FDF: 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.
FDF
Largest movements
- Tangible fixed assets +€4.8m
up €4.8m (+41.3%), from €11.5m to €16.3m
- Stocks and contracts +€2.0m
up €2.0m (+321.2%), from €610,223 to €2.6m
- Cash +€226,777
up €226,777 (+3960.8%), from €5,726 to €232,502
mainly Debts after one year (+€3.2m) and Short-term financial debts (+€2.1m)
- Debts after one year +€3.2m
up €3.2m (+60.5%), from €5.3m to €8.5m
- Short-term financial debts +€2.1m
up €2.1m (+379.5%), from €551,368 to €2.6m
- Other debts +€1.0m
up €1.0m (+29.2%), from €3.6m to €4.6m
- Current portion of long-term debt +€482,663
up €482,663 (+103.3%), from €467,298 to €949,961
- Depreciation +€58,223
up €58,223 (+17.2%), from €338,073 to €396,296
- Financial charges -€19,556
down €19,556 (-7.7%), from €253,250 to €233,693
- Gross operating margin +€12,050
up €12,050 (+1.7%), from €723,474 to €735,524
- Other operating charges +€11,630
up €11,630 (+30.6%), from €37,967 to €49,597
- Taxes -€10,264
down €10,264 (-37.7%), from €27,230 to €16,966
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 | €12,152,366 | €19,092,193 | +€6.9m | +57.1% |
| Fixed assets | 21/28 | €11,514,418 | €16,267,729 | +€4.8m | +41.3% |
| Tangible fixed assets | 22/27 | €11,513,182 | €16,266,493 | +€4.8m | +41.3% |
| Land and buildings | 22 | €11,513,182 | €16,266,493 | +€4.8m | +41.3% |
| Financial fixed assets | 28 | €1,236 | €1,236 | = | 0.0% |
| Current assets | 29/58 | €637,948 | €2,824,464 | +€2.2m | +342.7% |
| Stocks and contracts in progress | 3 | €610,223 | €2,569,962 | +€2.0m | +321.2% |
| Stocks | 30/36 | €610,223 | €2,569,962 | +€2.0m | +321.2% |
| Amounts receivable within one year | 40/41 | €22,000 | €22,000 | = | 0.0% |
| Trade receivables | 40 | €22,000 | €22,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,726 | €232,502 | +€226,777 | +3960.8% |
| Total equity and liabilities | 10/49 | €12,152,366 | €19,092,193 | +€6.9m | +57.1% |
| Equity | 10/15 | €2,194,898 | €2,235,001 | +€40,104 | +1.8% |
| Contributions | 10/11 | €1,920,000 | €1,920,000 | = | 0.0% |
| Reserves | 13 | €108,591 | €105,197 | -€3,394 | -3.1% |
| Tax-exempt reserves | 132 | €55,950 | €52,556 | -€3,394 | -6.1% |
| Distributable reserves | 133 | €52,641 | €52,641 | = | 0.0% |
| Profit (loss) carried forward | 14 | €166,306 | €209,804 | +€43,497 | +26.2% |
| Provisions and deferred taxes | 16 | €18,650 | €17,519 | -€1,131 | -6.1% |
| Deferred taxes | 168 | €18,650 | €17,519 | -€1,131 | -6.1% |
| Amounts payable | 17/49 | €9,938,819 | €16,839,674 | +€6.9m | +69.4% |
| Amounts payable after more than one year | 17 | €5,301,900 | €8,507,361 | +€3.2m | +60.5% |
| Financial debts | 170/4 | €5,301,900 | €8,507,361 | +€3.2m | +60.5% |
| Amounts payable within one year | 42/48 | €4,636,918 | €8,301,513 | +€3.7m | +79.0% |
| Current portion of amounts payable after more than one year | 42 | €467,298 | €949,961 | +€482,663 | +103.3% |
| Financial debts | 43 | €551,368 | €2,644,000 | +€2.1m | +379.5% |
| Credit institutions | 430/8 | €551,368 | €2,644,000 | +€2.1m | +379.5% |
| Trade debts | 44 | €23,462 | €82,451 | +€58,990 | +251.4% |
| Suppliers | 440/4 | €23,462 | €82,451 | +€58,990 | +251.4% |
| Taxes, remuneration and social security | 45 | €26,423 | €16,136 | -€10,287 | -38.9% |
| Taxes | 450/3 | €26,423 | €16,136 | -€10,287 | -38.9% |
| Other amounts payable | 47/48 | €3,568,367 | €4,608,964 | +€1.0m | +29.2% |
| Accrued charges and deferred income | 492/3 | - | €30,801 | +€30,801 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €338,073 | €396,296 | +€58,223 | +17.2% |
| Other operating charges | 640/8 | €37,967 | €49,597 | +€11,630 | +30.6% |
| Gross operating margin | 9900 | €723,474 | €735,524 | +€12,050 | +1.7% |
| Operating profit (loss) | 9901 | €347,435 | €289,631 | -€57,803 | -16.6% |
| Financial income | 75/76B | €1,218 | €0 | -€1,218 | -100.0% |
| Recurring financial income | 75 | €1,218 | €0 | -€1,218 | -100.0% |
| Financial charges | 65/66B | €253,250 | €233,693 | -€19,556 | -7.7% |
| Recurring financial charges | 65 | €253,250 | €233,693 | -€19,556 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €95,403 | €55,938 | -€39,465 | -41.4% |
| Transfer from deferred taxes | 780 | €1,131 | €1,131 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €27,230 | €16,966 | -€10,264 | -37.7% |
| Profit (loss) for the period | 9904 | €69,304 | €40,104 | -€29,200 | -42.1% |
| Transfer from tax-exempt reserves | 789 | €3,394 | €3,394 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €72,698 | €43,497 | -€29,200 | -40.2% |
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 4 October 2026 via checked.be.