FDK: 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.
FDK
Largest movements
- Tangible fixed assets +€1.5m
up €1.5m (+492.4%), from €299,800 to €1.8m
of which Land and buildings: +€1.5m
- Cash +€728,848
up €728,848 (+66.4%), from €1.1m to €1.8m
mainly Debts after one year (+€1.7m) and Net result for the year (+€566,504)
- Receivables within one year +€488,013
up €488,013 (+18.8%), from €2.6m to €3.1m
of which Trade receivables: +€369,030
- Stocks and contracts +€104,317
up €104,317 (+260.2%), from €40,086 to €144,402
of which Stocks: +€68,345
- Financial fixed assets +€100,745
up €100,745 (+714.8%), from €14,095 to €114,840
- Debts after one year +€1.7m
up €1.7m (+1816.3%), from €94,184 to €1.8m
- Reserves +€566,504
up €566,504 (+23.0%), from €2.5m to €3.0m
of which Tax-exempt reserves: +€315,750
- Trade debts +€444,421
up €444,421 (+37.7%), from €1.2m to €1.6m
- Current portion of long-term debt +€177,329
up €177,329 (+422.3%), from €41,991 to €219,320
- Short-term financial debts +€74,820
up €74,820 (+119.8%), from €62,452 to €137,271
- Staff costs +€109,212
up €109,212 (+10.2%), from €1.1m to €1.2m
- Financial income +€91,946
up €91,946 (+155.9%), from €58,971 to €150,916
- Gross operating margin +€58,522
up €58,522 (+3.1%), from €1.9m to €1.9m
- Depreciation +€37,837
up €37,837 (+60.3%), from €62,765 to €100,602
- Taxes -€27,124
down €27,124 (-15.1%), from €179,997 to €152,872
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 | €4,053,882 | €6,971,890 | +€2.9m | +72.0% |
| Fixed assets | 21/28 | €316,134 | €1,892,191 | +€1.6m | +498.5% |
| Intangible fixed assets | 21 | €2,239 | €1,423 | -€816 | -36.4% |
| Tangible fixed assets | 22/27 | €299,800 | €1,775,928 | +€1.5m | +492.4% |
| Land and buildings | 22 | €110,715 | €1,612,172 | +€1.5m | +1356.1% |
| Plant, machinery and equipment | 23 | €32,146 | €24,918 | -€7,228 | -22.5% |
| Furniture and vehicles | 24 | €156,940 | €138,839 | -€18,101 | -11.5% |
| Financial fixed assets | 28 | €14,095 | €114,840 | +€100,745 | +714.8% |
| Current assets | 29/58 | €3,737,748 | €5,079,699 | +€1.3m | +35.9% |
| Stocks and contracts in progress | 3 | €40,086 | €144,402 | +€104,317 | +260.2% |
| Stocks | 30/36 | €40,086 | €108,431 | +€68,345 | +170.5% |
| Contracts in progress | 37 | - | €35,972 | +€35,972 | |
| Amounts receivable within one year | 40/41 | €2,597,779 | €3,085,792 | +€488,013 | +18.8% |
| Trade receivables | 40 | €2,382,086 | €2,751,116 | +€369,030 | +15.5% |
| Other amounts receivable | 41 | €215,693 | €334,676 | +€118,983 | +55.2% |
| Cash at bank and in hand | 54/58 | €1,098,272 | €1,827,120 | +€728,848 | +66.4% |
| Deferred charges and accrued income | 490/1 | €1,611 | €22,385 | +€20,774 | +1289.6% |
| Total equity and liabilities | 10/49 | €4,053,882 | €6,971,890 | +€2.9m | +72.0% |
| Equity | 10/15 | €2,479,839 | €3,046,343 | +€566,504 | +22.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,461,239 | €3,027,743 | +€566,504 | +23.0% |
| Tax-exempt reserves | 132 | €315,750 | €631,500 | +€315,750 | +100.0% |
| Distributable reserves | 133 | €2,145,489 | €2,396,243 | +€250,754 | +11.7% |
| Amounts payable | 17/49 | €1,574,043 | €3,925,547 | +€2.4m | +149.4% |
| Amounts payable after more than one year | 17 | €94,184 | €1,804,863 | +€1.7m | +1816.3% |
| Financial debts | 170/4 | €94,184 | €1,804,863 | +€1.7m | +1816.3% |
| Amounts payable within one year | 42/48 | €1,479,859 | €2,113,608 | +€633,749 | +42.8% |
| Current portion of amounts payable after more than one year | 42 | €41,991 | €219,320 | +€177,329 | +422.3% |
| Financial debts | 43 | €62,452 | €137,271 | +€74,820 | +119.8% |
| Credit institutions | 430/8 | €62,452 | €137,271 | +€74,820 | +119.8% |
| Trade debts | 44 | €1,177,629 | €1,622,049 | +€444,421 | +37.7% |
| Suppliers | 440/4 | €1,177,629 | €1,622,049 | +€444,421 | +37.7% |
| Taxes, remuneration and social security | 45 | €122,003 | €59,453 | -€62,550 | -51.3% |
| Taxes | 450/3 | €122,003 | €6,371 | -€115,632 | -94.8% |
| Remuneration and social security | 454/9 | - | €53,082 | +€53,082 | |
| Other amounts payable | 47/48 | €75,785 | €75,514 | -€271 | -0.4% |
| Accrued charges and deferred income | 492/3 | - | €7,077 | +€7,077 | |
| Remuneration, social security and pensions | 62 | €1,068,444 | €1,177,656 | +€109,212 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,765 | €100,602 | +€37,837 | +60.3% |
| Other operating charges | 640/8 | €16,468 | €14,741 | -€1,728 | -10.5% |
| Non-recurring operating charges | 66A | €37,365 | €2,632 | -€34,733 | -93.0% |
| Gross operating margin | 9900 | €1,887,456 | €1,945,978 | +€58,522 | +3.1% |
| Operating profit (loss) | 9901 | €702,414 | €650,348 | -€52,067 | -7.4% |
| Financial income | 75/76B | €58,971 | €150,916 | +€91,946 | +155.9% |
| Recurring financial income | 75 | €58,971 | €150,916 | +€91,946 | +155.9% |
| Financial charges | 65/66B | €76,272 | €81,887 | +€5,616 | +7.4% |
| Recurring financial charges | 65 | €76,272 | €81,887 | +€5,616 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €685,113 | €719,377 | +€34,263 | +5.0% |
| Income taxes | 67/77 | €179,997 | €152,872 | -€27,124 | -15.1% |
| Profit (loss) for the period | 9904 | €505,116 | €566,504 | +€61,388 | +12.2% |
| Transfer to tax-exempt reserves | 689 | €315,750 | €315,750 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €189,366 | €250,754 | +€61,388 | +32.4% |
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 2 October 2026 via checked.be.