FDSM: 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.
FDSM
Largest movements
- Tangible fixed assets -€13,937
down €13,937 (-3.5%), from €395,135 to €381,199
of which Land and buildings: -€13,124
- Profit (loss) carried forward -€28,375
down €28,375 (-15.3%), from -€185,742 to -€214,117
- Other debts +€8,927
up €8,927 (+5.2%), from €172,230 to €181,157
- Gross operating margin -€64,798
down €64,798, from €53,647 to -€11,151
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 | €396,227 | €382,188 | -€14,040 | -3.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €395,135 | €381,199 | -€13,937 | -3.5% |
| Tangible fixed assets | 22/27 | €395,135 | €381,199 | -€13,937 | -3.5% |
| Land and buildings | 22 | €390,010 | €376,886 | -€13,124 | -3.4% |
| Plant, machinery and equipment | 23 | €5,125 | €4,313 | -€812 | -15.9% |
| Current assets | 29/58 | €1,092 | €989 | -€103 | -9.4% |
| Cash at bank and in hand | 54/58 | €106 | €3 | -€103 | -97.0% |
| Deferred charges and accrued income | 490/1 | €986 | €986 | = | 0.0% |
| Total equity and liabilities | 10/49 | €396,227 | €382,188 | -€14,040 | -3.5% |
| Equity | 10/15 | -€149,742 | -€178,117 | -€28,375 | -18.9% |
| Contributions | 10/11 | €36,000 | €36,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€185,742 | -€214,117 | -€28,375 | -15.3% |
| Amounts payable | 17/49 | €545,969 | €560,305 | +€14,336 | +2.6% |
| Amounts payable after more than one year | 17 | €368,500 | €368,500 | = | 0.0% |
| Financial debts | 170/4 | €368,500 | €368,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €173,426 | €184,827 | +€11,401 | +6.6% |
| Trade debts | 44 | €1,196 | €3,671 | +€2,475 | +207.0% |
| Suppliers | 440/4 | €1,196 | €3,671 | +€2,475 | +207.0% |
| Other amounts payable | 47/48 | €172,230 | €181,157 | +€8,927 | +5.2% |
| Accrued charges and deferred income | 492/3 | €4,043 | €6,977 | +€2,934 | +72.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,937 | €13,937 | -€0 | 0.0% |
| Other operating charges | 640/8 | €3,157 | €3,082 | -€75 | -2.4% |
| Non-recurring operating charges | 66A | €230 | - | -€230 | |
| Gross operating margin | 9900 | €53,647 | -€11,151 | -€64,798 | |
| Operating profit (loss) | 9901 | €36,323 | -€28,169 | -€64,492 | |
| Financial charges | 65/66B | €45 | €206 | +€161 | +355.1% |
| Recurring financial charges | 65 | €45 | €206 | +€161 | +355.1% |
| Profit (loss) for the period before taxes | 9903 | €36,278 | -€28,375 | -€64,653 | |
| Profit (loss) for the period | 9904 | €36,278 | -€28,375 | -€64,653 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,278 | -€28,375 | -€64,653 |
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 5 October 2026 via checked.be.