FDO I. RETAIL: 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.
FDO I. RETAIL
Largest movements
- Current investments -€927,293
down €927,293 (-39.7%), from €2.3m to €1.4m
- Cash +€915,048
up €915,048 (+279.3%), from €327,578 to €1.2m
mainly Current investments (+€927,293) and Receivables within one year (+€249,976)
- Receivables within one year -€249,976
down €249,976 (-25.7%), from €971,331 to €721,355
of which Trade receivables: -€193,176
- Tangible fixed assets -€157,317
down €157,317 (-28.4%), from €554,487 to €397,170
- Trade debts +€237,189
up €237,189 (+56.9%), from €416,851 to €654,040
- Debts after one year -€211,075
down €211,075 (-15.7%), from €1.3m to €1.1m
of which Financial debts: -€196,491
- Other debts -€155,728
down €155,728 (-38.0%), from €410,351 to €254,622
- Reserves -€96,737
down €96,737 (-8.3%), from €1.2m to €1.1m
of which Tax-exempt reserves: -€201,139
- Revaluation surpluses -€83,752
no longer reported in 2025 (was €83,752)
- Gross operating margin -€246,220
down €246,220 (-42.3%), from €581,944 to €335,725
- Financial income -€155,651
down €155,651 (-71.7%), from €217,021 to €61,370
- Financial charges +€23,731
up €23,731 (+50.9%), from €46,642 to €70,373
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 | €4,201,331 | €3,774,578 | -€426,753 | -10.2% |
| Formation expenses | 20 | €7,916 | €5,892 | -€2,024 | -25.6% |
| Fixed assets | 21/28 | €554,487 | €397,170 | -€157,317 | -28.4% |
| Tangible fixed assets | 22/27 | €554,487 | €397,170 | -€157,317 | -28.4% |
| Other tangible fixed assets | 26 | €554,487 | €397,170 | -€157,317 | -28.4% |
| Current assets | 29/58 | €3,638,928 | €3,371,516 | -€267,412 | -7.3% |
| Amounts receivable within one year | 40/41 | €971,331 | €721,355 | -€249,976 | -25.7% |
| Trade receivables | 40 | €323,324 | €130,148 | -€193,176 | -59.7% |
| Other amounts receivable | 41 | €648,007 | €591,207 | -€56,800 | -8.8% |
| Current investments | 50/53 | €2,334,650 | €1,407,358 | -€927,293 | -39.7% |
| Cash at bank and in hand | 54/58 | €327,578 | €1,242,626 | +€915,048 | +279.3% |
| Deferred charges and accrued income | 490/1 | €5,369 | €178 | -€5,191 | -96.7% |
| Total equity and liabilities | 10/49 | €4,201,331 | €3,774,578 | -€426,753 | -10.2% |
| Equity | 10/15 | €1,610,403 | €1,429,915 | -€180,488 | -11.2% |
| Contributions | 10/11 | €364,602 | €364,602 | = | 0.0% |
| Capital | 10 | €364,602 | €364,602 | = | 0.0% |
| Issued capital | 100 | €364,602 | €364,602 | = | 0.0% |
| Revaluation surpluses | 12 | €83,752 | - | -€83,752 | |
| Reserves | 13 | €1,162,050 | €1,065,313 | -€96,737 | -8.3% |
| Non-distributable reserves | 130/1 | €36,460 | €52,930 | +€16,470 | +45.2% |
| Legal reserve | 130 | €36,460 | €52,930 | +€16,470 | +45.2% |
| Tax-exempt reserves | 132 | €263,223 | €62,084 | -€201,139 | -76.4% |
| Distributable reserves | 133 | €862,366 | €950,299 | +€87,932 | +10.2% |
| Provisions and deferred taxes | 16 | €87,741 | €20,695 | -€67,046 | -76.4% |
| Deferred taxes | 168 | €87,741 | €20,695 | -€67,046 | -76.4% |
| Amounts payable | 17/49 | €2,503,186 | €2,323,968 | -€179,218 | -7.2% |
| Amounts payable after more than one year | 17 | €1,343,259 | €1,132,184 | -€211,075 | -15.7% |
| Financial debts | 170/4 | €1,306,798 | €1,110,307 | -€196,491 | -15.0% |
| Advances received on contracts in progress | 176 | €36,461 | €21,877 | -€14,584 | -40.0% |
| Amounts payable within one year | 42/48 | €1,093,934 | €1,191,784 | +€97,850 | +8.9% |
| Current portion of amounts payable after more than one year | 42 | €252,148 | €210,348 | -€41,800 | -16.6% |
| Trade debts | 44 | €416,851 | €654,040 | +€237,189 | +56.9% |
| Suppliers | 440/4 | €416,851 | €654,040 | +€237,189 | +56.9% |
| Advances received on contracts in progress | 46 | €14,584 | €14,584 | = | 0.0% |
| Taxes, remuneration and social security | 45 | - | €58,190 | +€58,190 | |
| Taxes | 450/3 | - | €58,190 | +€58,190 | |
| Other amounts payable | 47/48 | €410,351 | €254,622 | -€155,728 | -38.0% |
| Accrued charges and deferred income | 492/3 | €65,994 | - | -€65,994 | |
| Non-recurring operating income | 76A | €12,725 | - | -€12,725 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,341 | €159,341 | = | 0.0% |
| Other operating charges | 640/8 | €6,382 | €1,226 | -€5,156 | -80.8% |
| Gross operating margin | 9900 | €581,944 | €335,725 | -€246,220 | -42.3% |
| Operating profit (loss) | 9901 | €416,222 | €175,159 | -€241,064 | -57.9% |
| Financial income | 75/76B | €217,021 | €61,370 | -€155,651 | -71.7% |
| Recurring financial income | 75 | €217,021 | €61,370 | -€155,651 | -71.7% |
| Financial charges | 65/66B | €46,642 | €70,373 | +€23,731 | +50.9% |
| Recurring financial charges | 65 | €46,642 | €70,373 | +€23,731 | +50.9% |
| Profit (loss) for the period before taxes | 9903 | €586,601 | €166,156 | -€420,445 | -71.7% |
| Transfer from deferred taxes | 780 | €5,424 | €67,046 | +€61,623 | +1136.1% |
| Income taxes | 67/77 | €105,530 | €104,939 | -€591 | -0.6% |
| Profit (loss) for the period | 9904 | €486,495 | €128,263 | -€358,231 | -73.6% |
| Transfer from tax-exempt reserves | 789 | €16,272 | €201,139 | +€184,868 | +1136.1% |
| Profit (loss) for the period to be appropriated | 9905 | €502,766 | €329,403 | -€173,364 | -34.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.