provisions
-€5,588
Trade debts
+€1,859
Tax, wage and social debts
-€3,331
Other debts
+€1,328
Financing
-€193,613
Debts after one year
-€191,583
Contributions, distributions and other
-€2,029
Cash 2025
€8,052
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,095,350 | €3,955,616 | -€139,734 | -3.4% |
| Fixed assets | 21/28 | €3,742,094 | €3,598,694 | -€143,400 | -3.8% |
| Tangible fixed assets | 22/27 | €3,742,094 | €3,598,694 | -€143,400 | -3.8% |
| Land and buildings | 22 | €3,742,094 | €3,598,694 | -€143,400 | -3.8% |
| Current assets | 29/58 | €353,257 | €356,922 | +€3,665 | +1.0% |
| Amounts receivable after more than one year | 29 | €25,786 | €177,120 | +€151,333 | +587% |
| Other amounts receivable | 291 | €25,786 | €177,120 | +€151,333 | +587% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €289,128 | €143,608 | -€145,521 | -50.3% |
| Trade receivables | 40 | €225,000 | €80,000 | -€145,000 | -64.4% |
| Other amounts receivable | 41 | €64,128 | €63,608 | -€521 | -0.8% |
| Cash at bank and in hand | 54/58 | €10,640 | €8,052 | -€2,589 | -24.3% |
| Deferred charges and accrued income | 490/1 | €27,702 | €28,143 | +€441 | +1.6% |
| Total equity and liabilities | 10/49 | €4,095,350 | €3,955,616 | -€139,734 | -3.4% |
| Equity | 10/15 | €2,082,827 | €2,140,454 | +€57,627 | +2.8% |
| Contributions | 10/11 | €1,075,000 | €1,075,000 | = | 0.0% |
| Capital | 10 | €1,075,000 | €1,075,000 | = | 0.0% |
| Issued capital | 100 | €1,075,000 | €1,075,000 | = | 0.0% |
| Reserves | 13 | €833,299 | €866,536 | +€33,236 | +4.0% |
| Non-distributable reserves | 130/1 | €107,500 | €107,500 | = | 0.0% |
| Legal reserve | 130 | €107,500 | €107,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €185,799 | €169,036 | -€16,764 | -9.0% |
| Distributable reserves | 133 | €540,000 | €590,000 | +€50,000 | +9.3% |
| Profit (loss) carried forward | 14 | €56,351 | €82,771 | +€26,420 | +46.9% |
| Investment grants | 15 | €118,176 | €116,147 | -€2,029 | -1.7% |
| Provisions and deferred taxes | 16 | €61,933 | €56,345 | -€5,588 | -9.0% |
| Deferred taxes | 168 | €61,933 | €56,345 | -€5,588 | -9.0% |
| Amounts payable | 17/49 | €1,950,590 | €1,758,817 | -€191,773 | -9.8% |
| Amounts payable after more than one year | 17 | €1,668,969 | €1,477,386 | -€191,583 | -11.5% |
| Financial debts | 170/4 | €1,666,569 | €1,474,986 | -€191,583 | -11.5% |
| Credit institutions | 173 | €1,666,569 | - | -€1.7m | |
| Other amounts payable | 178/9 | €2,400 | €2,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €278,029 | €277,885 | -€144 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €191,583 | €191,583 | = | 0.0% |
| Financial debts | 43 | €20,000 | €20,000 | = | 0.0% |
| Credit institutions | 430/8 | €20,000 | €20,000 | = | 0.0% |
| Trade debts | 44 | €50,893 | €52,752 | +€1,859 | +3.7% |
| Suppliers | 440/4 | €50,893 | €52,752 | +€1,859 | +3.7% |
| Taxes, remuneration and social security | 45 | €3,555 | €224 | -€3,331 | -93.7% |
| Taxes | 450/3 | €3,555 | €224 | -€3,331 | -93.7% |
| Other amounts payable | 47/48 | €11,998 | €13,326 | +€1,328 | +11.1% |
| Accrued charges and deferred income | 492/3 | €3,592 | €3,546 | -€46 | -1.3% |
| Operating income | 70/76A | €519,340 | - | -€519,340 | |
| Turnover | 70 | €501,600 | - | -€501,600 | |
| Other operating income | 74 | €17,740 | - | -€17,740 | |
| Operating charges | 60/66A | €394,078 | - | -€394,078 | |
| Services and other goods | 61 | €210,089 | - | -€210,089 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,400 | €143,400 | = | 0.0% |
| Other operating charges | 640/8 | €40,589 | €39,177 | -€1,412 | -3.5% |
| Gross operating margin | 9900 | - | €320,937 | +€320,937 | |
| Operating profit (loss) | 9901 | €125,263 | €138,360 | +€13,097 | +10.5% |
| Financial income | 75/76B | €5,098 | €3,925 | -€1,173 | -23.0% |
| Recurring financial income | 75 | €5,098 | €3,925 | -€1,173 | -23.0% |
| Income from financial fixed assets | 750 | €2,029 | - | -€2,029 | |
| Other financial income | 752/9 | €3,069 | - | -€3,069 | |
| Financial charges | 65/66B | €79,746 | €68,403 | -€11,343 | -14.2% |
| Recurring financial charges | 65 | €79,746 | €68,403 | -€11,343 | -14.2% |
| Debt charges | 650 | €79,443 | - | -€79,443 | |
| Other financial charges | 652/9 | €303 | - | -€303 | |
| Profit (loss) for the period before taxes | 9903 | €50,615 | €73,882 | +€23,267 | +46.0% |
| Transfer from deferred taxes | 780 | €5,588 | €5,588 | = | 0.0% |
| Income taxes | 67/77 | €18,733 | €19,815 | +€1,082 | +5.8% |
| Taxes | 670/3 | €18,733 | - | -€18,733 | |
| Profit (loss) for the period | 9904 | €37,470 | €59,656 | +€22,185 | +59.2% |
| Transfer from tax-exempt reserves | 789 | €16,764 | €16,764 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,234 | €76,420 | +€22,185 | +40.9% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.