FDE Advisory: 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.
FDE Advisory
Largest movements
- Cash +€41,891
up €41,891 (+33.2%), from €126,188 to €168,078
mainly Net result for the year (+€75,869) and Receivables after one year (+€22,430)
- Receivables after one year -€22,430
down €22,430 (-32.8%), from €68,418 to €45,989
- Tangible fixed assets -€5,113
down €5,113 (-34.1%), from €14,987 to €9,874
of which Leasing and similar rights: -€7,938
- Profit (loss) carried forward +€10,869
up €10,869 (+18.7%), from €58,028 to €68,897
- Accrued charges and deferred income +€6,382
new in 2025: €6,382
- Debts after one year -€5,505
no longer reported in 2025 (was €5,505)
- Other debts +€4,994
up €4,994 (+9.9%), from €50,256 to €55,250
- Gross operating margin +€21,759
up €21,759 (+25.5%), from €85,172 to €106,931
- Taxes +€4,492
up €4,492 (+27.5%), from €16,326 to €20,818
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 | €222,504 | €237,792 | +€15,288 | +6.9% |
| Fixed assets | 21/28 | €14,987 | €10,074 | -€4,913 | -32.8% |
| Tangible fixed assets | 22/27 | €14,987 | €9,874 | -€5,113 | -34.1% |
| Furniture and vehicles | 24 | - | €342 | +€342 | |
| Leasing and similar rights | 25 | €13,875 | €5,937 | -€7,938 | -57.2% |
| Other tangible fixed assets | 26 | €1,113 | €3,595 | +€2,482 | +223.1% |
| Financial fixed assets | 28 | - | €200 | +€200 | |
| Current assets | 29/58 | €207,517 | €227,718 | +€20,202 | +9.7% |
| Amounts receivable after more than one year | 29 | €68,418 | €45,989 | -€22,430 | -32.8% |
| Other amounts receivable | 291 | €68,418 | €45,989 | -€22,430 | -32.8% |
| Amounts receivable within one year | 40/41 | €12,674 | €12,674 | = | 0.0% |
| Other amounts receivable | 41 | €12,674 | €12,674 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €126,188 | €168,078 | +€41,891 | +33.2% |
| Deferred charges and accrued income | 490/1 | €237 | €977 | +€741 | +313.0% |
| Total equity and liabilities | 10/49 | €222,504 | €237,792 | +€15,288 | +6.9% |
| Equity | 10/15 | €123,028 | €133,897 | +€10,869 | +8.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €60,000 | €60,000 | = | 0.0% |
| Distributable reserves | 133 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,028 | €68,897 | +€10,869 | +18.7% |
| Amounts payable | 17/49 | €99,476 | €103,895 | +€4,420 | +4.4% |
| Amounts payable after more than one year | 17 | €5,505 | - | -€5,505 | |
| Financial debts | 170/4 | €5,505 | - | -€5,505 | |
| Amounts payable within one year | 42/48 | €93,971 | €97,514 | +€3,543 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €8,132 | €6,188 | -€1,944 | -23.9% |
| Trade debts | 44 | €1,754 | €719 | -€1,035 | -59.0% |
| Suppliers | 440/4 | €1,754 | €719 | -€1,035 | -59.0% |
| Taxes, remuneration and social security | 45 | €33,830 | €35,356 | +€1,527 | +4.5% |
| Taxes | 450/3 | €33,830 | €35,356 | +€1,527 | +4.5% |
| Other amounts payable | 47/48 | €50,256 | €55,250 | +€4,994 | +9.9% |
| Accrued charges and deferred income | 492/3 | - | €6,382 | +€6,382 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,968 | €8,743 | +€774 | +9.7% |
| Other operating charges | 640/8 | €1,930 | €1,972 | +€42 | +2.2% |
| Gross operating margin | 9900 | €85,172 | €106,931 | +€21,759 | +25.5% |
| Operating profit (loss) | 9901 | €75,273 | €96,217 | +€20,943 | +27.8% |
| Financial income | 75/76B | €717 | €784 | +€67 | +9.3% |
| Recurring financial income | 75 | €717 | €784 | +€67 | +9.3% |
| Financial charges | 65/66B | €540 | €314 | -€226 | -41.9% |
| Recurring financial charges | 65 | €540 | €314 | -€226 | -41.9% |
| Profit (loss) for the period before taxes | 9903 | €75,451 | €96,687 | +€21,236 | +28.1% |
| Income taxes | 67/77 | €16,326 | €20,818 | +€4,492 | +27.5% |
| Profit (loss) for the period | 9904 | €59,124 | €75,869 | +€16,744 | +28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €59,124 | €75,869 | +€16,744 | +28.3% |
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 1 October 2026 via checked.be.